# EDGAR Filing Document

**Accession Number:** 0001649910
**File Stem:** 0001649910-23-000007
**Filing Date:** 2023-2
**Character Count:** 30068
**Document Hash:** 501a5e19231f0f86fff4b518476c9da7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001649910-23-000007.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001649910-23-000007

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Relative Value Partners Group, LLC
- **CENTRAL INDEX KEY:** 0001649910
- **IRS NUMBER:** 474067697

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16978
- **FILM NUMBER:** 23615113

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 847-513-6300

**MAIL ADDRESS:**
- **STREET 1:** 1033 SKOKIE BLVD.
- **STREET 2:** SUITE 470
- **CITY:** NORTHBROOK
- **STATE:** IL
- **ZIP:** 60062

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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 Group LLC<br>**Address:** 1033 SKOKIE BLVD.<br>SUITE 470<br>NORTHBROOK, IL 60062

**Form 13F File Number:** 028-16978

**CRD Number (if applicable):** 000281067

**SEC File Number (if applicable):** 801-106503

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<br>**Title:** MANAGING MEMBER<br>**Phone:** 847-513-6300

**Signature, Place, and Date of Signing:**

/s/ MAURY FERTIG  NORTHBROOK, IL  02-13-2023<br>[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 are reported 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).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 259

