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	893	102,994	SH		SOLE		97,134	0	5,860
ADAMS DIVERSIFIED EQUITY FD	COM	006212104	7,345	579,698	SH		SOLE		544,386	0	35,312
ADVENT CLAY CONV SEC INC FD	COM	007639107	272	49,300	SH		SOLE		45,936	0	3,364
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	2,507	203,321	SH		SOLE		201,243	0	2,078
ALPINE GLOBAL PREMIER PPTYS	COM SBI	02083A103	554	100,845	SH		SOLE		95,003	0	5,842
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	802	110,478	SH		SOLE		110,478	0	0
APOLLO SR FLOATING RATE FD I	COM	037636107	430	27,197	SH		SOLE		20,155	0	7,042
APOLLO TACTICAL INCOME FD IN	COM	037638103	3,072	212,912	SH		SOLE		200,760	0	12,152
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	1,487	108,126	SH		SOLE		99,555	0	8,571
AVENUE INCOME CR STRATEGIES	COM	05358E106	3,268	272,758	SH		SOLE		245,806	0	26,952
BABSON CAP GLB SHT DURHGH YL	COM	05617T100	1,729	96,788	SH		SOLE		85,128	0	11,660
BLACKROCK CR ALLCTN INC TR	COM	092508100	736	56,500	SH		SOLE		52,314	0	4,186
BLACKROCK DEBT STRAT FD INC	COM	09255R103	699	197,895	SH		SOLE		185,514	0	12,381
BLACKROCK FLOAT RATE OME STR	COM	09255X100	1,460	111,060	SH		SOLE		103,346	0	7,714
BLACKROCK FLOATING RATE INCO	COM	091941104	929	71,602	SH		SOLE		65,501	0	6,101
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	1,196	100,940	SH		SOLE		97,671	0	3,269
BLACKROCK INCOME TR INC	COM	09247F100	71	10,669	SH		SOLE		10,669	0	0
BLACKROCK INTL GRWTH & INC T	COM BENE INTER	092524107	1,252	217,812	SH		SOLE		200,123	0	17,689
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	331	21,706	SH		SOLE		15,283	0	6,423
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	692	47,904	SH		SOLE		41,355	0	6,549
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	280	19,492	SH		SOLE		17,089	0	2,403
BOULDER GROWTH & INCOME FD I	COM	101507101	5,352	658,266	SH		SOLE		620,938	0	37,328
BROOKFIELD HIGH INCOME FD IN	COM	11272P102	2,232	309,504	SH		SOLE		288,170	0	21,334
CALAMOS CONV OPP AND INC FD	SH BEN INT	128117108	2,064	209,959	SH		SOLE		191,946	0	18,013
CALAMOS GBL DYN INCOME FUND	COM	12811L107	2,238	318,850	SH		SOLE		284,069	0	34,781
CALAMOS GLOBAL TOTAL RETURN	COM SH BEN INT	128118106	2,198	201,830	SH		SOLE		191,927	0	9,903
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	395	40,008	SH		SOLE		33,406	0	6,602
CENTRAL SECS CORP	COM	155123102	3,894	198,264	SH		SOLE		181,805	0	16,459
CLOUGH GLOBAL ALLOCATION FD	COM	18913Y103	249	21,241	SH		SOLE		21,241	0	0
COHEN & STEERS CLOSED END OP	COM	19248P106	124	10,737	SH		SOLE		9,906	0	831
COHEN & STEERS GLOBAL INC BL	COM	19248M103	170	19,500	SH		SOLE		19,500	0	0
CREDIT SUISSE ASSET MGMT INC	COM	224916106	75	25,567	SH		SOLE		25,567	0	0
DELAWARE INVTS DIV & INCOME	COM	245915103	2,039	218,573	SH		SOLE		208,686	0	9,887
DEUTSCHE HIGH INCOME TR	SHS	25155R100	227	25,866	SH		SOLE		23,748	0	2,118
DOUBLELINE INCOME SOLUTIONS	COM	258622109	483	26,335	SH		SOLE		22,676	0	3,659
DUFF & PHELPS GLB UTL INC FD	COM	26433C105	187	10,903	SH		SOLE		10,261	0	642
