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 EMRG MRKTS EQT INM	COM	00301W105	3,671	673,505	SH		SOLE		673,505	0	0
ABERDEEN GLOBAL DYNAMIC DIV	COM	00302M106	246	24,843	SH		SOLE		24,843	0	0
ABERDEEN JAPAN EQUITY FD INC	COM	00306J109	164	27,348	SH		SOLE		27,348	0	0
ABSOLUTE SOFTWARE	COM	00386B109	101	10,159	SH		SOLE		10,159	0	0
ALPINE TOTAL DYNAMIC DIVD	COM SH BEN INT	00326L100	2,719	324,474	SH		SOLE		324,474	0	0
APOLLO INVT CORP	COM NEW	03761U502	675	51,666	SH		SOLE		51,666	0	0
APPLE INC	COM	037833100	3,129	18,922	SH		SOLE		18,922	0	0
APPOLLO GLOBAL MGNT INC	COM	03769M106	2,892	50,274	SH		SOLE		50,274	0	0
ARES ACQUISITION CORP	COM CL A	G33032106	592	59,826	SH		SOLE		59,826	0	0
ARES CAPITAL CORP	COM	04010L103	2,600	130,394	SH		SOLE		130,394	0	0
ARES COML REAL ESTATE CORP	COM	04013V108	3,579	267,901	SH		SOLE		267,901	0	0
BARCLAYS BANK PLC	IPATH SELCT MLP	06742C723	434	23,937	SH		SOLE		23,937	0	0
BARINGS BDC INC	COM	06759L103	14,046	1,413,119	SH		SOLE		1,413,119	0	0
BK OF AMERICA CORP	COM	060505104	1,036	30,511	SH		SOLE		30,511	0	0
BLACKROCK CAP ALLOCATION TR	COM	09260U109	1,241	79,988	SH		SOLE		79,988	0	0
BLACKROCK CREDIT ALLOC TR	COM	092508100	846	74,528	SH		SOLE		74,528	0	0
BLACKROCK ESG CAP ALLC TR	SHS BEN INT	09262F100	1,269	82,891	SH		SOLE		82,891	0	0
BLACKROCK FLOAT RATE INCM	COM	09255X100	6,956	557,837	SH		SOLE		557,837	0	0
BLACKROCK MUNI	COM	09253X102	681	54,135	SH		SOLE		54,135	0	0
BLUE FOUNDRY BANCORP	COM	09549B104	314	27,100	SH		SOLE		27,100	0	0
BRIGHTSPIRE CAPITAL INC	COM CL A	10949T109	5,814	663,723	SH		SOLE		663,723	0	0
BRT APARTMENTS CORP	COM	055645303	4,100	185,788	SH		SOLE		185,788	0	0
CHICAGO ATLANTIC REAL ESTATE	COM	167239102	724	47,287	SH		SOLE		47,287	0	0
CITIGROUP INC	COM	172967424	2,622	50,764	SH		SOLE		50,764	0	0
COCA COLA CO	COM	191216100	1,918	30,256	SH		SOLE		30,256	0	0
COHEN & STEERS TAX ADVAN PFD	COM	19249X108	1,390	68,316	SH		SOLE		68,316	0	0
DIMENSIONAL ETF TRUST	EMGR CRE EQT MNG	25434V302	448	19,415	SH		SOLE		19,415	0	0
DIMENSIONAL ETF TRUST	INTERNATNAL VAL	25434V807	7,453	254,018	SH		SOLE		254,018	0	0
DIMENSIONAL US SMALL CAP VALUE	US SMALL CAP ETF	25434V815	1,337	54,049	SH		SOLE		54,049	0	0
DOUBLELINE YIELD OPPORTUNITI	COM	25862D105	1,478	96,724	SH		SOLE		96,724	0	0
DTF TAX-FREE INCOME 2028 TER	COM	23334J107	240	19,550	SH		SOLE		19,550	0	0
EASTERN BANKSHARES INC	COM	27627N105	4,196	206,000	SH		SOLE		206,000	0	0
EATON VANCE ENHANCED EQTY INCM	COM	278274105	496	29,890	SH		SOLE		29,890	0	0
EATON VANCE FLOATING RATE 2022	COM	27831H100	1,427	166,176	SH		SOLE		166,176	0	0
EATON VANCE MUN BD FD	COM	27827X101	7,310	660,915	SH		SOLE		660,915	0	0
