UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-23255
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Vivaldi Opportunities Fund
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(Exact name of registrant as specified in charter)
c/o UMB Fund Services, Inc.
235 West Galena Street
Milwaukee, WI 53212
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(Address of principal executive offices) (Zip code)
Terrance P. Gallagher
235 West Galena Street
Milwaukee, WI 53212
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(Name and address of agent for service)
registrant's telephone number, including area code: (414) 299-2270
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Date of fiscal year end: March 31
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Date of reporting period: September 30, 2019
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Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
The Report to Shareholders is attached herewith.
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|
Principal
Amount |
| | | | |
Value
|
| ||||||
|
|
| | ASSET-BACKED SECURITIES – 16.5% | | |||||||||
| | $ | 500,000 | | | |
ARES XLIV CLO Ltd.
Series 2017-44A, Class E, 10.354% (3-Month USD Libor+805 basis points), 10/15/20291,2,3,4 |
| | | $ | 451,324 | | |
| | | 500,000 | | | |
Ashford Hospitality Trust
Series 2018-KEYS, Class F, 8.028% (1-Month USD Libor+600 basis points), 5/15/20351,2,3,4 |
| | | | 502,330 | | |
| | | 300,000 | | | |
Continental Credit Card ABS LLC
Series 2019-1A, Class B, 4.950%, 8/15/20261,2 |
| | | | 298,575 | | |
| | | 500,000 | | | |
CPS Auto Receivables Trust
Series 2017-D, Class E, 5.300%, 6/17/20241,2 |
| | | | 516,760 | | |
| | | 300,000 | | | |
CPS Auto Receivables Trust
Series 2019-C, Class F, 6.940%, 9/15/20261,2 |
| | | | 309,749 | | |
| | | | | | | Deephaven Residential Mortgage Trust | | | | | | | |
| | | 500,000 | | | |
Series 2018-4A, Class B2, 6.125%, 10/25/20581,2,4
|
| | | | 508,359 | | |
| | | 345,000 | | | |
Series 2018-1A, Class B1, 4.340%, 12/25/20571,2,4
|
| | | | 343,199 | | |
| | | 600,000 | | | |
Series 2019-3A, Class B1, 4.258%, 7/25/20591,2,4
|
| | | | 628,115 | | |
| | | | | | | Fannie Mae Connecticut Avenue Securities | | | | | | | |
| | | 300,000 | | | |
Series 2017-C03, Class 1M2, 5.018% (1-Month USD Libor+300 basis points), 10/25/20292,3,4
|
| | | | 312,173 | | |
| | | 400,000 | | | |
Series 2018-C01, Class 1M2, 4.268% (1-Month USD Libor+225 basis points), 7/25/20302,3,4
|
| | | | 404,149 | | |
| | | 250,000 | | | |
First Investors Auto Owner Trust
Series 2019-1A, Class F, 6.150%, 7/15/20261,2 |
| | | | 254,823 | | |
| | | 100,000 | | | |
Foursight Capital Automobile Receivables Trust
Series 2019-1, Class E, 4.300%, 9/15/20251,2 |
| | | | 101,968 | | |
| | | 500,000 | | | |
Legacy Mortgage Asset Trust
Series 2019-GS5, Class A2, 4.250%, 5/25/20591,2,5 |
| | | | 501,020 | | |
| | | 250,000 | | | |
Magnetite XVI Ltd.
Series 2015-16A, Class F, 8.800% (3-Month USD Libor+650 basis points), 1/18/20281,2,3,4 |
| | | | 225,271 | | |
| | | 1,000,000 | | | |
MMCF CLO LLC
Series 2017-1A, Class D, 8.683% (3-Month USD Libor+638 basis points), 1/15/20281,2,3,4 |
| | | | 962,827 | | |
| | | 1,000,000 | | | |
Monroe Capital MML CLO VI Ltd.
Series 2018-1A, Class E, 9.203% (3-Month USD Libor+690 basis points), 4/15/20301,2,3,4 |
| | | | 917,514 | | |
| | | | | | | Mosaic Solar Loan Trust | | | | | | | |
| | | 335,000 | | | |
Series 2018-1A, Class C, 0.000%, 6/22/20431,2
|
| | | | 280,114 | | |
| | | 400,000 | | | |
Series 2019-1A, Class B, 0.000%, 12/21/20431,2
|
| | | | 311,863 | | |
| | | 382,810 | | | |
Mosaic Solar Loans LLC
Series 2017-2A, Class D, 0.000%, 6/22/20431,2 |
| | | | 356,607 | | |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
|
|
| | ASSET-BACKED SECURITIES (Continued) | | |||||||||
| | | | | | | New Residential Mortgage Loan Trust | | | | | | | |
| | $ | 231,000 | | | |
Series 2019-NQM1, Class B1, 5.499%, 1/25/20491,2,4
|
| | | $ | 247,537 | | |
| | | 500,000 | | | |
Series 2019-NQM1, Class B2, 5.499%, 1/25/20491,2,4
|
| | | | 513,951 | | |
| | | 700,000 | | | |
OZLM VI Ltd.
Series 2014-6A, Class ES, 10.943% (3-Month USD Libor+864 basis points), 4/17/20311,2,3,4 |
| | | | 579,944 | | |
| | | 750,000 | | | |
Palmer Square CLO Ltd.
Series 2019-1A, Class SUB, 0.000%, 4/20/20271,2,4 |
| | | | 727,902 | | |
| | | 750,000 | | | |
Palmer Square Loan Funding Ltd.
Series 2019-3A, Class SUB, 0.000%, 8/20/20271,2,4 |
| | | | 749,135 | | |
| | | 150,000 | | | |
Pretium Mortgage Credit Partners I LLC
Series 2019-NPL1, Class A2, 5.927%, 7/25/20601,2,5 |
| | | | 151,520 | | |
| | | 200,000 | | | |
Prosper Marketplace Issuance Trust Series
Series 2019-2A, Class C, 5.050%, 9/15/20251,2 |
| | | | 203,990 | | |
| | | 724,151 | | | |
RBSSP Resecuritization Trust
Series 2009-10, Class 2A2, 2.000%, 1/26/20371,2,4 |
| | | | 516,425 | | |
| | | 500,000 | | | |
Seasoned Credit Risk Transfer Trust Series
Series 2019-2, Class M, 4.750%, 8/25/20581,2,4 |
| | | | 507,567 | | |
| | | 203,849 | | | |
Velocity Commercial Capital Loan Trust
Series 2018-1, Class M6, 7.260%, 4/25/20481,2 |
| | | | 205,062 | | |
| | | 1,000,000 | | | |
York CLO-2 Ltd.
Series 2015-1A, Class F, 9.528% (3-Month USD Libor+725 basis points), 1/22/20311,2,3,4 |
| | | | 844,258 | | |
| | | | | | |
TOTAL ASSET-BACKED SECURITIES
(Cost $13,614,073) |
| | | | 13,434,031 | | |
| | | | | | | BANK LOANS – 9.6% | | | | | | | |
| | | 1,925,233 | | | |
Barney’s, Inc.
