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	261	51,000	SH		SOLE		51,000	0	0
ABERDEEN GLOBAL INCOME FD IN	COM	003013109	692	78,639	SH		SOLE		75,220	0	3,419
ADAMS DIVERSIFIED EQUITY FD	COM	006212104	7,577	576,183	SH		SOLE		541,238	0	34,945
ADVENT CLAYMORE CV SECS & IN	COM	00764C109	367	25,140	SH		SOLE		25,140	0	0
ADVENT CLAYMORE ENH GRW & IN	COM	00765E104	885	105,945	SH		SOLE		95,995	0	9,950
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	142	11,216	SH		SOLE		11,216	0	0
ALPINE GLOBAL DYNAMIC DIVD F	COM NEW	02082E205	129	14,800	SH		SOLE		14,800	0	0
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	617	80,897	SH		SOLE		80,897	0	0
APOLLO SR FLOATING RATE FD I	COM	037636107	577	34,075	SH		SOLE		27,414	0	6,661
APOLLO TACTICAL INCOME FD IN	COM	037638103	1,092	70,651	SH		SOLE		69,000	0	1,651
ARES DYNAMIC CR ALLOCATION F	COM	04014F102	2,209	148,745	SH		SOLE		136,396	0	12,349
AVENUE INCOME CR STRATEGIES	COM	05358E106	2,229	171,847	SH		SOLE		155,294	0	16,553
BLACKROCK CORPOR HI YLD FD I	COM	09255P107	590	54,545	SH		SOLE		50,542	0	4,003
BLACKROCK DEBT STRAT FD INC	COM	09255R103	1,782	488,225	SH		SOLE		433,379	0	54,846
BLACKROCK FLOAT RATE OME STR	COM	09255X100	1,496	107,949	SH		SOLE		105,736	0	2,213
BLACKROCK FLOATING RATE INCO	COM	091941104	712	52,697	SH		SOLE		46,596	0	6,101
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	1,121	91,482	SH		SOLE		88,094	0	3,388
BLACKROCK INTL GRWTH & INC T	COM BENE INTER	092524107	1,419	239,212	SH		SOLE		235,008	0	4,204
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	1,158	74,645	SH		SOLE		70,019	0	4,626
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	803	51,685	SH		SOLE		45,136	0	6,549
BLACKSTONE GSO STRATEGIC CR	COM SHS BEN IN	09257R101	666	44,622	SH		SOLE		40,873	0	3,749
BOULDER GROWTH & INCOME FD I	COM	101507101	4,860	579,931	SH		SOLE		556,527	0	23,404
BROOKFIELD HIGH INCOME FD IN	COM	11272P102	2,958	404,080	SH		SOLE		377,969	0	26,111
CALAMOS CONV & HIGH INCOME F	COM SHS	12811P108	289	26,283	SH		SOLE		24,388	0	1,895
CALAMOS CONV OPP AND INC FD	SH BEN INT	128117108	658	63,666	SH		SOLE		59,933	0	3,733
CALAMOS GLOBAL TOTAL RETURN	COM SH BEN INT	128118106	2,573	224,916	SH		SOLE		212,597	0	12,319
CALAMOS STRATEGIC TOTL RETN	COM SH BEN INT	128125101	3,600	350,211	SH		SOLE		332,409	0	17,802
CENTRAL SECS CORP	COM	155123102	5,121	241,083	SH		SOLE		225,654	0	15,429
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	753	77,887	SH		SOLE		75,814	0	2,073
COHEN & STEERS GLOBAL INC BL	COM	19248M103	1,127	126,753	SH		SOLE		120,323	0	6,430
COHEN & STEERS QUALITY RLTY	COM	19247L106	222	16,643	SH		SOLE		16,643	0	0
DELAWARE ENHANCED GBL DIV &	COM	246060107	584	57,675	SH		SOLE		53,304	0	4,371
DELAWARE INVTS DIV & INCOME	COM	245915103	1,653	166,967	SH		SOLE		164,191	0	2,776
DEUTSCHE HIGH INCOME TR	SHS	25155R100	238	25,866	SH		SOLE		23,748	0	2,118
DEUTSCHE MULTI-MKT INCOME TR	SHS	25160E102	1,007	117,827	SH		SOLE		92,049	0	25,778
DOUBLELINE INCOME SOLUTIONS	COM	258622109	2,866	149,669	SH		SOLE		138,600	0	11,069
