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	PFD CONV SE B	84741T302	24,240	1,002,529	SH		SOLE		1,002,529	0	0
WESTERN ASSET VAR RT STRG FD	COM	957667108	19,815	1,434,840	SH		SOLE		1,434,840	0	0
SPECIAL OPPORTUNITIES FUND INC	COM	84741T104	18,722	1,970,772	SH		SOLE		1,970,772	0	0
VERTICAL CAP INCOME FUND	SHS BEN INT	92535C104	13,069	1,559,578	SH		SOLE		1,559,578	0	0
EATON VANCE SHORT DUR DIV IN	COM	27828V104	19,061	1,743,996	SH		SOLE		1,743,996	0	0
GDL FUND	COM SH BEN IT	361570104	9,615	1,226,453	SH		SOLE		1,226,453	0	0
PIONEER FLOATING RATE TR	COM	72369J102	10,376	1,356,389	SH		SOLE		1,356,389	0	0
TORTOISE PWR & ENERGY INFRAS	COM	89147X104	2,646	378,552	SH		SOLE		378,552	0	0
NUVEEN INT DUR QUAL MUN TRM	COM	670677103	9,054	679,248	SH		SOLE		679,248	0	0
MFS GOVT MKTS INCOME TR	SH BEN INT	552939100	7,588	1,675,217	SH		SOLE		1,675,217	0	0
FIRST TR SR FLG RTE INCM FD	COM	33733U108	12,914	1,357,971	SH		SOLE		1,357,971	0	0
TEMPLETON EMERGING MKTS FD I	COM	880191101	8,969	800,026	SH		SOLE		800,026	0	0
BLACKROCK FLOAT RATE OME STR	COM	09255X100	13,928	1,391,481	SH		SOLE		1,391,481	0	0
WESTERN ASSET CORPORATE LN F	COM	95790J102	2,498	351,841	SH		SOLE		351,841	0	0
BARINGS BDC INC	COM	06759L103	10,823	1,447,020	SH		SOLE		1,447,020	0	0
NUVEEN MUN 2021 TARGET TERM	COM	670687102	2,402	254,229	SH		SOLE		254,229	0	0
NUVEEN REAL ASSET INC & GROW	COM	67074Y105	7,859	796,274	SH		SOLE		796,274	0	0
EATON VANCE LTD DUR INCOME	COM	27828H105	35,323	3,341,872	SH		SOLE		3,341,872	0	0
MFS INTER INCOME TR	SH BEN INT	55273C107	11,676	3,243,370	SH		SOLE		3,243,370	0	0
ALLIANZGI NFJ DIVID INT & PR	COM	01883A107	24,858	2,586,711	SH		SOLE		2,586,711	0	0
VOYA PRIME RATE TR	SH BEN INT	92913A100	14,241	3,838,683	SH		SOLE		3,838,683	0	0
OAKTREE STRATEGIC INCOME COR	COM	67402D104	3,936	710,617	SH		SOLE		710,617	0	0
BLACKROCK ENHANCED GOVT FUND	COM	09255K108	1,445	112,552	SH		SOLE		112,552	0	0
WESTERN ASST INFLTN LKD INM	COM SH BEN INT	95766Q106	6,967	662,936	SH		SOLE		662,936	0	0
EATON VANCE MUN BD FD	COM	27827X101	19,854	1,590,938	SH		SOLE		1,590,938	0	0
ABERDEEN EMRG MRKTS EQT INM	COM	00301W105	5,136	991,684	SH		SOLE		991,684	0	0
EATON VANCE FLTING RATE INC	COM	278279104	6,419	626,264	SH		SOLE		626,264	0	0
NUVEEN NY SELECT TAX FREE PR	SH BEN INT	67063V104	767	60,659	SH		SOLE		60,659	0	0
SPDR INDEX SHS FDS	S&P EM MKT DIV	78463X533	3,468	156,238	SH		SOLE		156,238	0	0
NUVEEN MULTI MKT INCOME FD	COM	67075J107	834	136,759	SH		SOLE		136,759	0	0
ISHARES TR	S&P 100 ETF	464287101	53,792	453,484	SH		SOLE		453,484	0	0
WISDOMTREE TR	US QTLY DIV GRT	97717X669	28,070	721,431	SH		SOLE		721,431	0	0
FIRST TR MLP & ENERGY INCOME	COM	33739B104	2,078	470,344	SH		SOLE		470,344	0	0
