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
ABERDEEN EMERGING MKTS SMALL	COM	00301T102	1,943	131,246	SH		SOLE		131,246	0	0
ABERDEEN JAPAN EQUITY FD INC	COM	00306J109	308	33,633	SH		SOLE		33,633	0	0
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	23,841	1,877,264	SH		SOLE		1,877,264	0	0
ALPINE GLOBAL DYNAMIC DIVD FD	COM NEW	02082E205	301	28,698	SH		SOLE		28,698	0	0
ALPINE TOTAL DYNAMIC DIVID FD	COM SH BEN INT N	021060207	4,022	449,873	SH		SOLE		449,873	0	0
ALPS ETF TR	ALERIAN MLP	00162Q866	7,961	849,593	SH		SOLE		849,593	0	0
AMERICAN CAP SR FLOATING LTD	COM	02504D108	4,167	373,711	SH		SOLE		373,711	0	0
ANCHOR BANCORP WA	COM	032838104	228	9,221	SH		SOLE		9,221	0	0
ANWORTH MORTGAGE ASSET CP	COM	037347101	1,489	310,282	SH		SOLE		310,282	0	0
ARES CAP CORP	COM	04010L103	4,624	291,398	SH		SOLE		291,398	0	0
ARES COML REAL ESTATE CORP	COM	04013V108	2,962	239,859	SH		SOLE		239,859	0	0
BANK AMER CORP	COM	060505104	540	18,000	SH		SOLE		18,000	0	0
BANK OF THE OZARKS INC	COM	063904106	514	10,643	SH		SOLE		10,643	0	0
BLACKROCK CR ALLCTN INC TR	COM	092508100	25,135	1,983,784	SH		SOLE		1,983,784	0	0
BLACKROCK DEBT STRAT FD INC	COM NEW	09255R202	2,046	176,096	SH		SOLE		176,096	0	0
BLACKROCK ENHANCED EQT DIV	COM	09251A104	3,658	419,000	SH		SOLE		419,000	0	0
BLACKROCK ENHANCED GOVT FUND	COM	09255K108	2,363	181,315	SH		SOLE		181,315	0	0
BLACKROCK FLOAT RATE OME STR	COM	09255X100	17,875	1,230,199	SH		SOLE		1,230,199	0	0
BLACKROCK INCOME TR INC	COM	09247F100	822	139,988	SH		SOLE		139,988	0	0
BLACKROCK LTD DURATION INC	COM SHS	09249W101	4,079	270,522	SH		SOLE		270,522	0	0
BLACKROCK NY MUNI INC QLTY	COM	09249U105	400	31,995	SH		SOLE		31,995	0	0
CAESARS ENTMT CORP	NOTE 5.000%10/0	127686AA1	429	2,454	SH		SOLE		2,454	0	0
CHEVRON CORP	NEW COM	166764100	636	5,575	SH		SOLE		5,575	0	0
CISCO SYS INC	COM	17275R102	420	9,800	SH		SOLE		9,800	0	0
CITIGROUP INC	COM NEW	172967424	506	7,503	SH		SOLE		7,503	0	0
DELAWARE ENHANCED GBL DIV & COM	COM	246060107	326	28,204	SH		SOLE		28,204	0	0
DEUTSCHE MULTI-MKT INCOME TR	SHS	25160E102	17,030	1,939,616	SH		SOLE		1,939,616	0	0
DEUTSCHE STRATEGIC INCOME TR	SHS	25160F109	5,696	464,508	SH		SOLE		464,508	0	0
EAGLE PT CR CO LLC	COM	269808101	868	47,823	SH		SOLE		47,823	0	0
EATON VANCE ENHANCED EQ INC	COM	278274105	389	27,890	SH		SOLE		27,890	0	0
EATON VANCE FLTING RATE INC	COM	278279104	11,958	799,864	SH		SOLE		799,864	0	0
EATON VANCE FLTNG RATE 2022	COM	27831H100	355	38,114	SH		SOLE		38,114	0	0
EATON VANCE LTD DUR INCOME	COM	27828H105	26,071	2,002,407	SH		SOLE		2,002,407	0	0
EATON VANCE RISK MNGD DIV EQ	COM	27829G106	369	41,000	SH		SOLE		41,000	0	0
EATON VANCE SHORT DUR DIV IN	COM	27828V104	10,828	793,866	SH		SOLE		793,866	0	0