**Form 13F Information Table Value Total:** $1419385479

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBOTT LABS | COM | 002824100 |  | 1099300 | 10013 | SH |  | SOLE |  | 10013 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 1761739 | 10901 | SH |  | SOLE |  | 10901 | 0 | 0 |
| ABERDEEN EMRG MRKTS EQT INM | COM | 00301W105 |  | 3100005 | 601943 | SH |  | SOLE |  | 601943 | 0 | 0 |
| ABERDEEN GLOBAL DYNAMIC DIV | COM | 00302M106 |  | 183897 | 19439 | SH |  | SOLE |  | 19439 | 0 | 0 |
| ABERDEEN JAPAN EQUITY FD INC | COM | 00306J109 |  | 146239 | 27697 | SH |  | SOLE |  | 27697 | 0 | 0 |
| ABSOLUTE SOFTWARE | COM | 00386B109 |  | 106944 | 10244 | SH |  | SOLE |  | 10244 | 0 | 0 |
| AEGON N V | NY REGISTRY SHS | 007924103 |  | 55440 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| AFFILIATED MANAGERS GROUP | COM | 008252108 |  | 402412 | 2540 | SH |  | SOLE |  | 2540 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 644138 | 66875 | SH |  | SOLE |  | 66875 | 0 | 0 |
| ALPINE TOTAL DYNAMIC DIVD | COM SH BEN INT | 00326L100 |  | 1450572 | 185971 | SH |  | SOLE |  | 185971 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 630672 | 7508 | SH |  | SOLE |  | 7508 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 3189500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 2598387 | 19998 | SH |  | SOLE |  | 19998 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 694694 | 37612 | SH |  | SOLE |  | 37612 | 0 | 0 |
| ARES COML REAL ESTATE CORP | COM | 04013V108 |  | 3667489 | 356413 | SH |  | SOLE |  | 356413 | 0 | 0 |
| AUTOMATIC DATA PROCESSING | COM | 053015103 |  | 799464 | 3347 | SH |  | SOLE |  | 3347 | 0 | 0 |
| AMERICAN CENTY ETF TR | US SML CP VALU | 025072877 |  | 18294073 | 245525 | SH |  | SOLE |  | 245525 | 0 | 0 |
| BK OF AMERICA CORP | COM | 060505104 |  | 947089 | 28596 | SH |  | SOLE |  | 28596 | 0 | 0 |
| BARCLAYS BANK PLC | IPATH SELCT MLP | 06742C723 |  | 462014 | 24629 | SH |  | SOLE |  | 24629 | 0 | 0 |
| BARINGS BDC INC | COM | 06759L103 |  | 11916833 | 1462188 | SH |  | SOLE |  | 1462188 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1138297 | 3685 | SH |  | SOLE |  | 3685 | 0 | 0 |
| BLACKROCK CAP ALLOCATION TR | COM | 09260U109 |  | 6904745 | 497819 | SH |  | SOLE |  | 497819 | 0 | 0 |
| BLACKROCK CREDIT ALLOC TR | COM | 092508100 |  | 195201 | 19327 | SH |  | SOLE |  | 19327 | 0 | 0 |
| BLACKROCK ESG CAP ALLC TR | SHS BEN INT | 09262F100 |  | 6581844 | 490085 | SH |  | SOLE |  | 490085 | 0 | 0 |
| BLACKROCK FLOAT RATE INCM | COM | 09255X100 |  | 15669625 | 1391619 | SH |  | SOLE |  | 1391619 | 0 | 0 |
| BLACKROCK FLOATING RATE INC | COM | 091941104 |  | 1372096 | 125420 | SH |  | SOLE |  | 125420 | 0 | 0 |
| BLACKROCK INCOME TR INC | COM NEW | 09247F209 |  | 2635405 | 213566 | SH |  | SOLE |  | 213566 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 300618 | 4052 | SH |  | SOLE |  | 4052 | 0 | 0 |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 |  | 859121 | 40582 | SH |  | SOLE |  | 40582 | 0 | 0 |
| BLACKSTONE SENIOR FLOATNG RTE | COM | 09256U105 |  | 377443 | 30365 | SH |  | SOLE |  | 30365 | 0 | 0 |
| BLUE FOUNDRY BANCORP | COM | 09549B104 |  | 294265 | 22900 | SH |  | SOLE |  | 22900 | 0 | 0 |
| BRIGHTSPIRE CAPITAL INC | COM CL A | 10949T109 |  | 4204050 | 674807 | SH |  | SOLE |  | 674807 | 0 | 0 |
| BRT APARTMENTS CORP | COM | 055645303 |  | 3810882 | 194037 | SH |  | SOLE |  | 194037 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1622051 | 9037 | SH |  | SOLE |  | 9037 | 0 | 0 |
| CHIPOLTE MEXICAN GRILL INC | COM | 169656105 |  | 3085778 | 2224 | SH |  | SOLE |  | 2224 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 463401 | 9727 | SH |  | SOLE |  | 9727 | 0 | 0 |
