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	134	27,000	SH		SOLE		24,100	0	2,900
ABERDEEN GLOBAL INCOME FD IN	COM	003013109	1,987	231,044	SH		SOLE		216,926	0	14,118
ADVENT CLAY CONV SEC INC FD	COM	007639107	1,069	166,833	SH		SOLE		125,737	0	41,096
ALLIANCEBERNSTEIN GBL HGH IN	COM	01879R106	768	63,901	SH		SOLE		55,023	0	8,878
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	3,213	212,504	SH		SOLE		198,042	0	14,462
ALPINE GLOBAL DYNAMIC DIVD F	COM NEW	02082E205	793	80,073	SH		SOLE		75,850	0	4,223
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	274	31,689	SH		SOLE		29,088	0	2,601
APOLLO TACTICAL INCOME FD IN	COM	037638103	2,143	135,908	SH		SOLE		122,727	0	13,181
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	2,253	146,969	SH		SOLE		138,128	0	8,841
BABSON CAP GLB SHT DURHGH YL	COM	05617T100	1,336	66,988	SH		SOLE		66,412	0	576
BLACKROCK CORPOR HI YLD FD I	COM	09255P107	712	65,974	SH		SOLE		58,496	0	7,478
BLACKROCK DEBT STRAT FD INC	COM	09255R103	44	12,288	SH		SOLE		8,724	0	3,564
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	1,163	145,731	SH		SOLE		140,988	0	4,743
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	427	31,050	SH		SOLE		22,278	0	8,772
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	1,373	90,619	SH		SOLE		86,342	0	4,277
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	694	41,854	SH		SOLE		35,162	0	6,692
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	1,943	125,452	SH		SOLE		116,464	0	8,988
BOULDER GROWTH & INCOME FD I	COM	101507101	3,304	391,491	SH		SOLE		370,203	0	21,288
BROOKFIELD HIGH INCOME FD IN	COM	11272P102	708	86,840	SH		SOLE		82,846	0	3,994
CALAMOS CONV OPP AND INC FD	SH BEN INT	128117108	1,050	85,961	SH		SOLE		81,941	0	4,020
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	1,728	157,548	SH		SOLE		153,527	0	4,021
CBRE CLARION GLOBAL REAL EST	COM	12504G100	96	12,000	SH		SOLE		12,000	0	0
CENTRAL SECS CORP	COM	155123102	2,293	107,481	SH		SOLE		101,951	0	5,530
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	148	12,319	SH		SOLE		12,319	0	0
COHEN & STEERS CLOSED END OP	COM	19248P106	832	68,794	SH		SOLE		68,794	0	0
COHEN & STEERS QUALITY RLTY	COM	19247L106	179	16,781	SH		SOLE		16,781	0	0
COHEN & STEERS REIT & PFD IN	COM	19247X100	296	16,950	SH		SOLE		14,200	0	2,750
COHEN & STEERS SLT PFD INCM	COM	19248Y107	228	9,440	SH		SOLE		9,440	0	0
CREDIT SUISSE ASSET MGMT INC	COM	224916106	2,296	717,365	SH		SOLE		649,682	0	67,683
DELAWARE ENHANCED GBL DIV &	COM	246060107	3,448	318,953	SH		SOLE		307,433	0	11,520
DREYFUS HIGH YIELD STRATEGIE	SH BEN INT	26200S101	3,122	934,733	SH		SOLE		857,826	0	76,907
EATON VANCE ENH EQTY INC FD	COM	278277108	1,172	84,395	SH		SOLE		80,209	0	4,186
EATON VANCE ENHANCED EQ INC	COM	278274105	1,315	100,139	SH		SOLE		95,956	0	4,183
EATON VANCE LTD DUR INCOME F	COM	27828H105	3,141	233,217	SH		SOLE		218,099	0	15,118
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	721	116,161	SH		SOLE		104,594	0	11,567
EATON VANCE TAX ADVT DIV INC	COM	27828G107	681	34,373	SH		SOLE		33,629	0	744
EUROPEAN EQUITY FUND	COM	298768102	1,433	168,418	SH		SOLE		155,399	0	13,019
