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
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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	67	10,708	SH		SOLE		10,708	0	0
ALLIANCEBERNSTEIN INCOME FUN	COM	01881E101	32,491	4,320,653	SH		SOLE		4,320,653	0	0
ALLIANZGI EQUITY & CONV INCO	COM	018829101	4,564	225,960	SH		SOLE		225,960	0	0
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	368	19,540	SH		SOLE		19,540	0	0
ALPINE TOTAL DYNAMIC DIVID FD	COM SH BEN INT	021060207	144	16,123	SH		SOLE		16,123	0	0
ALPS ETF TR	ALERIAN MLP	00162Q866	226	11,892	SH		SOLE		11,892	0	0
AMERICAN SELECT PORTFOLIO IN	COM	029570108	5,764	538,648	SH		SOLE		538,648	0	0
AMERICAN STRATEGIC INCM PTFL	COM	030098107	1,403	136,776	SH		SOLE		136,776	0	0
AMERICAN STRATEGIC INCOME II	COM	03009T101	7,127	973,700	SH		SOLE		973,700	0	0
AMERN STRATEGIC INCOME PTFL	COM	030099105	8,113	924,058	SH		SOLE		924,058	0	0
ANWORTH MORTGAGE ASSET CP	COM	037347101	196	37,900	SH		SOLE		37,900	0	0
APOLLO TACTICAL INCOME FD IN	COM	037638103	2,769	150,997	SH		SOLE		150,997	0	0
ARES CAP CORP	COM	04010L103	226	12,680	SH		SOLE		12,680	0	0
BANK OF AMERICA CORPORATION	COM	060505104	280	18,226	SH		SOLE		18,226	0	0
BLACKROCK CR ALLCTN INC TR	COM	092508100	63,295	4,603,286	SH		SOLE		4,603,286	0	0
BLACKROCK ENHANCED EQT DIV TR	COM	09251A104	38,258	4,559,996	SH		SOLE		4,559,996	0	0
BLACKROCK ENHANCED GOVT FD	COM	09255K108	6,604	462,167	SH		SOLE		462,167	0	0
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	18,908	1,256,354	SH		SOLE		1,256,354	0	0
BLACKROCK INTL GRWTH & INC TR	COM BENE INTER	092524107	114	13,808	SH		SOLE		13,808	0	0
BLACKROCK MULTI-SECTOR INC TR	COM	09258A107	5,317	287,384	SH		SOLE		287,384	0	0
BLACKROCK RES & COMM STRAT TR	SHS	09257A108	249	20,038	SH		SOLE		20,038	0	0
CHEVRON CORP	NEW COM	166764100	653	5,000	SH		SOLE		5,000	0	0
CISCO SYS INC	COM	17275R102	268	10,800	SH		SOLE		10,800	0	0
CITIGROUP INC	COM NEW	172967424	377	8,000	SH		SOLE		8,000	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	1,558	119,881	SH		SOLE		119,881	0	0
CONOCOPHILLIPS	COM	20825C104	249	2,900	SH		SOLE		2,900	0	0
CYS INVTS INC	COM	12673A108	100	11,035	SH		SOLE		11,035	0	0
EATON VANCE ENHANCED EQ INC	COM	278274105	2,018	146,755	SH		SOLE		146,755	0	0
EATON VANCE LTD DUR INCOME FD	COM	27828H105	10,423	669,008	SH		SOLE		669,008	0	0
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	35,497	3,076,016	SH		SOLE		3,076,016	0	0
EATON VANCE SH TM DR DIVR INC	COM	27828V104	19,050	1,241,857	SH		SOLE		1,241,857	0	0
EATON VANCE TAX MNGD GBL DV	COM	27829F108	2,918	281,370	SH		SOLE		281,370	0	0