| CITIGROUP INC | COM | 172967424 |  | 2223559 | 49161 | SH |  | SOLE |  | 49161 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 3930780 | 61795 | SH |  | SOLE |  | 61795 | 0 | 0 |
| COHEN  STEERS TAX ADVAN PFD | COM | 19249X108 |  | 968246 | 54796 | SH |  | SOLE |  | 54796 | 0 | 0 |
| CONOCO PHILLIPS | COM | 20825C104 |  | 358602 | 3039 | SH |  | SOLE |  | 3039 | 0 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 202438 | 3444 | SH |  | SOLE |  | 3444 | 0 | 0 |
| CRESCENT CAP BDC INC | COM | 225655109 |  | 5593453 | 437672 | SH |  | SOLE |  | 437672 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 348103 | 1312 | SH |  | SOLE |  | 1312 | 0 | 0 |
| DIMENSIONAL ETF TRUST | CORE FIXED INCOM | 25434V872 |  | 2011016 | 48435 | SH |  | SOLE |  | 48435 | 0 | 0 |
| DIMENSIONAL ETF TRUST | EMGR CRE EQT MNG | 25434V302 |  | 479802 | 21859 | SH |  | SOLE |  | 21859 | 0 | 0 |
| DIMENSIONAL ETF TRUST | INTERNATNAL VAL | 25434V807 |  | 22139140 | 728261 | SH |  | SOLE |  | 728261 | 0 | 0 |
| DIMENSIONAL ETF TRUST | NATL MUN BD ETF | 25434V849 |  | 5524122 | 115543 | SH |  | SOLE |  | 115543 | 0 | 0 |
| DIMENSIONAL ETF TRUST | US SMALL CAP ETF | 25434V500 |  | 948033 | 18534 | SH |  | SOLE |  | 18534 | 0 | 0 |
| DIMENSIONAL US SMALL CAP VALUE | US SMALL CAP VAL | 25434V815 |  | 2461046 | 99356 | SH |  | SOLE |  | 99356 | 0 | 0 |
| DOUBLELINE YIELD OPPORTUNITI | COM | 25862D105 |  | 1131530 | 86245 | SH |  | SOLE |  | 86245 | 0 | 0 |
| DTF TAX-FREE INCOME 2028 TER | COM | 23334J107 |  | 213291 | 19550 | SH |  | SOLE |  | 19550 | 0 | 0 |
| EASTERN BANKSHARES INC | COM | 27627N105 |  | 3553500 | 206000 | SH |  | SOLE |  | 206000 | 0 | 0 |
| EATON VANCE ENHANCED EQTY INCM | COM | 278274105 |  | 446258 | 29890 | SH |  | SOLE |  | 29890 | 0 | 0 |
| EATON VANCE MUN BD FD | COM | 27827X101 |  | 2816240 | 271053 | SH |  | SOLE |  | 271053 | 0 | 0 |
| EATON VANCE TX MGD DIV EQ IN | COM | 27828N102 |  | 108600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| ELLSWORTH GROWTH  INCOME FD | COM | 289074106 |  | 274855 | 34443 | SH |  | SOLE |  | 34443 | 0 | 0 |
| EQUITY COMWLTH | COM SH BEN INT | 294628102 |  | 4737327 | 189721 | SH |  | SOLE |  | 189721 | 0 | 0 |
| EUROPEAN EQUITY FD INC | COM | 298768102 |  | 166460 | 22195 | SH |  | SOLE |  | 22195 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1722388 | 15615 | SH |  | SOLE |  | 15615 | 0 | 0 |
| FIRST TR DYNAMIC EUROPE EQUI | COM SHS | 33740D107 |  | 738380 | 65459 | SH |  | SOLE |  | 65459 | 0 | 0 |
| FIRST TR EXCHANGE-TRADED FD | NO AMER ENERGY | 33738D101 |  | 3143007 | 117760 | SH |  | SOLE |  | 117760 | 0 | 0 |
| FIRST TR HIGH YIELD OPPRT | COM | 33741Q107 |  | 3076257 | 228209 | SH |  | SOLE |  | 228209 | 0 | 0 |
| FIRST TR SR FLTG RATE INCOME | COM | 33733U108 |  | 2679719 | 281188 | SH |  | SOLE |  | 281188 | 0 | 0 |
| FIRST TR INTER DURATN PFD | COM | 33718W103 |  | 1172549 | 69505 | SH |  | SOLE |  | 69505 | 0 | 0 |
| FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 33739E108 |  | 851153 | 50664 | SH |  | SOLE |  | 50664 | 0 | 0 |
| FLAHERTY  CRUMRINE TOTAL RE | COM | 338479108 |  | 265651 | 16824 | SH |  | SOLE |  | 16824 | 0 | 0 |
| FMC CORP | COM NEW | 302491303 |  | 611871 | 4903 | SH |  | SOLE |  | 4903 | 0 | 0 |
| FOCUS FINL PARTNERS INC | COM CL A | 34417P100 |  | 6062897 | 162675 | SH |  | SOLE |  | 162675 | 0 | 0 |
| GDL FD | COM SH BEN IT | 361570104 |  | 8287251 | 1057047 | SH |  | SOLE |  | 1057047 | 0 | 0 |
| GENERAL MOTORS CORP | COM | 37045V100 |  | 533530 | 15860 | SH |  | SOLE |  | 15860 | 0 | 0 |
| GENWORTH FINL INC | COM CL A | 37247D106 |  | 63480 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| GLOBAL X FDS | NASDAQ 100 COVER | 37954Y483 |  | 1870373 | 117560 | SH |  | SOLE |  | 117560 | 0 | 0 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 5174654 | 393211 | SH |  | SOLE |  | 393211 | 0 | 0 |
