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
SPECIAL OPPORTUNITIES FD INC	COM	84741T104	38,291	2,483,218	SH		SOLE		2,483,218	0	0
WESTERN ASSET VAR RT STRG FD	COM	957667108	25,599	1,549,605	SH		SOLE		1,549,605	0	0
MFS GOVT MKTS INCOME TR	SH BEN INT	552939100	15,883	2,836,321	SH		SOLE		2,836,321	0	0
TCW STRATEGIC INCOME FUND IN	COM	872340104	21,539	3,981,290	SH		SOLE		3,981,290	0	0
EATON VANCE SH TM DR DIVR IN	COM	27828V104	21,059	1,453,317	SH		SOLE		1,453,317	0	0
DIVERSIFIED REAL ASSET INC F	COM SHS	25533B108	31,239	1,725,916	SH		SOLE		1,725,916	0	0
ZWEIG TOTAL RETURN FD INC	COM NEW	989837208	33,741	2,466,480	SH		SOLE		2,466,480	0	0
BLACKROCK DEFINED OPPRTY CR	COM	09255Q105	8,440	637,251	SH		SOLE		637,251	0	0
BLACKSTONE GSO FLTING RTE FU	COM	09256U105	18,342	1,063,285	SH		SOLE		1,063,285	0	0
BLACKROCK ENHANCED GOVT FD I	COM	09255K108	7,038	506,997	SH		SOLE		506,997	0	0
MFS CHARTER INCOME TR	SH BEN INT	552727109	26,693	3,033,271	SH		SOLE		3,033,271	0	0
BLACKROCK CR ALLCTN INC TR	COM	092508100	66,748	4,958,985	SH		SOLE		4,958,985	0	0
MFS MULTIMARKET INCOME TR	SH BEN INT	552737108	21,811	3,434,819	SH		SOLE		3,434,819	0	0
PUTNAM PREMIER INCOME TR	SH BEN INT	746853100	31,493	5,975,866	SH		SOLE		5,975,866	0	0
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	31,057	2,870,371	SH		SOLE		2,870,371	0	0
MFS INTER INCOME TR	SH BEN INT	55273C107	24,155	4,960,032	SH		SOLE		4,960,032	0	0
ZWEIG FD	COM NEW	989834205	11,300	734,704	SH		SOLE		734,704	0	0
TRI CONTL CORP	COM	895436103	42,273	1,948,953	SH		SOLE		1,948,953	0	0
BLACKSTONE GSO LNG SHRT CR I	COM SHS BN INT	09257D102	6,318	391,462	SH		SOLE		391,462	0	0
BLACKROCK ENHANCED EQT DIV T	COM	09251A104	38,997	4,749,962	SH		SOLE		4,749,962	0	0
MADISON STRTG SECTOR PREM FD	COM	558268108	1,698	141,055	SH		SOLE		141,055	0	0
ROYCE VALUE TR INC	COM	780910105	23,492	1,640,468	SH		SOLE		1,640,468	0	0
ELLSWORTH GROWTH & INCOME FD	COM	289074106	2,301	262,622	SH		SOLE		262,622	0	0
ALLIANCEBERNSTEIN INCOME FUN	COM	01881E101	33,404	4,326,952	SH		SOLE		4,326,952	0	0
POLONIA BACORP INC MD	COM	73158Q109	748	56,951	SH		SOLE		56,951	0	0
BLACKROCK GLOBAL OPP EQTY TR	COM	092501105	16,364	1,178,971	SH		SOLE		1,178,971	0	0
ISHARES TR	S&P 100 ETF	464287101	73,314	812,251	SH		SOLE		812,251	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	16,657	2,852,165	SH		SOLE		2,852,165	0	0
NUVEEN MULTI MKT INCOME FD	COM	67075J107	903	119,200	SH		SOLE		119,200	0	0
WESTERN ASSET GLOBAL CP DEFI	COM	95790C107	3,026	171,034	SH		SOLE		171,034	0	0
EATON VANCE LTD DUR INCOME F	COM	27828H105	18,175	1,263,041	SH		SOLE		1,263,041	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	826	102,636	SH		SOLE		102,636	0	0
NUVEEN S&P 500 DYN OVERWRITE	COM	6706EW100	2,264	162,045	SH		SOLE		162,045	0	0
APOLLO TACTICAL INCOME FD IN	COM	037638103	2,232	136,766	SH		SOLE		136,766	0	0
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	14,204	1,251,449	SH		SOLE		1,251,449	0	0
NUVEEN GLOBAL HIGH INCOME FD	SHS	67075G103	3,428	200,793	SH		SOLE		200,793	0	0