10.100%, 3/31/20206 |
| | | | 1,905,980 | | |
| | | 1,950,000 | | | |
BJ Services
12.650%, 1/3/20236 |
| | | | 1,930,500 | | |
| | | 1,250,000 | | | |
Juul
9.287%, 8/2/20236 |
| | | | 1,237,500 | | |
| | | 1,500,000 | | | |
Murray Savings Association
11.332%, 2/12/20212,6 |
| | | | 1,500,000 | | |
| | | 464,423 | | | |
Premier Brands
10.156%, 3/20/20246 |
| | | | 455,135 | | |
| | | 750,000 | | | |
Vista Outdoor
11.082%, 11/19/20236 |
| | | | 746,250 | | |
| | | | | | |
TOTAL BANK LOANS
(Cost $7,766,982) |
| | | | 7,775,365 | | |
|
|
Number
of Shares |
| | | | |
Value
|
| ||||||
|
|
| | CLOSED-END FUNDS – 29.2% | | | | | | | | |||
| | | 31,332 | | | | Aberdeen Emerging Markets Equity Income Fund, Inc.7 | | | | $ | 218,071 | | |
| | | 80,241 | | | | Aberdeen Total Dynamic Dividend Fund7 | | | | | 669,210 | | |
| | | 15,241 | | | | AllianzGI Convertible & Income 2024 Target7 | | | | | 142,808 | | |
| | | 42,797 | | | | AllianzGI NFJ Dividend Interest & Premium Strategy Fund7 | | | | | 522,979 | | |
| | | 74,691 | | | | Barings BDC, Inc.7 | | | | | 758,114 | | |
| | | 3,675 | | | | BlackRock California Municipal Income Trust | | | | | 50,292 | | |
| | | 3,839 | | | | BlackRock Debt Strategies Fund, Inc. | | | | | 41,269 | | |
| | | 11,724 | | | | BlackRock New York Municipal Income Quality Trust | | | | | 161,088 | | |
| | | 19,116 | | | | BlackRock Resources & Commodities Strategy Trust | | | | | 142,988 | | |
| | | 63,191 | | | | BrandywineGLOBAL Global Income Opportunities Fund, Inc.7 | | | | | 764,611 | | |
| | | 13,704 | | | | Clough Global Equity Fund | | | | | 157,596 | | |
| | | 51,507 | | | | Clough Global Opportunities Fund7 | | | | | 470,774 | | |
| | | 23,621 | | | | Cornerstone Strategic Value Fund, Inc.7 | | | | | 268,334 | | |
| | | 2,229 | | | | Cornerstone Total Return Fund, Inc.7 | | | | | 24,501 | | |
| | | 34,941 | | | | Delaware Enhanced Global Dividend & Income Fund7 | | | | | 344,518 | | |
| | | 4,613 | | | | Duff & Phelps Utility and Corporate Bond Trust, Inc. | | | | | 42,670 | | |
| | | 3,669 | | | | Eaton Vance Floating-Rate Income Plus Fund | | | | | 55,805 | | |
| | | 59,517 | | | | Eaton Vance Ltd. Duration Income Fund7 | | | | | 743,963 | | |
| | | 3,931 | | | | Eaton Vance Senior Income Trust | | | | | 24,058 | | |
| | | 12,665 | | | | Eaton Vance Tax-Managed Buy-Write Strategy Fund | | | | | 120,571 | | |
| | | 6,078 | | | | Franklin Ltd. Duration Income Trust | | | | | 56,586 | | |
| | | 33,041 | | | | Garrison Capital, Inc.7 | | | | | 228,313 | | |
| | | 1,592 | | | | GDL Fund | | | | | 14,630 | | |
| | | 15,407 | | | | Highland Global Allocation Fund | | | | | 157,922 | | |
| | | 51,828 | | | | Highland Income Fund7 | | | | | 691,904 | | |
| | | 5,652 | | | | India Fund, Inc.7 | | | | | 116,036 | | |
| | | 76,949 | | | | Invesco Dynamic Credit Opportunities Fund7 | | | | | 847,208 | | |
| | | 29,535 | | | | Invesco High Income Trust II7 | | | | | 422,941 | | |
| | | 4,449 | | | | Invesco Municipal Opportunity Trust7 | | | | | 55,657 | | |
| | | 202,848 | | | | Invesco Senior Income Trust7 | | | | | 851,962 | | |
| | | 9,487 | | | | Kayne Anderson MLP/Midstream Investment Co. | | | | | 137,182 | | |
| | | 8,854 | | | | Lazard World Dividend & Income Fund, Inc.7 | | | | | 82,696 | | |
| | | 9,620 | | | | Morgan Stanley Emerging Markets Debt Fund, Inc.7 | | | | | 88,408 | | |
| | | 2,756 | | | | Neuberger Berman California Municipal Fund, Inc. | | | | | 38,556 | | |
| | | 24,994 | | | | Neuberger Berman High Yield Strategies Fund, Inc. | | | | | 301,678 | | |
| | | 4,322 | | | | Neuberger Berman New York Municipal Fund, Inc. | | | | | 54,068 | | |
| | | 7,935 | | | | NexPoint Strategic Opportunities Fund | | | | | 142,275 | | |
| | | 7,841 | | | | Nuveen Connecticut Quality Municipal Income Fund | | | | | 105,226 | | |
| | | 56,410 | | | | Nuveen Credit Strategies Income Fund7 | | | | | 421,947 | | |
| | | 11,947 | | | | Nuveen Georgia Quality Municipal Income Fund | | | | | 148,262 | | |
| | | 9,241 | | | | Nuveen Intermediate Duration Quality Municipal Term Fund7 | | | | | 126,324 | | |
| | | 18,472 | | | | Nuveen Mortgage Opportunity Term Fund7 | | | | | 425,964 | | |
| | | 7,241 | | | | Nuveen Mortgage Opportunity Term Fund 27 | | | | | 160,533 | | |
| | | 11,198 | | | | Nuveen North Carolina Quality Municipal Income Fund | | | | | 151,285 | | |
|
Number
of Shares |
| | | | |
Value
|
| ||||||
|
|
| | CLOSED-END FUNDS (Continued) | | | ||||||||
| | | 3,163 | | | | Nuveen Ohio Quality Municipal Income Fund | | | | $ | 49,912 | | |
| | | 149,699 | | | | Palmer Square Opportunistic Income Fund | | | | | 2,733,511 | | |
| | | 68,861 | | | | PGIM Global High Yield Fund, Inc.7 | | | | | 989,533 | | |
| | | 21,638 | | | | PGIM High Yield Bond Fund, Inc.7 | | | | | 323,488 | | |
| | | 286,063 | | | | PIMCO Flexible Credit Income Fund – Class I | | | | | 2,803,415 | | |
| | | 219,457 | | | | Pomona Investment LP8 | | | | | 2,363,882 | | |
| | | 21,819 | | | | Putnam Municipal Opportunities Trust | | | | | 285,174 | | |
| | | 26,645 | | | | Royce Micro-Cap Trust, Inc. | | | | | 214,226 | | |
| | | 3,944 | | | | Source Capital, Inc. | | | | | 144,014 | | |
| | | 11,382 | | | | Special Opportunities Fund, Inc.7 | | | | | 162,080 | | |
| | | 88,378 | | | | Templeton Global Income Fund7 | | | | | 542,641 | | |
| | | 20,885 | | | | Tortoise Midstream Energy Fund, Inc.7 | | | | | 256,677 | | |
| | | 3,054 | | | | Voya Emerging Markets High Income Dividend Equity Fund | | | | | 21,897 | | |
| | | 188,355 | | | | Voya Prime Rate Trust7 | | | | | 887,152 | | |
| | | 11,714 | | | | Western Asset Corporate Loan Fund, Inc. | | | | | 111,166 | | |
| | | 31,804 | | | | Western Asset Global High Income Fund, Inc.7 | | | | | 315,814 | | |
