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
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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
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	39,719	2,382,654	SH		SOLE		2,382,654	0	0
WESTERN ASSET VAR RT STRG FD	COM	957667108	20,315	1,189,382	SH		SOLE		1,189,382	0	0
MFS GOVT MKTS INCOME TR	SH BEN INT	552939100	18,159	3,185,707	SH		SOLE		3,185,707	0	0
EATON VANCE SH TM DR DIVR IN	COM	27828V104	21,977	1,498,078	SH		SOLE		1,498,078	0	0
DIVERSIFIED REAL ASSET INC F	COM SHS	25533B108	33,009	1,861,778	SH		SOLE		1,861,778	0	0
ZWEIG TOTAL RETURN FD INC	COM NEW	989837208	32,108	2,318,284	SH		SOLE		2,318,284	0	0
BLACKROCK ENHANCED GOVT FD I	COM	09255K108	7,108	506,235	SH		SOLE		506,235	0	0
TCW STRATEGIC INCOME FUND IN	COM	872340104	13,314	2,364,794	SH		SOLE		2,364,794	0	0
MFS CHARTER INCOME TR	SH BEN INT	552727109	22,601	2,550,897	SH		SOLE		2,550,897	0	0
BLACKROCK CR ALLCTN INC TR	COM	092508100	64,835	4,871,163	SH		SOLE		4,871,163	0	0
MFS MULTIMARKET INCOME TR	SH BEN INT	552737108	22,313	3,475,549	SH		SOLE		3,475,549	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	31,096	5,674,436	SH		SOLE		5,674,436	0	0
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	33,733	2,885,640	SH		SOLE		2,885,640	0	0
ZWEIG FD	COM NEW	989834205	11,718	771,954	SH		SOLE		771,954	0	0
TRI CONTL CORP	COM	895436103	39,271	1,881,718	SH		SOLE		1,881,718	0	0
MFS INTER INCOME TR	SH BEN INT	55273C107	16,574	3,308,112	SH		SOLE		3,308,112	0	0
ROYCE VALUE TR INC	COM	780910105	27,165	1,873,452	SH		SOLE		1,873,452	0	0
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	38,500	4,695,146	SH		SOLE		4,695,146	0	0
BLACKSTONE GSO FLTING RTE FU	COM	09256U105	6,689	389,566	SH		SOLE		389,566	0	0
ELLSWORTH FUND LTD	COM	289074106	2,343	270,923	SH		SOLE		270,923	0	0
ALLIANCEBERNSTEIN INCOME FUN	COM	01881E101	32,559	4,341,140	SH		SOLE		4,341,140	0	0
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	17,454	1,236,998	SH		SOLE		1,236,998	0	0
POLONIA BACORP INC MD	COM	73158Q109	593	57,551	SH		SOLE		57,551	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	16,916	2,901,540	SH		SOLE		2,901,540	0	0
ISHARES TR	S&P 100 ETF	464287101	70,533	800,061	SH		SOLE		800,061	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	1,115	127,969	SH		SOLE		127,969	0	0
WESTERN ASSET GLOBAL CP DEFI	COM	95790C107	3,210	176,455	SH		SOLE		176,455	0	0
NUVEEN EQUITY PREM & GROWTH	COM	6706EW100	2,587	183,990	SH		SOLE		183,990	0	0
MADISON STRTG SECTOR PREM FD	COM	558268108	742	59,869	SH		SOLE		59,869	0	0
APOLLO TACTICAL INCOME FD IN	COM	037638103	2,580	149,114	SH		SOLE		149,114	0	0
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	17,146	1,502,678	SH		SOLE		1,502,678	0	0
NUVEEN MULTI MKT INCOME FD I	COM	67075J107	666	88,173	SH		SOLE		88,173	0	0