EATON VANCE TX MGD DIV EQ INC	COM	27828N102	29,362	2,509,568	SH		SOLE		2,509,568	0	0
ELLSWORTH FUND LTD	COM	289074106	2,547	288,399	SH		SOLE		288,399	0	0
FIRST TR INTER DUR PFD & INCM	COM	33718W103	5,565	243,348	SH		SOLE		243,348	0	0
FLAHERTY & CRUMRINE DYN PFD	SHS	33848W106	3,590	152,396	SH		SOLE		152,396	0	0
FS INVT CORP	COM	302635107	132	12,430	SH		SOLE		12,430	0	0
GDL FUND	COM SH BEN IT	361570104	298	27,485	SH		SOLE		27,485	0	0
GENERAL ELECTRIC CO	COM	369604103	304	11,559	SH		SOLE		11,559	0	0
GENERAL MTRS CO	W EXP 07/10/2016	37045V118	251	9,450	SH		SOLE		9,450	0	0
GUGGENHEIM EQ WEIGHT ENHANC	COM SH BEN INT	40167M106	210	10,500	SH		SOLE		10,500	0	0
INTEL CORP	COM	458140100	703	22,743	SH		SOLE		22,743	0	0
INTERVEST BANCSHARES CORP	COM	460927106	265	34,300	SH		SOLE		34,300	0	0
ISHARES	S&P 100 ETF	464287101	69,953	808,423	SH		SOLE		808,423	0	0
ISHARES	JP MOR EM MK ETF	464288281	346	3,004	SH		SOLE		3,004	0	0
ISHARES	TIPS BD ETF	464287176	328	2,844	SH		SOLE		2,844	0	0
ISHARES	MSCI JAPAN ETF	464286848	146	12,154	SH		SOLE		12,154	0	0
ISHARES	MSCI EAFE ETF	464287465	348	5,094	SH		SOLE		5,094	0	0
JOHNSON & JOHNSON	COM	478160104	536	5,120	SH		SOLE		5,120	0	0
JPMORGAN CHASE & CO	COM	46625H100	331	5,750	SH		SOLE		5,750	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	17,738	2,951,495	SH		SOLE		2,951,495	0	0
LOEWS CORP	COM	540424108	774	17,590	SH		SOLE		17,590	0	0
MADISON STRTG SECTOR PREM FD	COM	558268108	385	30,075	SH		SOLE		30,075	0	0
MARKET VECTORS ETF TR	GOLD MINER ETF	57060U100	3,744	141,555	SH		SOLE		141,555	0	0
MERCK & CO INC NEW	COM	58933Y105	376	6,500	SH		SOLE		6,500	0	0
MFS CHARTER INCOME TR	SH BEN INT	552727109	20,635	2,233,261	SH		SOLE		2,233,261	0	0
MFS GOVT MKTS INCOME TR	SH BEN INT	552939100	18,475	3,179,832	SH		SOLE		3,179,832	0	0
MFS INTER INCOME TR	SH BEN INT	55273C107	18,193	3,445,731	SH		SOLE		3,445,731	0	0
MFS INTERMARKET INCOME TRUST	SH BEN INT	59318R103	185	21,637	SH		SOLE		21,637	0	0
MFS MULTIMARKET INCOME TR S	H BEN INT	552737108	21,774	3,274,314	SH		SOLE		3,274,314	0	0
MICROSOFT CORP	COM	594918104	583	13,970	SH		SOLE		13,970	0	0
NEW GERMANY FD INC	COM	644465106	237	12,691	SH		SOLE		12,691	0	0
NEXPOINT CR STRATEGIES FD	COM	65340G106	258	21,378	SH		SOLE		21,378	0	0
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	1,076	114,966	SH		SOLE		114,966	0	0
NUVEEN EQUITY PREM & GROWTH	COM	6706EW100	2,717	187,770	SH		SOLE		187,770	0	0
NUVEEN EQUITY PREM ADV FD	COM	6706ET107	976	73,403	SH		SOLE		73,403	0	0
