Relative Value Partners

Relative Value Partners as of June 30, 2012

Portfolio Holdings for Relative Value Partners

Relative Value Partners holds 71 positions in its portfolio as reported in the June 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
iShares S&P 100 Index (OEF) 18.6 $45M 715k 62.47
Vanguard Total Bond Market ETF (BND) 9.4 $23M 268k 84.38
Powershares Senior Loan Portfo mf 4.5 $11M 446k 24.38
Zweig Fund 4.5 $11M 893k 11.99
Zweig Total Return Fund 4.0 $9.7M 787k 12.29
iShares IBoxx $ Invest Grade Corp Bd (LQD) 3.6 $8.7M 74k 117.59
BlackRock Credit All Inc Trust II 3.3 $8.0M 734k 10.85
Energy Select Sector SPDR (XLE) 3.2 $7.6M 114k 66.37
iShares Lehman Short Treasury Bond (SHV) 3.0 $7.3M 66k 110.20
Technology SPDR (XLK) 3.0 $7.2M 251k 28.72
SPDR Barclays Capital High Yield B 2.9 $7.0M 177k 39.46
Ishares Inc msci glb gold 2.9 $6.9M 356k 19.32
Alerian Mlp Etf 2.7 $6.5M 404k 15.98
Nuveen Equity Premium Opportunity Fund 2.5 $6.0M 507k 11.90
BlackRock Enhanced Dividend Achievers Tr (BDJ) 2.4 $5.7M 785k 7.24
MFS Multimarket Income Trust (MMT) 2.3 $5.6M 790k 7.10
Blackrock Res & Commodities Strategy Tr (BCX) 2.2 $5.3M 396k 13.34
Nuveen Equity Premium Income Fund (BXMX) 2.0 $4.9M 402k 12.10
Agic Equity & Conv Income 2.0 $4.7M 287k 16.52
Guggenheim Enhanced Equity Strategy 1.6 $3.8M 223k 16.87
Putnam Municipal Opportunities Trust (PMO) 1.5 $3.6M 278k 12.91
ProShares UltraShort S&P500 1.5 $3.6M 228k 15.59
BlackRock Enhanced Capital and Income (CII) 1.4 $3.5M 271k 12.80
Macquarie Global Infr Total Rtrn Fnd 1.4 $3.4M 194k 17.36
Nuveen Equity Premium Advantage Fund 1.2 $2.9M 244k 12.02
Nuveen Equity Premium and Growth Fund (SPXX) 1.1 $2.7M 212k 12.79
Ellsworth Fund (ECF) 0.9 $2.3M 324k 7.03
LMP Capital and Income Fund (SCD) 0.9 $2.1M 165k 12.85
THE GDL FUND Closed-End fund (GDL) 0.8 $2.0M 170k 11.91
Eaton Vance Tax-Managed Buy-Write Income (ETB) 0.8 $1.8M 137k 13.44
Clough Gbl Opps Fund Sh Ben Int closed-end fund (GLO) 0.7 $1.8M 164k 10.75
SPDR Barclays Capital 1-3 Month T- 0.7 $1.6M 35k 45.81
Eaton Vance Short Duration Diversified I (EVG) 0.6 $1.5M 90k 16.68
MFS Charter Income Trust (MCR) 0.6 $1.5M 149k 9.81
Vanguard Intermediate Tm Cpte Bd ETF (VCIT) 0.4 $971k 11k 85.18
Loews Corporation (L) 0.3 $695k 17k 40.88
Eaton Vance Enhanced Equity Income Fund (EOI) 0.3 $684k 65k 10.60
Western Asset Inflation Mgnt Fnd (IMF) 0.3 $691k 38k 18.16
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 0.3 $655k 92k 7.12
Berkshire Hathaway (BRK.B) 0.2 $567k 6.8k 83.38
Chevron Corporation (CVX) 0.2 $528k 5.0k 105.60
OmniAmerican Ban 0.2 $536k 25k 21.44
Eaton Vance Tax-Managed Global Buy-Write (ETW) 0.2 $491k 47k 10.49
Microsoft Corporation (MSFT) 0.2 $451k 15k 30.58
Utilities SPDR (XLU) 0.2 $421k 11k 36.97
Morgan Stanley Asia Pacific Fund 0.2 $419k 31k 13.70
Intel Corporation (INTC) 0.1 $360k 14k 26.67
Virtus Total Return Fund Cef 0.1 $369k 100k 3.68
Johnson & Johnson (JNJ) 0.1 $346k 5.1k 67.58
NFJ Dividend Interest & Premium Strategy 0.1 $337k 20k 16.77
Pfizer (PFE) 0.1 $305k 13k 23.02
Market Vectors Gold Miners ETF 0.1 $307k 6.9k 44.73
Aberdn Emring Mkts Telecomtions 0.1 $320k 17k 18.82
Merck & Co (MRK) 0.1 $261k 6.3k 41.69
Verizon Communications (VZ) 0.1 $244k 5.5k 44.36
New Germany Fund (GF) 0.1 $230k 17k 13.46
Wal-Mart Stores (WMT) 0.1 $209k 3.0k 69.67
General Electric Company 0.1 $210k 10k 20.88
Spdr Euro Stoxx 50 Etf (FEZ) 0.1 $207k 7.3k 28.20
iShares MSCI Japan Index 0.1 $181k 19k 9.39
Cohen & Steers infrastucture Fund (UTF) 0.1 $184k 11k 17.24
Vanguard Energy ETF (VDE) 0.1 $201k 2.1k 97.38
Redwood Trust (RWT) 0.1 $156k 13k 12.48
Bank of America Corporation (BAC) 0.1 $149k 18k 8.18
Special Opportunities Fd Inc right 07/09/2012 0.1 $134k 133k 1.01
MFA Mortgage Investments 0.1 $126k 16k 7.88
CFS Ban 0.0 $90k 18k 5.00
Supervalu 0.0 $67k 13k 5.15
Intervest Bancshares 0.0 $74k 19k 3.83
Phoenix Companies 0.0 $28k 15k 1.87
Gulf Resources 0.0 $21k 17k 1.21