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
ABBOTT LABS	COM	002824100	670	5,671	SH		SOLE		5,671	0	0
ABBVIE INC	COM	00287Y109	625	5,798	SH		SOLE		5,798	0	0
ABERDEEN EMRG MRKTS EQT INM	COM	00301W105	8,962	1,077,171	SH		SOLE		1,077,171	0	0
ABERDEEN GLOBAL DYNAMIC DIVID	COM	00302M106	361	31,059	SH		SOLE		31,059	0	0
ABERDEEN JAPAN EQUITY FD INC	COM	00306J109	306	31,333	SH		SOLE		31,333	0	0
ABERDEEN TOTAL DYNAMIC DIVD	COM SH BEN INT	00326L100	3,680	377,861	SH		SOLE		377,861	0	0
ABSOLUTE SAOFTWARE	COM	00386B109	110	10,000	SH		SOLE		10,000	0	0
AEGON N V	NY REGISTRY SHS	007924103	53	10,500	SH		SOLE		10,500	0	0
AFFILIATED MANAGERS GROUP	COM	008252108	384	2,540	SH		SOLE		2,540	0	0
APPLE INC	COM	037833100	732	5,173	SH		SOLE		5,173	0	0
ARES ACQUISITION CORPORATION	COM CL A	G33032106	356	36,500	SH		SOLE		36,500	0	0
ARES CAPITAL CORP	COM	04010L103	2,448	120,407	SH		SOLE		120,407	0	0
ARES COML REAL ESTATE CORP	COM	04013V108	3,391	219,808	SH		SOLE		219,808	0	0
AUTOMATIC DATA PROCESSING INC	COM	053015103	643	3,200	SH		SOLE		3,200	0	0
BARCLAYS BANK PLC	IPATH SELCT MLP	06742C723	362	22,969	SH		SOLE		22,969	0	0
BARINGS BDC INC	COM	06759L103	16,715	1,516,748	SH		SOLE		1,516,748	0	0
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	420	1,538	SH		SOLE		1,538	0	0
BK OF AMERICA CORP	COM	060505104	884	20,829	SH		SOLE		20,829	0	0
BLACKROCK FLOAT RATE INCM	COM	09255X100	23,475	1,757,095	SH		SOLE		1,757,095	0	0
BLACKROCK GLOBAL FLOATING RA	COM	091941104	1,879	141,518	SH		SOLE		141,518	0	0
BLACKROCK MUNIHLDS INVSTM QL	COM	09254P108	1,039	71,274	SH		SOLE		71,274	0	0
BLUE FOUNDRY BANCORP	COM	09549B104	444	32,200	SH		SOLE		32,200	0	0
BRIGHTSPIRE CAPITAL INC	COM CL A	10949T109	5,951	623,251	SH		SOLE		623,251	0	0
BRT APARTMENTS CORP	COM	055645303	3,602	184,659	SH		SOLE		184,659	0	0
CC NEUBERGER PRIN HLDGS II	SHS CL A	G3166T103	128	13,052	SH		SOLE		13,052	0	0
CENTURY BANCORPORATION INC	CL A NON VTG	156432106	459	3,978	SH		SOLE		3,978	0	0
CHEVRON CORP NEW	COM	166764100	779	7,679	SH		SOLE		7,679	0	0
CISCO SYS INC	COM	17275R102	517	9,500	SH		SOLE		9,500	0	0
CITIGROUP INC	COM	172967424	670	9,550	SH		SOLE		9,550	0	0
CONOCOPHILLIPS	COM	20825C104	210	3,100	SH		SOLE		3,100	0	0
EASTERN BANKSHARES INC	COM	27627N105	4,141	204,000	SH		SOLE		204,000	0	0
EATON VANCE ENHANCED EQTY INCM	COM	278274105	499	27,890	SH		SOLE		27,890	0	0