FIRST TR ABERDEEN GLBL OPP F	COM SHS	337319107	1,188	108,803	SH		SOLE		97,094	0	11,709
FIRST TR DIVIDEND INCOME FD	COM	33731L100	5,027	593,550	SH		SOLE		549,441	0	44,109
FIRST TR ENHANCED EQTY INC F	COM	337318109	236	16,450	SH		SOLE		15,994	0	456
FIRST TR STRATEGIC HIGH INC	COM SHS NEW	337353304	2,620	198,003	SH		SOLE		186,483	0	11,520
GABELLI DIVD & INCOME TR	COM	36242H104	3,977	191,030	SH		SOLE		184,804	0	6,226
GABELLI EQUITY TR INC	COM	362397101	2,858	456,560	SH		SOLE		418,089	0	38,471
GABELLI HLTHCARE & WELLNESS	SHS	36246K103	140	12,424	SH		SOLE		9,385	0	3,039
GENERAL AMERN INVS INC	COM	368802104	2,369	68,041	SH		SOLE		62,225	0	5,816
GUGGENHEIM ENHANCED EQUITY S	COM	40167K100	666	39,499	SH		SOLE		32,693	0	6,806
HANCOCK JOHN INVS TR	COM	410142103	1,223	76,322	SH		SOLE		71,764	0	4,558
HANCOCK JOHN PFD INCOME FD I	COM	41013X106	635	32,966	SH		SOLE		30,705	0	2,261
HANCOCK JOHN PFD INCOME FD I	COM	41021P103	660	39,540	SH		SOLE		37,689	0	1,851
INVESCO DYNAMIC CR OPP FD	COM	46132R104	1,029	88,622	SH		SOLE		85,321	0	3,301
INVESCO HIGH INCOME TR II	COM	46131F101	307	21,457	SH		SOLE		21,457	0	0
IVY HIGH INC OPPORTUNITIES F	COM	465893105	2,217	148,371	SH		SOLE		143,866	0	4,505
JAPAN SMALLER CAPTLZTN FD IN	COM	47109U104	411	38,112	SH		SOLE		34,848	0	3,264
JOHN HANCOCK HDG EQ & INC FD	COM	47804L102	410	25,674	SH		SOLE		23,130	0	2,544
JPMORGAN CHINA REGION FD INC	COM	48126T104	707	37,558	SH		SOLE		37,058	0	500
KKR INCOME OPPORTUNITIES FD	COM	48249T106	1,832	116,226	SH		SOLE		103,583	0	12,643
LATIN AMERN DISCOVERY FD INC	COM	51828C106	116	11,332	SH		SOLE		10,806	0	526
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	247	16,078	SH		SOLE		16,078	0	0
LAZARD WORLD DIVID & INCOME	COM	521076109	3,034	260,235	SH		SOLE		239,765	0	20,470
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	3,164	550,249	SH		SOLE		530,063	0	20,186
LIBERTY ALL-STAR GROWTH FD I	COM	529900102	2,906	564,302	SH		SOLE		541,643	0	22,659
LMP CAP & INCOME FD INC	COM	50208A102	733	48,592	SH		SOLE		44,865	0	3,727
LMP REAL ESTATE INCOME FD IN	COM	50208C108	147	12,558	SH		SOLE		12,558	0	0
MADISON STRTG SECTOR PREM FD	COM	558268108	896	76,586	SH		SOLE		75,664	0	922
MANAGED HIGH YIELD PLUS FD I	COM	561911108	892	498,383	SH		SOLE		493,068	0	5,315
MEXICO EQUITY & INCOME FD	COM	592834105	172	13,970	SH		SOLE		13,970	0	0
MFS SPL VALUE TR	SH BEN INT	55274E102	246	40,303	SH		SOLE		40,303	0	0
MORGAN STANLEY CHINA A SH FD	COM	617468103	338	9,975	SH		SOLE		8,975	0	1,000
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	1,508	128,044	SH		SOLE		127,444	0	600
NEW GERMANY FD INC	COM	644465106	160	10,596	SH		SOLE		10,596	0	0
NEW IRELAND FUND INC	COM	645673104	361	26,272	SH		SOLE		21,936	0	4,336
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	4,951	312,563	SH		SOLE		290,431	0	22,132
NUVEEN DIVERSIFIED DIV INCM	COM	6706EP105	532	46,331	SH		SOLE		42,523	0	3,808
NUVEEN DOW 30 DYN OVERWRITE	SHS	67075F105	148	10,000	SH		SOLE		9,865	0	135
NUVEEN FLTNG RTE INCM OPP FD	COM SHS	6706EN100	255	23,596	SH		SOLE		19,670	0	3,926