| | | | | | |
TOTAL CLOSED-END FUNDS
(Cost $24,240,669) |
| | | | 23,756,365 | | |
|
Principal
Amount |
| | | | | | | | | | |||
|
|
| | COLLATERALIZED MORTGAGE OBLIGATIONS – 11.0% | | | | | | | | |||
| | $ | 6,995,247 | | | |
Alternative Loan Trust
Series 2006-HY10, Class 1X, 0.476%, 5/25/20362,4 |
| | | | 101,095 | | |
| | | 483,830 | | | |
American Home Mortgage Assets Trust
Series 2006-6, Class XP, 1.688%, 12/25/20462,4 |
| | | | 44,677 | | |
| | | | | | | American Home Mortgage Investment Trust | | | | | | | |
| | | 218,816 | | | |
Series 2006-1, Class 12A1, 2.418% (1-Month USD Libor+40 basis points), 3/25/20462,3,4
|
| | | | 210,976 | | |
| | | 1,251,879 | | | |
Series 2006-2, Class 1A2, 2.338% (1-Month USD Libor+32 basis points), 6/25/20462,3,4
|
| | | | 489,063 | | |
| | | 500,000 | | | |
BAMLL Commercial Mortgage Securities Trust
Series 2019-AHT, Class F, 6.228% (1-Month USD Libor+420 basis points), 3/15/20341,3,4 |
| | | | 501,957 | | |
| | | 6,367,075 | | | |
CHL Mortgage Pass-Through Trust
Series 2004-29, Class 1X, 0.860%, 2/25/20352,4 |
| | | | 127,596 | | |
| | | 250,000 | | | |
Citigroup Commercial Mortgage Trust
Series 2018-TBR, Class F, 5.678% (1-Month USD Libor+365 basis points), 12/15/20361,2,3,4 |
| | | | 251,682 | | |
| | | 100,000 | | | |
Csail Commercial Mortgage Trust
Series 2015-C2, Class C, 4.341%, 6/15/20572,4 |
| | | | 98,263 | | |
| | | | | | | CSMC Trust | | | | | | | |
| | | 500,000 | | | |
Series 2018-RPL2, Class A2, 4.293%, 8/25/20621,2,4
|
| | | | 497,932 | | |
| | | 500,000 | | | |
Series 2017-PFHP, Class G, 8.178% (1-Month USD Libor+615 basis
points), 12/15/20301,3,4 |
| | | | 501,294 | | |
|
Principal
Amount |
| | | | |
Value
|
| ||||||
|
|
| |
COLLATERALIZED MORTGAGE OBLIGATIONS (Continued)
|
| |||||||||
| | $ | 2,000,000 | | | |
Deutsche Alt-A Securities Mortgage Loan Trust Series
Series 2007-BAR1, Class A4, 2.258% (1-Month USD Libor+24 basis points), 3/25/20372,3,4 |
| | | $ | 241,940 | | |
| | | | | | | Freddie Mac Structured Agency Credit Risk Debt Notes | | | | | | | |
| | | 750,000 | | | |
Series 2017-DNA3, Class M2, 4.518% (1-Month USD Libor+250 basis points), 3/25/20302,3,4
|
| | | | 766,852 | | |
| | | 250,000 | | | |
Series 2017-HQA3, Class M2, 4.368% (1-Month USD Libor+235 basis points), 4/25/20302,3,4
|
| | | | 253,144 | | |
| | | 250,000 | | | |
GS Mortgage Securities Corp. Trust
Series 2019-SMP, Class F, 5.240% (1-Month USD Libor+310 basis points), 8/15/20321,3,4 |
| | | | 251,304 | | |
| | | 250,000 | | | |
GS Mortgage Securities Trust
Series 2018-HART, Class F, 5.928% (1-Month USD Libor+390 basis points), 10/15/20311,3,4 |
| | | | 251,163 | | |
| | | 3,564,593 | | | |
IndyMac INDX Mortgage Loan Trust
Series 2004-AR12, Class AX2, 0.902%, 12/25/20342,4 |
| | | | 135,102 | | |
| | | 250,000 | | | |
J.P. Morgan Chase Commercial Mortgage Securities Trust
Series 2018-ASH8, Class F, 6.028% (1-Month USD Libor+400 basis points), 2/15/20351,2,3,4 |
| | | | 252,550 | | |
| | | 326,583 | | | |
Luminent Mortgage Trust
Series 2006-6, Class A2B, 2.258% (1-Month USD Libor+24 basis points), 10/25/20462,3,4 |
| | | | 259,765 | | |
| | | | | | | Morgan Stanley Mortgage Loan Trust | | | | | | | |
| | | 26,523 | | | |
Series 2007-10XS, Class A2, 6.250%, 2/25/20372,4
|
| | | | 18,652 | | |
| | | 541,629 | | | |
Series 2007-7AX, Class 2A1, 2.138% (1-Month USD Libor+12 basis
points), 4/25/20372,3,4 |
| | | | 278,946 | | |
| | | | | | | RALI Series Trust | | | | | | | |
| | | 511,522 | | | |
Series 2006-QS17, Class A7, 6.000%, 12/25/20362
|
| | | | 482,181 | | |
| | | 1,085,841 | | | |
Series 2008-QR1, Class 1A4, 6.000%, 8/25/20362
|
| | | | 967,131 | | |
| | | 250,000 | | | |
Ready Capital Mortgage Trust
Series 2019-5, Class E, 5.651%, 2/25/20521,2,4 |
| | | | 219,236 | | |
| | | | | | | Residential Asset Securitization Trust | | | | | | | |
| | | 1,535,880 | | | |
Series 2006-A8, Class 2A7, 6.500%, 8/25/20362
|
| | | | 811,677 | | |
| | | 459,804 | | | |
Series 2007-A6, Class 1A3, 6.000%, 6/25/20372
|
| | | | 403,691 | | |
| | | | | | | Verus Securitization Trust | | | | | | | |
| | | 250,000 | | | |
Series 2019-1, Class B1, 5.311%, 2/25/20591,2,4
|
| | | | 256,324 | | |
| | | 250,000 | | | |
Series 2019-3, Class B1, 4.043%, 7/25/20591,2,4
|
| | | | 248,964 | | |
| | | | | | |
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $9,118,417) |
| | |
|
8,923,157
|
| |
|
Number
of Shares |
| | | | |
Value
|
| ||||||
|
|
| | COMMON STOCKS – 26.5% | | | ||||||||
| | | | | | | COMMUNICATIONS – 2.3% | | | | | | | |
| | | 161,260 | | | | eDreams ODIGEO S.A.* | | | | $ | 750,496 | | |
| | | 5,197 | | | | Sinclair Broadcast Group, Inc. – Class A | | | | | 222,120 | | |
| | | 35,665 | | | | Viacom, Inc. – Class B7 | | | | | 857,030 | | |
| | | | | | | | | | | | 1,829,646 | | |
| | | | | | | CONSUMER DISCRETIONARY – 3.8% | | | | | | | |
| | | 42,309 | | | | BlueLinx Holdings, Inc.*,7 | | | | | 1,367,850 | | |
| | | 55,019 | | | | Care.com, Inc.*,7 | | | | | 574,949 | | |
| | | 67,822 | | | | EZCORP, Inc. – Class A* | | | | | 437,791 | | |
| | | 29,698 | | | | Garrett Motion, Inc.*,7 | | | | | 295,792 | | |
| | | 30,801 | | | | Select Interior Concepts, Inc. – Class A* | | | | | 399,489 | | |
| | | | | | | | | | | | 3,075,871 | | |
| | | | | | | CONSUMER STAPLES – 1.7% | | | | | | | |
| | | 72,617 | | | | Darling Ingredients, Inc.*,7 | | | |
|
1,389,163
|
| |
| | | | | | | ENERGY – 1.3% | | | | | | | |
| | | 18,357 | | | | CrossAmerica Partners LP | | | | | 313,170 | | |
| | | 43,257 | | | | Green Plains, Inc. | | | | | 458,308 | | |
| | | 15,506 | | | | SemGroup Corp. – Class A | | | | | 253,368 | | |
| | | | | | | | | | | | 1,024,846 | | |
| | | | | | | FINANCIALS – 5.6% | | | | | | | |