EATON VANCE LTD DUR INCOME	COM	27828H105	15,685	1,190,082	SH		SOLE		1,190,082	0	0
EATON VANCE MUN BD FD	COM	27827X101	11,220	838,541	SH		SOLE		838,541	0	0
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	140	10,000	SH		SOLE		10,000	0	0
ELLSWORTH GROWTH & INCOME FD	COM	289074106	390	29,216	SH		SOLE		29,216	0	0
EQUITY COMWLTH	COM SH BEN INT	294628102	4,803	184,886	SH		SOLE		184,886	0	0
EQUITY RESIDENTIAL	SH BEN INT	29476L107	3,203	39,298	SH		SOLE		39,298	0	0
EUROPEAN EQUITY FD INC	COM	298768102	254	22,753	SH		SOLE		22,753	0	0
FIRST TR EXCH TRADED FD III	PFD SECS INC ETF	33739E108	891	43,371	SH		SOLE		43,371	0	0
FIRST TR EXCHANGE-TRADED FD	NO AMER ENERGY	33738D101	2,103	88,847	SH		SOLE		88,847	0	0
FIRST TR SR FLOATING RATE 2022	COM SHS	33740K101	7,756	804,538	SH		SOLE		804,538	0	0
FOCUS FINL PARTNERS INC	COM CL A	34417P100	4,695	89,654	SH		SOLE		89,654	0	0
GDL FUND	COM SH BEN IT	361570104	9,846	1,096,472	SH		SOLE		1,096,472	0	0
GENERAL MOTORS CORP	COM	37045V100	682	12,930	SH		SOLE		12,930	0	0
GENWORTH FINL INC	COM CL A	37247D106	45	12,000	SH		SOLE		12,000	0	0
GLOBAL X FDS	NASDAQ 100 COVER	37954Y483	3,070	139,176	SH		SOLE		139,176	0	0
GOLUB CAP BDC INC	COM	38173M102	4,388	277,484	SH		SOLE		277,484	0	0
GRANITE PT MTG TR INC	COM	38741L107	5,575	423,281	SH		SOLE		423,281	0	0
GUGGENHEIM ENHANCED EQUITY	COM	40167B100	2,435	262,237	SH		SOLE		262,237	0	0
HAMILTON LANE ALLIANCE HLDGS	COM CL A	40749M103	452	46,547	SH		SOLE		46,547	0	0
HARTFORD FINL SVCS GROUP INC	COM	416515104	371	5,250	SH		SOLE		5,250	0	0
IHS MARKIT LTD	SHS	G47567105	998	8,560	SH		SOLE		8,560	0	0
INDEPENDENT BANK GROUP INC	COM	45384B106	307	4,315	SH		SOLE		4,315	0	0
INTEL CORP	COM	458140100	975	18,300	SH		SOLE		18,300	0	0
INVESCO DYNAMIC CR OPPORTUNI	COM	46132R104	1,748	149,407	SH		SOLE		149,407	0	0
INVESCO EXCH TRADED FD TR II	FTSE RAFI EMNG	46138E727	1,273	56,999	SH		SOLE		56,999	0	0
INVESCO EXCH TRADED FD TR II	FTSE RAFI DEV	46138E743	995	21,242	SH		SOLE		21,242	0	0
INVESCO EXCHANGE TRADED FD	FTSE RAFI 1000	46137V613	46,138	291,346	SH		SOLE		291,346	0	0
INVESCO SR INCOME TR	COM	46131H107	684	153,770	SH		SOLE		153,770	0	0
ISHARES GOLD TR	ISHARES NEW	464285204	1,824	54,597	SH		SOLE		54,597	0	0
ISHARES INC	MSCI JPN ETF NEW	46434G822	582	8,289	SH		SOLE		8,289	0	0
ISHARES SILVER TR	ISHARES	46428Q109	257	12,500	SH		SOLE		12,500	0	0
ISHARES TR	1-3 YR TREAS BD	464287457	2,629	30,519	SH		SOLE		30,519	0	0