FLAHERTY & CRUMRINE DYN PFD	SHS	33848W106	3,259	144,248	SH		SOLE		144,248	0	0
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	5,099	287,419	SH		SOLE		287,419	0	0
ALLIANZGI EQUITY & CONV INCO	COM	018829101	4,059	204,264	SH		SOLE		204,264	0	0
EATON VANCE LTD DUR INCOME F	COM	27828H105	9,765	669,754	SH		SOLE		669,754	0	0
BLACKROCK DEFINED OPPRTY CR	COM	09255Q105	653	48,615	SH		SOLE		48,615	0	0
FIRST TR INTER DUR PFD & IN	COM	33718W103	6,168	283,959	SH		SOLE		283,959	0	0
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	972	58,224	SH		SOLE		58,224	0	0
OMNIAMERICAN BANCORP INC	COM	68216R107	1,034	39,780	SH		SOLE		39,780	0	0
VANGUARD WORLD FDS	ENERGY ETF	92204A306	10,644	81,177	SH		SOLE		81,177	0	0
NUVEEN NY MUN VALUE FD	COM	67073D102	3,221	360,685	SH		SOLE		360,685	0	0
SARATOGA INVT CORP	COM NEW	80349A208	218	13,613	SH		SOLE		13,613	0	0
NUVEEN NY MUN VALUE FD	COM	67062M105	368	37,870	SH		SOLE		37,870	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	1,385	116,120	SH		SOLE		116,120	0	0
MFS INTERMARKET INCOME TRUST	SH BEN INT	59318R103	181	21,637	SH		SOLE		21,637	0	0
PROSHARES TR	PSHS ULSHT SP500	74347B300	2,784	112,846	SH		SOLE		112,846	0	0
WHITEHORSE FIN INC	COM	96524V106	383	28,874	SH		SOLE		28,874	0	0
INTERVEST BANCSHARES CORP	COM	460927106	396	41,455	SH		SOLE		41,455	0	0
NUVEEN EQUITY PREM INCOME FD	COM	6706ER101	865	67,880	SH		SOLE		67,880	0	0
ARES COML REAL ESTATE CORP	COM	04013V108	552	47,189	SH		SOLE		47,189	0	0
NUVEEN EQUITY PREM ADV FD	COM	6706ET107	551	42,186	SH		SOLE		42,186	0	0
VANGUARD WORLD FDS	INF TECH ETF	92204A702	9,690	96,827	SH		SOLE		96,827	0	0
VIRTUS TOTAL RETURN FD	COM	92829A103	178	38,211	SH		SOLE		38,211	0	0
PUTNAM MASTER INTER INCOME T	SH BEN INT	746909100	458	91,037	SH		SOLE		91,037	0	0
EATON VANCE ENHANCED EQ INC	COM	278274105	743	54,190	SH		SOLE		54,190	0	0
GDL FUND	COM SH BEN IT	361570104	290	27,485	SH		SOLE		27,485	0	0
NUVEEN GBL INCOME OPPORTUN F	COM	67073C104	141	11,369	SH		SOLE		11,369	0	0
VANGUARD BD INDEX FD INC	TOTAL BND MRKT	921937835	28,808	351,618	SH		SOLE		351,618	0	0
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	271	41,683	SH		SOLE		41,683	0	0
FIRST TR SR FLG RTE INCM FD	COM	33733U108	362	26,682	SH		SOLE		26,682	0	0
PUTNAM MUN OPPORTUNITIES TR	SH BEN INT	746922103	480	41,000	SH		SOLE		41,000	0	0
ANWORTH MORTGAGE ASSET CP	COM	037347101	484	101,065	SH		SOLE		101,065	0	0
NEW GERMANY FD INC	COM	644465106	212	12,691	SH		SOLE		12,691	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	28,140	277,955	SH		SOLE		277,955	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	1,069	113,610	SH		SOLE		113,610	0	0
MARKET VECTORS ETF TR	GOLD MINER ETF	57060U100	2,989	139,967	SH		SOLE		139,967	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257A108	209	18,600	SH		SOLE		18,600	0	0