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	116	10,000	SH		SOLE		10,000	0	0
ELLSWORTH GROWTH & INCOME FD	COM	289074106	359	39,216	SH		SOLE		39,216	0	0
EQUITY COMWLTH	COM SH BEN INT	294628102	1,925	62,776	SH		SOLE		62,776	0	0
EUROPEAN EQUITY FUND	COM	298768102	412	42,606	SH		SOLE		42,606	0	0
EXXON MOBIL CORP	COM	30231G102	574	7,690	SH		SOLE		7,690	0	0
FIRST TR SR FLG RTE INCM FD	COM	33733U108	17,544	1,326,087	SH		SOLE		1,326,087	0	0
GDL FUND	COM SH BEN IT	361570104	28,568	3,065,192	SH		SOLE		3,065,192	0	0
GENERAL AMERN INVS INC	COM	368802104	16,509	493,255	SH		SOLE		493,255	0	0
GENERAL MTRS CO	COM	37045V100	375	10,330	SH		SOLE		10,330	0	0
GENWORTH FINL INC	COM CL A	37247D106	74	26,000	SH		SOLE		26,000	0	0
GRANITE PT MTG TR INC	COM	38741L107	2,613	157,955	SH		SOLE		157,955	0	0
IHS MARKIT LTD	SHS	G47567105	505	10,459	SH		SOLE		10,459	0	0
INTEL CORP	COM	458140100	865	16,600	SH		SOLE		16,600	0	0
INTERNATIONAL BUSINESS MACHS	COM	459200101	292	1,900	SH		SOLE		1,900	0	0
ISHARES INC	MSCI JPN ETF NEW	46434G822	13,979	230,378	SH		SOLE		230,378	0	0
ISHARES TR	HDG MSCI EAFE	46434V803	224	7,809	SH		SOLE		7,809	0	0
ISHARES TR	S&P 100 ETF	464287101	55,251	476,342	SH		SOLE		476,342	0	0
ISHARES TR	US TREAS BD ETF	46429B267	29,791	1,206,594	SH		SOLE		1,206,594	0	0
ISHARES TR	FLTG RATE BD ETF	46429B655	25,693	504,472	SH		SOLE		504,472	0	0
ISHARES TR	3-7 YR TR BD ETF	464288661	9,523	78,949	SH		SOLE		78,949	0	0
ISHARES TR	1-3 YR TR BD ETF	464287457	14,697	175,880	SH		SOLE		175,880	0	0
ISHARES TR	7-10 Y TR BD ETF	464287440	3,204	31,048	SH		SOLE		31,048	0	0
ISHARES TR	S&P US PFD STK	464288687	582	15,496	SH		SOLE		15,496	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	491	4,486	SH		SOLE		4,486	0	0
ISHARES TR	RUS 1000 GRW ETF	464287614	1,144	8,408	SH		SOLE		8,408	0	0
ISHARES TR	MSCI EAFE ETF	464287465	1,345	19,296	SH		SOLE		19,296	0	0
ISHARES TR	CORE S&P500 ETF	464287200	2,258	8,510	SH		SOLE		8,510	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	213	1,376	SH		SOLE		1,376	0	0
ISHARES TR	MSCI EMG MKT ETF	464287234	231	4,788	SH		SOLE		4,788	0	0
JOHN BEAN TECHNOLOGIES CORP	COM	477839104	261	2,300	SH		SOLE		2,300	0	0
JOHNSON & JOHNSON	COM	478160104	759	5,920	SH		SOLE		5,920	0	0
LADDER CAP CORP	CL A	505743104	4,711	312,392	SH		SOLE		312,392	0	0
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	337	18,908	SH		SOLE		18,908	0	0
LAZARD WORLD DIVID & INCOME	COM	521076109	233	20,287	SH		SOLE		20,287	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	10,474	1,708,702	SH		SOLE		1,708,702	0	0
LOEWS CORP	COM	540424108	887	17,840	SH		SOLE		17,840	0	0
MACQUARIE GLBL INFRA TOTL RE	COM	55608D101	387	17,415	SH		SOLE		17,415	0	0