| | | 4,504 | | | | 8i Enterprises Acquisition Corp.*,9 | | | | | 45,220 | | |
| | | 2,518 | | | | Act II Global Acquisition Corp.*,9 | | | | | 25,432 | | |
| | | 5,404 | | | | Alberton Acquisition Corp.*,9 | | | | | 54,148 | | |
| | | 5,590 | | | | Andina Acquisition Corp. III*,9 | | | | | 58,695 | | |
| | | 3,940 | | | | B Riley Principal Merger Corp.* | | | | | 39,794 | | |
| | | 2,674 | | | | Big Rock Partners Acquisition Corp.* | | | | | 27,997 | | |
| | | 4,354 | | | | Boxwood Merger Corp. – Class A* | | | | | 43,888 | | |
| | | 15,486 | | | | Brookfield Asset Management, Inc. – Class A9 | | | | | 822,161 | | |
| | | 3,127 | | | | CF Finance Acquisition Corp.* | | | | | 32,990 | | |
| | | 570 | | | | Chardan Healthcare Acquisition Corp.* | | | | | 5,786 | | |
| | | 3,751 | | | | ChaSerg Technology Acquisition Corp.* | | | | | 39,948 | | |
| | | 2,050 | | | | Churchill Capital Corp. II* | | | | | 21,546 | | |
| | | 3,744 | | | | Crescent Acquisition Corp.* | | | | | 37,927 | | |
| | | 5,717 | | | | DD3 Acquisition Corp.*,9 | | | | | 58,028 | | |
| | | 4,520 | | | | Diamond Hill Investment Group, Inc.7 | | | | | 624,348 | | |
| | | 3,751 | | | | Edtechx Holdings Acquisition Corp.* | | | | | 38,635 | | |
| | | 2,268 | | | | Far Point Acquisition Corp. – Class A* | | | | | 23,179 | | |
| | | 4,293 | | | | Fellazo, Inc.*,9 | | | | | 42,801 | | |
| | | 3,235 | | | | FinTech Acquisition Corp. III* | | | | | 34,517 | | |
|
Number
of Shares |
| | | | |
Value
|
| ||||||
|
|
| | COMMON STOCKS (Continued) | | | ||||||||
| | | | | | | FINANCIALS (Continued) | | | |||||
| | | 15,202 | | | | Gordon Pointe Acquisition Corp.* | | | | $ | 159,317 | | |
| | | 5,615 | | | | Graf Industrial Corp.* | | | | | 57,834 | | |
| | | 3,096 | | | | Haymaker Acquisition Corp. II* | | | | | 31,734 | | |
| | | 2,703 | | | | Health Sciences Acquisitions Corp.* | | | | | 29,003 | | |
| | | 4,074 | | | | Hennessy Capital Acquisition Corp. IV* | | | | | 42,573 | | |
| | | 1,206 | | | | Insurance Acquisition Corp.* | | | | | 12,530 | | |
| | | 2,223 | | | | Legacy Acquisition Corp. – Class A* | | | | | 22,675 | | |
| | | 1 | | | | Leisure Acquisition Corp.* | | | | | 10 | | |
| | | 6,444 | | | | Leisure Acquisition Corp.* | | | | | 65,858 | | |
| | | 1,391 | | | | Monocle Acquisition Corp.* | | | | | 13,882 | | |
| | | 8,811 | | | | Mudrick Capital Acquisition Corp. – Class A* | | | | | 89,784 | | |
| | | 4,279 | | | | Netfin Acquisition Corp.*,9 | | | | | 43,090 | | |
| | | 1,902 | | | | Old Line Bancshares, Inc. | | | | | 55,177 | | |
| | | 5,323 | | | | Opes Acquisition Corp.* | | | | | 55,200 | | |
| | | 1,867 | | | | Pivotal Acquisition Corp. – Class A* | | | | | 19,006 | | |
| | | 4,090 | | | | Replay Acquisition Corp.*,9 | | | | | 41,718 | | |
| | | 5,506 | | | | Schultze Special Purpose Acquisition Corp.* | | | | | 56,381 | | |
| | | 5,531 | | | | South Mountain Merger Corp.* | | | | | 58,075 | | |
| | | 19,017 | | | | SunTrust Banks, Inc.,7 | | | | | 1,308,370 | | |
| | | 5,718 | | | | Trine Acquisition Corp.* | | | | | 59,181 | | |
| | | 4,032 | | | | Tuscan Holdings Corp.* | | | | | 42,659 | | |
| | | 3,408 | | | | Twelve Seas Investment Co.*,9 | | | | | 34,898 | | |
| | | 10,999 | | | | United Financial Bancorp, Inc. | | | | | 149,916 | | |
| | | 4,175 | | | | Wealthbridge Acquisition Ltd.*,9 | | | | | 43,002 | | |
| | | | | | | | | | | | 4,568,913 | | |
| | | | | | | HEALTH CARE – 2.4% | | | | | | | |
| | | 3,204 | | | | Allergan PLC9 | | | | | 539,201 | | |
| | | 4,245 | | | | Avedro, Inc.* | | | | | 96,362 | | |
| | | 4,957 | | | | Cambrex Corp.* | | | | | 294,942 | | |
| | | 9,408 | | | | Celgene Corp.*,7 | | | | | 934,214 | | |
| | | 27,365 | | | | Corindus Vascular Robotics, Inc.* | | | | | 117,122 | | |
| | | | | | | | | | | | 1,981,841 | | |
| | | | | | | INDUSTRIALS – 1.6% | | | | | | | |
| | | 10,693 | | | | Diamond S Shipping, Inc.*,9 | | | | | 117,837 | | |
| | | 24 | | | | DryShips, Inc.*,9 | | | | | 125 | | |
| | | 45,880 | | | | Global Ship Lease, Inc. – Class A*,9 | | | | | 350,982 | | |
| | | 19,724 | | | | Heritage-Crystal Clean, Inc.* | | | | | 522,686 | | |
| | | 15,403 | | | | International Seaways, Inc.*,9 | | | | | 296,662 | | |
| | | | | | | | | | | | 1,288,292 | | |
|
|
Principal
Amount |
| | | | | | | | | | |||
|
|
| | CORPORATE BONDS – 1.7% | | | ||||||||
| | | | | | | FINANCIALS – 1.7% | | | | | | | |
| | $ | 500,000 | | | |
ConnectOne Bancorp, Inc.
5.200% (3-Month USD Libor+284 basis points), 2/1/20282,4 |
| | | | 514,417 | | |
| | | 500,000 | | | |
Nationstar Mortgage Holdings, Inc.
8.125%, 7/15/20231,2 |
| | | | 522,500 | | |
| | | 400,000 | | | |
Realogy Group LLC / Realogy Co.-Issuer Corp.
9.375%, 4/1/20271,2 |
| | | | 373,608 | | |
| | | | | | | | | | | | 1,410,525 | | |
| | | | | | |
TOTAL CORPORATE BONDS
(Cost $1,395,360) |
| | |
|
1,410,525
|
| |
|
Number
of Shares |
| | | | |
Value
|
| ||||||
| | | | | | | EXCHANGE-TRADED DEBT SECURITIES – 1.3% | | | |||||
| | | | | | | FINANCIALS – 1.3% | | | |||||
| | | 2,591 | | | |
Capital Southwest Corp.
5.950%, 12/15/20222 |
| | | $ | 67,573 | | |
| | | 3,486 | | | |
Monroe Capital Corp.
5.750%, 10/31/20232 |
| | | | 88,056 | | |
| | | 15,152 | | | |
Oxford Square Capital Corp.
6.500%, 3/30/20242 |
| | | | 389,255 | | |
| | | 3,829 | | | |
PennantPark Investment Corp.
5.500%, 10/15/20242 |
| | | | 95,074 | | |
| | | 3,761 | | | |
Portman Ridge Finance Corp.
6.125%, 9/30/20222 |
| | | | 94,213 | | |
| | | 400 | | | |
Stellus Capital Investment Corp.
5.750%, 9/15/20222 |
| | | | 10,120 | | |
| | | 5,805 | | | |
THL Credit, Inc.
6.750%, 12/30/20222 |
| | | | 146,809 | | |
| | | 4,738 | | | |
6.125%, 10/30/20232
|
| | | | 123,188 | | |
| | | 1,232 | | | |
WhiteHorse Finance, Inc.