EATON VANCE TX MGD DIV EQ IN	COM	27828N102	127	10,000	SH		SOLE		10,000	0	0
ELLSWORTH GROWTH & INCOME FD	COM	289074106	343	35,853	SH		SOLE		35,853	0	0
EQUITY COMWLTH	COM SH BEN INT	294628102	4,896	182,975	SH		SOLE		182,975	0	0
EUROPEAN EQUITY FD INC	COM	298768102	170	22,195	SH		SOLE		22,195	0	0
FIRST TR EXCH TRADED FD III	PFD SECS INC ETF	33739E108	910	50,096	SH		SOLE		50,096	0	0
FIRST TR EXCHANGE-TRADED FD	NO AMER ENERGY	33738D101	3,182	116,934	SH		SOLE		116,934	0	0
FIRST TR HIGH YIELD OPPRT	COM	33741Q107	693	44,312	SH		SOLE		44,312	0	0
FOCUS FINL PARTNERS INC	COM CL A	34417P100	7,020	166,380	SH		SOLE		166,380	0	0
GDL FUND	COM SH BEN IT	361570104	9,100	1,097,703	SH		SOLE		1,097,703	0	0
GENERAL MOTORS CORP	COM	37045V100	644	17,895	SH		SOLE		17,895	0	0
GENWORTH FINL INC	COM CL A	37247D106	51	12,000	SH		SOLE		12,000	0	0
GLOBAL X FDS	NASDAQ 100 COVER	37954Y483	2,463	133,337	SH		SOLE		133,337	0	0
GOLDMAN SACHS PHYSICAL GOLD	UNIT	38150K103	519	29,475	SH		SOLE		29,475	0	0
GOLUB CAP BDC INC	COM	38173M102	4,434	312,668	SH		SOLE		312,668	0	0
GRANITE PT MTG TR INC	COM	38741L107	6,165	596,792	SH		SOLE		596,792	0	0
HAMILTON LANE ALLIANCE HLDGS	COM CL A	40749M103	960	97,284	SH		SOLE		97,284	0	0
INTEL CORP	COM	458140100	801	22,628	SH		SOLE		22,628	0	0
INVESCO EXCH TRADED FD TR II	FTSE RAFI EMNG	46138E727	1,904	106,090	SH		SOLE		106,090	0	0
INVESCO EXCH TRADED FD TR II	FTSE RAFI DEV	46138E743	1,217	29,980	SH		SOLE		29,980	0	0
INVESCO EXCHANGE TRADED FD	FTSE RAFI 1000	46137V613	45,808	291,216	SH		SOLE		291,216	0	0
ISHARES GOLD TR	ISHARES NEW	464285204	2,361	70,097	SH		SOLE		70,097	0	0
ISHARES INC	ISHS 1-5YR INVS	464288646	23,160	455,642	SH		SOLE		455,642	0	0
ISHARES TR	0-3 MNTH TREASRY	46436E718	9,536	95,308	SH		SOLE		95,308	0	0
ISHARES TR	3-7 YR TREAS BD	464288661	37,851	316,404	SH		SOLE		316,404	0	0
ISHARES TR	BARCLAYS 7 10 YR	464287440	49,188	474,875	SH		SOLE		474,875	0	0
ISHARES TR	NATIONAL MUN ETF	464288414	29,359	272,247	SH		SOLE		272,247	0	0
ISHARES TR	CORE MSCI EAFE	46432F842	21,264	346,368	SH		SOLE		346,368	0	0
ISHARES TR	CORE MSCI EMKT	46434G103	10,465	213,043	SH		SOLE		213,043	0	0
ISHARES TR	CORE MSCI INTL	46435G326	460	8,219	SH		SOLE		8,219	0	0
ISHARES TR	CORE S&P TTL STK	464287150	6,022	65,353	SH		SOLE		65,353	0	0
ISHARES TR	CRE U S REIT ETF	464288521	4,290	75,163	SH		SOLE		75,163	0	0
ISHARES TR	GRWT ALLOCAT ETF	464289867	933	18,693	SH		SOLE		18,693	0	0
ISHARES TR	IBONDS DEC23 ETF	46434VAX8	1,991	79,470	SH		SOLE		79,470	0	0
ISHARES TR	MSCI JPN ETF NEW	46434G822	1,876	33,923	SH		SOLE		33,923	0	0
ISHARES TR	USA QUALITY FCTR	46432F339	3,797	31,042	SH		SOLE		31,042	0	0
