Relative Value Partners

Relative Value Partners as of Sept. 30, 2012

Portfolio Holdings for Relative Value Partners

Relative Value Partners holds 68 positions in its portfolio as reported in the September 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
iShares S&P 100 Index (OEF) 20.0 $48M 718k 66.46
Vanguard Total Bond Market ETF (BND) 10.6 $25M 297k 85.15
ProShares UltraShort S&P500 6.3 $15M 278k 54.52
Powershares Senior Loan Portfo mf 4.8 $11M 457k 24.95
Zweig Fund 4.7 $11M 887k 12.66
iShares IBoxx $ Invest Grade Corp Bd (LQD) 4.4 $10M 86k 121.77
Energy Select Sector SPDR (XLE) 3.6 $8.5M 116k 73.44
BlackRock Credit All Inc Trust II 3.5 $8.4M 727k 11.54
Ishares Inc msci glb gold 3.4 $8.2M 360k 22.73
Technology SPDR (XLK) 3.3 $7.8M 253k 30.82
SPDR Barclays Capital High Yield B 3.0 $7.1M 177k 40.21
Alerian Mlp Etf 2.9 $6.8M 410k 16.57
Nuveen Equity Premium Opportunity Fund 2.7 $6.4M 504k 12.62
iShares Lehman Short Treasury Bond (SHV) 2.5 $6.0M 54k 110.22
MFS Multimarket Income Trust (MMT) 2.4 $5.7M 784k 7.31
Nuveen Equity Premium Income Fund (BXMX) 2.1 $5.1M 402k 12.58
Agic Equity & Conv Income 2.1 $5.0M 285k 17.48
Guggenheim Enhanced Equity Strategy 1.7 $4.1M 235k 17.47
Macquarie Global Infr Total Rtrn Fnd 1.7 $3.9M 206k 19.15
BlackRock Enhanced Capital and Income (CII) 1.5 $3.5M 267k 13.07
Nuveen Equity Premium Advantage Fund 1.3 $3.2M 250k 12.66
Nuveen Equity Premium and Growth Fund (SPXX) 1.2 $2.9M 213k 13.60
Western Asset Inflation Mgnt Fnd (IMF) 1.2 $2.8M 145k 19.02
Ellsworth Fund (ECF) 1.0 $2.4M 324k 7.35
Clough Gbl Opps Fund Sh Ben Int closed-end fund (GLO) 0.8 $1.9M 160k 11.70
SPDR Barclays Capital 1-3 Month T- 0.5 $1.2M 26k 45.82
Liberty All-Star Growth Fund (ASG) 0.4 $1.0M 242k 4.23
Vanguard Intermediate Tm Cpte Bd ETF (VCIT) 0.4 $999k 11k 87.63
Blackrock Res & Commodities Strategy Tr (BCX) 0.4 $862k 59k 14.56
THE GDL FUND Closed-End fund (GDL) 0.3 $802k 68k 11.81
Blackrock Credit All Inc Trust III 0.3 $754k 62k 12.11
Loews Corporation (L) 0.3 $710k 17k 41.28
Eaton Vance Enhanced Equity Income Fund (EOI) 0.3 $681k 61k 11.09
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 0.3 $664k 91k 7.28
Berkshire Hathaway (BRK.B) 0.2 $600k 6.8k 88.24
Putnam Municipal Opportunities Trust (PMO) 0.2 $602k 46k 13.23
OmniAmerican Ban 0.2 $546k 24k 22.75
Eaton Vance Tax-Managed Global Buy-Write (ETW) 0.2 $540k 49k 11.10
Chevron Corporation (CVX) 0.2 $466k 4.0k 116.50
Eaton Vance Short Duration Diversified I (EVG) 0.2 $483k 27k 17.62
Microsoft Corporation (MSFT) 0.2 $446k 15k 29.73
Morgan Stanley Asia Pacific Fund 0.2 $418k 30k 13.99
Virtus Total Return Fund Cef 0.2 $396k 101k 3.92
Utilities SPDR (XLU) 0.2 $391k 11k 36.35
Johnson & Johnson (JNJ) 0.1 $353k 5.1k 68.95
Intel Corporation (INTC) 0.1 $349k 15k 22.64
Market Vectors Gold Miners ETF 0.1 $369k 6.9k 53.76
NFJ Dividend Interest & Premium Strategy 0.1 $350k 21k 16.83
Pfizer (PFE) 0.1 $319k 13k 24.82
Merck & Co (MRK) 0.1 $282k 6.3k 45.05
Verizon Communications (VZ) 0.1 $251k 5.5k 45.64
Citigroup (C) 0.1 $263k 8.0k 32.78
General Electric Company 0.1 $228k 10k 22.67
New Germany Fund (GF) 0.1 $229k 16k 14.58
JPMorgan Chase & Co. (JPM) 0.1 $223k 5.5k 40.55
Spdr Euro Stoxx 50 Etf (FEZ) 0.1 $226k 7.3k 31.04
Vanguard Energy ETF (VDE) 0.1 $221k 2.1k 107.07
Vanguard Emerging Markets ETF (VWO) 0.1 $202k 4.8k 41.73
Cohen & Steers infrastucture Fund (UTF) 0.1 $185k 10k 18.24
Bank of America Corporation (BAC) 0.1 $161k 18k 8.83
iShares MSCI Japan Index 0.1 $177k 19k 9.18
MFS Charter Income Trust (MCR) 0.1 $170k 17k 10.13
Redwood Trust (RWT) 0.1 $145k 10k 14.50
CFS Ban 0.1 $112k 21k 5.46
Intervest Bancshares 0.0 $78k 21k 3.79
Supervalu 0.0 $31k 13k 2.38
Gulf Resources 0.0 $19k 17k 1.10
ZBB Energy Corporation (ZBB) 0.0 $3.0k 11k 0.27