6.500%, 11/30/20252 |
| | | | 32,377 | | |
| | | | | | | | | | | | 1,046,665 | | |
| | | | | | |
TOTAL EXCHANGE-TRADED DEBT SECURITIES
(Cost $1,035,394) |
| | | | 1,046,665 | | |
| | | | | | | PRIVATE INVESTMENT FUNDS – 14.3% | | | |||||
| | | 71,763 | | | | Bailard Real Estate LP8,10,11 | | | | | 2,500,000 | | |
| | | N/A | | | | DSC Meridian LP8,11,12,13 | | | | | 1,547,301 | | |
| | | N/A | | | | Linden Investors LP8,11,13,14 | | | | | 1,662,350 | | |
| | | 1,974 | | | | ShoreBridge Point72 LP8,11,12,15 | | | | | 2,159,122 | | |
| | | N/A | | | | Walleye Opportunities LP8,14,16,17 | | | | | 2,239,398 | | |
| | | N/A | | | | Whitebox Asymmetric LP8,11,14,18 | | | | | 1,484,920 | | |
| | | | | | |
TOTAL PRIVATE INVESTMENT FUNDS
(Cost $11,000,000) |
| | | | 11,593,091 | | |
|
|
Number
of Shares |
| | | | |
Value
|
| ||||||
| | | | | | | RIGHTS – 0.0% | | | |||||
| | | 4,504 | | | |
8i Enterprises Acquisition Corp., Expiration Date: December 29,
2019*,9 |
| | | $ | 1,910 | | |
| | | 2,674 | | | | Big Rock Partners Acquisition Corp., Expiration Date: July 3, 2020* | | | | | 485 | | |
| | | 18,163 | | | | Corium International, Expiration Date: March 31, 2020*,6,7 | | | | | — | | |
| | | 3,408 | | | | Twelve Seas Investment Co., Expiration Date: December 21, 2019*,9 | | | | | 1,042 | | |
| | | | | | |
TOTAL RIGHTS
(Cost $0) |
| | | | 3,437 | | |
|
|
| | WARRANTS – 0.0% | | | ||||||||
| | | 4,504 | | | | 8i Enterprises Acquisition Corp., Expiration Date: October 1, 2025*,9 | | | | | 1,806 | | |
| | | 2,108 | | | | Allied Esports Entertainment, Inc., Expiration Date: August 9, 2024*,7 | | | | | 443 | | |
| | | 1,337 | | | |
Big Rock Partners Acquisition Corp., Expiration Date: December 1,
2022* |
| | | | 200 | | |
| | | 4,354 | | | | Boxwood Merger Corp., Expiration Date: November 26, 2025* | | | | | 3,048 | | |
| | | 4,157 | | | |
Chardan Healthcare Acquisition Corp., Expiration Date: December 13,
2023* |
| | | | 3,118 | | |
| | | 5,717 | | | | DD3 Acquisition Corp., Expiration Date: October 23, 2023*,9 | | | | | 1,944 | | |
| | | 756 | | | | Far Point Acquisition Corp., Expiration Date: June 1, 2025* | | | | | 907 | | |
| | | 15,202 | | | | Gordon Pointe Acquisition Corp., Expiration Date: January 25, 2023* | | | | | 6,081 | | |
| | | 2,223 | | | | Legacy Acquisition Corp., Expiration Date: November 30, 2022* | | | | | 778 | | |
| | | 3,222 | | | | Leisure Acquisition Corp., Expiration Date: December 28, 2022* | | | | | 2,215 | | |
| | | 8,811 | | | | Mudrick Capital Acquisition Corp., Expiration Date: March 12, 2025* | | | | | 5,049 | | |
| | | 5,323 | | | | Opes Acquisition Corp., Expiration Date: January 15, 2023* | | | | | 957 | | |
| | | 1,867 | | | | Pivotal Acquisition Corp., Expiration Date: December 1, 2025* | | | | | 2,390 | | |
| | | 3,408 | | | | Twelve Seas Investment Co., Expiration Date: July 13, 2023*,9 | | | | | 1,090 | | |
| | | | | | |
TOTAL WARRANTS
(Cost $0) |
| | | | 30,026 | | |
|
|
| | SHORT-TERM INVESTMENTS – 0.7% | | | ||||||||
| | | 574,439 | | | |
Morgan Stanley Institutional Liquidity Fund – Government
Portfolio – Institutional Class, 1.827%7 |
| | | | 574,439 | | |
| | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $574,439) |
| | | | 574,439 | | |
| | | | | | |
TOTAL INVESTMENTS – 110.8%
(Cost $89,726,786) |
| | | | 90,081,299 | | |
| | | | | | | Liabilities in Excess of Other Assets – (10.8)% | | | | | (8,808,220) | | |
| | | | | | | TOTAL NET ASSETS – 100.0% | | | | $ | 81,273,079 | | |
|
|
| | SECURITIES SOLD SHORT – (21.2)% | | | ||||||||
| | | | | | | COMMON STOCKS – (18.7)% | | | |||||
| | | | | | | COMMUNICATIONS – (1.7)% | | | |||||
| | | (21,265) | | | | CBS Corp. – Class B | | | | | (858,468) | | |
| | | (2,200) | | | | EverQuote, Inc. – Class A* | | | | | (46,948) | | |
| | | (9,069) | | | | Meet Group, Inc.* | | | | | (29,701) | | |
| | | (1,291) | | | | Shopify, Inc. – Class A*,9 | | | | | (402,353) | | |
| | | | | | | | | | | | (1,337,470) | | |
|
|
Number
of Shares |
| | | | |
Value
|
| ||||||
|
|
| | SECURITIES SOLD SHORT (Continued) | | | ||||||||
| | | | | | | CONSUMER DISCRETIONARY – (3.4)% | | | |||||
| | | (7,743) | | | | Adient PLC9 | | | | $ | (177,779) | | |
| | | (1,776) | | | | BrightView Holdings, Inc.* | | | | | (30,458) | | |
| | | (6,639) | | | | Del Taco Restaurants, Inc.* | | | | | (67,884) | | |
| | | (13,605) | | | | Denny’s Corp.* | | | | | (309,718) | | |
| | | (1,828) | | | | Fox Factory Holding Corp.* | | | | | (113,775) | | |
| | | (2,836) | | | | Freshpet, Inc.* | | | | | (141,148) | | |
| | | (9,375) | | | | Griffon Corp. | | | | | (196,594) | | |
| | | (5,323) | | | | Kontoor Brands, Inc. | | | | | (186,837) | | |
| | | (2,900) | | | | Kura Sushi USA, Inc. – Class A* | | | | | (56,898) | | |
| | | (3,798) | | | | National Vision Holdings, Inc.* | | | | | (91,418) | | |
| | | (8,490) | | | | OneSpaWorld Holdings Ltd.*,9 | | | | | (131,850) | | |
| | | (13,426) | | | | Regis Corp.* | | | | | (271,474) | | |
| | | (6,700) | | | | Sally Beauty Holdings, Inc.* | | | | | (99,763) | | |
| | | (1,766) | | | | Tesla, Inc.* | | | | | (425,376) | | |
| | | (2,034) | | | | Wayfair, Inc.* | | | | | (228,052) | | |
| | | (1,897) | | | | Wingstop, Inc. | | | | | (165,570) | | |
| | | (1,932) | | | | Winnebago Industries, Inc. | | | | | (74,092) | | |
| | | | | | | | | | | | (2,768,686) | | |
| | | | | | | CONSUMER STAPLES – (0.4)% | | | |||||
| | | (1,211) | | | | Chefs’ Warehouse, Inc.* | | | | | (48,828) | | |
| | | (1,045) | | | | Clorox Co. | | | | | (158,704) | | |
| | | (8,442) | | | | elf Beauty, Inc.* | | | | | (147,819) | | |
| | | | | | | | | | | | (355,351) | | |
| | | | | | | ENERGY – (0.4)% | | | |||||
| | | (11,281) | | | | Energy Transfer LP | | | | | (147,556) | | |
| | | (2,385) | | | | SolarEdge Technologies, Inc.* | | | | | (199,672) | | |
| | | | | | | | | | | | (347,228) | | |
| | | | | | | FINANCIALS – (3.9)% | | | | | | | |
| | | (3,029) | | | | Axos Financial, Inc.* | | | | | (83,752) | | |
| | | (24,623) | | | | BB&T Corp. | | | | | (1,314,129) | | |
| | | (15,486) | | | | Brookfield Asset Management, Inc. – Class A9 | | | | | (822,152) | | |
| | | (8,899) | | | | Hargreaves Lansdown PLC | | | | | (227,481) | | |
| | | (4,574) | | | | International Money Express, Inc.* | | | | | (62,847) | | |
