Relative Value Partners

Relative Value Partners as of Dec. 31, 2010

Portfolio Holdings for Relative Value Partners

Relative Value Partners holds 72 positions in its portfolio as reported in the December 2010 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
iShares S&P 100 Index (OEF) 10.7 $18M 318k 56.67
Vanguard Total Bond Market ETF (BND) 8.2 $14M 172k 80.27
Special Opportunities Fund (SPE) 7.7 $13M 876k 14.75
DWS Dreman Value Income Edge Fund 7.3 $12M 877k 14.08
SunAmerica Focused Alpha Growth Fund 5.6 $9.5M 539k 17.54
Energy Select Sector SPDR (XLE) 5.2 $8.8M 129k 68.25
BlackRock Credit All Inc Trust II 4.1 $6.9M 707k 9.83
Utilities SPDR (XLU) 4.0 $6.8M 216k 31.34
Eaton Vance Tax Managed Diversified Eq. (ETY) 3.8 $6.4M 568k 11.31
TS&W/Claymore Tax-Advantaged Balanced Fu (TYW) 3.6 $6.0M 573k 10.54
Ellsworth Fund (ECF) 3.5 $6.0M 812k 7.35
First Trust/Four Corners SFRI Fund II (FCT) 3.5 $5.9M 426k 13.97
Technology SPDR (XLK) 3.5 $5.8M 232k 25.19
Clough Gbl Opps Fund Sh Ben Int closed-end fund (GLO) 3.3 $5.6M 417k 13.45
Putnam Municipal Opportunities Trust (PMO) 3.2 $5.4M 500k 10.87
ProShares UltraShort Dow30 2.1 $3.6M 175k 20.70
SunAmerica Focused Alpha Large Cap Fund 1.8 $3.1M 197k 15.74
Aberdeen Asia-Pacific Income Fund (FAX) 1.7 $2.9M 426k 6.75
Gabelli Global Deal Fund 1.6 $2.7M 204k 13.37
iShares Lehman 1-3 Year Treas.Bond (SHY) 1.3 $2.2M 26k 83.98
MFS Charter Income Trust (MCR) 1.0 $1.8M 187k 9.42
Eaton Vance Limited Duration Income Fund (EVV) 1.0 $1.8M 110k 16.05
OmniAmerican Ban 0.7 $1.3M 92k 13.55
Eaton Vance Short Duration Diversified I (EVG) 0.7 $1.2M 73k 16.88
Morgan Stanley Asia Pacific Fund 0.7 $1.2M 68k 16.99
Berkshire Hathaway (BRK.B) 0.7 $1.1M 14k 80.14
Cohen & Steers infrastucture Fund (UTF) 0.6 $1.1M 66k 16.42
Claymore Dividend and Income Fund 0.6 $967k 64k 15.02
Loews Corporation (L) 0.5 $864k 22k 38.92
Chevron Corporation (CVX) 0.5 $827k 9.1k 91.21
Bancroft Fund (BCV) 0.4 $716k 42k 16.91
iShares Lehman Aggregate Bond (AGG) 0.4 $650k 6.1k 105.78
Microsoft Corporation (MSFT) 0.4 $641k 23k 27.93
BlackRock Strategic Div Achievers Trust (BDT) 0.3 $488k 46k 10.68
Pfizer (PFE) 0.3 $432k 25k 17.52
Intel Corporation (INTC) 0.2 $418k 20k 21.02
Bank of America Corporation (BAC) 0.2 $390k 29k 13.32
Johnson & Johnson (JNJ) 0.2 $383k 6.2k 61.77
Taiwan Greater China Fund 0.2 $375k 49k 7.61
Nuveen Mortgage opportunity trm fd2 0.2 $361k 15k 24.39
BP (BP) 0.2 $331k 7.5k 44.13
Nuveen Insured Premium Incm. Mun. Fnd II 0.2 $336k 28k 11.90
Cisco Systems (CSCO) 0.2 $324k 16k 20.25
United States Oil Fund 0.2 $312k 8.0k 39.00
H&Q Healthcare Investors 0.2 $301k 23k 13.39
Abbott Laboratories (ABT) 0.2 $279k 5.8k 47.94
Citi 0.2 $287k 61k 4.72
Anheuser-Busch InBev NV (BUD) 0.2 $285k 5.0k 57.00
Wesco Financial Corporation 0.1 $239k 650.00 367.69
Petroleo Brasileiro SA (PBR) 0.1 $227k 6.0k 37.83
JPMorgan Chase & Co. (JPM) 0.1 $212k 5.0k 42.40
MasterCard Incorporated (MA) 0.1 $224k 1.0k 224.00
Western Union Company (WU) 0.1 $223k 12k 18.58
3M Company (MMM) 0.1 $216k 2.5k 86.40
Transocean (RIG) 0.1 $215k 3.1k 69.58
Procter & Gamble Company (PG) 0.1 $225k 3.5k 64.29
Weyerhaeuser Company (WY) 0.1 $227k 12k 18.92
Pos (PKX) 0.1 $215k 2.0k 107.50
Macquarie Global Infr Total Rtrn Fnd 0.1 $224k 13k 17.28
Teva Pharmaceutical Industries (TEVA) 0.1 $209k 4.0k 52.25
SYSCO Corporation (SYY) 0.1 $206k 7.0k 29.43
Lockheed Martin Corporation (LMT) 0.1 $210k 3.0k 70.00
Hewlett-Packard Company 0.1 $209k 5.0k 42.11
UnitedHealth (UNH) 0.1 $202k 5.6k 36.07
New Germany Fund (GF) 0.1 $203k 13k 15.70
Redwood Trust (RWT) 0.1 $166k 11k 14.91
Cohen & Steers Quality Income Realty (RQI) 0.1 $168k 19k 8.66
Calamos Convertible & Hi Income Fund (CHY) 0.1 $148k 12k 12.62
Qwest Communications International 0.1 $129k 17k 7.63
Nuveen Premium Income Muni Fund 2 0.1 $132k 10k 13.20
Adams Express Company (ADX) 0.1 $124k 12k 10.72
MFS Investment Grade Municipal Trust (CXH) 0.1 $99k 11k 8.80