| GRANITE PT MTG TR INC | COM | 38741L107 |  | 3854657 | 719152 | SH |  | SOLE |  | 719152 | 0 | 0 |
| GUGGENHEIM ACTIVE ALLOC FD | COMMON STOCK | 40170T106 |  | 3581510 | 266283 | SH |  | SOLE |  | 266283 | 0 | 0 |
| HARTFORD FINL SVCS GROUP INC | COM | 416515104 |  | 443606 | 5850 | SH |  | SOLE |  | 5850 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 448837 | 1421 | SH |  | SOLE |  | 1421 | 0 | 0 |
| INDEPENDENT BANK GROUP INC | COM | 45384B106 |  | 266052 | 4428 | SH |  | SOLE |  | 4428 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 601676 | 22785 | SH |  | SOLE |  | 22785 | 0 | 0 |
| INTERNATIONAL BUSINESS MACH | COM | 459200101 |  | 794746 | 5641 | SH |  | SOLE |  | 5641 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | FTSE RAFI DEV | 46138E743 |  | 1252031 | 30140 | SH |  | SOLE |  | 30140 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | FTSE RAFI EMNG | 46138E727 |  | 1898028 | 107720 | SH |  | SOLE |  | 107720 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD | FTSE RAFI 1000 | 46137V613 |  | 45272135 | 291796 | SH |  | SOLE |  | 291796 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD | S PUR VAL | 46137V258 |  | 918626 | 11780 | SH |  | SOLE |  | 11780 | 0 | 0 |
| ISHARES TR | 0-3 MNTH TREASRY | 46436E718 |  | 3578457 | 35735 | SH |  | SOLE |  | 35735 | 0 | 0 |
| ISHARES INC | ISHS 1-5YR INVS | 464288646 |  | 22578851 | 453209 | SH |  | SOLE |  | 453209 | 0 | 0 |
| ISHARES TR | 3-7 YR TREAS BD | 464288661 |  | 3512861 | 30576 | SH |  | SOLE |  | 30576 | 0 | 0 |
| ISHARES TR | BARCLAYS 7 10 YR | 464287440 |  | 50338417 | 525563 | SH |  | SOLE |  | 525563 | 0 | 0 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 |  | 9021862 | 85499 | SH |  | SOLE |  | 85499 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46429B366 |  | 1294862 | 28204 | SH |  | SOLE |  | 28204 | 0 | 0 |
| ISHARES TR | CORE MSCI EMKT | 46434V621 |  | 473969 | 9479 | SH |  | SOLE |  | 9479 | 0 | 0 |
| ISHARES TR | GRWT ALLOCAT ETF | 464289867 |  | 890005 | 18872 | SH |  | SOLE |  | 18872 | 0 | 0 |
| ISHARES TR | CORE MSCI INTL | 46429B663 |  | 691737 | 6636 | SH |  | SOLE |  | 6636 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 17111869 | 277610 | SH |  | SOLE |  | 277610 | 0 | 0 |
| ISHARES TR | CORE MSCI EMKT | 46434G103 |  | 11071620 | 237080 | SH |  | SOLE |  | 237080 | 0 | 0 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 1974833 | 34119 | SH |  | SOLE |  | 34119 | 0 | 0 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 15461123 | 63918 | SH |  | SOLE |  | 63918 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 16769308 | 177190 | SH |  | SOLE |  | 177190 | 0 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 6439264 | 75935 | SH |  | SOLE |  | 75935 | 0 | 0 |
| ISHARES TR | CRE U S REIT ETF | 464288521 |  | 4056343 | 82029 | SH |  | SOLE |  | 82029 | 0 | 0 |
| ISHARES TR | ESG AW MSCI EAFE | 46435G516 |  | 480206 | 7305 | SH |  | SOLE |  | 7305 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 2867926 | 82912 | SH |  | SOLE |  | 82912 | 0 | 0 |
| ISHARES TR | IBONDS DEC23 ETF | 46434VAX8 |  | 235032 | 9390 | SH |  | SOLE |  | 9390 | 0 | 0 |
| ISHARES TR | IBONDS DEC24 ETF | 46434VBG4 |  | 9844142 | 403118 | SH |  | SOLE |  | 403118 | 0 | 0 |
| ISHARES TR | IBONDS 24 TRM TS | 46436E874 |  | 2184994 | 91614 | SH |  | SOLE |  | 91614 | 0 | 0 |
| ISHARES TR | IBONDS 25 TRM TS | 46436E866 |  | 520494 | 22358 | SH |  | SOLE |  | 22358 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 1593056 | 21636 | SH |  | SOLE |  | 21636 | 0 | 0 |
| ISHARES TR | INTL SEL DIV ETF | 464288448 |  | 262768 | 9675 | SH |  | SOLE |  | 9675 | 0 | 0 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 856408 | 10090 | SH |  | SOLE |  | 10090 | 0 | 0 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 648810 | 14260 | SH |  | SOLE |  | 14260 | 0 | 0 |