ISHARES TR	3-7 YR TREAS BD	464288661	5,398	41,471	SH		SOLE		41,471	0	0
ISHARES TR	BARCLAYS 7-10 YR	464287440	33,643	291,992	SH		SOLE		291,992	0	0
ISHARES TR	NATIONAL MUN ETF	464288414	220	1,896	SH		SOLE		1,896	0	0
ISHARES TR	CMBS ETF	46429B366	36,041	666,683	SH		SOLE		666,683	0	0
ISHARES TR	CORE MSCI EAFE	46432F842	8,555	115,224	SH		SOLE		115,224	0	0
ISHARES TR	CORE MSCI EMKT	46434G103	3,777	61,156	SH		SOLE		61,156	0	0
ISHARES TR	CRE U S REIT ETF	464288521	2,695	45,943	SH		SOLE		45,943	0	0
ISHARES TR	GRWT ALLOCAT ETF	464289867	988	17,806	SH		SOLE		17,806	0	0
ISHARES TR	IBONDS DEC21 ETF	46434VBK5	568	22,982	SH		SOLE		22,982	0	0
ISHARES TR	INTL QLTY FACTOR	46434V456	314	8,278	SH		SOLE		8,278	0	0
ISHARES TR	USA QUALITY FCTR	46432F339	4,651	35,311	SH		SOLE		35,311	0	0
ISHARES TR	EDGE MSCI USA VL	46432F388	2,524	25,067	SH		SOLE		25,067	0	0
ISHARES TR	RUS 1000 VAL ETF	464287598	7,062	45,121	SH		SOLE		45,121	0	0
ISHARES TR	RUSSELL 2000 ETF	464287655	436	1,995	SH		SOLE		1,995	0	0
ISHARES TR	S&P 500 INDEX	464287200	22,349	51,876	SH		SOLE		51,876	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	34,030	234,014	SH		SOLE		234,014	0	0
ISHARES TR	S&P MIDCAP FUND	464287507	5,468	20,786	SH		SOLE		20,786	0	0
ISHARES TR	SP SMCP600VL ETF	464287879	2,423	24,072	SH		SOLE		24,072	0	0
ISHARES TR	PFD AND INCM SEC	464288687	1,224	31,549	SH		SOLE		31,549	0	0
ISHARES TR	SHORT TREAS BD	464288679	418	3,787	SH		SOLE		3,787	0	0
ISHARES TR	US TREAS BD ETF	46429B267	54,837	2,066,984	SH		SOLE		2,066,984	0	0
ISHARES TR	0-3 MNTH TREASRY	46436E718	34,772	347,634	SH		SOLE		347,634	0	0
ISHARES TR	CORE HIGH DV ETF	46429B663	626	6,636	SH		SOLE		6,636	0	0
ISHARES TR	IBONDS DEC22 ETF	46434VBA7	24,670	974,330	SH		SOLE		974,330	0	0
ISHARES TR	INTL SEL DIV ETF	464288448	284	9,352	SH		SOLE		9,352	0	0
ISHARES TR	MSCI EAFE ETF	464287465	1,587	20,339	SH		SOLE		20,339	0	0
ISHARES TR	RUS 1000 GRW ETF	464287614	2,306	8,414	SH		SOLE		8,414	0	0
ISHARES TR	S&P 500 GRWT ETF	464287309	203	2,752	SH		SOLE		2,752	0	0
ISHARES TR	S&P 100 ETF	464287101	92,322	467,594	SH		SOLE		467,594	0	0
ISHARES U S ETF TR	BLACKROCK ST MAT	46431W507	15,955	318,216	SH		SOLE		318,216	0	0
J P MORGAN EXCHANGE-TRADED F	ULTRA SHT MUNCPL	46641Q654	255	5,000	SH		SOLE		5,000	0	0
JAPAN SMALLER CAPITALIZATION	COM	47109U104	937	103,499	SH		SOLE		103,499	0	0