FIRST TR SR FLOATING RATE 20	COM SHS	33740K101	2,553	348,326	SH		SOLE		348,326	0	0
TRI-CONTINENTAL CORP	COM	895436103	10,439	498,650	SH		SOLE		498,650	0	0
WISDOMTREE TR	US LARGECAP FUND	97717W588	3,005	106,907	SH		SOLE		106,907	0	0
ISHARES TR	IBONDS DEC20 ETF	46434VAQ3	9,427	373,947	SH		SOLE		373,947	0	0
SPDR SER TR	PORTFOLIO SH TSR	78468R101	26,275	855,335	SH		SOLE		855,335	0	0
BLACKROCK FLOATING RATE INCO	COM	091941104	1,768	180,278	SH		SOLE		180,278	0	0
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	3,291	721,920	SH		SOLE		721,920	0	0
ABERDEEN TOTAL DYNAMIC DIVD	COM SH BEN INT	00326L100	5,153	783,226	SH		SOLE		783,226	0	0
BRT APARTMENTS CORP	COM3	055645303	1,219	116,549	SH		SOLE		116,549	0	0
INVESCO EXCHANGE TRADED FD	FTSE RAFI 1000	46137V613	23,675	256,113	SH		SOLE		256,113	0	0
BLACKROCK MUNIHLDS INVSTM QL	COM	09254P108	3,027	231,440	SH		SOLE		231,440	0	0
NUVEEN MTG OPPORTUNITY TERM	COM	670735109	533	32,433	SH		SOLE		32,433	0	0
MFS CHARTER INCOME TR	SH BEN INT	552727109	1,633	220,718	SH		SOLE		220,718	0	0
NUVEEN NEW YORK MUN VALUE FD	COM	670706100	157	11,623	SH		SOLE		11,623	0	0
BLACKROCK NY MUNI INC QLTY	COM	09249U105	379	30,376	SH		SOLE		30,376	0	0
GENERAL AMERN INVS INC	COM	368802104	3,152	114,364	SH		SOLE		114,364	0	0
NUVEEN SELECT MAT MUN FD	SH BEN INT	67061T101	531	54,382	SH		SOLE		54,382	0	0
NUVEEN CR STRATEGIES INCM FD	COM SHS	67073D102	3,352	591,246	SH		SOLE		591,246	0	0
ABERDEEN GLOBAL DYNAMIC DIVI	COM	00302M106	397	54,105	SH		SOLE		54,105	0	0
GRANITE PT MTG TR INC	COM	38741L107	1,186	233,926	SH		SOLE		233,926	0	0
PENNANTPARK FLOATING RATE CA	COM	70806A106	791	162,921	SH		SOLE		162,921	0	0
EUROPEAN EQUITY FUND	COM	298768102	223	31,643	SH		SOLE		31,643	0	0
NUVEEN SELECT TAX FREE INCM	SH BEN INT	67063X100	754	49,009	SH		SOLE		49,009	0	0
INVESCO SR INCOME TR	COM	46131H107	1,812	562,781	SH		SOLE		562,781	0	0
NUVEEN SELECT TAX FREE INCM	SH BEN INT	67063C106	877	61,778	SH		SOLE		61,778	0	0
ISHARES TR	US TREAS BD ETF	46429B267	40,858	1,458,725	SH		SOLE		1,458,725	0	0
WESTERN ASSET INVT GRADE DEF	COM	95790A101	547	29,194	SH		SOLE		29,194	0	0
ISHARES TR	IBONDS DEC21 ETF	46434VBK5	3,519	142,775	SH		SOLE		142,775	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	198	24,696	SH		SOLE		24,696	0	0
ISHARES TR	3-7 YR TR BD ETF	464288661	27,774	208,297	SH		SOLE		208,297	0	0
ELLSWORTH GROWTH & INCOME FD	COM	289074106	250	29,216	SH		SOLE		29,216	0	0
COLONY CR REAL ESTATE INC	COM CL A	19625T101	1,081	267,678	SH		SOLE		267,678	0	0
ABERDEEN JAPAN EQUITY FD INC	COM	00306J109	167	26,805	SH		SOLE		26,805	0	0
BAIN CAP SPECIALTY FIN INC	COM	05684B107	886	95,608	SH		SOLE		95,608	0	0