DUFF & PHELPS UTIL CORP BD T	COM	26432K108	621	63,560	SH		SOLE		63,560	0	0
EATON VANCE ENHANCED EQ INC	COM	278274105	3,833	302,997	SH		SOLE		271,570	0	31,427
EATON VANCE FLTG RATE INCOM	COM SHS BEN INT	278284104	853	54,533	SH		SOLE		51,709	0	2,824
EATON VANCE LTD DUR INCOME F	COM	27828H105	810	59,057	SH		SOLE		53,731	0	5,326
EATON VANCE SH TM DR DIVR IN	COM	27828V104	920	67,092	SH		SOLE		60,899	0	6,193
EATON VANCE SR FLTNG RTE TR	COM	27828Q105	170	12,000	SH		SOLE		12,000	0	0
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	329	51,099	SH		SOLE		47,360	0	3,739
EATON VANCE TAX-ADV BD & OPT	COM SH BEN INT	27829M103	212	17,635	SH		SOLE		17,635	0	0
EATON VANCE TX ADV GLBL DIV	COM	27828S101	417	28,000	SH		SOLE		25,945	0	2,055
ELLSWORTH GROWTH & INCOME FD	COM	289074106	934	114,092	SH		SOLE		107,552	0	6,540
EUROPEAN EQUITY FUND	COM	298768102	3,179	402,402	SH		SOLE		375,544	0	26,858
FIRST TR ENHANCED EQTY INC F	COM	337318109	1,152	86,197	SH		SOLE		84,653	0	1,544
FIRST TR HIGH INCOME L/S FD	COM	33738E109	178	11,410	SH		SOLE		6,812	0	4,598
FIRST TR INTER DUR PFD & IN	COM	33718W103	344	14,750	SH		SOLE		13,710	0	1,040
FIRST TR STRATEGIC HIGH INC	COM SHS NEW	337353304	2,039	165,268	SH		SOLE		154,573	0	10,695
FRANKLIN UNVL TR	SH BEN INT	355145103	549	80,731	SH		SOLE		69,583	0	11,148
GABELLI DIVD & INCOME TR	COM	36242H104	5,512	286,947	SH		SOLE		261,568	0	25,379
GABELLI GLB SML & MD CP VAL	COM	36249W104	685	63,403	SH		SOLE		62,257	0	1,146
GENERAL AMERN INVS INC	COM	368802104	4,994	152,947	SH		SOLE		142,509	0	10,438
GUGGENHEIM ENHANCED EQUITY S	COM	40167K100	1,299	81,057	SH		SOLE		80,273	0	784
GUGGENHEIM EQ WEIGHT ENHANC	COM SH BEN INT	40167M106	2,361	140,286	SH		SOLE		135,001	0	5,285
HANCOCK JOHN INVS TR	COM	410142103	242	14,494	SH		SOLE		11,178	0	3,316
INVESCO HIGH INCOME TR II	COM	46131F101	227	15,507	SH		SOLE		15,507	0	0
IVY HIGH INC OPPORTUNITIES F	COM	465893105	197	13,722	SH		SOLE		13,722	0	0
KKR INCOME OPPORTUNITIES FD	COM	48249T106	1,550	96,728	SH		SOLE		85,216	0	11,512
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	1,970	380,379	SH		SOLE		342,540	0	37,839
LIBERTY ALL-STAR GROWTH FD I	COM	529900102	4,872	1,130,470	SH		SOLE		1,088,993	0	41,477
MFS CHARTER INCOME TR	SH BEN INT	552727109	438	50,751	SH		SOLE		47,559	0	3,192
MFS INTERMEDIATE HIGH INC FD	SH BEN INT	59318T109	1,632	637,415	SH		SOLE		614,255	0	23,160
MFS MULTIMARKET INCOME TR	SH BEN INT	552737108	183	30,000	SH		SOLE		30,000	0	0
MFS SPL VALUE TR	SH BEN INT	55274E102	2,268	398,581	SH		SOLE		385,658	0	12,923
NEUBERGER BERMAN HGH YLD FD	COM	64128C106	242	20,414	SH		SOLE		18,462	0	1,952
NEW GERMANY FD INC	COM	644465106	2,014	140,326	SH		SOLE		132,626	0	7,700
NUVEEN CORE EQUITY ALPHA FUN	COM	67090X107	1,934	140,871	SH		SOLE		133,291	0	7,580
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	488	57,500	SH		SOLE		54,344	0	3,156
NUVEEN DIVERSIFIED DIV INCM	COM	6706EP105	643	55,025	SH		SOLE		54,063	0	962
NUVEEN DOW 30 DYN OVERWRITE	SHS	67075F105	165	11,446	SH		SOLE		11,446	0	0