| ISHARES TR | MSCI LW CRB TG | 46434V464 |  | 1072770 | 7766 | SH |  | SOLE |  | 7766 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 2393852 | 36469 | SH |  | SOLE |  | 36469 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 527133 | 13909 | SH |  | SOLE |  | 13909 | 0 | 0 |
| ISHARES TR | MSCI INTL QUALTY | 46434V456 |  | 211808 | 6539 | SH |  | SOLE |  | 6539 | 0 | 0 |
| ISHARES TR | MSCI JPN ETF NEW | 46434G822 |  | 1851322 | 34007 | SH |  | SOLE |  | 34007 | 0 | 0 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 3305037 | 29002 | SH |  | SOLE |  | 29002 | 0 | 0 |
| ISHARES TR | MSCI USA VALUE | 46432F388 |  | 4633345 | 50838 | SH |  | SOLE |  | 50838 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 2081556 | 9716 | SH |  | SOLE |  | 9716 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 17411291 | 114812 | SH |  | SOLE |  | 114812 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 347848 | 1995 | SH |  | SOLE |  | 1995 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 318174 | 4717 | SH |  | SOLE |  | 4717 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 46079795 | 119934 | SH |  | SOLE |  | 119934 | 0 | 0 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 37967643 | 261719 | SH |  | SOLE |  | 261719 | 0 | 0 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 |  | 5459031 | 59786 | SH |  | SOLE |  | 59786 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 4501032 | 43167 | SH |  | SOLE |  | 43167 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 264687 | 2408 | SH |  | SOLE |  | 2408 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 3186114 | 15134 | SH |  | SOLE |  | 15134 | 0 | 0 |
| ISHARE TR | S 100 ETF | 464287101 |  | 75664249 | 443596 | SH |  | SOLE |  | 443596 | 0 | 0 |
| ISHARE TR | US TREAS BD ETF | 46429B267 |  | 42851676 | 1886077 | SH |  | SOLE |  | 1886077 | 0 | 0 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 454621 | 9229 | SH |  | SOLE |  | 9229 | 0 | 0 |
| JAPAN SMALLER CAPITALIZATION | COM | 47109U104 |  | 1466250 | 226273 | SH |  | SOLE |  | 226273 | 0 | 0 |
| JOHN BEAN TECHNOLOGIES CORP | COM | 477839104 |  | 855651 | 9369 | SH |  | SOLE |  | 9369 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 805749 | 4561 | SH |  | SOLE |  | 4561 | 0 | 0 |
| JP MORGAN CHASE  CO | COM | 46625H100 |  | 1037398 | 7736 | SH |  | SOLE |  | 7736 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 5702736 | 315417 | SH |  | SOLE |  | 315417 | 0 | 0 |
| KKR REAL ESTATE FIN TR | INC COM | 48251K100 |  | 699452 | 50104 | SH |  | SOLE |  | 50104 | 0 | 0 |
| LADDER CAP CORP | CL A | 505743104 |  | 6803387 | 677628 | SH |  | SOLE |  | 677628 | 0 | 0 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 145977 | 25610 | SH |  | SOLE |  | 25610 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 649000 | 1774 | SH |  | SOLE |  | 1774 | 0 | 0 |
| LINCOLN NATIONAL CORP | COM | 534187109 |  | 381235 | 12410 | SH |  | SOLE |  | 12410 | 0 | 0 |
| LINDE PLC | SHS | G5494J103 |  | 250180 | 767 | SH |  | SOLE |  | 767 | 0 | 0 |
| LOEWS CORP | COM | 540424108 |  | 1104945 | 18943 | SH |  | SOLE |  | 18943 | 0 | 0 |
| MACQUARIE GLOBAL INFRASTRUCT | COM | 55608D101 |  | 3723446 | 163884 | SH |  | SOLE |  | 163884 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 244652 | 2102 | SH |  | SOLE |  | 2102 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 1104525 | 38609 | SH |  | SOLE |  | 38609 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 7606266 | 28863 | SH |  | SOLE |  | 28863 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 982684 | 8857 | SH |  | SOLE |  | 8857 | 0 | 0 |
| MERIDIAN BIOSCIENCE INC | COM | 589584101 |  | 199592 | 6010 | SH |  | SOLE |  | 6010 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 249585 | 2074 | SH |  | SOLE |  | 2074 | 0 | 0 |
