13F-HR 1 rvp13f4q12.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: DECEMBER 31, 2012 Check here if Amendment []; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: RELATIVE VALUE PARTNERS, LLC ----------------------------------------------------- Address: 1033 SKOKIE BLVD., SUITE 470, NORTHBROOK, IL 60062 ----------------------------------------------------- Form 13F File Number: 028-12229 --------- The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: MAURY FERTIG ------------------------- Title: MANAGING MEMBER ------------------------- Phone: 847-513-6300 ------------------------- Signature, Place, and Date of Signing: /s/ MAURY FERTIG NORTHBROOK, IL 2/14/2012 --------------------- -------------- ---------- [Signature] [City, State] [Date] Report Type (Check only one): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: NONE Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 ------------ Form 13F Information Table Entry Total: 83 ------------ Form 13F Information Table Value Total: 542,242 ------------ (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. NONE

FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x $1000) RN AMT PRN CALL DSCRETN MANAGERS SOLE --------------------------- --------------- --------- --------- ------- --- ---- ------- -------- ---------------- AGIC ~~EQUITY~~Equity & ~~CONV~~Conv ~~INCOME~~Income FD COM 00119P102 ~~4977~~4553 ~~284730~~273593 SH SOLE NONE ~~284730~~273593 ALEXCO RESOURCE CORP COM 01535P106 55 15500 SH SOLE NONE 15500 ALLIANCEBERNSTEIN INCOME FD COM 01881E101 ~~29032~~34802 ~~3360193~~4296564 SH SOLE NONE ~~3360193~~4296564 ALPS ETF TR ALERIAN MLP 00162Q866 ~~6788~~13317 ~~409645~~834930 SH SOLE NONE ~~409645~~834930 BANK OF AMERICA CORP COM 060505104 ~~161~~212 18226 SH SOLE NONE 18226 ~~BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 600 6800 SH SOLE NONE 6800~~ BLACKROCK ~~CREDIT~~ENH ~~ALL~~CAP & INC TRFD COM ~~092508100~~09256A109 ~~23203~~3305 ~~1636333~~266095 SH SOLE NONE ~~1636333~~266095 BLACKROCK ~~CREDIT~~ENHANCED ~~ALL~~EQT ~~INC~~DIVID TR COM ~~09255H105~~09251A104 ~~8388~~17209 ~~726836~~2396759 SH SOLE NONE ~~726836~~2396759 BLACKROCK ~~CREDIT~~GLOBAL ~~ALL~~OP INEQTY TR COM ~~SHS~~092501105 ~~09249V103~~9057 ~~754~~686138 ~~62270~~ SH SOLE NONE ~~62270~~686138 BLACKROCK ~~ENH~~INTL ~~CAP~~GROWTH & INC FD COM ~~09256A109~~BENE ~~3495~~INTER ~~267410~~092524107 SH670 ~~SOLE~~91148 ~~NONE 267410 BLACKROCK ENHANCED EQT DIV COM 09251A104 8153 1078502~~ SH SOLE NONE ~~1078502~~91148 BLACKROCK ~~INTL~~CREDIT ~~GRWTH~~ALL & INC TR COM ~~BENE~~092508100 ~~INTER~~39727 ~~092524107~~2893474 ~~664 91148~~ SH SOLE NONE ~~91148~~2893474 ~~BLACKROCK~~CALAMOS ~~RES~~CONV & ~~COMM~~HIGH ~~STRAT~~INCOME COM SHS ~~09257A108~~12811P108 ~~862~~243 ~~59218~~20000 SH SOLE NONE ~~59218~~20000 CFS BANCORP INC COM 12525D102 ~~112~~129 20510 SH SOLE NONE 20510 CHEVRON CORP NEW COM 166764100 ~~466~~433 4000 SH SOLE NONE 4000 CITIGROUP INC COM NEW 172967424 ~~263~~317 8024 SH SOLE NONE 8024 CLOUGH GLOBAL ~~OPPORTUNITIES~~OPPS FD SH BEN INT 18914E106 ~~1870~~1795 ~~159840~~152885 SH SOLE NONE ~~159840~~152885 COHEN & STEERS INFRASTRUCTUR COM 19248A109 ~~185~~189 ~~10141~~10095 SH SOLE NONE ~~10141~~10095 EATON VANCE ~~ENHAN~~ENHANCED ~~EQTY~~EQ ~~INCOME~~INC COM 278274105 ~~681~~662 ~~61420~~62090 SH SOLE NONE ~~61420~~62090 EATON VANCE RISK MNGD DIV EQ COM 27829G106 ~~23637~~26004 ~~2244716~~2493224 SH SOLE NONE ~~2244716~~2493224 EATON VANCE SH TM DR DIVR IN COM 27828V104 ~~483~~634 ~~27415~~36634 SH SOLE NONE ~~27415~~36634 EATON VANCE ~~TAX~~TX MGD DIV EQ IN COM 27828N102 ~~31495~~35385 ~~3311779~~3776454 SH SOLE NONE ~~3311779~~3776454 EATON VANCE ~~TAX~~TX ~~MNGD~~MNG ~~GLB~~BY ~~EQTY~~WRT OP COM ~~27829F108~~27828Y108 ~~15678~~17928 ~~1779584~~1434256 SH SOLE NONE ~~1779584~~1434256 EATON VANCE TXTXMGD ~~MNG~~GL BYBUYWR ~~WRT OP~~ COM ~~27828Y108~~27829C105 ~~16835~~516 ~~1294021~~48260 SH SOLE NONE ~~1294021~~48260 EATON VANCE ~~TXMGD~~TAX GLMNGD ~~BUYWR~~GBL ODV COM ~~27829C105~~27829F108 ~~540~~15904 ~~48627~~1805187 SH SOLE NONE ~~48627~~1805187 ELLSWORTH FUND LTD COM 289074106 ~~2380~~2248 ~~323863~~314816 SH SOLE NONE ~~323863~~314816 GDL FUND COM SH BEN IT 361570104 ~~802~~314 ~~67906~~27485 SH SOLE NONE ~~173966~~27485 GENERAL ELECTRIC CO COM 369604103 ~~228~~201 ~~10059~~9559 SH SOLE NONE 10059 GUGGENHEIM ENHANCED EQUITY COM 40167K100 ~~4112~~4335 ~~235354~~260177 SH SOLE NONE ~~235354~~260177 GULF RESOURCES INC COM PAR $0.0005 40251W309 1918 ~~17300~~15400 SH SOLE NONE ~~17300~~15400 INTEL CORP COM 458140100 ~~349~~481 ~~15418~~23308 SH SOLE NONE ~~15418~~23308 INTERVEST BANCSHARES CORP COM 460927106 7882 ~~20600~~21100 SH SOLE NONE ~~20600~~21100 ISHARES ~~MSCI~~TR ~~GLB~~BARCLYS ~~GOLD~~7-10 ~~464286335~~YR ~~8171~~464287440 ~~359495~~7986 74299 SH SOLE NONE ~~359495~~74299 ISHARES ~~S&P~~TR ~~100~~IBOXX ~~IDX~~INV FDCPBD ~~464287101~~464287242 ~~47729~~407 ~~718167~~3368 SH SOLE NONE ~~718167~~3368 ISHARES ~~BARCLYS~~TR MSCI GLB GOLD 464286335 6834 354238 SH ~~TREA~~SOLE ~~464288679~~NONE ~~5996~~354238 ~~54399~~ISHARES TR MSCI JAPAN 464286848 190 19484 SH SOLE NONE ~~54399~~19484 ISHARES ~~IBOXX~~TR ~~INV~~BARCLYS ~~CPBD~~SH ~~464287242~~TREA ~~10413~~464288679 ~~85512~~4238 38439 SH SOLE NONE ~~85512~~38439 ISHARES ~~MSCI~~TR ~~JAPAN~~S&P ~~464286848~~100 ~~177~~IDX ~~19283~~FD 464287101 44781 692234 SH SOLE NONE ~~19283~~692234 JOHNSON & JOHNSON COM 478160104 ~~353~~359 5120 SH SOLE NONE 5120 JPMORGAN CHASE & CO COM 46625H100 ~~223~~242 5500 SH SOLE NONE 5500 LIBERTY ALL STAR EQUITY ~~FUND~~FD SH BEN INT 530158104 ~~21595~~20214 ~~4471055~~4237676 SH SOLE NONE ~~4471055~~4237676 LIBERTY ALL-STAR GROWTH FD COM 529900102 ~~1022~~302 ~~241631~~74409 SH SOLE NONE ~~241631~~74409 LOEWS CORP COM 540424108 ~~710~~701 17200 SH SOLE NONE 17200 MACQUARIE GLBL INFRA TOTL RTRE COM 55608D101 ~~3945~~2259 ~~205988~~118450 SH SOLE NONE ~~205988~~118450 MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 ~~369~~308 ~~6864~~6650 SH SOLE NONE ~~6864~~6650 MERCK & CO. INC NEW COM 58933Y105 ~~282~~266 ~~6260~~6500 SH SOLE NONE ~~6260~~6500 MFS CHARTER INCOME TR SH BEN INT 552727109 ~~170~~198 ~~16781~~19564 SH SOLE NONE ~~16781~~19564 MFS MULTIMARKET INCOME TR SH BEN INT 552737108 ~~5728~~7436 ~~783541~~1021456 SH SOLE NONE ~~783541~~1021456 MICROSOFT CORP COM 594918104 ~~446~~401 15000 SH SOLE NONE 15000 MORGAN STANLEY ASIA PAC FD COM 61744U106 ~~418~~386 ~~29889~~25778 SH SOLE NONE ~~29889~~25778 NEW GERMANY ~~FUND~~FD INC COM 644465106 ~~229~~245 15710 SH SOLE NONE 15710 NFJ DIVID INT & PREM STRTGY COM SHS 65337H109 ~~350~~2359 ~~20800~~151204 SH SOLE NONE ~~20800~~151204 NUVEEN ~~CREDIT~~EQUITY ~~STRATEGIES~~PREM ~~INCM~~ADV FD COM ~~SHS~~6706ET107 ~~67073D102~~3399 ~~29827~~285630 ~~3068590~~SH SOLE NONE 285630 NUVEEN EQUITY PREM & GROWTH COM 6706EW100 3208 248101 SH SOLE NONE ~~3068590~~248101 NUVEEN EQTY PRM ~~OPPORTUNITY~~OPPORTUNITYF COM 6706EM102 ~~6359~~6072 ~~503888~~503062 SH SOLE NONE ~~503888~~503062 NUVEEN EQUITY PREM &INCOME ~~GROWTH~~FD COM ~~6706EW100~~6706ER101 ~~2898~~5202 ~~213086~~439757 SH SOLE NONE ~~213086~~439757 NUVEEN ~~EQUITY~~DIVER ~~PREM~~CURRENCY ~~ADV~~OPPOR COM 67090N109 261 20265 SH SOLE NONE 20265 NUVEEN PFD & CONV INCOME FD 2 COM ~~6706ET107~~SHS ~~3170~~67073D102 ~~250425~~20444 2118527 SH SOLE NONE ~~250425~~2118527 NUVEEN ~~EQUITY~~PFD ~~PREM~~ INCOME OPPRTNY FD COM ~~6706ER101~~67073B106 ~~5058~~143 ~~402093~~14725 SH SOLE NONE ~~402093~~14725 OMNIAMERICAN BANCORP INC COM 68216R107 ~~546~~526 ~~24000~~22750 SH SOLE NONE ~~24000~~14725 PFIZER INC COM 717081103 ~~319~~322 12850 SH SOLE NONE 12850 POLONIA BACORP INC MD COM 73158Q109 470 58366 SH SOLE NONE 58366 POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 ~~11399~~13875 ~~456883~~555425 SH SOLE NONE ~~456883~~555425 PROSHARES TR PSHS ULSHT SP500 ~~74347R883~~74347B300 ~~15140~~4226 ~~277699~~78103 SH SOLE NONE ~~277699~~78103 