| | | (5,872) | | | | National General Holdings Corp. | | | | | (135,173) | | |
| | | (18,919) | | | | New York Community Bancorp, Inc. | | | | | (237,433) | | |
| | | (9,623) | | | | People’s United Financial, Inc. | | | | | (150,456) | | |
| | | (2,884) | | | | Trupanion, Inc.* | | | | | (73,311) | | |
| | | (1,491) | | | | WesBanco, Inc. | | | | | (55,719) | | |
| | | | | | | | | | | | (3,162,453) | | |
| | | | | | | HEALTH CARE – (3.3)% | | | |||||
| | | (2,775) | | | | AbbVie, Inc. | | | | | (210,123) | | |
| | | (4,389) | | | | Apyx Medical Corp.* | | | | | (29,713) | | |
| | | (6,616) | | | | AtriCure, Inc.* | | | | | (165,003) | | |
|
Number
of Shares |
| | | | |
Value
|
| ||||||
|
|
| | SECURITIES SOLD SHORT (Continued) | | | ||||||||
| | | | | | | HEALTH CARE (Continued) | | | |||||
| | | (9,408) | | | | Bristol-Myers Squibb Co. | | | | $ | (477,080) | | |
| | | (1,549) | | | | Glaukos Corp.* | | | | | (96,828) | | |
| | | (1,700) | | | | Inmode Ltd.*,9 | | | | | (36,567) | | |
| | | (1,506) | | | | iRhythm Technologies, Inc.* | | | | | (111,610) | | |
| | | (11,327) | | | | Joint Corp.* | | | | | (210,795) | | |
| | | (14,048) | | | | Lannett Co., Inc.* | | | | | (157,338) | | |
| | | (3,428) | | | | Pacira BioSciences, Inc.* | | | | | (130,504) | | |
| | | (3,391) | | | | SmileDirectClub, Inc. – Class A* | | | | | (47,067) | | |
| | | (2,228) | | | | Tactile Systems Technology, Inc.* | | | | | (94,289) | | |
| | | (9,211) | | | | Teladoc Health, Inc.* | | | | | (623,769) | | |
| | | (5,608) | | | | Twist Bioscience Corp.* | | | | | (133,919) | | |
| | | (13,892) | | | | Zynex, Inc. | | | | | (132,113) | | |
| | | | | | | | | | | | (2,656,718) | | |
| | | | | | | INDUSTRIALS – (1.6)% | | | |||||
| | | (5,352) | | | | AAON, Inc. | | | | | (245,871) | | |
| | | (5,820) | | | | Advanced Energy Industries, Inc.* | | | | | (334,126) | | |
| | | (1,827) | | | | Badger Meter, Inc. | | | | | (98,110) | | |
| | | (2,960) | | | | Cognex Corp. | | | | | (145,425) | | |
| | | (1,344) | | | | National Presto Industries, Inc. | | | | | (119,737) | | |
| | | (887) | | | | Pool Corp. | | | | | (178,908) | | |
| | | (983) | | | | SiteOne Landscape Supply, Inc.* | | | | | (72,761) | | |
| | | (5,769) | | | | WillScot Corp.* | | | | | (89,881) | | |
| | | | | | | | | | | | (1,284,819) | | |
| | | | | | | MATERIALS – (0.6)% | | | |||||
| | | (1,520) | | | | Quaker Chemical Corp. | | | | | (240,373) | | |
| | | (1,386) | | | | WD-40 Co. | | | | | (254,386) | | |
| | | | | | | | | | | | (494,759) | | |
| | | | | | | TECHNOLOGY – (3.4)% | | | |||||
| | | (18,862) | | | | Allscripts Healthcare Solutions, Inc.* | | | | | (207,105) | | |
| | | (900) | | | | Ambarella, Inc.*,9 | | | | | (56,552) | | |
| | | (1,071) | | | | CDW Corp. | | | | | (131,990) | | |
| | | (4,832) | | | | Ciena Corp.* | | | | | (189,559) | | |
| | | (2,666) | | | | CTS Corp. | | | | | (86,272) | | |
| | | (9,200) | | | | Digital Turbine, Inc.* | | | | | (59,294) | | |
| | | (1,900) | | | | Diodes, Inc.* | | | | | (76,285) | | |
| | | (15,106) | | | | Extreme Networks, Inc.* | | | | | (109,896) | | |
| | | (18,641) | | | | FormFactor, Inc.* | | | | | (347,562) | | |
| | | (9,966) | | | | Inovalon Holdings, Inc. – Class A* | | | | | (163,343) | | |
| | | (2,936) | | | | Inphi Corp.* | | | | | (179,243) | | |
| | | (17,076) | | | | Lattice Semiconductor Corp.* | | | | | (312,235) | | |
| | | (1,400) | | | | LivePerson, Inc.* | | | | | (49,980) | | |
| | | (2,420) | | | | MACOM Technology Solutions Holdings, Inc.* | | | | | (52,018) | | |
| | | (10,453) | | | | NetScout Systems, Inc.* | | | | | (241,046) | | |
|
Number
of Shares |
| | | | |
Value
|
| ||||||
|
|
| | SECURITIES SOLD SHORT (Continued) | | | ||||||||
| | | | | | | TECHNOLOGY (Continued) | | | |||||
| | | (3,413) | | | | NIC, Inc. | | | | $ | (70,478) | | |
| | | (2,700) | | | | Phreesia, Inc.* | | | | | (65,448) | | |
| | | (2,577) | | | | Power Integrations, Inc. | | | | | (233,038) | | |
| | | (914) | | | | Q2 Holdings, Inc.* | | | | | (72,087) | | |
| | | (758) | | | | Silicon Laboratories, Inc.* | | | | | (84,403) | | |
| | | | | | | | | | | | (2,787,834) | | |
| | | | | | |
TOTAL COMMON STOCKS
(Proceeds $14,990,274) |
| | | | (15,195,318) | | |
| | | | | | | EXCHANGE-TRADED FUNDS – (2.5)% | | | | | | | |
| | | (23,539) | | | | Invesco Senior Loan ETF | | | | | (531,746) | | |
| | | (5,500) | | | | iShares iBoxx High Yield Corporate Bond ETF | | | | | (479,435) | | |
| | | (7,974) | | | | iShares U.S. Home Construction ETF | | | | | (345,354) | | |
| | | (25,525) | | | | SPDR Bloomberg Barclays Short Term High Yield Bond ETF | | | | | (689,430) | | |
| | | | | | |
TOTAL EXCHANGE-TRADED FUNDS
(Proceeds $1,981,230) |
| | | | (2,045,965) | | |
| | | | | | |
TOTAL SECURITIES SOLD SHORT
(Proceeds $16,971,504) |
| | | $ | (17,241,283) | | |
|
|
Number
of Contracts |
| | | | | | | | | |
| | | | WRITTEN OPTIONS CONTRACTS – 0.0% | | | |||||
| | | | PUT OPTIONS – 0.0% | | | |||||
| | | | SPDR S&P 500 Trust ETF | | | |||||
|
(4)
|
| |
Exercise Price: $270.00, Notional Amount: $(108,000), Expiration
Date: November 15, 2019* |
| | | $ | (452) | | |
| | | |
TOTAL PUT OPTIONS
(Proceeds $960) |
| | | | (452) | | |
| | | |
TOTAL WRITTEN OPTIONS CONTRACTS
(Proceeds $960) |
| | | $ | (452) | | |
|
Number of
Contracts |
| |
Description
|
| |
Expiration
Date |
| |
Value at
Trade Date |
| |
Value at
September 30, 2019 |
| |
Unrealized
Depreciation |
| |||||||||
|
(2)
|
| | CBOT 10-Year Eris Swap | | |
March 2029
|
| | | $ | (203,577) | | | | | $ | (226,125) | | | | | $ | (22,548) | | |
|
(30)
|
| | CBOT 3-Year Eris Swap | | |
March 2021
|
| | | | (2,907,126) | | | | | | (2,969,358) | | | | | | (62,232) | | |
| TOTAL FUTURES CONTRACTS | | | | $ | (3,110,703) | | | | | $ | (3,195,483) | | | | | $ | (84,780) | | |
|
Counterparty
|
| |
Reference Entity
|
| |
Notional
Amount |
| |
Pay/Receive
Total Return on Reference Entity |
| |
Financing Rate1
|
| |
Termination
Date |
| |
Premium
Paid (Received) |
| |
Unrealized
Appreciation (Depreciation) |
| ||||||||||||
|
Goldman Sachs
|
| | BB&T Corp. | | | | $ | 337,278 | | | |
Pay
|
| |
Fed Funds Effective Rate less 0.35%
|
| | | | 9/23/22 | | | | | $ | — | | | | | $ | (5,198) | | |
|
Goldman Sachs
|
| |
SunTrust Banks, Inc.