| MFS INTER INCOME TR | SH BEN INT | 55273C107 |  | 2552661 | 924877 | SH |  | SOLE |  | 924877 | 0 | 0 |
| MFS MULTIMARKET INCOME TR | SH BEN INT | 552737108 |  | 1111539 | 246461 | SH |  | SOLE |  | 246461 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 3793007 | 15816 | SH |  | SOLE |  | 15816 | 0 | 0 |
| MIDCAP FINANCIAL INVSTMNT CO | COM NEW | 03761U502 |  | 640292 | 56166 | SH |  | SOLE |  | 56166 | 0 | 0 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 211322 | 820 | SH |  | SOLE |  | 820 | 0 | 0 |
| NERDWALLET INC | COM CL A | 64082B102 |  | 2880000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| NEUBERGER BERMAN MLP  ENERG | COM | 64129H104 |  | 2728952 | 409753 | SH |  | SOLE |  | 409753 | 0 | 0 |
| NEW GERMANY FUND | COM | 644465106 |  | 178470 | 22620 | SH |  | SOLE |  | 22620 | 0 | 0 |
| NORTHEAST CMNTY BANCORP INC | COM | 664121100 |  | 1657612 | 111100 | SH |  | SOLE |  | 111100 | 0 | 0 |
| NSTS BANCORP INC | COM | 6293JP109 |  | 400135 | 39500 | SH |  | SOLE |  | 39500 | 0 | 0 |
| NUVEEN CORPORATE INCOME 2023 | COM | 67079F101 |  | 1217584 | 134206 | SH |  | SOLE |  | 134206 | 0 | 0 |
| NUVEEN CR STRATEGIES INCOME | COM SHS | 67073D102 |  | 234800 | 46130 | SH |  | SOLE |  | 46130 | 0 | 0 |
| NUVEEN INT DUR QUAL MUN TRM | COM | 670677103 |  | 7556884 | 605035 | SH |  | SOLE |  | 605035 | 0 | 0 |
| NUVEEN MORTGAGE AND INCOME | COM | 670735109 |  | 8154396 | 503980 | SH |  | SOLE |  | 503980 | 0 | 0 |
| NUVEEN MULTI MKT INCOME FD | COM | 67075J107 |  | 1666100 | 283833 | SH |  | SOLE |  | 283833 | 0 | 0 |
| NUVEEN MUN VALUE FD INC | COM | 670928100 |  | 4665551 | 542506 | SH |  | SOLE |  | 542506 | 0 | 0 |
| NUVEEN NY SELECT TAX FREE PR | SH BEN INT | 67063V104 |  | 333015 | 28733 | SH |  | SOLE |  | 28733 | 0 | 0 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 |  | 257729 | 21841 | SH |  | SOLE |  | 21841 | 0 | 0 |
| NUVEEN REAL ASSET INC  GROW | COM | 67074Y105 |  | 6579965 | 562390 | SH |  | SOLE |  | 562390 | 0 | 0 |
| OAKTREE SPECIALTY LENDING CO | COM | 67401P108 |  | 324147 | 47183 | SH |  | SOLE |  | 47183 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 653287 | 5653 | SH |  | SOLE |  | 5653 | 0 | 0 |
| PENNANTPARK FLOATING RATE CA | COM | 70806A106 |  | 118650 | 10806 | SH |  | SOLE |  | 10806 | 0 | 0 |
| PENNANTPARK INVT CORP | COM | 708062104 |  | 6063188 | 1054467 | SH |  | SOLE |  | 1054467 | 0 | 0 |
| PFIZER INC COM | COM | 717081103 |  | 765721 | 14944 | SH |  | SOLE |  | 14944 | 0 | 0 |
| PGIM SHORT DUR HIG YLD OPP F | COM | 69355J104 |  | 2952708 | 201001 | SH |  | SOLE |  | 201001 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 1543104 | 15247 | SH |  | SOLE |  | 15247 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 389988 | 3747 | SH |  | SOLE |  | 3747 | 0 | 0 |
| PIMCO ETF TR | 1-5 US TIP IDX | 72201R205 |  | 1969419 | 39491 | SH |  | SOLE |  | 39491 | 0 | 0 |
| PIMCO ETF TR | ACTIVE BD ETF | 72201R775 |  | 364996 | 4034 | SH |  | SOLE |  | 4034 | 0 | 0 |
| PIMCO ENRGY TACTICAL CR OPP | COM SHS BEN INT | 69346N107 |  | 973100 | 65134 | SH |  | SOLE |  | 65134 | 0 | 0 |
| PIMCO ETF TR | ENHNCD LW DUR AC | 72201R718 |  | 401548 | 4260 | SH |  | SOLE |  | 4260 | 0 | 0 |
| PIMCO ETF TR | SR LN ACTIVE ETF | 72201R627 |  | 200047 | 4101 | SH |  | SOLE |  | 4101 | 0 | 0 |
| PRINCIPAL REAL ESTATE INCOME | SHS BEN INT | 74255X104 |  | 1824028 | 176235 | SH |  | SOLE |  | 176235 | 0 | 0 |
| PROCTOR AND GAMBLE CO | COM | 742718109 |  | 378597 | 2498 | SH |  | SOLE |  | 2498 | 0 | 0 |
| PROSHARES TR II | ULTRA VIX SHORT | 74347Y839 |  | 3567200 | 520000 | SH |  | SOLE |  | 520000 | 0 | 0 |