EATON VANCE FLTG RATE INCOM	COM SHS BEN INT	278284104	540	36,072	SH		SOLE		36,072	0	0
EATON VANCE LTD DUR INCOME F	COM	27828H105	559	41,629	SH		SOLE		38,333	0	3,296
EATON VANCE SH TM DR DIVR IN	COM	27828V104	718	53,191	SH		SOLE		47,762	0	5,429
EATON VANCE SR FLTNG RTE TR	COM	27828Q105	609	46,548	SH		SOLE		40,689	0	5,859
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	545	90,727	SH		SOLE		80,031	0	10,696
EATON VANCE TAX MNGD GBL DV	COM	27829F108	417	48,700	SH		SOLE		48,700	0	0
EATON VANCE TAX-ADV BD & OPT	COM SH BEN INT	27829M103	1,846	151,155	SH		SOLE		134,121	0	17,034
EATON VANCE TX ADV GLBL DIV	COM	27828S101	414	28,800	SH		SOLE		26,586	0	2,214
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	3,938	378,314	SH		SOLE		355,440	0	22,874
ELLSWORTH GROWTH & INCOME FD	COM	289074106	891	113,080	SH		SOLE		106,540	0	6,540
EUROPEAN EQUITY FUND	COM	298768102	1,883	242,984	SH		SOLE		223,274	0	19,710
FIRST TR ABERDEEN GLBL OPP F	COM SHS	337319107	322	28,112	SH		SOLE		22,055	0	6,057
FIRST TR ENHANCED EQTY INC F	COM	337318109	1,332	101,560	SH		SOLE		97,458	0	4,102
FIRST TR HIGH INCOME L/S FD	COM	33738E109	1,453	97,984	SH		SOLE		94,877	0	3,107
FIRST TR SR FLG RTE INCM FD	COM	33733U108	287	22,342	SH		SOLE		22,342	0	0
FIRST TR STRATEGIC HIGH INC	COM SHS NEW	337353304	629	52,570	SH		SOLE		48,347	0	4,223
GABELLI CONV&INCOM SECS FD I	COM	36240B109	763	164,187	SH		SOLE		159,236	0	4,951
GABELLI DIVD & INCOME TR	COM	36242H104	1,174	61,365	SH		SOLE		60,323	0	1,042
GABELLI GLB SML & MD CP VAL	COM	36249W104	361	34,823	SH		SOLE		34,823	0	0
GABELLI MULTIMEDIA TR INC	COM	36239Q109	2,343	332,308	SH		SOLE		322,226	0	10,082
GENERAL AMERN INVS INC	COM	368802104	4,561	148,002	SH		SOLE		133,356	0	14,646
GUGGENHEIM ENHANCED EQUITY S	COM	40167K100	899	58,353	SH		SOLE		53,946	0	4,407
GUGGENHEIM EQ WEIGHT ENHANC	COM SH BEN INT	40167M106	3,527	213,705	SH		SOLE		204,757	0	8,948
HANCOCK JOHN TAX-ADV DIV INC	COM	41013V100	343	13,760	SH		SOLE		9,376	0	4,384
INVESCO BD FD	COM	46132L107	718	38,000	SH		SOLE		36,394	0	1,606
INVESCO HIGH INCOME TR II	COM	46131F101	516	37,515	SH		SOLE		34,535	0	2,980
INVESCO SR INCOME TR	COM	46131H107	1,021	244,199	SH		SOLE		194,676	0	49,523
JOHN HANCOCK HDG EQ & INC FD	COM	47804L102	1,908	127,273	SH		SOLE		120,273	0	7,000
KKR INCOME OPPORTUNITIES FD	COM	48249T106	872	57,930	SH		SOLE		48,659	0	9,271
LAZARD WORLD DIVID & INCOME	COM	521076109	1,502	166,309	SH		SOLE		155,301	0	11,008
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	4,646	925,509	SH		SOLE		865,870	0	59,639
LIBERTY ALL-STAR GROWTH FD I	COM	529900102	4,093	1,000,816	SH		SOLE		963,719	0	37,097
LMP CAP & INCOME FD INC	COM	50208A102	612	46,642	SH		SOLE		44,268	0	2,374
MFS GOVT MKTS INCOME TR	SH BEN INT	552939100	89	16,442	SH		SOLE		16,442	0	0
MFS INTER INCOME TR	SH BEN INT	55273C107	521	112,200	SH		SOLE		99,722	0	12,478
MFS INTERMEDIATE HIGH INC FD	SH BEN INT	59318T109	1,505	609,154	SH		SOLE		563,313	0	45,841