ISHARES TR	EDGE MSCI USA VL	46432F388	3,857	40,480	SH		SOLE		40,480	0	0
ISHARES TR	RUS 1000 VAL ETF	464287598	11,214	72,727	SH		SOLE		72,727	0	0
ISHARES TR	S&P 500 INDEX	464287200	43,156	103,843	SH		SOLE		103,843	0	0
ISHARES TR	S&P 500 VAL ETF	464287408	35,215	243,133	SH		SOLE		243,133	0	0
ISHARES TR	CORE S&P MCP ETF	464287507	11,784	47,126	SH		SOLE		47,126	0	0
ISHARES TR	SP SMCP600VL ETF	464287879	20,311	211,348	SH		SOLE		211,348	0	0
ISHARES TR	CORE S&P SCP ETF	464287804	12,677	124,747	SH		SOLE		124,747	0	0
ISHARES TR	PFD AND INCM SEC	464288687	1,192	34,081	SH		SOLE		34,081	0	0
ISHARES TR	SHRT NAT MUN ETF	464288158	3,625	34,484	SH		SOLE		34,484	0	0
ISHARES TR	RUS 1000 ETF	464287622	3,161	13,832	SH		SOLE		13,832	0	0
ISHARES TR	S&P 100 ETF	464287101	88,325	466,562	SH		SOLE		466,562	0	0
ISHARES TR	CMBS ETF	46429B366	1,893	39,397	SH		SOLE		39,397	0	0
ISHARES TR	IBONDS DEC22 ETF	46434VBA7	885	35,418	SH		SOLE		35,418	0	0
ISHARES TR	MSCI ACWI EX US	464288240	634	13,747	SH		SOLE		13,747	0	0
ISHARES TR	MSCI EAFE ETF	464287465	1,918	29,507	SH		SOLE		29,507	0	0
ISHARES TR	US TREAS BD ETF	46429B267	15,762	656,592	SH		SOLE		656,592	0	0
ISHARES U S ETF TR	BLACKROCK ST MAT	46431W507	13,368	271,463	SH		SOLE		271,463	0	0
JAPAN SMALLER CAPITALIZATION	COM	47109U104	1,525	235,763	SH		SOLE		235,763	0	0
KINDER MORGAN INC DEL	COM	49456B101	5,442	311,512	SH		SOLE		311,512	0	0
KKR REAL ESTATE FIN TR INC	COM	48251k100	1,854	96,273	SH		SOLE		96,273	0	0
LADDER CAP CORP	CL A	505743104	7,579	663,079	SH		SOLE		663,079	0	0
LIBERTY ALL STAR EQUITY FD	SH BEN INT	530158104	209	31,173	SH		SOLE		31,173	0	0
LINCOLN NATL CORP IND	COM	534187109	584	12,720	SH		SOLE		12,720	0	0
LOEWS CORP	COM	540424108	1,046	18,980	SH		SOLE		18,980	0	0
MACQUARIE GLOBAL INFRASTRUCT	COM	55608D101	4,010	162,482	SH		SOLE		162,482	0	0
MCDONALDS CORP	COM	580135101	6,842	26,395	SH		SOLE		26,395	0	0
MFS CHARTER INCOME TR	SH BEN INT	552727109	607	88,913	SH		SOLE		88,913	0	0
MFS INTER INCOME TR	SH BEN INT	55273C107	1,313	442,162	SH		SOLE		442,162	0	0
MICROSOFT CORP	COM	594918104	4,512	15,949	SH		SOLE		15,949	0	0
NEUBERGER BERMAN MLP & ENERG	COM	64129H104	2,809	419,898	SH		SOLE		419,898	0	0
NEW GERMANY FUND	COM	644465106	197	22,620	SH		SOLE		22,620	0	0
NORTHEAST CMNTY BANCORP INC	COM	664121100	1,504	118,390	SH		SOLE		118,390	0	0
NSTS BANCORP INC	COM	6293JP109	393	35,753	SH		SOLE		35,753	0	0
NUVEEN CR STRATEGIES INCOME	COM SHS	67073D102	320	57,821	SH		SOLE		57,821	0	0
NUVEEN INT DUR QUAL MUN TRM	COM	670677103	8,153	615,303	SH		SOLE		615,303	0	0
NUVEEN MORTGAGE AND INCOME	COM	670735109	8,664	511,161	SH		SOLE		511,161	0	0