MERCK & CO INC	COM	58933Y105	245	4,500	SH		SOLE		4,500	0	0
MFA FINL INC	COM	55272X102	1,541	204,589	SH		SOLE		204,589	0	0
MFS CHARTER INCOME TR	SH BEN INT	552727109	18,756	2,309,796	SH		SOLE		2,309,796	0	0
MFS GOVT MKTS INCOME TR	SH BEN INT	552939100	12,665	2,735,474	SH		SOLE		2,735,474	0	0
MFS INTERMEDIATE INC TRUST	SH BEN INT	55273C107	12,030	3,061,169	SH		SOLE		3,061,169	0	0
MICROSOFT CORP	COM	594918104	1,307	14,324	SH		SOLE		14,324	0	0
NEW GERMANY FD INC	COM	644465106	598	30,635	SH		SOLE		30,635	0	0
NUVEEN CA SELECT TAX FREE PR	SH BEN INT	67063R103	300	21,572	SH		SOLE		21,572	0	0
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	2,907	366,168	SH		SOLE		366,168	0	0
NUVEEN MORT OPP TERM FD 2	COM	67074R100	5,716	252,789	SH		SOLE		252,789	0	0
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	31,640	1,332,191	SH		SOLE		1,332,191	0	0
NUVEEN MULTI MKT INCOME FD	COM	67075J107	426	59,091	SH		SOLE		59,091	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	5,331	562,970	SH		SOLE		562,970	0	0
NUVEEN NY SELECT TAX FREE PR	SH BEN INT	67063V104	196	15,100	SH		SOLE		15,100	0	0
NUVEEN REAL ASSET INC & GROW	COM	67074Y105	15,094	930,590	SH		SOLE		930,590	0	0
OAKTREE STRATEGIC INCOME COR	COM	67402D104	1,447	183,374	SH		SOLE		183,374	0	0
PENNANTPARK FLOATING RATE CA	COM	70806A106	4,187	319,825	SH		SOLE		319,825	0	0
PENNANTPARK INVT CORP	COM	708062104	4,433	663,568	SH		SOLE		663,568	0	0
PFIZER INC	COM	717081103	238	6,700	SH		SOLE		6,700	0	0
PIONEER FLOATING RATE TR	COM	72369J102	10,809	927,849	SH		SOLE		927,849	0	0
POWERSHARES ETF TRUST	FTSE RAFI 1000	73935X583	26,478	240,316	SH		SOLE		240,316	0	0
PUTNAM MUN OPPORTUNITIES TR	SH BEN INT	746922103	478	41,000	SH		SOLE		41,000	0	0
RIVERNORTH DOUBLELINE STRATE	COM	76882G107	6,404	359,584	SH		SOLE		359,584	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	475	43,301	SH		SOLE		43,301	0	0
SCHWAB STRATEGIC TR	US TIPS ETF	808524870	342	6,231	SH		SOLE		6,231	0	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	440	8,700	SH		SOLE		8,700	0	0
SOUTHSIDE BANCSHARES INC	COM	84470P109	269	7,746	SH		SOLE		7,746	0	0
SPDR INDEX	SHS FDS EURO STOXX 50	78463X202	525	13,036	SH		SOLE		13,036	0	0
SPDR INDEX SHS FDS	S&P EM MKT DIV	78463X533	10,796	304,534	SH		SOLE		304,534	0	0
SPDR INDEX SHS FDS	PORTFOLIO EMG MK	78463X509	669	17,026	SH		SOLE		17,026	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	527	2,001	SH		SOLE		2,001	0	0
SPDR SERIES TRUST	S&P BK ETF	78464A797	12,721	265,636	SH		SOLE		265,636	0	0
SPDR SERIES TRUST	PORTFOLIO AGRGTE	78464A649	699	24,840	SH		SOLE		24,840	0	0
SPDR SERIES TRUST	S&P DIVID ETF	78464A763	1,129	12,382	SH		SOLE		12,382	0	0
SPDR SERIES TRUST	BLOOMBERG BRCLYS	78464A417	397	11,087	SH		SOLE		11,087	0	0
