Relative Value Partners

Relative Value Partners as of Dec. 31, 2011

Portfolio Holdings for Relative Value Partners

Relative Value Partners holds 73 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Vanguard Total Bond Market ETF (BND) 7.9 $16M 197k 83.54
iShares S&P 100 Index (OEF) 7.9 $16M 286k 57.03
SunAmerica Focused Alpha Growth Fund 4.7 $9.6M 527k 18.28
Energy Select Sector SPDR (XLE) 4.4 $9.1M 131k 69.13
Blackrock Res & Commodities Strategy Tr (BCX) 4.3 $8.9M 669k 13.28
Eaton Vance Tax Managed Buy Write Opport (ETV) 4.0 $8.3M 705k 11.72
Utilities SPDR (XLU) 3.6 $7.5M 208k 35.98
BlackRock Credit All Inc Trust II 3.5 $7.3M 744k 9.83
SPDR Barclays Capital High Yield B 3.3 $6.8M 177k 38.45
Eaton Vance Limited Duration Income Fund (EVV) 3.2 $6.6M 435k 15.23
Alerian Mlp Etf 3.0 $6.3M 380k 16.62
Technology SPDR (XLK) 3.0 $6.1M 241k 25.45
SPDR Barclays Capital 1-3 Month T- 2.9 $6.0M 132k 45.83
Nuveen Equity Premium Opportunity Fund 2.9 $6.0M 523k 11.42
Market Vectors Gold Miners ETF 2.9 $5.9M 115k 51.43
SunAmerica Focused Alpha Large Cap Fund 2.7 $5.6M 344k 16.22
Powershares Senior Loan Portfo mf 2.7 $5.5M 231k 23.81
Ellsworth Fund (ECF) 2.5 $5.2M 782k 6.60
Putnam Municipal Opportunities Trust (PMO) 2.4 $4.9M 398k 12.27
Agic Equity & Conv Income 2.2 $4.7M 299k 15.60
Nuveen Equity Premium Income Fund (BXMX) 2.1 $4.4M 389k 11.18
DWS Dreman Value Income Edge Fund 2.0 $4.2M 305k 13.86
Eaton Vance Senior Income Trust (EVF) 2.0 $4.1M 622k 6.53
ProShares UltraShort S&P500 1.9 $3.9M 204k 19.29
BlackRock Enhanced Capital and Income (CII) 1.6 $3.4M 278k 12.30
Eaton Vance Short Duration Diversified I (EVG) 1.6 $3.3M 207k 16.20
Guggenheim Enhanced Equity Strategy 1.6 $3.2M 203k 16.03
THE GDL FUND Closed-End fund (GDL) 1.0 $2.1M 178k 11.80
Nuveen Equity Premium and Growth Fund (SPXX) 1.0 $2.1M 171k 12.07
Clough Gbl Opps Fund Sh Ben Int closed-end fund (GLO) 0.9 $1.8M 174k 10.57
MFS Charter Income Trust (MCR) 0.8 $1.7M 191k 9.15
Apollo Sr Floating Rate Fd I (AFT) 0.8 $1.6M 101k 16.01
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 0.8 $1.6M 162k 9.80
Eaton Vance Tax-Managed Buy-Write Income (ETB) 0.7 $1.5M 118k 12.84
Blackrock Defined Opprty Cr 0.6 $1.2M 99k 12.45
Eaton Vance Floating-Rate Income Trust (EFT) 0.5 $1.1M 76k 14.23
Nuveen Equity Premium Advantage Fund 0.5 $965k 84k 11.46
Vanguard Intermediate Tm Cpte Bd ETF (VCIT) 0.4 $906k 11k 82.36
NFJ Dividend Interest & Premium Strategy 0.4 $838k 52k 16.02
Calamos Convertible & Hi Income Fund (CHY) 0.4 $804k 70k 11.55
Berkshire Hathaway (BRK.B) 0.3 $671k 8.8k 76.25
iShares Lehman Aggregate Bond (AGG) 0.3 $657k 6.0k 110.22
Loews Corporation (L) 0.3 $648k 17k 37.67
OmniAmerican Ban 0.3 $621k 40k 15.70
Zweig Total Return Fund 0.3 $618k 204k 3.03
Chevron Corporation (CVX) 0.3 $532k 5.0k 106.40
Morgan Stanley Asia Pacific Fund 0.2 $497k 38k 13.10
Macquarie Global Infr Total Rtrn Fnd 0.2 $473k 28k 16.99
Microsoft Corporation (MSFT) 0.2 $383k 15k 25.97
Eaton Vance Tax-Managed Global Buy-Write (ETW) 0.2 $392k 38k 10.27
Intel Corporation (INTC) 0.2 $327k 14k 24.22
Pfizer (PFE) 0.1 $287k 13k 21.65
Kayne Anderson Mdstm Energy 0.1 $297k 12k 24.96
Nuveen Mortgage opportunity trm fd2 0.1 $272k 13k 20.42
Eaton Vance Enhanced Equity Income Fund (EOI) 0.1 $242k 24k 10.19
Merck & Co (MRK) 0.1 $236k 6.3k 37.70
McDonald's Corporation (MCD) 0.1 $201k 2.0k 100.50
ING Global Equity Divid.&Premium Opp-ETF 0.1 $199k 23k 8.65
New Germany Fund (GF) 0.1 $212k 17k 12.25
Vanguard Energy ETF (VDE) 0.1 $208k 2.1k 100.78
iShares MSCI Japan Index 0.1 $184k 20k 9.10
Cohen & Steers infrastucture Fund (UTF) 0.1 $195k 12k 15.82
Redwood Trust (RWT) 0.1 $117k 12k 10.17
Adams Express Company (ADX) 0.1 $132k 14k 9.61
Bank of America Corporation (BAC) 0.1 $101k 18k 5.54
MFA Mortgage Investments 0.1 $108k 16k 6.75
BlackRock Enhanced Dividend Achievers Tr (BDJ) 0.0 $82k 12k 7.05
CFS Ban 0.0 $65k 15k 4.33
BankFinancial Corporation (BFIN) 0.0 $72k 13k 5.54
Intervest Bancshares 0.0 $49k 19k 2.63
Phoenix Companies 0.0 $29k 17k 1.71
Gulf Resources 0.0 $28k 16k 1.81
ZBB Energy Corporation (ZBB) 0.0 $7.0k 10k 0.70