JOHNSON & JOHNSON	COM	478160104	344	2,131	SH		SOLE		2,131	0	0
JPMORGAN CHASE & CO	COM	46625H100	378	2,308	SH		SOLE		2,308	0	0
KELLOGG CO	COM	487836108	252	3,950	SH		SOLE		3,950	0	0
KINDER MORGAN INC DEL	COM	49456B101	4,564	272,818	SH		SOLE		272,818	0	0
LADDER CAP CORP	CL A	505743104	7,133	634,198	SH		SOLE		634,198	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	220	25,610	SH		SOLE		25,610	0	0
LILLY ELI & CO	COM	532457108	259	1,119	SH		SOLE		1,119	0	0
LINCOLN NATL CORP IND	COM	534187109	615	8,950	SH		SOLE		8,950	0	0
LOEWS CORP	COM	540424108	1,000	18,541	SH		SOLE		18,541	0	0
MACQUARIE GLOBAL INFRASTRUCT	COM	55608D101	3,720	159,581	SH		SOLE		159,581	0	0
MERCK & CO INC	COM	58933Y105	379	5,000	SH		SOLE		5,000	0	0
MFA FINL INC	COM	55272X102	140	30,000	SH		SOLE		30,000	0	0
MICROSOFT CORP	COM	594918104	2,161	7,664	SH		SOLE		7,664	0	0
MONMOUTH REAL ESTATE	CL A	609720107	2,771	148,559	SH		SOLE		148,559	0	0
NEW GERMANY FUND	COM	644465106	434	21,951	SH		SOLE		21,951	0	0
NORTHEAST CMNTY BANCORP INC	COM	664121100	457	42,000	SH		SOLE		42,000	0	0
NUVEEN CORPOATE INCM NOVEM	COM	67077N106	9,961	1,061,115	SH		SOLE		1,061,115	0	0
NUVEEN CR STRATEGIES INCOME	COM SHS	67073D102	162	24,513	SH		SOLE		24,513	0	0
NUVEEN INT DUR QUAL MUN TRM	COM	670677103	11,741	798,068	SH		SOLE		798,068	0	0
NUVEEN MORTGAGE AND INCOME	COM	670735109	9,861	473,429	SH		SOLE		473,429	0	0
NUVEEN MULTI MKT INCOME FD	COM	67075J107	2,658	352,788	SH		SOLE		352,788	0	0
NUVEEN NY SELECT TAX FREE PR	SH BEN INT	67063V104	444	31,893	SH		SOLE		31,893	0	0
NUVEEN QUALITY MUNCP INCOME	COM	67066V101	727	46,351	SH		SOLE		46,351	0	0
NUVEEN REAL ASSET INC & GROW	COM	67074Y105	9,395	612,165	SH		SOLE		612,165	0	0
OAKTREE SPECIALTY LENDING CO	COM	67401P108	7,563	1,071,203	SH		SOLE		1,071,203	0	0
PAYCHEX INC	COM	704326107	450	4,000	SH		SOLE		4,000	0	0
PENNANTPARK FLOATING RATE CA	COM	70806A106	3,441	267,089	SH		SOLE		267,089	0	0
PENNANTPARK INVT CORP	COM	708062104	5,509	834,452	SH		SOLE		834,452	0	0
PFIZER INC COM	COM	717081103	466	10,836	SH		SOLE		10,836	0	0
PHILLIPS 66	COM	718546104	238	3,395	SH		SOLE		3,395	0	0
PIMCO ENRGY TACTICAL CR OPP	COM SHS BEN INT	69346N107	1,723	139,236	SH		SOLE		139,236	0	0
PIMCO EQUITY SER	RAFI DYN EMERG	72202L389	1,502	50,995	SH		SOLE		50,995	0	0
PIMCO ETF TR	ENHAN SHRT MA AC	72201R833	46,923	460,345	SH		SOLE		460,345	0	0
PRINCIPAL REAL ESTATE INCOME	SHS BEN INT	74255X104	2,448	166,510	SH		SOLE		166,510	0	0