NUVEEN EQUITY PREM INCOME FD	COM	6706ER101	905	69,027	SH		SOLE		69,027	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	1,106	114,733	SH		SOLE		114,733	0	0
NUVEEN NY MUN VALUE FD	COM	67062M105	511	51,800	SH		SOLE		51,800	0	0
OMNIAMERICAN BANCORP INC	COM	68216R107	537	21,485	SH		SOLE		21,485	0	0
PENNANTPARK FLOATING RATE CA	COM	70806A106	197	13,790	SH		SOLE		13,790	0	0
PFIZER INC	COM	717081103	377	12,706	SH		SOLE		12,706	0	0
POLONIA BACORP INC MD	COM	73158Q109	602	58,366	SH		SOLE		58,366	0	0
POWERSHARES DB CMDTY IDX TRA	UNIT BEN INT	73935S105	404	15,191	SH		SOLE		15,191	0	0
PROCTER & GAMBLE CO	COM	742718109	236	3,000	SH		SOLE		3,000	0	0
PROSHARES TR	PSHS ULSHT SP500	74347B300	3,433	134,932	SH		SOLE		134,932	0	0
PUTNAM MASTER INTER INCM TR	SH BEN INT	746909100	469	91,037	SH		SOLE		91,037	0	0
PUTNAM MUN OPPORTUNITIES TR	SH BEN INT	746922103	482	41,000	SH		SOLE		41,000	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	28,767	5,183,297	SH		SOLE		5,183,297	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	1,392	147,954	SH		SOLE		147,954	0	0
ROYCE VALUE TR INC	COM	780910105	35,503	2,218,907	SH		SOLE		2,218,907	0	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	394	8,900	SH		SOLE		8,900	0	0
SPDR GOLD TRUST	GOLD SHS	78463V107	256	2,000	SH		SOLE		2,000	0	0
SPDR INDEX SHS FDS	EURO STOXX 50	78463X202	308	7,116	SH		SOLE		7,116	0	0
SPDR SERIES TRUST	BRC HGH YLD BD	78464A417	296	7,096	SH		SOLE		7,096	0	0
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	39,760	2,380,860	SH		SOLE		2,380,860	0	0
TALMER BANCORP INC	COM	87482X101	155	11,268	SH		SOLE		11,268	0	0
TCW STRATEGIC INCOME FUND IN	COM	872340104	9,059	1,641,046	SH		SOLE		1,641,046	0	0
TRI CONTL CORP	COM	895436103	38,684	1,843,852	SH		SOLE		1,843,852	0	0
TWO HBRS INVT CORP	COM	90187B101	205	19,567	SH		SOLE		19,567	0	0
UNION PAC CORP	COM	907818108	217	2,180	SH		SOLE		2,180	0	0
VANGUARD BD INDEX FD INC	TOTAL BND MRKT	921937835	29,460	358,305	SH		SOLE		358,305	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	25,271	248,314	SH		SOLE		248,314	0	0
VANGUARD INDEX FDS	SMALL CP ETF	922908751	404	3,449	SH		SOLE		3,449	0	0
VANGUARD WORLD FDS	ENERGY ETF	92204A306	11,799	81,957	SH		SOLE		81,957	0	0
VANGUARD WORLD FDS	INF TECH ETF	92204A702	9,470	97,842	SH		SOLE		97,842	0	0
VIRTUS TOTAL RETURN FD	COM	92829A103	518	107,841	SH		SOLE		107,841	0	0
WESTERN ASSET GLOBAL CP DEF	COM	95790C107	3,209	171,710	SH		SOLE		171,710	0	0
WESTERN ASSET VAR RT STRG FD	COM	957667108	12,977	742,840	SH		SOLE		742,840	0	0
ZWEIG FD	COM NEW	989834205	12,264	783,655	SH		SOLE		783,655	0	0
ZWEIG TOTAL RETURN FD INC	COM NEW	989837208	32,277	2,243,037	SH		SOLE		2,243,037	0	0