NUVEEN MULTI ASSET INCOME FD	COM	670750108	2,337	165,245	SH		SOLE		165,245	0	0
NUVEEN MULTI MKT INCOME FD	COM	67075J107	1,879	292,280	SH		SOLE		292,280	0	0
NUVEEN MUN VALUE FD INC	COM	670928100	5,155	563,388	SH		SOLE		563,388	0	0
NUVEEN NY SELECT TAX FREE PR	SH BEN INT	67063V104	401	33,316	SH		SOLE		33,316	0	0
NUVEEN QUALITY MUNCP INCOME	COM	67066V101	373	28,659	SH		SOLE		28,659	0	0
NUVEEN REAL ASSET INC & GROW	COM	67074Y105	7,958	574,136	SH		SOLE		574,136	0	0
OAKTREE SPECIALTY LENDING CO	COM	67401P108	7,345	1,038,851	SH		SOLE		1,038,851	0	0
PENNANTPARK FLOATING RATE CA	COM	70806A106	152	11,806	SH		SOLE		11,806	0	0
PENNANTPARK INVT CORP	COM	708062104	6,709	1,040,080	SH		SOLE		1,040,080	0	0
PFIZER INC COM	COM	717081103	778	15,795	SH		SOLE		15,795	0	0
PGIM SHORT DUR HIG YLD OPP F	COM	69355J104	3,390	212,377	SH		SOLE		212,377	0	0
PIMCO ENRGY TACTICAL CR OPP	COM SHS BEN INT	69346N107	2,147	149,928	SH		SOLE		149,928	0	0
PIMCO ETF TR	ENHAN SHRT MA AC	72201R833	5,252	53,019	SH		SOLE		53,019	0	0
PRINCIPAL REAL ESTATE INCOME	SHS BEN INT	74255X104	2,304	174,409	SH		SOLE		174,409	0	0
PUTNAM MUNI OPPORTUNITIES TR	SH BEN INT	746922103	507	41,000	SH		SOLE		41,000	0	0
RAYONIER INC	COM	754907103	267	7,320	SH		SOLE		7,320	0	0
ROYCE GLOBAL VALUE TR INC	COM	78081T104	142	14,506	SH		SOLE		14,506	0	0
SABA CAPITAL INC & OPTUNTY FD	SHS NEW	78518H202	18,331	2,161,637	SH		SOLE		2,161,637	0	0
SPDR INDEX SHS FDS	PORTFOLIO EMG MK	78463X509	589	17,026	SH		SOLE		17,026	0	0
SPDR INDEX SHS FDS	S&P EM MKT DIV	78463X533	5,208	204,629	SH		SOLE		204,629	0	0
SPDR INDEX SHS FDS	GLB NAT RESRCE	78463X541	663	12,518	SH		SOLE		12,518	0	0
SPDR INDEX SHS FDS	NUVEEN BLMBRG SH	78468R739	2,963	62,110	SH		SOLE		62,110	0	0
SPDR S&P 500 ETF TR	TR UNIT	78462F103	8,821	21,334	SH		SOLE		21,334	0	0
SPDR SER TR	PORTFOLIO INTRMD	78464A375	26,396	799,628	SH		SOLE		799,628	0	0
SPDR SER TR	PORTFOLIO SHORT	78464A474	40,330	1,353,825	SH		SOLE		1,353,825	0	0
SPDR SER TR	S&P DIVID ETF	78464A763	1,449	11,502	SH		SOLE		11,502	0	0
SPECIAL OPPORTUNITIES FUND INC	2-75% CNV PFD C	84741T401	33,606	1,405,500	SH		SOLE		1,405,500	0	0
SPECIAL OPPORTUNITIES FUND INC	COM	84741T104	24,780	1,897,384	SH		SOLE		1,897,384	0	0
STANDEX INTL CORP	COM	854231107	1,320	13,782	SH		SOLE		13,782	0	0
STARBUCKS CORP	COM	855244109	2,509	29,267	SH		SOLE		29,267	0	0
TCW SPECIAL PURPOSE ACQU COR	COM CL A	87301L106	1,169	119,066	SH		SOLE		119,066	0	0
TCW STRATEGIC INCOME FD INC	COM	872340104	6,560	1,317,226	SH		SOLE		1,317,226	0	0
TEMPLETON EMERGING MKTS FD I	COM	880191101	7,520	608,421	SH		SOLE		608,421	0	0
TENNECO INC	CL A VTG COM STK	880349105	249	13,250	SH		SOLE		13,250	0	0