PUTNAM MUNI OPPORTUNITIES TR	SH BEN INT	746922103	564	41,000	SH		SOLE		41,000	0	0
RAYONIER INC	COM	754907103	2,050	57,462	SH		SOLE		57,462	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	245	15,888	SH		SOLE		15,888	0	0
SABA CAPITAL INC & OPTUNTY FD	SHARES	78518H103	20,457	4,496,019	SH		SOLE		4,496,019	0	0
SELECT SECTOR SPDR TR	SBI INT-UTILS	81369Y886	591	9,250	SH		SOLE		9,250	0	0
SOUTHSIDE BANCSHARE INC	COM	84470P109	277	7,225	SH		SOLE		7,225	0	0
SPDR INDEX SHS FDS	PORTFOLIO EMG MK	78463X509	724	17,026	SH		SOLE		17,026	0	0
SPDR INDEX SHS FDS	S&P EM MKT DIV	78463X533	5,309	179,189	SH		SOLE		179,189	0	0
SPDR INDEX SHS FDS	GLB NAT RESRCE	78463X541	429	8,345	SH		SOLE		8,345	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	3,200	7,433	SH		SOLE		7,433	0	0
SPDR SER TR	NUVEEN BLMBRG SR	78468R739	248	5,028	SH		SOLE		5,028	0	0
SPDR SER TR	PORTFOLIO AGRGTE	78464A649	526	17,626	SH		SOLE		17,626	0	0
SPDR SER TR	PORTFOLIO INTRMD	78464A375	30,402	832,471	SH		SOLE		832,471	0	0
SPDR SER TR	PORTFOLIO SHORT	78464A474	45,491	1,455,720	SH		SOLE		1,455,720	0	0
SPDR SER TR	S&P BIOTECH	78464A870	230	1,831	SH		SOLE		1,831	0	0
SPDR SER TR	S&P DIVID ETF	78464A763	1,352	11,502	SH		SOLE		11,502	0	0
SPECIAL OPPORTUNITIES FUND INC	COM	84741T104	52,401	3,409,284	SH		SOLE		3,409,284	0	0
SSGA ACTIVE ETF TR	GLOBL ALLO ETF	78467V400	790	17,337	SH		SOLE		17,337	0	0
TCW SPECIAL PURPOSE ACQU COR	COM CL A	87301L106	905	92,528	SH		SOLE		92,528	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	99	17,038	SH		SOLE		17,038	0	0
TEMPLETON EMERGING MKTS FD I	COM	880191101	11,719	690,557	SH		SOLE		690,557	0	0
TORTOISE ENERGY INFRA CORP	COM	89147L886	264	9,730	SH		SOLE		9,730	0	0
TORTOISE PWR & ENERGY INFRAS	COM	89147X104	13,394	1,011,644	SH		SOLE		1,011,644	0	0
TPG RE FIN TR INC	COM	87266M107	7,151	566,976	SH		SOLE		566,976	0	0
TRI-CONTINENTAL CORP	COM	895436103	13,310	398,730	SH		SOLE		398,730	0	0
UNION PAC CORP	COM	907818108	412	2,100	SH		SOLE		2,100	0	0
UNUM GROUP	COM	91529Y106	322	12,850	SH		SOLE		12,850	0	0
VANECK ETF TRUST	GOLD MINERS ETF	92189F106	872	29,583	SH		SOLE		29,583	0	0
VANECK ETF TRUST	MRNGSTR WDE MOAT	92189F643	315	4,305	SH		SOLE		4,305	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	4,589	56,008	SH		SOLE		56,008	0	0
VANGUARD FTSE ALL-WORLD EX-US	ALLWRLD EX US	922042775	500	8,197	SH		SOLE		8,197	0	0