NUVEEN FLEXIBLE INVT INCOME	COM	67075B104	1,072	62,382	SH		SOLE		60,967	0	1,415
NUVEEN NASDAQ 100 DYNAMIC OV	COM SHS	670699107	1,226	64,822	SH		SOLE		54,258	0	10,564
NUVEEN PFD INCOME OPPRTNY FD	COM	67073B106	1,524	152,108	SH		SOLE		137,012	0	15,096
NUVEEN S&P 500 DYN OVERWRITE	COM	6706EW100	1,433	104,163	SH		SOLE		99,715	0	4,448
NUVEEN TAX ADVANTAGED DIV GR	COM	67073G105	2,284	153,805	SH		SOLE		143,848	0	9,957
PIMCO INCOME STRATEGY FUND	COM	72201H108	229	21,407	SH		SOLE		21,407	0	0
PIONEER DIV HIGH INCOME TRUS	COM	723653101	2,351	144,084	SH		SOLE		133,745	0	10,339
PIONEER FLOATING RATE TR	COM	72369J102	680	57,654	SH		SOLE		49,508	0	8,146
PRINCIPAL REAL ESTATE INCOME	SHS BEN INT	74255X104	351	19,885	SH		SOLE		19,885	0	0
PRUDENTIAL GLB SHT DUR HG YL	COM	74433A109	1,585	104,930	SH		SOLE		101,258	0	3,672
PRUDENTIAL SHT DURATION HG Y	COM	74442F107	1,225	76,628	SH		SOLE		72,724	0	3,904
RMR REAL ESTATE INCOME FUND	COM	76970B101	477	21,946	SH		SOLE		20,691	0	1,255
ROYCE GLOBAL VALUE TR INC	COM	78081T104	214	26,391	SH		SOLE		26,391	0	0
ROYCE MICRO-CAP TR INC	COM	780915104	2,934	375,623	SH		SOLE		348,585	0	27,038
ROYCE VALUE TR INC	COM	780910105	739	58,382	SH		SOLE		54,938	0	3,444
SOURCE CAP INC	COM	836144105	2,381	64,838	SH		SOLE		61,643	0	3,195
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	1,217	81,607	SH		SOLE		81,607	0	0
SPECIAL OPPORTUNITIES FD INC	PFD CONV SE B	84741T302	1,303	50,464	SH		SOLE		48,287	0	2,177
SPROTT FOCUS TR INC	COM	85208J109	292	42,380	SH		SOLE		42,380	0	0
SWISS HELVETIA FD INC	COM	870875101	348	32,572	SH		SOLE		30,644	0	1,928
TEMPLETON GLOBAL INCOME FD	COM	880198106	714	114,374	SH		SOLE		106,324	0	8,050
THL CR SR LN FD	COM	87244R103	2,397	145,366	SH		SOLE		128,843	0	16,523
TRI CONTL CORP	COM	895436103	2,168	101,393	SH		SOLE		92,067	0	9,326
VIRTUS GLOBAL MULTI-SEC INC	COM	92829B101	3,322	209,078	SH		SOLE		199,782	0	9,296
VIRTUS TOTAL RETURN FD	COM	92829A103	3,438	725,238	SH		SOLE		652,420	0	72,818
VOYA GLBL ADV & PREM OPP FD	COM	92912R104	1,761	174,018	SH		SOLE		163,393	0	10,625
VOYA INTL HIGH DIVID EQTY IN	COM	92912Y109	578	87,441	SH		SOLE		87,441	0	0
VOYA PRIME RATE TR	SH BEN INT	92913A100	928	175,770	SH		SOLE		158,657	0	17,113
WELLS FARGO GLOBAL DIVIDEND	WF GLOBAL OPPTY	94987C103	1,192	205,126	SH		SOLE		188,609	0	16,517
WELLS FARGO MULTI SECTOR INC	WF MLT SECTR INC	94987D101	303	23,381	SH		SOLE		21,890	0	1,491
WESTERN ASSET EMRG MKT INCM	COM	95766E103	385	33,481	SH		SOLE		31,329	0	2,152
WESTERN ASSET GLB HI INCOME	COM	95766B109	926	90,915	SH		SOLE		87,263	0	3,652
WESTERN ASSET GLOBAL CP DEFI	COM	95790C107	178	10,043	SH		SOLE		10,043	0	0
WESTERN ASSET HGH YLD DFNDFD	COM	95768B107	867	56,231	SH		SOLE		48,987	0	7,244
WESTERN ASSET HIGH INCM FD I	COM	95766J102	72	10,000	SH		SOLE		10,000	0	0
WESTERN ASSET HIGH INCM OPP	COM	95766K109	404	79,942	SH		SOLE		79,942	0	0
WESTERN ASSET VAR RT STRG FD	COM	957667108	409	25,629	SH		SOLE		25,629	0	0
WESTERN ASSET WORLDWIDE INCO	COM	957668106	168	14,507	SH		SOLE		14,507	0	0
ZWEIG FD	COM NEW	989834205	2,921	225,523	SH		SOLE		210,611	0	14,912