NUVEEN NASDAQ 100 DYNAMIC OV	COM SHS	670699107	896	48,563	SH		SOLE		38,834	0	9,729
NUVEEN QUALITY PFD INCOME FD	COM	67071S101	552	69,770	SH		SOLE		63,891	0	5,879
NUVEEN QUALITY PFD INCOME FD	COM	67072C105	423	49,922	SH		SOLE		41,086	0	8,836
NUVEEN S&P 500 DYN OVERWRITE	COM	6706EW100	383	27,991	SH		SOLE		27,991	0	0
NUVEEN SR INCOME FD	COM	67067Y104	748	116,828	SH		SOLE		116,828	0	0
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	2,267	143,032	SH		SOLE		138,138	0	4,894
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	4,524	347,766	SH		SOLE		327,138	0	20,628
PIMCO DYNAMIC CR INCOME FD	COM SHS	72202D106	292	14,488	SH		SOLE		14,488	0	0
PIMCO INCOME STRATEGY FUND	COM	72201H108	4,518	416,011	SH		SOLE		378,751	0	37,260
PIMCO INCOME STRATEGY FUND I	COM	72201J104	919	93,473	SH		SOLE		86,956	0	6,517
PIONEER DIV HIGH INCOME TRUS	COM	723653101	3,699	226,374	SH		SOLE		205,147	0	21,227
PRUDENTIAL GLB SHT DUR HG YL	COM	74433A109	1,374	90,976	SH		SOLE		86,555	0	4,421
PRUDENTIAL SHT DURATION HG Y	COM	74442F107	1,293	83,563	SH		SOLE		80,540	0	3,023
PUTMAN HIGH INCOME SEC FUND	SHS BEN INT	746779107	119	15,282	SH		SOLE		14,284	0	998
RMR REAL ESTATE INCOME FUND	COM	76970B101	546	29,431	SH		SOLE		27,220	0	2,211
ROYCE GLOBAL VALUE TR INC	COM	78081T104	520	62,565	SH		SOLE		62,565	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	2,033	220,539	SH		SOLE		207,531	0	13,008
ROYCE VALUE TR INC	COM	780910105	2,388	173,164	SH		SOLE		157,741	0	15,423
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	4,115	269,116	SH		SOLE		257,788	0	11,328
SPROTT FOCUS TR INC	COM	85208J109	4,249	600,185	SH		SOLE		566,937	0	33,248
STONE HBR EMERG MKTS TL INC	COM	86164W100	193	13,776	SH		SOLE		13,776	0	0
SWISS HELVETIA FD INC	COM	870875101	568	48,535	SH		SOLE		45,353	0	3,182
TEKLA HEALTHCARE OPPORTUNIT	SHS	879105104	559	28,209	SH		SOLE		28,209	0	0
THL CR SR LN FD	COM	87244R103	404	24,045	SH		SOLE		23,172	0	873
TRI CONTL CORP	COM	895436103	3,120	147,258	SH		SOLE		130,508	0	16,750
VIRTUS TOTAL RETURN FD	COM	92829A103	217	48,659	SH		SOLE		48,659	0	0
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	1,205	147,446	SH		SOLE		130,770	0	16,676
VOYA RISK MANAGED NAT RES FD	COM	92913C106	401	51,393	SH		SOLE		51,393	0	0
WELLS FARGO ADV GLB DIV OPP	COM	94987C103	1,086	156,913	SH		SOLE		149,799	0	7,114
WELLS FARGO ADVANTAGE INCOME	COM SHS	94987B105	1,791	216,560	SH		SOLE		187,660	0	28,900
WELLS FARGO ADVANTAGE MULTI	COM SHS	94987D101	1,789	141,326	SH		SOLE		125,961	0	15,365
WELLS FARGO ADVANTAGE UTILS	COM	94987E109	394	34,923	SH		SOLE		31,244	0	3,679
WESTERN ASSET GLB HI INCOME	COM	95766B109	3,876	374,895	SH		SOLE		336,611	0	38,284
WESTERN ASSET GLB PTNRS INCO	COM	95766G108	2,501	272,768	SH		SOLE		260,408	0	12,360
WESTERN ASSET HIGH INCM FD I	COM	95766J102	2,803	371,753	SH		SOLE		353,898	0	17,855
WESTERN ASSET HIGH INCM OPP	COM	95766K109	1,296	251,728	SH		SOLE		240,226	0	11,502
WESTERN ASSET MGD HI INCM FD	COM	95766L107	439	88,900	SH		SOLE		66,600	0	22,300
ZWEIG FD	COM NEW	989834205	3,413	232,153	SH		SOLE		210,503	0	21,650
ZWEIG TOTAL RETURN FD INC	COM NEW	989837208	637	49,232	SH		SOLE		47,932	0	1,300