ISHARES TR	1-3 YR TR BD ETF	464287457	43,136	497,711	SH		SOLE		497,711	0	0
WADDELL & REED FINL INC	CL A	930059100	1,334	117,285	SH		SOLE		117,285	0	0
LADDER CAP CORP	CL A	505743104	854	180,245	SH		SOLE		180,245	0	0
VANGUARD SCOTTSDALE FDS	MORTG-BACK SEC	92206C771	18,034	330,903	SH		SOLE		330,903	0	0
FOCUS FINL PARTNERS INC	COM CL A	34417P100	1,797	78,119	SH		SOLE		78,119	0	0
TCW STRATEGIC INCOME FUND IN	COM	872340104	365	68,871	SH		SOLE		68,871	0	0
NEW GERMANY FD INC	COM	644465106	261	22,555	SH		SOLE		22,555	0	0
BLACKROCK LTD DURATION INC	COM SHS	09249W101	642	50,905	SH		SOLE		50,905	0	0
ISHARES TR	7-10 Y TR BD ETF	464287440	27,970	230,248	SH		SOLE		230,248	0	0
BLACKROCK MUN TARGET TERM TR	COM SHS BEN IN	09257P105	2,058	90,747	SH		SOLE		90,747	0	0
TPG RE FIN TR INC	COM	87266M107	539	98,311	SH		SOLE		98,311	0	0
PUTNAM MUN OPPORTUNITIES TR	SH BEN INT	746922103	489	41,000	SH		SOLE		41,000	0	0
MACQUARIE GLBL INFRA TOTL RE	COM	55608D101	224	14,515	SH		SOLE		14,515	0	0
LAZARD GLB TTL RET&INCM FD I	COM	52106W103	161	13,452	SH		SOLE		13,452	0	0
MFS MULTIMARKET INCOME TR	SH BEN INT	552737108	317	63,121	SH		SOLE		63,121	0	0
EQUITY COMWLTH	COM SH BEN INT	294628102	3,765	118,747	SH		SOLE		118,747	0	0
SWEDISH EXPT CR CORP	ROG TTL ETN 22	870297801	80	22,080	SH		SOLE		22,080	0	0
WELLS FARGO CO NEW	PERP PFD CNV A	949746804	4,554	3,575	SH		SOLE		3,575	0	0
NUVEEN S&P 500 BUY-WRITE INC	COM	6706ER101	805	79,742	SH		SOLE		79,742	0	0
EATON VANCE ENHANCED EQ INC	COM	278274105	337	27,890	SH		SOLE		27,890	0	0
VANGUARD WORLD FDS	INF TECH ETF	92204A702	16,322	77,029	SH		SOLE		77,029	0	0
BLACKSTONE MTG TR INC	COM CL A	09257W100	1,820	94,664	SH		SOLE		94,664	0	0
TRUPANION INC	COM	898202106	631	24,243	SH		SOLE		24,243	0	0
ARES CAP CORP	COM	04010L103	2,976	276,075	SH		SOLE		276,075	0	0
NUVEEN SR INCOME FD	COM	67067Y104	110	25,000	SH		SOLE		25,000	0	0
BLACKROCK CR ALLCTN INC TR	COM	092508100	645	55,343	SH		SOLE		55,343	0	0
ISHARES TR	MSCI ACWI ETF	464288257	4,962	79,319	SH		SOLE		79,319	0	0
VANGUARD INTL EQUITY INDEX F	ALLWRLD EX US	922042775	9,925	241,978	SH		SOLE		241,978	0	0
BLACKROCK MUNI INTER DR FD I	COM	09253X102	234	17,984	SH		SOLE		17,984	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	463	95,726	SH		SOLE		95,726	0	0
PENNANTPARK INVT CORP	COM	708062104	77	30,000	SH		SOLE		30,000	0	0
BLACKROCK CORE BD TR	SHS BEN INT	09249E101	306	23,176	SH		SOLE		23,176	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	825	84,575	SH		SOLE		84,575	0	0
VANGUARD INDEX FDS VALUE	ETF	922908744	16,555	185,888	SH		SOLE		185,888	0	0
SPDR SERIES TRUST	BLOMBRG BRC TIPS	78464A656	627	21,612	SH		SOLE		21,612	0	0
WISDOMTREE TR	INDIA ERNGS FD	97717W422	208	12,840	SH		SOLE		12,840	0	0
