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 DIVERSIFIED EQUITY FD	COM	006212104	6,310	498,843	SH		SOLE		471,561	0	27,282
ADVENT CLAYMORE CV SECS & IN	COM	00764C109	223	16,900	SH		SOLE		8,568	0	8,332
ALLIANCEBERNSTEIN INCOME FUN	COM	01881E101	650	82,815	SH		SOLE		62,975	0	19,840
ALPINE GLOBAL PREMIER PPTYS	COM SBI	02083A103	520	93,011	SH		SOLE		93,011	0	0
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	325	43,270	SH		SOLE		40,350	0	2,920
APOLLO SR FLOATING RATE FD I	COM	037636107	837	55,039	SH		SOLE		51,204	0	3,835
APOLLO TACTICAL INCOME FD IN	COM	037638103	3,390	249,099	SH		SOLE		228,263	0	20,836
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	700	52,286	SH		SOLE		51,533	0	753
AVENUE INCOME CR STRATEGIES	COM	05358E106	4,360	397,832	SH		SOLE		360,561	0	37,271
BABSON CAP GLB SHT DURHGH YL	COM	05617T100	3,676	220,238	SH		SOLE		204,685	0	15,553
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	265	35,087	SH		SOLE		35,087	0	0
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	906	76,230	SH		SOLE		67,537	0	8,693
BLACKROCK INTL GRWTH & INC T	COM BENE INTER	092524107	1,041	175,831	SH		SOLE		169,930	0	5,901
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	897	60,716	SH		SOLE		49,160	0	11,556
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	206	13,000	SH		SOLE		13,000	0	0
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	1,130	83,067	SH		SOLE		77,119	0	5,948
BOULDER GROWTH & INCOME FD I	COM	101507101	5,172	658,897	SH		SOLE		614,578	0	44,319
BROOKFIELD GLOBL LISTED INFR	COM SHS	11273Q109	233	20,500	SH		SOLE		19,278	0	1,222
BROOKFIELD HIGH INCOME FD IN	COM	11272P102	1,823	259,644	SH		SOLE		230,865	0	28,779
CALAMOS CONV OPP AND INC FD	SH BEN INT	128117108	1,277	134,527	SH		SOLE		126,826	0	7,701
CALAMOS GBL DYN INCOME FUND	COM	12811L107	2,599	369,672	SH		SOLE		348,837	0	20,835
CALAMOS GLOBAL TOTAL RETURN	COM SH BEN INT	128118106	1,376	124,292	SH		SOLE		120,741	0	3,551
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	2,416	254,095	SH		SOLE		234,950	0	19,145
CENTRAL SECS CORP	COM	155123102	2,591	135,396	SH		SOLE		125,273	0	10,123
CLOUGH GLOBAL ALLOCATION FD	COM	18913Y103	699	60,199	SH		SOLE		55,180	0	5,019
CLOUGH GLOBAL EQUITY FD	COM	18914C100	177	16,300	SH		SOLE		16,300	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	464	48,421	SH		SOLE		38,802	0	9,619
COHEN & STEERS CLOSED END OP	COM	19248P106	1,404	128,934	SH		SOLE		125,554	0	3,380
COHEN & STEERS GLOBAL INC BL	COM	19248M103	231	26,263	SH		SOLE		16,988	0	9,275
DEUTSCHE HIGH INCOME TR	SHS	25155R100	219	25,866	SH		SOLE		23,748	0	2,118
EATON VANCE SH TM DR DIVR IN	COM	27828V104	257	19,240	SH		SOLE		15,240	0	4,000
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	208	36,004	SH		SOLE		32,265	0	3,739
EATON VANCE TX ADV GLBL DIV	COM	27828S101	3,535	244,659	SH		SOLE		239,286	0	5,373
ELLSWORTH GROWTH & INCOME FD	COM	289074106	83	10,931	SH		SOLE		7,931	0	3,000
EUROPEAN EQUITY FUND	COM	298768102	1,820	231,575	SH		SOLE		210,165	0	21,410
FIRST TR ENHANCED EQTY INC F	COM	337318109	2,896	227,316	SH		SOLE		211,726	0	15,590
FIRST TR HIGH INCOME L/S FD	COM	33738E109	662	45,305	SH		SOLE		44,615	0	690
FRANKLIN UNVL TR	SH BEN INT	355145103	234	37,521	SH		SOLE		29,169	0	8,352
GABELLI CONV&INCOM SECS FD I	COM	36240B109	472	102,655	SH		SOLE		94,758	0	7,897
GABELLI MULTIMEDIA TR INC	COM	36239Q109	3,859	525,003	SH		SOLE		491,975	0	33,028
GENERAL AMERN INVS INC	COM	368802104	2,311	74,011	SH		SOLE		64,996	0	9,015
GUGGENHEIM ENHANCED EQUITY S	COM	40167K100	1,018	66,821	SH		SOLE		61,514	0	5,307
GUGGENHEIM ENHNCD EQTY INCM	COM	40167B100	1,849	253,616	SH		SOLE		246,797	0	6,819
GUGGENHEIM EQ WEIGHT ENHANC	COM SH BEN INT	40167M106	2,831	175,315	SH		SOLE		167,934	0	7,381