BLACKROCK LTD DURATION INC T	COM SHS	09249W101	4,592	290,820	SH		SOLE		290,820	0	0
SARATOGA INVT CORP	COM NEW	80349A208	658	41,518	SH		SOLE		41,518	0	0
ALLIANZGI EQUITY & CONV INCO	COM	018829101	3,676	185,580	SH		SOLE		185,580	0	0
BLACKROCK MULTI-SECTOR INC T	COM	09258A107	4,142	237,084	SH		SOLE		237,084	0	0
EATON VANCE SR INCOME TR	SH BEN INT	27826S103	1,295	198,965	SH		SOLE		198,965	0	0
FIRST TR SR FLG RTE INCM FD	COM	33733U108	1,895	137,254	SH		SOLE		137,254	0	0
WHITEHORSE FIN INC	COM	96524V106	907	72,995	SH		SOLE		72,995	0	0
GENERAL AMERN INVS INC	COM	368802104	5,049	144,346	SH		SOLE		144,346	0	0
FIRST TR INTER DUR PFD & IN	COM	33718W103	6,387	284,369	SH		SOLE		284,369	0	0
BLACKROCK INCOME TR INC	COM	09247F100	1,756	273,507	SH		SOLE		273,507	0	0
BLACKROCK FLOAT RATE OME STR	COM	09255X100	2,167	155,898	SH		SOLE		155,898	0	0
PENNANTPARK FLOATING RATE CA	COM	70806A106	851	60,646	SH		SOLE		60,646	0	0
FRANKLIN LTD DURATION INC TR	COM	35472T101	843	69,278	SH		SOLE		69,278	0	0
ARES COML REAL ESTATE CORP	COM	04013V108	780	70,626	SH		SOLE		70,626	0	0
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	2,634	291,028	SH		SOLE		291,028	0	0
NUVEEN NY MUN VALUE FD	COM	67062M105	303	31,108	SH		SOLE		31,108	0	0
CLOUGH GLOBAL OPPORTUNITIES	SH BEN INT	18914E106	1,248	100,196	SH		SOLE		100,196	0	0
CUTWATER SELECT INCOME FD	COM	232229104	367	18,348	SH		SOLE		18,348	0	0
ANWORTH MORTGAGE ASSET CP	COM	037347101	926	181,958	SH		SOLE		181,958	0	0
PROSHARES TR	PSHS ULSHT SP500	74347B300	1,958	91,783	SH		SOLE		91,783	0	0
MFS INTERMARKET INCOME TRUST	SH BEN INT	59318R103	145	17,055	SH		SOLE		17,055	0	0
PUTNAM MASTER INTER INCOME T	SH BEN INT	746909100	446	91,037	SH		SOLE		91,037	0	0
VANGUARD WORLD FDS	INF TECH ETF	92204A702	10,175	95,525	SH		SOLE		95,525	0	0
EATON VANCE ENHANCED EQ INC	COM	278274105	719	52,335	SH		SOLE		52,335	0	0
EATON VANCE FLTG RATE INCOM	COM SHS BEN INT	278284104	172	10,097	SH		SOLE		10,097	0	0
MARKET VECTORS ETF TR	JR GOLD MINERS E	57061R544	2,060	90,761	SH		SOLE		90,761	0	0
GDL FUND	COM SH BEN IT	361570104	256	24,765	SH		SOLE		24,765	0	0
VANGUARD BD INDEX FD INC	TOTAL BND MRKT	921937835	28,590	342,933	SH		SOLE		342,933	0	0
PUTNAM MUN OPPORTUNITIES TR	SH BEN INT	746922103	503	41,000	SH		SOLE		41,000	0	0
VIRTUS TOTAL RETURN FD	COM	92829A103	114	25,075	SH		SOLE		25,075	0	0
TRUPANION INC	COM	898202106	194	24,243	SH		SOLE		24,243	0	0
NUVEEN FLTNG RTE INCM OPP FD	COM SHS	6706EN100	380	32,717	SH		SOLE		32,717	0	0
NEW GERMANY FD INC	COM	644465106	200	12,920	SH		SOLE		12,920	0	0
ALPS ETF TR	ALERIAN MLP	00162Q866	7,173	432,911	SH		SOLE		432,911	0	0
PENNANTPARK INVT CORP	COM	708062104	522	57,631	SH		SOLE		57,631	0	0
NEW MTN FIN CORP	COM	647551100	484	33,181	SH		SOLE		33,181	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	31,013	289,168	SH		SOLE		289,168	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	1,112	112,353	SH		SOLE		112,353	0	0
TCP CAP CORP	COM	87238Q103	374	23,328	SH		SOLE		23,328	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	629	22,173	SH		SOLE		22,173	0	0