PENNANTPARK INVT CORP	COM	708062104	311	28,517	SH		SOLE		28,517	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	518	19,122	SH		SOLE		19,122	0	0
NEXPOINT CR STRATEGIES FD	COM	65340G106	227	21,378	SH		SOLE		21,378	0	0
APOLLO COML REAL EST FIN INC	COM	03762U105	201	12,770	SH		SOLE		12,770	0	0
HATTERAS FINL CORP	COM	41902R103	455	25,351	SH		SOLE		25,351	0	0
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	357	19,540	SH		SOLE		19,540	0	0
NEW MTN FIN CORP	COM	647551100	155	10,543	SH		SOLE		10,543	0	0
TWO HBRS INVT CORP	COM	90187B101	599	61,978	SH		SOLE		61,978	0	0
TALMER BANCORP INC	COM	87482X101	156	11,268	SH		SOLE		11,268	0	0
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	144	16,947	SH		SOLE		16,947	0	0
FS INVT CORP	COM	302635107	378	35,066	SH		SOLE		35,066	0	0
MARKIT LTD	SHS	G58249106	585	25,060	SH		SOLE		25,060	0	0
INVESCO MORTGAGE CAPITAL INC	COM	46131B100	252	16,040	SH		SOLE		16,040	0	0
ARES CAP CORP	COM	04010L103	656	40,588	SH		SOLE		40,588	0	0
MFA FINL INC	COM	55272X102	350	45,000	SH		SOLE		45,000	0	0
BLACKROCK INTL GRWTH & INC T	COM BENE INTER	092524107	101	13,358	SH		SOLE		13,358	0	0
POWERSHARES DB CMDTY IDX TRA	UNIT BEN INT	73935S105	378	16,266	SH		SOLE		16,266	0	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	375	8,900	SH		SOLE		8,900	0	0
SPDR INDEX SHS FDS	EURO STOXX 50	78463X202	293	7,370	SH		SOLE		7,370	0	0
RYDEX ETF TRUST	GUG S&P500 EQ WT	78355W106	436	5,758	SH		SOLE		5,758	0	0
LOEWS CORP	COM	540424108	733	17,590	SH		SOLE		17,590	0	0
VANGUARD INDEX FDS	SMALL CP ETF	922908751	386	3,487	SH		SOLE		3,487	0	0
SPDR SERIES TRUST	BRC HGH YLD BD	78464A417	292	7,266	SH		SOLE		7,266	0	0
ALPS ETF TR	ALERIAN MLP	00162Q866	228	11,892	SH		SOLE		11,892	0	0
SPDR GOLD TRUST	GOLD SHS	78463V107	514	4,427	SH		SOLE		4,427	0	0
VANGUARD INDEX FDS	REIT ETF	922908553	319	4,441	SH		SOLE		4,441	0	0
ISHARES	MSCI JAPAN ETF	464286848	149	12,660	SH		SOLE		12,660	0	0
ISHARES TR	MSCI EAFE ETF	464287465	424	6,616	SH		SOLE		6,616	0	0
INTEL CORP	COM	458140100	757	21,743	SH		SOLE		21,743	0	0
CITIGROUP INC	COM NEW	172967424	415	8,000	SH		SOLE		8,000	0	0
UNION PAC CORP	COM	907818108	236	2,180	SH		SOLE		2,180	0	0
CONOCOPHILLIPS	COM	20825C104	222	2,900	SH		SOLE		2,900	0	0
MERCK & CO INC NEW	COM	58933Y105	385	6,500	SH		SOLE		6,500	0	0
CISCO SYS INC	COM	17275R102	272	10,800	SH		SOLE		10,800	0	0
CHEVRON CORP NEW	COM	166764100	477	4,000	SH		SOLE		4,000	0	0
PFIZER INC	COM	717081103	383	12,956	SH		SOLE		12,956	0	0
JOHNSON & JOHNSON	COM	478160104	546	5,120	SH		SOLE		5,120	0	0
BANK AMER CORP	COM	060505104	311	18,226	SH		SOLE		18,226	0	0
MICROSOFT CORP	COM	594918104	648	13,970	SH		SOLE		13,970	0	0
JPMORGAN CHASE & CO	COM	46625H100	301	5,000	SH		SOLE		5,000	0	0
GENERAL ELECTRIC CO	COM	369604103	322	12,559	SH		SOLE		12,559	0	0
PROCTER & GAMBLE CO	COM	742718109	251	3,000	SH		SOLE		3,000	0	0