VANGUARD INDEX FDS	SMALL CP ETF	922908751	6,567	30,031	SH		SOLE		30,031	0	0
VANGUARD INDEX FDS	SM CP VAL ETF	922908611	8,143	48,108	SH		SOLE		48,108	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	59,687	268,787	SH		SOLE		268,787	0	0
VANGUARD INDEX FDS	VALUE ETF	922908744	64,603	477,230	SH		SOLE		477,230	0	0
VANGUARD INDEX FDS	MID CAP ETF	922908629	272	1,147	SH		SOLE		1,147	0	0
VANGUARD INDEX FDS	REAL ESTATE ETF	922908553	795	7,812	SH		SOLE		7,812	0	0
VANGUARD INTL EQUITY INDEX	GLB EX US ETF	922042676	11,517	204,534	SH		SOLE		204,534	0	0
VANGUARD INTL EQUITY INDEX	TT WRLD ST ETF	922042742	526	5,166	SH		SOLE		5,166	0	0
VANGUARD INTL EQUITY INDEX FD	FTSE EMR MKT ETF	922042858	5,245	104,878	SH		SOLE		104,878	0	0
VANGUARD INTL EQUITY INDEX FD	FTSE EUROPE ETF	922042874	219	3,338	SH		SOLE		3,338	0	0
VANGUARD MALVERN FDS	STRM INFPROIDX	922020805	1,158	22,029	SH		SOLE		22,029	0	0
VANGUARD MUN BD FDS	TAX EXEMPT BD	922907746	221	4,037	SH		SOLE		4,037	0	0
VANGUARD SCOTTSDALE FDS	VNG RUS1000IDX	92206C730	2,018	10,051	SH		SOLE		10,051	0	0
VANGUARD SCOTTSDALE FDS	VNG RUS2000IDX	92206C664	579	6,534	SH		SOLE		6,534	0	0
VANGUARD SCOTTSDALE FDS	INTER TERM TREAS	92206C706	37,067	548,740	SH		SOLE		548,740	0	0
VANGUARD TAX-MANAGED INTL FD	FTSE DEV MKT ETF	921943858	25,013	495,408	SH		SOLE		495,408	0	0
VANGUARD WORLD FDS	INF TECH ETF	92204A702	15,049	37,419	SH		SOLE		37,419	0	0
VANGUARD WORLD FDS	UTILITIES ETF	92204A876	304	2,165	SH		SOLE		2,165	0	0
VERIZON COMMUNICATIONS INC	COM	92343V104	350	6,483	SH		SOLE		6,483	0	0
VERTICAL CAP INCOME FUND	SHS BEN INT	92535C104	19,126	1,823,237	SH		SOLE		1,823,237	0	0
VIRTUS DIVIDEND INTEREST & P	COM	92840R101	34,131	2,301,499	SH		SOLE		2,301,499	0	0
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	2,291	388,304	SH		SOLE		388,304	0	0
WALMART INC	COM	931142103	300	2,150	SH		SOLE		2,150	0	0
WILLIAMS COS INC	COM	969457100	537	20,700	SH		SOLE		20,700	0	0
WISDOMTREE TR	JAPN HEDGE EQT	97717W851	205	3,246	SH		SOLE		3,246	0	0
WISDOMTREE TR	INDIA ERNGS FD	97717W422	480	12,840	SH		SOLE		12,840	0	0
WISDOMTREE TR	JP SMALLCP DIV	97717W836	1,783	23,199	SH		SOLE		23,199	0	0
WISDOMTREE TR	US LARGECAP FUND	97717W588	10,023	217,946	SH		SOLE		217,946	0	0
WISDOMTREE TR	US MIDCAP FUND	97717W570	1,052	20,225	SH		SOLE		20,225	0	0
WISDOMTREE TR	US QTLY DIV GRT	97717X669	43,280	735,546	SH		SOLE		735,546	0	0