GLOBAL DEFENSE & NATL SEC SY	COM	37953N108	38	3,616	SH		SOLE		3,616	0	0
SOUTHSIDE BANCSHARES INC	COM	84470P109	230	8,000	SH		SOLE		8,000	0	0
APOLLO COML REAL EST FIN INC	COM	03762U105	315	18,348	SH		SOLE		18,348	0	0
TWO HBRS INVT CORP	COM	90187B101	889	83,709	SH		SOLE		83,709	0	0
BLACKROCK RES & COMM STRAT T	SHS	09257A108	196	20,470	SH		SOLE		20,470	0	0
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	319	19,540	SH		SOLE		19,540	0	0
FS INVT CORP	COM	302635107	503	49,605	SH		SOLE		49,605	0	0
MFA FINL INC	COM	55272X102	563	71,610	SH		SOLE		71,610	0	0
HATTERAS FINL CORP	COM	41902R103	326	17,936	SH		SOLE		17,936	0	0
INVESCO MORTGAGE CAPITAL INC	COM	46131B100	330	21,259	SH		SOLE		21,259	0	0
COLONY FINL INC	COM	19624R106	477	18,421	SH		SOLE		18,421	0	0
TALMER BANCORP INC	COM	87482X101	173	11,268	SH		SOLE		11,268	0	0
ALPINE TOTAL DYNAMIC DIVID F	COM SH BEN INT N	021060207	151	16,997	SH		SOLE		16,997	0	0
ARES CAP CORP	COM	04010L103	761	44,348	SH		SOLE		44,348	0	0
MARKIT LTD	SHS	G58249106	674	25,060	SH		SOLE		25,060	0	0
BANK OF THE OZARKS INC	COM	063904106	394	10,660	SH		SOLE		10,660	0	0
BLACKROCK INTL GRWTH & INC T	COM BENE INTER	092524107	95	13,358	SH		SOLE		13,358	0	0
SPDR INDEX SHS FDS	EURO STOXX 50	78463X202	361	9,295	SH		SOLE		9,295	0	0
GENERAL MTRS CO	*W EXP 07/10/201	37045V118	276	9,950	SH		SOLE		9,950	0	0
ISHARES TR	20+ YR TR BD ETF	464287432	454	3,477	SH		SOLE		3,477	0	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	364	8,200	SH		SOLE		8,200	0	0
VANGUARD INDEX FDS	SMALL CP ETF	922908751	607	4,949	SH		SOLE		4,949	0	0
LOEWS CORP	COM	540424108	718	17,590	SH		SOLE		17,590	0	0
RYDEX ETF TRUST	GUG S&P500 EQ WT	78355W106	373	4,604	SH		SOLE		4,604	0	0
SPDR SERIES TRUST	BRC HGH YLD BD	78464A417	276	7,044	SH		SOLE		7,044	0	0
VANGUARD INDEX FDS	REIT ETF	922908553	604	7,164	SH		SOLE		7,164	0	0
L BRANDS INC	COM	501797104	327	3,465	SH		SOLE		3,465	0	0
ISHARES TR	MSCI EAFE ETF	464287465	586	9,137	SH		SOLE		9,137	0	0
ISHARES	MSCI JAPAN ETF	464286848	159	12,665	SH		SOLE		12,665	0	0
SPDR GOLD TRUST	GOLD SHS	78463V107	227	2,000	SH		SOLE		2,000	0	0
INTEL CORP	COM	458140100	644	20,600	SH		SOLE		20,600	0	0
CHEVRON CORP NEW	COM	166764100	542	5,160	SH		SOLE		5,160	0	0
CITIGROUP INC	COM NEW	172967424	412	8,003	SH		SOLE		8,003	0	0
MERCK & CO INC NEW	COM	58933Y105	374	6,500	SH		SOLE		6,500	0	0
UNION PAC CORP	COM	907818108	217	2,000	SH		SOLE		2,000	0	0
PFIZER INC	COM	717081103	435	12,500	SH		SOLE		12,500	0	0
JOHNSON & JOHNSON	COM	478160104	515	5,120	SH		SOLE		5,120	0	0
CISCO SYS INC	COM	17275R102	242	8,800	SH		SOLE		8,800	0	0
BANK AMER CORP	COM	060505104	277	18,000	SH		SOLE		18,000	0	0
MICROSOFT CORP	COM	594918104	570	14,025	SH		SOLE		14,025	0	0
JPMORGAN CHASE & CO	COM	46625H100	303	5,000	SH		SOLE		5,000	0	0
GENERAL ELECTRIC CO	COM	369604103	312	12,559	SH		SOLE		12,559	0	0
PROCTER & GAMBLE CO	COM	742718109	246	3,000	SH		SOLE		3,000	0	0
EXXON MOBIL CORP	COM	30231G102	236	2,772	SH		SOLE		2,772	0	0