Relative Value Partners 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

OMB APPROVAL

OMB Number:		3235-0006
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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 INC FD	COM	003009107	168	27,772	SH		SOLE		27,772	0	0
ALEXCO RESOURCE CORP	COM	01535P106	22	15,500	SH		SOLE		15,500	0	0
ALLIANCE BERNSTEIN INCOME FD	COM	01881E101	36,987	5,253,848	SH		SOLE		5,253,848	0	0
ALLIANZGI EQUITY & CONV INC FD	COM	018829101	4,525	243,662	SH		SOLE		243,662	0	0
ALLIANZGI NFJ DV INT & PREM STG	COM	01883A107	342	20,300	SH		SOLE		20,300	0	0
ALPS ETF TR	ALERIAN MLP ETF	00162Q866	209	11,892	SH		SOLE		11,892	0	0
BANK OF AMERICA CORP	COM	060505104	252	18,226	SH		SOLE		18,226	0	0
BLACKROCK CREDIT ALLOC INC TR	COM	092508100	55,466	4,253,490	SH		SOLE		4,253,490	0	0
BLACKROCK ENH CAP & INC STRAT	COM	09256A109	3,036	234,612	SH		SOLE		234,612	0	0
BLACKROCK ENHNCD EQTY DIV TR	COM	09251A104	23,136	3,076,542	SH		SOLE		3,076,542	0	0
BLACKROCK ENHANCED GOVT FD	COM	09255K108	802	56,509	SH		SOLE		56,509	0	0
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	16,017	1,144,904	SH		SOLE		1,144,904	0	0
BLACKROCK INTL GRWTH & INC TR	COM BENE INTER	092524107	690	89,674	SH		SOLE		89,674	0	0
CFS BANCORP INC	COM	12525D102	241	21,720	SH		SOLE		21,720	0	0
CHEVRON CORP NEW	COM	166764100	486	4,000	SH		SOLE		4,000	0	0
CISCO SYS INC	COM	17275R102	237	10,100	SH		SOLE		10,100	0	0
CITIGROUP INC	COM NEW	172967424	389	8,024	SH		SOLE		8,024	0	0
CLOUGH GLOBAL OPPS FD	SH BEN INT	18914E106	1,600	124,348	SH		SOLE		124,348	0	0
CONOCOPHILLIPS	COM	20825C104	202	2,900	SH		SOLE		2,900	0	0
CYS INVTS INC	COM	12673A108	85	10,485	SH		SOLE		10,485	0	0
EATON VANCE ENHANCED EQ INC	COM	278274105	1,943	161,092	SH		SOLE		161,092	0	0
EATON VANCE LTD DUR INCOME FD	COM	27828H105	5,185	331,511	SH		SOLE		331,511	0	0
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	32,562	3,012,212	SH		SOLE		3,012,212	0	0
EATON VANCE SH TM DR DIVR IN	COM	27828V104	4,463	288,123	SH		SOLE		288,123	0	0
EATON VANCE TAX MNGD GBL DV	COM	27829F108	8,781	936,134	SH		SOLE		936,134	0	0
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	34,888	3,461,158	SH		SOLE		3,461,158	0	0
EATON VANCE TX MNG BY WRT OP	COM	27828Y108	5,338	408,401	SH		SOLE		408,401	0	0
EATON VANCE TXMGD GL BYWR OP	COM	27829C105	468	41,258	SH		SOLE		41,258	0	0
ELLSWORTH FUND LTD	COM	289074106	2,332	296,360	SH		SOLE		296,360	0	0
GDL FD	COM SH BEN IT	361570104	310	27,485	SH		SOLE		27,485	0	0
GENERAL ELECTRIC CO	COM	369604103	252	10,559	SH		SOLE		10,559	0	0
GENERAL MTRS CO	WTS EXP 07/10/2016	37045V118	238	9,000	SH		SOLE		9,000	0	0
INTEL CORP	COM	458140100	539	23,531	SH		SOLE		23,531	0	0
INTERVEST BANCSHARES CORP	COM	460927106	167	21,000	SH		SOLE		21,000	0	0
ISHARES	7-10 YR TR BD ETF	464287440	2,947	28,860	SH		SOLE		28,860	0	0
ISHARES	MSCI EAFE ETF	464287465	578	9,064	SH		SOLE		9,064	0	0
ISHARES	MSCI JAPAN ETF	464286848	318	26,645	SH		SOLE		26,645	0	0
ISHARES	SHRT TRS BD ETF	464288679	245	2,220	SH		SOLE		2,220	0	0
ISHARES	S&P 100 ETF	464287101	53,427	713,885	SH		SOLE		713,885	0	0
JOHNSON & JOHNSON	COM	478160104	444	5,120	SH		SOLE		5,120	0	0
JPMORGAN CHASE & CO	COM	46625H100	297	5,750	SH		SOLE		5,750	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	16,854	3,115,347	SH		SOLE		3,115,347	0	0
LOEWS CORP	COM	540424108	804	17,200	SH		SOLE		17,200	0	0
MACQUARIE GLBL INFRA TOTL RE	COM	55608D101	1,270	58,673	SH		SOLE		58,673	0	0