INVESCO SR INCOME TR	COM	46131H107	1,192	295,122	SH		SOLE		251,507	0	43,615
KKR INCOME OPPORTUNITIES FD	COM	48249T106	2,203	152,870	SH		SOLE		141,514	0	11,356
LAZARD WORLD DIVID & INCOME	COM	521076109	2,273	251,699	SH		SOLE		228,397	0	23,302
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	4,612	927,900	SH		SOLE		870,606	0	57,294
LIBERTY ALL-STAR GROWTH FD I	COM	529900102	2,732	674,550	SH		SOLE		647,686	0	26,864
LMP CORPORATE LN FD INC	COM	50208B100	2,232	228,686	SH		SOLE		208,042	0	20,644
MANAGED HIGH YIELD PLUS FD I	COM	561911108	331	185,753	SH		SOLE		185,753	0	0
MFS CHARTER INCOME TR	SH BEN INT	552727109	168	20,620	SH		SOLE		20,620	0	0
MFS INTER INCOME TR	SH BEN INT	55273C107	223	48,348	SH		SOLE		46,147	0	2,201
MFS INTERMEDIATE HIGH INC FD	SH BEN INT	59318T109	1,406	600,896	SH		SOLE		550,017	0	50,879
MFS SPL VALUE TR	SH BEN INT	55274E102	2,894	542,977	SH		SOLE		503,846	0	39,131
NEW GERMANY FD INC	COM	644465106	491	34,847	SH		SOLE		29,951	0	4,896
NEW IRELAND FUND INC	COM	645673104	149	11,498	SH		SOLE		10,103	0	1,395
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	525	38,529	SH		SOLE		29,114	0	9,415
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	200	25,309	SH		SOLE		20,046	0	5,263
NUVEEN DOW 30 DYN OVERWRITE	SHS	67075F105	207	14,652	SH		SOLE		14,652	0	0
NUVEEN FLEXIBLE INVT INCOME	COM	67075B104	2,827	183,452	SH		SOLE		167,698	0	15,754
NUVEEN GLOBAL EQUITY INCOME	COM	6706EH103	196	17,843	SH		SOLE		16,061	0	1,782
NUVEEN QUALITY PFD INC FD 3	COM	67072W101	227	26,442	SH		SOLE		23,846	0	2,596
NUVEEN REAL ASSET INC & GROW	COM	67074Y105	1,098	71,417	SH		SOLE		69,891	0	1,526
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	4,404	321,452	SH		SOLE		302,667	0	18,785
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	4,829	427,325	SH		SOLE		402,230	0	25,095
PIMCO DYNAMIC CR INCOME FD	COM SHS	72202D106	1,088	62,374	SH		SOLE		57,792	0	4,582
PIMCO INCOME OPPORTUNITY FD	COM	72202B100	2,206	106,323	SH		SOLE		102,223	0	4,100
PIMCO INCOME STRATEGY FUND	COM	72201H108	4,395	459,710	SH		SOLE		424,314	0	35,396
PIMCO INCOME STRATEGY FUND I	COM	72201J104	4,322	493,900	SH		SOLE		453,658	0	40,242
PRINCIPAL REAL ESTATE INCOME	SHS BEN INT	74255X104	377	22,844	SH		SOLE		22,844	0	0
PRUDENTIAL GLB SHT DUR HG YL	COM	74433A109	234	15,696	SH		SOLE		14,600	0	1,096
RMR REAL ESTATE INCOME FUND	COM	76970B101	341	17,668	SH		SOLE		16,413	0	1,255
ROYCE MICRO-CAP TR INC	COM	780915104	1,171	167,293	SH		SOLE		151,854	0	15,439
ROYCE VALUE TR INC	COM	780910105	1,248	106,578	SH		SOLE		102,140	0	4,438
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	841	64,350	SH		SOLE		64,210	0	140
SPROTT FOCUS TR INC	COM	85208J109	2,742	450,259	SH		SOLE		417,202	0	33,057
THL CR SR LN FD	COM	87244R103	1,414	89,119	SH		SOLE		82,891	0	6,228
TRI CONTL CORP	COM	895436103	984	49,274	SH		SOLE		45,343	0	3,931
VIRTUS GLOBAL MULTI-SEC INC	COM	92829B101	4,473	315,661	SH		SOLE		296,533	0	19,128
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	867	85,019	SH		SOLE		82,186	0	2,833
VOYA PRIME RATE TR	SH BEN INT	92913A100	1,066	211,482	SH		SOLE		191,069	0	20,413
WELLS FARGO GLOBAL DIVIDEND	WF GLOBAL OPPTY	94987C103	415	69,531	SH		SOLE		68,262	0	1,269
WELLS FARGO INCOME OPPORTUNI	WF INC OPPTY FD	94987B105	238	31,375	SH		SOLE		31,375	0	0
WESTERN ASSET GLB PTNRS INCO	COM	95766G108	4,078	508,439	SH		SOLE		482,631	0	25,808
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	335	24,065	SH		SOLE		24,065	0	0
WESTERN ASSET MGD HI INCM FD	COM	95766L107	232	52,393	SH		SOLE		45,716	0	6,677
WESTERN ASSET WORLDWIDE INCO	COM	957668106	126	12,102	SH		SOLE		12,102	0	0
ZWEIG FD	COM NEW	989834205	363	28,164	SH		SOLE		27,168	0	996
ZWEIG TOTAL RETURN FD INC	COM NEW	989837208	466	38,827	SH		SOLE		34,436	0	4,391