VANGUARD MUN BD FD INC	TAX EXEMPT BD	922907746	2,434	46,019	SH		SOLE		46,019	0	0
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	457	49,067	SH		SOLE		49,067	0	0
ARES COML REAL ESTATE CORP	COM	04013V108	77	10,725	SH		SOLE		10,725	0	0
AGNC INVT CORP	COM	00123Q104	1,905	177,424	SH		SOLE		177,424	0	0
TUESDAY MORNING CORP	COM NEW	899035505	7	13,000	SH		SOLE		13,000	0	0
ISHARES TR	INTL QLTY FACTOR	46434V456	310	12,000	SH		SOLE		12,000	0	0
ANWORTH MORTGAGE ASSET CP	COM	037347101	28	25,000	SH		SOLE		25,000	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	28,544	221,429	SH		SOLE		221,429	0	0
VANGUARD WORLD FDS HEALTH CAR	ETF	92204A504	2,140	12,887	SH		SOLE		12,887	0	0
SOUTHSIDE BANCSHARES INC	COM	84470P109	235	7,746	SH		SOLE		7,746	0	0
SPDR INDEX SHS FDS	PORTFOLIO EMG MK	78463X509	484	17,026	SH		SOLE		17,026	0	0
VANGUARD TAX MANAGED INTL FD	FTSE DEV MKT ETF	921943858	9,507	285,154	SH		SOLE		285,154	0	0
SPDR SERIES TRUST	PORTFOLIO AGRGTE	78464A649	750	24,840	SH		SOLE		24,840	0	0
REAVES UTIL INCOME FD	COM SH BEN INT	756158101	210	7,311	SH		SOLE		7,311	0	0
ISHARES INC	CORE MSCI EMKT	46434G103	6,149	151,955	SH		SOLE		151,955	0	0
BANK AMER CORP	7.25%CNV PFD L	060505682	540	427	SH		SOLE		427	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	1,922	19,975	SH		SOLE		19,975	0	0
ISHARES TR	NATIONAL MUN ETF	464288414	1,960	17,345	SH		SOLE		17,345	0	0
EATON VANCE TAX-MANAGED GLOB	COM	27829F108	244	38,261	SH		SOLE		38,261	0	0
ISHARES TR	HDG MSCI EAFE	46434V803	246	10,174	SH		SOLE		10,174	0	0
VANGUARD BD INDEX FD INC	SHORT TRM BOND	921937827	2,427	29,536	SH		SOLE		29,536	0	0
ISHARES TR	SP SMCP600VL ETF	464287879	426	4,263	SH		SOLE		4,263	0	0
ALPS ETF TR	ALERIAN MLP	00162Q866	220	64,177	SH		SOLE		64,177	0	0
VANGUARD INTL EQUITY INDEX F	TT WRLD ST ETF	922042742	830	13,218	SH		SOLE		13,218	0	0
VANGUARD WORLD FDS	UTILITIES ETF	92204A876	263	2,165	SH		SOLE		2,165	0	0
LOEWS CORP	COM	540424108	645	18,541	SH		SOLE		18,541	0	0
SPDR SERIES TRUST	S&P DIVID ETF	78464A763	878	11,002	SH		SOLE		11,002	0	0
VANGUARD INTL EQUITY INDEX F	GLB EX US ETF	922042676	263	6,152	SH		SOLE		6,152	0	0
SPDR SER TR	NUVEEN BLMBRG SR	78468R739	230	4,713	SH		SOLE		4,713	0	0
ISHARES TR	SHORT TREAS BD	464288679	1,454	13,097	SH		SOLE		13,097	0	0
ISHARES INC	MSCI JPN ETF NEW	46434G822	486	9,852	SH		SOLE		9,852	0	0
ISHARES TR	EDGE MSCI USA VL	46432F388	208	3,313	SH		SOLE		3,313	0	0
VANGUARD INDEX FDS	SM CP VAL ETF	922908611	504	5,678	SH		SOLE		5,678	0	0
ISHARES TR	S&P US PFD STK	464288687	634	19,936	SH		SOLE		19,936	0	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	500	9,037	SH		SOLE		9,037	0	0
SCHWAB STRATEGIC TR	US TIPS ETF	808524870	358	6,231	SH		SOLE		6,231	0	0