MARKET VECTORS	GOLD MINER ETF	57060U100	3,921	156,717	SH		SOLE		156,717	0	0
MERCK & CO INC NEW	COM	58933Y105	309	6,500	SH		SOLE		6,500	0	0
MFS CHARTER INCOME TR	SH BEN INT	552727109	15,529	1,735,132	SH		SOLE		1,735,132	0	0
MFS GOVT MKTS INC TR	SH BEN INT	552939100	10,127	1,786,018	SH		SOLE		1,786,018	0	0
MFS INTER INCOME TR	SH BEN INT	55273C107	10,340	1,947,217	SH		SOLE		1,947,217	0	0
MFS INTERMARKET INC TR	SH BEN INT	59318R103	218	27,191	SH		SOLE		27,191	0	0
MFS MULTIMARKET INCOME TR	SH BEN INT	552737108	15,983	2,418,031	SH		SOLE		2,418,031	0	0
MICROSOFT CORP	COM	594918104	534	16,039	SH		SOLE		16,039	0	0
MORGAN STANLEY ASIA PAC FD	COM	61744U106	375	22,421	SH		SOLE		22,421	0	0
NEW GERMANY FD INC	COM	644465106	308	14,974	SH		SOLE		14,974	0	0
NEXPOINT CR STRATEGIES FD	COM	65340G106	5,022	656,439	SH		SOLE		656,439	0	0
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	297	31,763	SH		SOLE		31,763	0	0
NUVEEN DIVER CURRENCY OPP FD	COM	67090N109	338	32,255	SH		SOLE		32,255	0	0
NUVEEN EQTY PRM OPP FD	COM	6706EM102	2,533	210,043	SH		SOLE		210,043	0	0
NUVEEN EQUITY PREM & GROWTH	COM	6706EW100	3,460	256,273	SH		SOLE		256,273	0	0
NUVEEN EQUITY PREM ADV FD	COM	6706ET107	3,505	288,966	SH		SOLE		288,966	0	0
NUVEEN EQUITY PREM INCOME FD	COM	6706ER101	886	73,305	SH		SOLE		73,305	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	247	27,000	SH		SOLE		27,000	0	0
OMNIAMERICAN BANCORP INC	COM	68216R107	532	21,750	SH		SOLE		21,750	0	0
PFIZER INC	COM	717081103	315	10,955	SH		SOLE		10,955	0	0
PIMCO ETF TR	TOTL RETN ETF	72201R775	4,483	42,341	SH		SOLE		42,341	0	0
POLONIA BACORP INC MD	COM	73158Q109	584	58,366	SH		SOLE		58,366	0	0
POWERSHARES ETF TRUST II	SENIOR LN PORT	73936Q769	14,031	568,510	SH		SOLE		568,510	0	0
PROCTER & GAMBLE CO	COM	742718109	227	3,000	SH		SOLE		3,000	0	0
PROSHARES TR	PSHS ULSHT SP500	74347B300	4,167	113,928	SH		SOLE		113,928	0	0
PUTNAM MUN OPPORTUNITIES TR	SH BEN INT	746922103	448	41,000	SH		SOLE		41,000	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	20,105	3,822,309	SH		SOLE		3,822,309	0	0
ROYCE VALUE TR INC	COM	780910105	33,193	2,234,947	SH		SOLE		2,234,947	0	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	362	9,700	SH		SOLE		9,700	0	0
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	279	8,714	SH		SOLE		8,714	0	0
SPDR GOLD TRUST	GOLD SHS	78463V107	280	2,181	SH		SOLE		2,181	0	0
SPDR INDEX SHS FDS	EURO STOXX 50	78463X202	522	13,587	SH		SOLE		13,587	0	0
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	25,955	1,473,878	SH		SOLE		1,473,878	0	0
TRI CONTL CORP	COM	895436103	32,830	1,792,026	SH		SOLE		1,792,026	0	0
VANGUARD BD INDEX FD	TOTAL BND MRKT	921937835	13,185	163,025	SH		SOLE		163,025	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	29,426	335,723	SH		SOLE		335,723	0	0
VANGUARD INTL EQTY INDEX FD	FTSE EMR MKT ETF	922042858	265	6,598	SH		SOLE		6,598	0	0
VANGUARD WORLD FDS	INF TECH ETF	92204A702	8,377	103,799	SH		SOLE		103,799	0	0
VIRTUS TOTAL RETURN FD	COM	92829A103	578	146,599	SH		SOLE		146,599	0	0
WESTERN ASSET INFL MGMT FD	COM	95766U107	12,469	759,350	SH		SOLE		759,350	0	0
WESTERN ASSET VAR RT STRG FD	COM	957667108	5,051	297,101	SH		SOLE		297,101	0	0
WISDOMTREE TR	JAPN HEDGE EQT	97717W851	290	6,056	SH		SOLE		6,056	0	0
ZWEIG FD	COM NEW	989834205	11,263	833,557	SH		SOLE		833,557	0	0
ZWEIG TOTAL RETURN FD INC	COM NEW	989837208	29,104	2,221,648	SH		SOLE		2,221,648	0	0