PUTNAM MUN OPPORTUNITIES TR SH BEN INT 746922103 ~~602~~531 ~~45500~~41000 SH SOLE NONE ~~45500~~41000 ~~REDWOOD TRUST INC COM 758075402 145 10001 SH SOLE NONE 10001~~ ROYCE VALUE ~~TRUST~~TR INC COM 780910105 ~~24049~~26318 ~~1839998~~1961093 SH SOLE NONE ~~1839998~~1961093 SELECT SECTOR SPDR TR SBI INT-~~ENERGY~~UTILS ~~81369Y506~~81369Y886 ~~8519~~349 ~~116005~~10000 SH SOLE NONE ~~116005~~10000 ~~SELECT~~SONDE ~~SECTOR~~RES ~~SPDR~~CORP TRCOM ~~TECHNOLOGY~~835426107 ~~81369Y803~~30 ~~7801~~18100 ~~253083~~ SH SOLE NONE ~~253083~~18100 ~~SELECT SECTOR~~ SPDR ~~TR SBI INT-UTILS 81369Y886 391 10758 SH SOLE NONE 10758 SPDR~~ INDEX SHS FDS EURO STOXX 50 78463X202 ~~226~~252 7280 SH SOLE NONE 7280 SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 ~~1209~~1007 ~~26388~~21978 SH SOLE NONE ~~26388~~21978 ~~SPDR~~SPECIAL ~~SERIES~~OPPORTUNITIES ~~TRUST~~FD ~~BRCLYS~~INC ~~YLD~~COM ~~ETF~~84741T104 ~~78464A417~~19466 ~~7097~~1296864 ~~176501~~ SH SOLE NONE ~~176501~~1296864 ~~SPECIAL~~SUPERVALU ~~OPPORTUNITIES~~INC ~~FUND~~ COM ~~84741T104~~868536103 ~~20453~~32 ~~1306058~~13000 SH SOLE NONE ~~1306058~~13000 ~~SUPERVALU~~SELECT ~~INC~~SECTOR ~~COM~~SPDR ~~868536103~~TR 31TECHNOLOGY ~~13000~~81369Y803 251 8714 SH SOLE NONE ~~13000~~8714 TRI~~-CONTINENTAL~~ CONTL CORP COM 895436103 ~~23153~~25010 ~~1427446~~1558276 SH SOLE NONE ~~1427446~~1558276 VANGUARD BDWORLD ~~INDEX~~FDS FDENERGY ~~INC~~ETF ~~TOTAL~~92204A306 ~~BND~~211 ~~MRKT~~2064 ~~921937835~~SH ~~25304~~SOLE ~~297172~~NONE 2064 VANGUARD WORLD FDS INF TECH ETF 92204A702 6875 99481 SH SOLE NONE ~~297172~~99481 VANGUARD SCOTTSDALE FDS INT-TERM CORP 92206C870 999 11400 SH SOLE NONE 11400 VANGUARD INTL EQUITY INDEX MSCI EMR MKT ETF 922042858 ~~202~~216 4841 SH SOLE NONE 4841 VANGUARD ~~SCOTTSDALE~~BD ~~FDS~~INDEX ~~INT-TERM~~FD ~~CORP~~INC ~~92206C870~~TOTAL ~~999~~BND ~~11400~~MRKT 921937835 24785 294949 SH SOLE NONE ~~11400~~294949 VANGUARD ~~WORLD~~INDEX FDS ~~ENERGY~~TOTAL ~~ETF~~STK ~~92204A306~~MKT ~~221~~922908769 ~~2064~~8414 114823 SH SOLE NONE ~~2064~~114823 VERIZON COMMUNICATIONS INC COM 92343V104 ~~251~~238 5500 SH SOLE NONE 5500 VIRTUS TOTAL RETURN FD COM 92829A103 ~~396~~391 101012 SH SOLE NONE 101012 WESTERN ASSET ~~INFLN~~INFL MGMT FD COM 95766U107 ~~2766~~5980 ~~145446~~318274 SH SOLE NONE ~~145446~~318274 ~~ZBB ENERGY CORP COM 98876R204 3 11100 SH SOLE NONE 11100~~ ZWEIG ~~FUND~~FD ~~INC~~ COM NEW 989834205 ~~11225~~10619 ~~886613~~873311 SH SOLE NONE ~~886613~~873311 ZWEIG TOTAL RETURN ~~FUND~~FD INC COM NEW 989837208 ~~12966~~21283 ~~1024145~~1728922 SH SOLE NONE ~~1024145~~1728922

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