| PROSHARES TR | ULTRAPRO SHORT S | 74347B110 |  | 2699200 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| PUTNAM MUNI OPPORTUNITIES TR | SH BEN INT | 746922103 |  | 390600 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| RAYONIER INC | COM | 754907103 |  | 241267 | 7320 | SH |  | SOLE |  | 7320 | 0 | 0 |
| ROYCE GLOBAL VALUE TR INC | COM | 78081T104 |  | 127064 | 14689 | SH |  | SOLE |  | 14689 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 1040994 | 3108 | SH |  | SOLE |  | 3108 | 0 | 0 |
| SABA CAPITAL INC  OPTUNTY FD | SHS NEW | 78518H202 |  | 17084481 | 2245004 | SH |  | SOLE |  | 2245004 | 0 | 0 |
| SCHWAB STRATEGIC TR | SCHWAB FDT US LG | 808524771 |  | 709080 | 13269 | SH |  | SOLE |  | 13269 | 0 | 0 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 306159 | 6832 | SH |  | SOLE |  | 6832 | 0 | 0 |
| SEELOS THERAPEUTICS INC | COM | 81577F109 |  | 10185 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 347410 | 4865 | SH |  | SOLE |  | 4865 | 0 | 0 |
| SOUTHSIDE BANCSHARES INC | COM | 84470P109 |  | 296918 | 8250 | SH |  | SOLE |  | 8250 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 488466 | 2879 | SH |  | SOLE |  | 2879 | 0 | 0 |
| SPDR INDEX SHS FDS | NUVEEN BLMBRG SH | 78468R739 |  | 2422317 | 51561 | SH |  | SOLE |  | 51561 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 |  | 561177 | 17026 | SH |  | SOLE |  | 17026 | 0 | 0 |
| SPDR SER TR | PORTFOLIO INTRMD | 78464A375 |  | 5631227 | 176916 | SH |  | SOLE |  | 176916 | 0 | 0 |
| SPDR SER TR | PORTFOLIO SHORT | 78464A474 |  | 36473508 | 1241440 | SH |  | SOLE |  | 1241440 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 10279581 | 26880 | SH |  | SOLE |  | 26880 | 0 | 0 |
| SPDR SER TR | S DIVID ETF | 78464A763 |  | 1439015 | 11502 | SH |  | SOLE |  | 11502 | 0 | 0 |
| SPDR INDEX SHS FDS | GLB NAT RESRCE | 78463X541 |  | 720668 | 12639 | SH |  | SOLE |  | 12639 | 0 | 0 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 2967191 | 6701 | SH |  | SOLE |  | 6701 | 0 | 0 |
| SPECIAL OPPORTUNITIES FUND INC | 2-75% CNV PFD C | 84741T401 |  | 31431141 | 1385242 | SH |  | SOLE |  | 1385242 | 0 | 0 |
| SPECIAL OPPORTUNITIES FUND INC | COM | 84741T104 |  | 20112488 | 1764253 | SH |  | SOLE |  | 1764253 | 0 | 0 |
| SSGA ACTIVE ETF TR | GLOBL ALLO ETF | 78467V400 |  | 366182 | 9749 | SH |  | SOLE |  | 9749 | 0 | 0 |
| STANDEX INTL CORP | COM | 854231107 |  | 1408240 | 13751 | SH |  | SOLE |  | 13751 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 2732776 | 27548 | SH |  | SOLE |  | 27548 | 0 | 0 |
| TCW STRATEGIC INCOME FD INC | COM | 872340104 |  | 5068135 | 1096999 | SH |  | SOLE |  | 1096999 | 0 | 0 |
| TEMPLETON EMERGING MKTS FD I | COM | 880191101 |  | 6556038 | 574084 | SH |  | SOLE |  | 574084 | 0 | 0 |
| TENNECO INC | CL A VTG COM STK | 880349105 |  | 585105 | 4750 | SH |  | SOLE |  | 4750 | 0 | 0 |
| TORTOISE PWR  ENERGY INFRAS | COM | 89147X104 |  | 11771074 | 922498 | SH |  | SOLE |  | 922498 | 0 | 0 |
| TPG RE FIN TR INC | COM | 87266M107 |  | 4895852 | 721039 | SH |  | SOLE |  | 721039 | 0 | 0 |
| TRI-CONTINENTAL CORP | COM | 895436103 |  | 8668881 | 338232 | SH |  | SOLE |  | 338232 | 0 | 0 |
| UNION PACIFIC CORP | COM | 907818108 |  | 436918 | 2110 | SH |  | SOLE |  | 2110 | 0 | 0 |
| UNUM GROUP | COM | 91529Y106 |  | 514927 | 12550 | SH |  | SOLE |  | 12550 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 715575 | 10150 | SH |  | SOLE |  | 10150 | 0 | 0 |
| VANECK ETF TRUST | OIL SERVICES ETF | 92189H607 |  | 243240 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 225825 | 1487 | SH |  | SOLE |  | 1487 | 0 | 0 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 1330194 | 10012 | SH |  | SOLE |  | 10012 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 1680707 | 33520 | SH |  | SOLE |  | 33520 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 19040086 | 453659 | SH |  | SOLE |  | 453659 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX FD | FTSE EMR MKT ETF | 922042858 |  | 7608841 | 195199 | SH |  | SOLE |  | 195199 | 0 | 0 |
