Relative Value Partners

Relative Value Partners as of Sept. 30, 2011

Portfolio Holdings for Relative Value Partners

Relative Value Partners holds 68 positions in its portfolio as reported in the September 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
iShares S&P 100 Index (OEF) 14.6 $25M 484k 51.43
Vanguard Total Bond Market ETF (BND) 8.7 $15M 177k 83.74
SunAmerica Focused Alpha Growth Fund 5.9 $10M 566k 17.64
Energy Select Sector SPDR (XLE) 4.6 $7.8M 133k 58.51
Utilities SPDR (XLU) 4.4 $7.4M 221k 33.62
Eaton Vance Tax Managed Diversified Eq. (ETY) 4.0 $6.9M 807k 8.53
DWS Dreman Value Income Edge Fund 4.0 $6.9M 528k 13.07
BlackRock Credit All Inc Trust II 4.0 $6.8M 728k 9.34
Market Vectors Gold Miners ETF 3.7 $6.3M 114k 55.19
SPDR Barclays Capital 1-3 Month T- 3.7 $6.2M 136k 45.85
Alerian Mlp Etf 3.5 $5.9M 388k 15.24
Technology SPDR (XLK) 3.4 $5.7M 242k 23.60
SunAmerica Focused Alpha Large Cap Fund 3.3 $5.6M 361k 15.64
Ellsworth Fund (ECF) 3.1 $5.3M 819k 6.43
Nuveen Equity Premium Opportunity Fund 3.0 $5.2M 476k 10.87
Putnam Municipal Opportunities Trust (PMO) 2.9 $4.9M 421k 11.71
Agic Equity & Conv Income 2.3 $4.0M 262k 15.16
Eaton Vance Short Duration Diversified I (EVG) 1.8 $3.0M 186k 16.09
First Trust/Four Corners SFRI Fund II (FCT) 1.7 $2.9M 217k 13.42
ProShares UltraShort S&P500 1.7 $2.9M 114k 25.49
THE GDL FUND Closed-End fund (GDL) 1.3 $2.2M 185k 11.92
Eaton Vance Limited Duration Income Fund (EVV) 1.1 $1.9M 133k 14.66
Clough Gbl Opps Fund Sh Ben Int closed-end fund (GLO) 1.1 $1.9M 177k 10.55
BlackRock Ltd. Duration Income Trust (BLW) 1.0 $1.8M 112k 15.89
MFS Charter Income Trust (MCR) 1.0 $1.6M 192k 8.53
Apollo Sr Floating Rate Fd I (AFT) 0.9 $1.6M 101k 15.76
MFS Government Markets Income Trust (MGF) 0.9 $1.5M 220k 6.66
Guggenheim Enhanced Equity Strategy 0.8 $1.3M 94k 14.23
Eaton Vance Floating-Rate Income Trust (EFT) 0.6 $980k 70k 14.09
Calamos Convertible & Hi Income Fund (CHY) 0.5 $763k 69k 11.10
iShares Lehman Aggregate Bond (AGG) 0.4 $756k 6.9k 110.06
Loews Corporation (L) 0.4 $681k 20k 34.57
Chevron Corporation (CVX) 0.4 $682k 7.4k 92.57
Berkshire Hathaway (BRK.B) 0.4 $625k 8.8k 71.02
OmniAmerican Ban 0.4 $608k 45k 13.66
Morgan Stanley Asia Pacific Fund 0.3 $603k 43k 14.02
Zweig Total Return Fund 0.3 $579k 191k 3.03
Nuveen Equity Premium Income Fund (BXMX) 0.3 $510k 48k 10.69
Eaton Vance Tax-Managed Global Buy-Write (ETW) 0.3 $455k 47k 9.76
Macquarie Global Infr Total Rtrn Fnd 0.2 $433k 28k 15.33
Microsoft Corporation (MSFT) 0.2 $380k 15k 24.92
Shelton Greater China Fund 0.2 $327k 56k 5.85
NFJ Dividend Interest & Premium Strategy 0.2 $307k 21k 14.76
Eaton Vance Senior Income Trust (EVF) 0.2 $301k 48k 6.31
Johnson & Johnson (JNJ) 0.2 $294k 4.6k 63.64
Intel Corporation (INTC) 0.2 $284k 13k 21.35
Nuveen Mortgage opportunity trm fd2 0.2 $271k 13k 20.35
Verizon Communications (VZ) 0.1 $261k 7.1k 36.76
Pfizer (PFE) 0.1 $241k 14k 17.65
Merck & Co (MRK) 0.1 $221k 6.8k 32.69
New Germany Fund (GF) 0.1 $221k 17k 12.77
Nuveen Floating Rate Income Fund (JFR) 0.1 $226k 22k 10.12
BlackRock Strategic Div Achievers Trust (BDT) 0.1 $219k 24k 9.10
iShares MSCI EAFE Index Fund (EFA) 0.1 $204k 4.3k 47.89
iShares MSCI Japan Index 0.1 $205k 22k 9.45
BlackRock Enhanced Capital and Income (CII) 0.1 $206k 18k 11.80
Cohen & Steers infrastucture Fund (UTF) 0.1 $192k 12k 15.59
Bank of America Corporation (BAC) 0.1 $150k 25k 6.12
Redwood Trust (RWT) 0.1 $128k 12k 11.13
MFA Mortgage Investments 0.1 $112k 16k 7.00
BankFinancial Corporation (BFIN) 0.1 $113k 17k 6.65
Adams Express Company (ADX) 0.1 $126k 14k 9.25
BlackRock Enhanced Dividend Achievers Tr (BDJ) 0.1 $81k 12k 6.97
Provident Energy 0.1 $86k 11k 8.19
CFS Ban 0.0 $56k 13k 4.31
Intervest Bancshares 0.0 $44k 17k 2.65
Gulf Resources 0.0 $38k 17k 2.25
Phoenix Companies 0.0 $21k 17k 1.24