SPECIAL OPPORTUNITIES FD INC	PFD CONV SE B	84741T302	26,600	1,039,079	SH		SOLE		1,039,079	0	0
SPECIAL OPPORTUNITIES FUND INC	COM	84741T104	27,726	1,880,554	SH		SOLE		1,880,554	0	0
SWEDISH EXPT CR CORP	ROG TTL ETN 22	870297801	375	68,009	SH		SOLE		68,009	0	0
SWISS HELVETIA FD INC	COM	870875101	295	24,106	SH		SOLE		24,106	0	0
TCP CAP CORP	COM	87238Q103	1,297	91,184	SH		SOLE		91,184	0	0
TCW STRATEGIC INCOME FUND IN	COM	872340104	31,603	5,673,736	SH		SOLE		5,673,736	0	0
TEMPLETON EMERG MKTS INCOME	COM	880192109	836	73,970	SH		SOLE		73,970	0	0
TEMPLETON EMERGING MKTS FD I	COM	880191101	17,043	1,046,844	SH		SOLE		1,046,844	0	0
TORTOISE PWR & ENERGY INFRAS	COM	89147X104	1,809	101,015	SH		SOLE		101,015	0	0
TRI-CONTINENTAL CORP	COM	895436103	34,931	1,327,678	SH		SOLE		1,327,678	0	0
TRUPANION INC	COM	898202106	725	24,243	SH		SOLE		24,243	0	0
TWO HBRS INVT CORP	COM NEW	90187B408	2,487	161,832	SH		SOLE		161,832	0	0
UNION PAC CORP	COM	907818108	269	2,000	SH		SOLE		2,000	0	0
UNUM GROUP	COM	91529Y106	274	5,750	SH		SOLE		5,750	0	0
VANECK VECTORS ETF TR	GOLD MINERS ETF	92189F106	254	11,578	SH		SOLE		11,578	0	0
VANGUARD BD INDEX FD INC	SHORT TRM BOND	921937827	8,245	105,117	SH		SOLE		105,117	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	22,930	168,948	SH		SOLE		168,948	0	0
VANGUARD INDEX FDS	REAL ESTATE ETF	922908553	985	13,046	SH		SOLE		13,046	0	0
VANGUARD INDEX FDS	SMALL CP ETF	922908751	405	2,753	SH		SOLE		2,753	0	0
VANGUARD INDEX FDS	MID CAP ETF	922908629	217	1,406	SH		SOLE		1,406	0	0
VANGUARD INTL EQUITY INDEX F	ALLWRLD EX US	922042775	8,087	148,737	SH		SOLE		148,737	0	0
VANGUARD INTL EQUITY INDEX F	GLB EX US ETF	922042676	500	8,202	SH		SOLE		8,202	0	0
VANGUARD INTL EQUITY INDEX F	FTSE EUROPE ETF	922042874	301	5,173	SH		SOLE		5,173	0	0
VANGUARD INTL EQUITY INDEX FD	FTSE EMR MKT ETF	922042858	793	16,878	SH		SOLE		16,878	0	0
VANGUARD MALVERN FDS	STRM INFPROIDX	922020805	450	9,191	SH		SOLE		9,191	0	0
VANGUARD SCOTTSDALE FDS	INTER TERM TREAS	92206C706	25,505	404,970	SH		SOLE		404,970	0	0
VANGUARD WORLD FDS	INF TECH ETF	92204A702	14,364	84,000	SH		SOLE		84,000	0	0
VANGUARD WORLD FDS	UTILITIES ETF	92204A876	515	4,604	SH		SOLE		4,604	0	0
VOYA PRIME RATE TR	SH BEN INT	92913A100	10,992	2,109,830	SH		SOLE		2,109,830	0	0
WAL-MART STORES INC	COM	931142103	356	4,000	SH		SOLE		4,000	0	0
WESTERN ASSET VAR RT STRG FD	COM	957667108	14,301	846,690	SH		SOLE		846,690	0	0
WILLIAMS COS INC DEL	COM	969457100	1,215	48,865	SH		SOLE		48,865	0	0
WISDOMTREE TR	INDIA ERNGS FD	97717W422	381	14,540	SH		SOLE		14,540	0	0
WISDOMTREE TR	US QTLY DIV GRT	97717X669	20,804	515,452	SH		SOLE		515,452	0	0
WISDOMTREE TR	JAPN HEDGE EQT	97717W851	348	6,221	SH		SOLE		6,221	0	0