| VANGUARD WORLD FDS | HEALTH CAR ETF | 92204A504 |  | 542183 | 2186 | SH |  | SOLE |  | 2186 | 0 | 0 |
| VANGUARD WORLD FDS | INF TECH ETF | 92204A702 |  | 9823596 | 30755 | SH |  | SOLE |  | 30755 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 6115125 | 78895 | SH |  | SOLE |  | 78895 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 61690933 | 1054907 | SH |  | SOLE |  | 1054907 | 0 | 0 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 1406449 | 6901 | SH |  | SOLE |  | 6901 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 965904 | 11711 | SH |  | SOLE |  | 11711 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000IDX | 92206C730 |  | 1343022 | 7707 | SH |  | SOLE |  | 7707 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | VNG RUS2000IDX | 92206C664 |  | 459798 | 6534 | SH |  | SOLE |  | 6534 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 13543657 | 179910 | SH |  | SOLE |  | 179910 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 2418916 | 32171 | SH |  | SOLE |  | 32171 | 0 | 0 |
| VANGUARD MALVERN FDS | STRM INFPROIDX | 922020805 |  | 1446365 | 30965 | SH |  | SOLE |  | 30965 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 31840159 | 550677 | SH |  | SOLE |  | 550677 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 969815 | 5284 | SH |  | SOLE |  | 5284 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 15179569 | 95589 | SH |  | SOLE |  | 95589 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 877944 | 17740 | SH |  | SOLE |  | 17740 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK FD | 921909768 |  | 3049609 | 58964 | SH |  | SOLE |  | 58964 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 62347363 | 319697 | SH |  | SOLE |  | 319697 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX | TT WRLD ST ETF | 922042742 |  | 1381600 | 16030 | SH |  | SOLE |  | 16030 | 0 | 0 |
| VANGUARD BD INDEX FDS | VANGUARD ULTRA | 92203C303 |  | 882833 | 18017 | SH |  | SOLE |  | 18017 | 0 | 0 |
| VANGUARD WORLD FDS | UTILITIES ETF | 92204A876 |  | 347360 | 2265 | SH |  | SOLE |  | 2265 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 84072107 | 598932 | SH |  | SOLE |  | 598932 | 0 | 0 |
| VERTICAL CAP INCOME FUND | SHS BEN INT | 92535C104 |  | 14995707 | 1721666 | SH |  | SOLE |  | 1721666 | 0 | 0 |
| VIATRIS INC | COM | 92556V106 |  | 158778 | 14266 | SH |  | SOLE |  | 14266 | 0 | 0 |
| VIRTUS DIVIDEND INTEREST  P | COM | 92840R101 |  | 20511178 | 1818367 | SH |  | SOLE |  | 1818367 | 0 | 0 |
| VOYA GLBL EQTY DIV  PREM OP | COM | 92912T100 |  | 860935 | 159138 | SH |  | SOLE |  | 159138 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 520086 | 3668 | SH |  | SOLE |  | 3668 | 0 | 0 |
| WESTERN ASSET DIVERSIFIED IN | COM SHS BEN | 95790K109 |  | 6228509 | 490434 | SH |  | SOLE |  | 490434 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 827397 | 25149 | SH |  | SOLE |  | 25149 | 0 | 0 |
| WINTRUST FINL CORP | COM | 97650W108 |  | 243249 | 2878 | SH |  | SOLE |  | 2878 | 0 | 0 |
| WISDOMTREE TR | EMG MKTS SMCAP | 97717W281 |  | 8709736 | 197994 | SH |  | SOLE |  | 197994 | 0 | 0 |
| WISDOMTREE TR | INDIA ERNGS FD | 97717W422 |  | 452675 | 13890 | SH |  | SOLE |  | 13890 | 0 | 0 |
| WISDOMTREE TR | US LARGECAP FUND | 97717W588 |  | 9733566 | 234092 | SH |  | SOLE |  | 234092 | 0 | 0 |
| WISDOMTREE TR | US MIDCAP FUND | 97717W570 |  | 1321285 | 27176 | SH |  | SOLE |  | 27176 | 0 | 0 |
| WISDOMTREE TR | US QTLY DIV GRT | 97717X669 |  | 44734570 | 741129 | SH |  | SOLE |  | 741129 | 0 | 0 |
| XYLEM INC | COM | 98419M100 |  | 3202927 | 28967 | SH |  | SOLE |  | 28967 | 0 | 0 |

---