|
| | | | 336,296 | | | |
Receive
|
| |
1 month LIBOR Rate plus 0.50%
|
| | | | 9/23/22 | | | | | | — | | | | | | 4,608 | | |
| TOTAL EQUITY SWAP CONTRACTS | | | | | | | | | | $ | — | | | | | $ | (590) | | | |||||||||||||||
|
Security Type/Sector
|
| |
Percent of Total
Net Assets |
| |||
Asset-Backed Securities
|
| | | | 16.5% | | |
Bank Loans
|
| | | | 9.6% | | |
Closed-End Funds
|
| | | | 29.2% | | |
Collateralized Mortgage Obligations
|
| | | | 11.0% | | |
Common Stocks | | | | | | | |
Financials
|
| | | | 5.6% | | |
Technology
|
| | | | 4.2% | | |
Consumer Discretionary
|
| | | | 3.8% | | |
Materials
|
| | | | 3.6% | | |
Health Care
|
| | | | 2.4% | | |
Communications
|
| | | | 2.3% | | |
Consumer Staples
|
| | | | 1.7% | | |
Industrials
|
| | | | 1.6% | | |
Energy
|
| | | | 1.3% | | |
Total Common Stocks
|
| | | | 26.5% | | |
Corporate Bonds | | | | | | | |
Financials
|
| | | | 1.7% | | |
Total Corporate Bonds
|
| | | | 1.7% | | |
Exchange-Traded Debt Securities
|
| | | | 1.3% | | |
Private Investment Funds
|
| | | | 14.3% | | |
Purchased Options Contracts | | | | | | | |
Put Options
|
| | | | 0.0% | | |
Rights
|
| | | | 0.0% | | |
Warrants
|
| | | | 0.0% | | |
Short-Term Investments
|
| | | | 0.7% | | |
Total Investments
|
| | | | 110.8% | | |
Liabilities in Excess of Other Assets
|
| | | | (10.8)% | | |
Total Net Assets
|
| | | | 100.0% | | |
| Assets: | | | | | | | |
|
Investments, at value (cost $89,725,178)
|
| | | $ | 90,080,359 | | |
|
Options, at value (cost $1,608)
|
| | | | 940 | | |
|
Foreign currency, at value (cost $205,837)
|
| | | | 209,536 | | |
|
Unrealized appreciation on open swap contracts
|
| | | | 4,608 | | |
|
Cash
|
| | | | 760,007 | | |
|
Cash deposited with broker
|
| | | | 30,038,025 | | |
|
Receivables:
|
| | | | | | |
|
Investment securities sold
|
| | | | 2,323,019 | | |
|
Dividends and interest
|
| | | | 411,378 | | |
|
Variation margin
|
| | | | 349 | | |
|
Due from Broker
|
| | | | 321,951 | | |
|
Prepaid expenses
|
| | | | 190 | | |
|
Prepaid offering costs
|
| | | | 102,449 | | |
|
Total assets
|
| | | | 124,252,811 | | |
| Liabilities: | | | | | | | |
|
Borrowing agreement
|
| | | | 20,824,641 | | |
|
Securities sold short, at value (proceeds $16,971,504)
|
| | | | 17,241,283 | | |
|
Foreign currency due to custodian, at value (proceeds $1,660,949)
|
| | | | 1,626,436 | | |
|
Written options contracts, at value (proceeds $960)
|
| | | | 452 | | |
|
Unrealized depreciation on open swap contracts
|
| | | | 5,198 | | |
|
Payables:
|
| | | | | | |
|
Investment securities purchased
|
| | | | 2,559,787 | | |
|
Due to custodian
|
| | | | 518,829 | | |
|
Investment manager fees
|
| | | | 92,707 | | |
|
Legal fees
|
| | | | 36,745 | | |
|
Fund services fees
|
| | | | 27,048 | | |
|
Auditing fees
|
| | | | 26,591 | | |
|
Dividends and interest on securities sold short
|
| | | | 11,199 | | |
|
Transfer agent fees and expenses
|
| | | | 3,258 | | |
|
Accrued other expenses
|
| | | | 5,558 | | |
|
Total liabilities
|
| | | | 42,979,732 | | |
|
Net Assets
|
| | | $ | 81,273,079 | | |
| Components of Net Assets: | | | | | | | |
|
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)
|
| | | $ | 83,348,497 | | |
|
Total accumulated deficit
|
| | | | (2,075,418) | | |
|
Net Assets
|
| | | $ | 81,273,079 | | |
| Offering Price per Share: | | | | | | | |
|
Investor Class Shares:
|
| | | | | | |
|
Net assets applicable to shares outstanding
|
| | | $ | 81,273,079 | | |
|
Shares of beneficial interest issued and outstanding
|
| | | | 5,712,102 | | |
|
Offering and redemption price per share
|
| | | $ | 14.23 | | |
| Investment Income: | | | | | | | |
|
Dividends (net of withholding tax of $5,419)
|
| | | $ | 984,123 | | |
|
Interest
|
| | | | 1,477,594 | | |
|
Total investment income
|
| | | | 2,461,717 | | |
| Expenses: | | | | | | | |
|
Investment manager fees
|
| | | | 804,260 | | |
|
Interest expense on borrowing agreement
|
| | | | 306,143 | | |
|
Dividends on securities sold short
|
| | | | 182,053 | | |
|
Fund services fees
|
| | | | 80,860 | | |
|
Legal fees
|
| | | | 63,785 | | |
|
Auditing fees
|
| | | | 22,788 | | |
|
Directors’ fees and expenses
|
| | | | 21,934 | | |
|
Interest expense on securities sold short
|
| | | | 21,880 | | |
|
Stock exchange listing fees
|
| | | | 16,888 | | |
|
Transfer agent fees and expenses
|
| | | | 14,314 | | |
|
Chief Compliance Officer fees
|
| | | | 9,073 | | |
|
Shareholder reporting fees
|
| | | | 7,045 | | |
|
Insurance fees
|
| | | | 4,934 | | |
|
Miscellaneous
|
| | | | 1,430 | | |
|
Total expenses
|
| | | | 1,557,387 | | |
|
Net investment income
|
| | | | 904,330 | | |
|
Realized and Unrealized Gain (Loss) on Investments, Purchased Options Contracts, Securities Sold Short, Written Options Contracts, Futures Contracts, Swaps and Foreign Currency
|
| | | | | | |
|
Net realized gain (loss) on:
|
| | | | | | |
|
Investments
|
| | | | 1,229,363 | | |
|
Purchased options contracts
|
| | | | (10,144) | | |
|
Securities sold short
|
| | | | 404,194 | | |
|
Written options contracts
|
| | | | 28,640 | | |
|
Swap contracts
|
| | | | 4 | | |
|
Foreign currency transactions
|
| | | | (3,605) | | |
|
Net realized gain
|
| | | | 1,648,452 | | |
|
Net change in unrealized appreciation/depreciation on:
|
| | | | | | |
|
Investments
|
| | | | 1,151,824 | | |
|
Purchased options contracts
|
| | | | 3,546 | | |
|
Securities sold short
|
| | | | (252,849) | | |
|
Written options contracts
|
| | | | (4,499) | | |
|
Futures contracts
|
| | | | (42,842) | | |
|
Swap contracts
|
| | | | (590) | | |
|
Foreign currency translations
|
| | | | 15,863 | | |
|
Net change in unrealized appreciation/depreciation
|
| | | | 870,453 | | |
|
Net realized and unrealized gain on investments, purchased options contracts, securities sold short, written options contracts, futures contracts, swaps and foreign currency
|
| | | | 2,518,905 | | |
|
Net Increase in Net Assets from Operations
|
| | | $ | 3,423,235 | | |
|
| | |
For the
Six Months Ended September 30, 2019 (Unaudited) |
| |
For the
Year Ended March 31, 2019 |
| ||||||
Increase (Decrease) in Net Assets from: | | | | | | | | | | | | | |
Operations: | | | | | | | | | | | | | |
Net investment income
|
| | | $ | 904,330 | | | | | $ | 2,619,357 | | |
Net realized gain on investments, purchased option contracts,
securities sold short, written option contracts, futures contracts and foreign currency |
| | | | 1,648,452 | | | | | | 333,100 | | |
Net change in unrealized appreciation/depreciation on
investments, purchased option contracts, securities sold short, written option contracts, futures contracts and foreign currency |
| | | | 870,453 | | | | | | 871,017 | | |
Net increase in net assets resulting from operations
|
| | | | 3,423,235 | | | | | | 3,823,474 | | |
Distributions to Shareholders: | | | | | | | | | | | | | |
Distributions:
|
| | | | (4,067,124) | | | | | | (4,377,885) | | |
From return of capital:
|
| | | | — | | | | | | (1,070,422) | | |
Total distributions to shareholders
|