TORTOISE PWR & ENERGY INFRAS	COM	89147X104	13,955	1,046,134	SH		SOLE		1,046,134	0	0
TPG RE FIN TR INC	COM	87266M107	6,391	632,773	SH		SOLE		632,773	0	0
TRI-CONTINENTAL CORP	COM	895436103	10,291	362,859	SH		SOLE		362,859	0	0
UNUM GROUP	COM	91529Y106	457	12,725	SH		SOLE		12,725	0	0
VANECK ETF TRUST	GOLD MINERS ETF	92189F106	1,011	38,461	SH		SOLE		38,461	0	0
VANGUARD BD INDEX FDS	SHORT TRM BOND	921937827	14,741	191,871	SH		SOLE		191,871	0	0
VANGUARD BD INDEX FDS	VANGUARD ULTRA	92203C303	886	18,017	SH		SOLE		18,017	0	0
VANGUARD INDEX FDS	EXTEND MKT ETF	922908652	1,458	9,856	SH		SOLE		9,856	0	0
VANGUARD INDEX FDS	SM CP VAL ETF	922908611	14,146	86,548	SH		SOLE		86,548	0	0
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	64,687	311,475	SH		SOLE		311,475	0	0
VANGUARD INDEX FDS	VALUE ETF	922908744	73,983	538,059	SH		SOLE		538,059	0	0
VANGUARD INTL EQUITY INDEX	TT WRLD ST ETF	922042742	1,217	13,318	SH		SOLE		13,318	0	0
VANGUARD INTL EQUITY INDEX F	ALLWRLD EX US	922042775	1,474	28,765	SH		SOLE		28,765	0	0
VANGUARD INTL EQUITY INDEX FD	FTSE EMR MKT ETF	922042858	2,937	70,982	SH		SOLE		70,982	0	0
VANGUARD MALVERN FDS	STRM INFPROIDX	922020805	2,760	55,432	SH		SOLE		55,432	0	0
VANGUARD MUN BD FDS	TAX EXEMPT BD	922907746	3,521	69,347	SH		SOLE		69,347	0	0
VANGUARD SCOTTSDALE FDS	INT-TERM CORP	92206C870	3,762	45,956	SH		SOLE		45,956	0	0
VANGUARD SCOTTSDALE FDS	INTER TERM TREAS	92206C706	4,298	70,013	SH		SOLE		70,013	0	0
VANGUARD SCOTTSDALE FDS	SHORT TERM TREAS	92206C102	28,267	481,802	SH		SOLE		481,802	0	0
VANGUARD STAR FDS	VG TL INTL STK FD	921909768	2,214	41,750	SH		SOLE		41,750	0	0
VANGUARD TAX-MANAGED INTL FD	FTSE DEV MKT ETF	921943858	16,576	390,029	SH		SOLE		390,029	0	0
VANGUARD WORLD FDS	INF TECH ETF	92204A702	12,282	32,415	SH		SOLE		32,415	0	0
VERTICAL CAP INCOME FUND	SHS BEN INT	92535C104	16,191	1,714,342	SH		SOLE		1,714,342	0	0
VIATRIS INC	COM	92556V106	131	13,465	SH		SOLE		13,465	0	0
VIRTUS DIVIDEND INTEREST & P	COM	92840R101	24,582	1,886,579	SH		SOLE		1,886,579	0	0
VOYA GLBL EQTY DIV & PREM OP	COM	92912T100	1,722	311,346	SH		SOLE		311,346	0	0
WESTERN ASSET DIVERSIFIED IN	COM SHS BEN	95790K109	7,405	510,676	SH		SOLE		510,676	0	0
WILLIAMS COS INC	COM	969457100	995	30,897	SH		SOLE		30,897	0	0
WISDOMTREE TR	INDIA ERNGS FD	97717W422	446	13,890	SH		SOLE		13,890	0	0
WISDOMTREE TR	EMG MKTS SMCAP	97717W281	4,063	90,746	SH		SOLE		90,746	0	0
WISDOMTREE TR	US LARGECAP FUND	97717W588	10,500	237,549	SH		SOLE		237,549	0	0
WISDOMTREE TR	US MIDCAP FUND	97717W570	1,357	27,077	SH		SOLE		27,077	0	0
WISDOMTREE TR	US QTLY DIV GRT	97717X669	45,055	739,583	SH		SOLE		739,583	0	0