ISHARES TR	RUS 1000 VAL ETF	464287598	1,057	10,665	SH		SOLE		10,665	0	0
VANECK VECTORS ETF TR	GOLD MINERS ETF	92189F106	324	14,100	SH		SOLE		14,100	0	0
ISHARES GOLD TRUST	ISHARES	464285105	696	46,237	SH		SOLE		46,237	0	0
ISHARES TR	CORE MSCI EAFE	46432F842	1,814	36,369	SH		SOLE		36,369	0	0
ISHARES TR	RUS 1000 GRW ETF	464287614	1,251	8,310	SH		SOLE		8,310	0	0
SPDR SERIES TRUST	BLOOMBERG BRCLYS ADDED	78468R622	257	2,714	SH		SOLE		2,714	0	0
ISHARES TR	CORE S&P500 ETF	464287200	4,096	15,853	SH		SOLE		15,853	0	0
GENWORTH FINL INC	COM CL A	37247D106	39	12,000	SH		SOLE		12,000	0	0
IHS MARKIT LTD	SHS	G47567105	513	8,560	SH		SOLE		8,560	0	0
VANGUARD INDEX FDS	REAL ESTATE ETF	922908553	542	7,769	SH		SOLE		7,769	0	0
ISHARES TR	CORE S&P MCP ETF	464287507	625	4,350	SH		SOLE		4,350	0	0
WILLIAMS COS INC DEL	COM	969457100	285	20,200	SH		SOLE		20,200	0	0
SELECT SECTOR SPDR TR	SBI HEALTHCARE	81369Y209	361	4,080	SH		SOLE		4,080	0	0
ISHARES TR	MSCI EAFE ETF	464287465	704	13,183	SH		SOLE		13,183	0	0
VANGUARD INTL EQUITY INDEX FD	FTSE EMR MKT ETF	922042858	719	21,431	SH		SOLE		21,431	0	0
VANGUARD INDEX FDS	SMALL CP ETF	922908751	279	2,422	SH		SOLE		2,422	0	0
PAYCHEX INC	COM	704326107	251	4,000	SH		SOLE		4,000	0	0
KELLOGG CO	COM	487836108	209	3,500	SH		SOLE		3,500	0	0
ISHARES TR	RUSSELL 2000 ETF	464287655	282	2,467	SH		SOLE		2,467	0	0
VANGUARD INDEX FDS	MID CAP ETF	922908629	218	1,661	SH		SOLE		1,661	0	0
AUTOMATIC DATA PROCESSING IN	COM	053015103	502	3,678	SH		SOLE		3,678	0	0
GENERAL MTRS CO	COM	37045V100	239	11,530	SH		SOLE		11,530	0	0
INTEL CORP	COM	458140100	952	17,600	SH		SOLE		17,600	0	0
ABBVIE INC	COM	00287Y109	436	5,732	SH		SOLE		5,732	0	0
CITIGROUP INC	COM NEW	172967424	339	8,065	SH		SOLE		8,065	0	0
ABBOTT LABS	COM	002824100	485	6,147	SH		SOLE		6,147	0	0
CHEVRON CORP	NEW COM	166764100	422	5,837	SH		SOLE		5,837	0	0
UNION PAC CORP	COM	907818108	282	2,000	SH		SOLE		2,000	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	667	2,589	SH		SOLE		2,589	0	0
LILLY ELI & CO	COM	532457108	335	2,417	SH		SOLE		2,417	0	0
BANK AMER CORP	COM	060505104	437	20,627	SH		SOLE		20,627	0	0
CISCO SYS INC	COM	17275R102	384	9,793	SH		SOLE		9,793	0	0
MERCK & CO INC	COM	58933Y105	387	5,000	SH		SOLE		5,000	0	0
EXXON MOBIL CORP	COM	30231G102	258	6,802	SH		SOLE		6,802	0	0
MICROSOFT CORP	COM	594918104	1,688	10,708	SH		SOLE		10,708	0	0
PFIZER INC	COM	717081103	235	7,200	SH		SOLE		7,200	0	0
JOHNSON & JOHNSON	COM	478160104	385	2,937	SH		SOLE		2,937	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	204	3,805	SH		SOLE		3,805	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	215	1,180	SH		SOLE		1,180	0	0
WAL-MART STORES INC	COM	931142103	228	2,000	SH		SOLE		2,000	0	0