MFS SPL VALUE TR	SH BEN INT	55274E102	2,452	448,199	SH		SOLE		416,117	0	32,082
MVC CAPITAL INC	COM	553829102	80	10,000	SH		SOLE		10,000	0	0
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	1,050	95,925	SH		SOLE		88,691	0	7,234
NEW GERMANY FD INC	COM	644465106	600	45,203	SH		SOLE		42,329	0	2,874
NUVEEN FLEXIBLE INVT INCOME	COM	67075B104	2,517	159,225	SH		SOLE		148,678	0	10,547
NUVEEN GLOBAL EQUITY INCOME	COM	6706EH103	268	23,001	SH		SOLE		23,001	0	0
NUVEEN NASDAQ 100 DYNAMIC OV	COM SHS	670699107	1,624	90,906	SH		SOLE		84,397	0	6,509
NUVEEN REAL ASSET INC & GROW	COM	67074Y105	802	47,465	SH		SOLE		47,465	0	0
NUVEEN S&P 500 DYN OVERWRITE	COM	6706EW100	1,483	109,712	SH		SOLE		101,106	0	8,606
NUVEEN SHT DUR CR OPP FD	COM	67074X107	354	22,500	SH		SOLE		20,565	0	1,935
NUVEEN SR INCOME FD	COM	67067Y104	178	29,515	SH		SOLE		27,967	0	1,548
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	2,835	198,232	SH		SOLE		184,258	0	13,974
NUVEEN TX ADV TOTAL RET STRG	COM	67090H102	1,662	147,367	SH		SOLE		142,907	0	4,460
PIONEER DIV HIGH INCOME TRUS	COM	723653101	1,617	103,009	SH		SOLE		96,890	0	6,119
PUTNAM MASTER INTER INCOME T	SH BEN INT	746909100	133	30,631	SH		SOLE		30,631	0	0
RMR REAL ESTATE INCOME FUND	COM	76970B101	475	22,168	SH		SOLE		20,913	0	1,255
ROYCE MICRO-CAP TR INC	COM	780915104	931	126,827	SH		SOLE		118,165	0	8,662
ROYCE VALUE TR INC	COM	780910105	3,230	274,460	SH		SOLE		252,198	0	22,262
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	1,148	83,484	SH		SOLE		83,344	0	140
STONE HBR EMERG MKTS TL INC	COM	86164W100	374	28,298	SH		SOLE		28,298	0	0
TEMPLETON EMERG MKTS INCOME	COM	880192109	306	29,255	SH		SOLE		25,748	0	3,507
TEMPLETON GLOBAL INCOME FD	COM	880198106	1,058	166,300	SH		SOLE		160,491	0	5,809
THL CR SR LN FD	COM	87244R103	1,969	122,450	SH		SOLE		112,483	0	9,967
TRI CONTL CORP	COM	895436103	1,068	51,987	SH		SOLE		48,275	0	3,712
VIRTUS GLOBAL MULTI-SEC INC	COM	92829B101	3,701	244,110	SH		SOLE		234,902	0	9,208
VIRTUS TOTAL RETURN FD	COM	92829A103	1,726	371,904	SH		SOLE		323,730	0	48,174
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	1,960	198,532	SH		SOLE		194,056	0	4,476
VOYA PRIME RATE TR	SH BEN INT	92913A100	910	177,770	SH		SOLE		160,657	0	17,113
WELLS FARGO GLOBAL DIVIDEND	WF GLOBAL OPPTY	94987C103	247	41,343	SH		SOLE		41,343	0	0
WELLS FARGO INCOME OPPORTUNI	WF INC OPPTY FD	94987B105	566	71,584	SH		SOLE		65,586	0	5,998
WESTERN ASSET GLB PTNRS INCO	COM	95766G108	4,219	492,884	SH		SOLE		470,711	0	22,173
WESTERN ASSET HIGH INCM OPP	COM	95766K109	88	18,000	SH		SOLE		18,000	0	0
WESTERN ASSET INCOME FD	COM	95766T100	173	12,207	SH		SOLE		11,559	0	648
WESTERN ASSET MGD HI INCM FD	COM	95766L107	57	12,000	SH		SOLE		7,332	0	4,668
WESTERN ASSET VAR RT STRG FD	COM	957667108	468	30,103	SH		SOLE		30,103	0	0
WESTERN ASSET WORLDWIDE INCO	COM	957668106	354	32,245	SH		SOLE		30,910	0	1,335
ZWEIG FD	COM NEW	989834205	904	71,788	SH		SOLE		67,606	0	4,182
ZWEIG TOTAL RETURN FD INC	COM NEW	989837208	151	12,580	SH		SOLE		11,282	0	1,298