| | | | (4,067,124) | | | | | | (5,448,307) | | |
Capital Transactions: | | | | | | | | | | | | | |
Reinvestment of distributions:
|
| | | | 221,871 | | | | | | 1,668,050 | | |
Cost of shares redeemed:
|
| | | | — | | | | | | (6,163) | | |
Net increase in net assets from capital transactions
|
| | | | 221,871 | | | | | | 1,661,887 | | |
Total increase (decrease) in net assets
|
| | | | (422,018) | | | | | | 37,054 | | |
Net Assets: | | | | | | | | | | | | | |
Beginning of period
|
| | | | 81,695,097 | | | | | | 81,658,043 | | |
End of period
|
| | | $ | 81,273,079 | | | | | $ | 81,695,097 | | |
Capital Share Transactions: | | | | | | | | | | | | | |
Shares reinvested:
|
| | | | 15,676 | | | | | | 116,007 | | |
Shares redeemed:
|
| | | | — | | | | | | (420) | | |
Net increase in capital share transactions
|
| | | | 15,676 | | | | | | 115,587 | | |
| Increase (Decrease) in Cash: | | | | | | | |
|
Cash flows provided by (used for) operating activities:
|
| | | | | | |
|
Net increase in net assets resulting from operations
|
| | | $ | 3,423,235 | | |
|
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
|
| | | | | | |
|
Purchases of long-term portfolio investments
|
| | | | (65,993,305) | | |
|
Sales of long-term portfolio investments
|
| | | | 64,467,811 | | |
|
Proceeds from securities sold short
|
| | | | 34,836,695 | | |
|
Cover short securities
|
| | | | (29,579,987) | | |
|
Proceeds from written options
|
| | | | 51,134 | | |
|
Closed written options
|
| | | | (2,218) | | |
|
Purchases of short-term investments, net
|
| | | | (1,645,760) | | |
|
Return of capital
|
| | | | 278,214 | | |
|
Increase in foreign currency
|
| | | | (209,536) | | |
|
Increase in cash deposited with broker
|
| | | | (1,004,114) | | |
|
Decrease in dividends and interest receivable
|
| | | | 15,245 | | |
|
Decrease in variation margin
|
| | | | 3,400 | | |
|
Increase in due from broker
|
| | | | (321,951) | | |
|
Increase in prepaid expenses
|
| | | | (190) | | |
|
Increase in prepaid offering costs
|
| | | | (2,275) | | |
|
Increase in foreign currency due to custodian
|
| | | | 598,255 | | |
|
Increase in due to custodian
|
| | | | 518,829 | | |
|
Decrease in investment manager fees
|
| | | | (37,083) | | |
|
Increase in dividends and interest on securities sold short
|
| | | | 5,468 | | |
|
Decrease in accrued expenses
|
| | | | (1,100) | | |
|
Net amortization on investments
|
| | | | (40,950) | | |
|
Net realized gain
|
| | | | (1,638,348) | | |
|
Net change in unrealized appreciation/depreciation
|
| | | | (897,432) | | |
|
Net cash provided by operating activities
|
| | | | 2,824,037 | | |
|
Cash flows provided by (used for) financing activities:
|
| | | | | | |
|
Proceeds from shares sold
|
| | | | — | | |
|
Cost of shares redeemed
|
| | | | — | | |
|
Dividends paid to shareholders, net of reinvestments
|
| | | | (3,845,253) | | |
|
Proceeds from borrowing agreement
|
| | | | 1,781,223 | | |
|
Net cash used for financing activities
|
| | | | (2,064,030) | | |
|
Net increase in cash
|
| | | | 760,007 | | |
|
Cash:
|
| | | | | | |
|
Beginning of period
|
| | | | — | | |
|
End of period
|
| | | $ | 760,007 | | |
| | |
For the
Six Months Ended September 30, 2019 (Unaudited) |
| |
For the
Year Ended March 31, 2019 |
| |
For the Period
October 2, 2017* Through March 31, 2018 |
| |||||||||
Net asset value, beginning of period
|
| | | $ | 14.34 | | | | | $ | 14.63 | | | | | $ | 15.00 | | |
Income from Investment Operations: | | | | | | | | | | | | | | | | | | | |
Net investment income1
|
| | | | 0.16 | | | | | | 0.47 | | | | | | 0.02 | | |
Net realized and unrealized gain (loss) on
investments |
| | | | 0.32 | | | | | | 0.21 | | | | | | (0.39) | | |
Total from investment operations
|
| | | | 0.48 | | | | | | 0.68 | | | | | | (0.37) | | |
Less Distributions: | | | | | | | | | | | | | | | | | | | |
From net investment income
|
| | | | (0.59) | | | | | | (0.52) | | | | | | — | | |
From net realized gains
|
| | | | — | | | | | | (0.24) | | | | | | —2 | | |
From return of capital
|
| | | | — | | | | | | (0.21) | | | | | | — | | |
Total distributions
|
| | | | (0.59) | | | | | | (0.97) | | | | | | — | | |
Net asset value, end of period
|
| | | $ | 14.23 | | | | | $ | 14.34 | | | | | $ | 14.63 | | |
Per share market price, end of period
|
| | | $ | 13.75 | | | | | | 14.02 | | | | | | N/A | | |
Total net asset value return
|
| | | | 4.37%4 | | | | | | 4.83% | | | | | | (2.45)%4 | | |
Total market price return
|
| | | | 3.15%4 | | | | | | 2.49% | | | | | | N/A3 | | |
Ratios and Supplemental Data: | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (in thousands)
|
| | | $ | 81,273 | | | | | $ | 81,695 | | | | | $ | 81,658 | | |
Ratio of expenses to average net assets:
(including interest expense and interest on securities sold short) |
| | | | 3.84%5,6 | | | | | | 3.67%6 | | | | | | 3.46%5,6 | | |
Ratio of net investment income to average net assets:
(including interest expense and interest on securities sold short) |
| | | | 2.23%5 | | | | | | 3.21% | | | | | | 0.21%5 | | |
Portfolio turnover rate
|
| | | | 88%4 | | | | | | 282% | | | | | | 79%4 | | |
Senior Securities | | | | | | | | | | | | | | | | | | | |
Total borrowings (000’s omitted)
|
| | | $ | 20,825 | | | | | $ | 19,043 | | | | | $ | 11,610 | | |
Asset coverage per $1,000 unit of senior indebtedness7
|
| | | $ | 4,903 | | | | | $ | 5,290 | | | | | $ | 8,034 | | |
|
Cost of investments
|
| | | $ | 73,427,337 | | |
|
Gross unrealized appreciation
|
| | | $ | 3,405,700 | | |
|
Gross unrealized depreciation
|
| | | | (3,993,473) | | |
|
Net unrealized depreciation on investments
|
| | | $ | (587,773) | | |
|
Undistributed ordinary income
|
| | | $ | — | | |
|
Undistributed long-term gains
|
| | | | — | | |
|
Tax accumulated earnings
|
| | | | — | | |
|
Accumulated capital and other losses
|
| | | | — | | |
|
Unrealized depreciation on investments
|
| | | | (1,367,104) | | |
|
Total accumulated deficit
|
| | | | (1,367,104) | | |
Distributions paid from:
|
| |
2018
|
| |
2017
|
| ||||||
Ordinary income
|
| | | $ | 2,626,669 | | | | | $ | 5,815 | | |
Net long-term capital gains
|
| | | | 403,175 | | | | | | 1,058 | | |
Return of capital
|
| | | | 1,070,422 | | | | | | — | | |
Total distributions paid
|
| | | $ | 4,100,266 | | | | | $ | 6,916 | | |
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset-Backed Securities
|
| | | $ | — | | | | | $ | 13,434,031 | | | | | $ | — | | | | | $ | 13,434,031 | | |
Bank Loans
|
| | | | — | | | | | | — | | | | | | 7,775,365 | | | | | | 7,775,365 | | |
Closed-End Funds
|
| | | | 21,392,483 | | | | | | — | | | | | | — | | | | | | 21,392,483 | | |
Collateralized Mortgage Obligations
|
| | | | — | | | | | | 8,923,157 | | | | | | — | | | | | | 8,923,157 | | |
Common Stocks*
|
| | | | 21,533,258 | | | | | | — | | | | | | — | | | | | | 21,533,258 | | |
Corporate Bonds**
|
| | | | — | | | | | | 1,410,525 | | | | | | — | | | | | | 1,410,525 | | |
Exchange-Traded Debt Securities*
|
| | | | 1,046,665 | | | | | | — | | | | | | — | | | | | | 1,046,665 | | |
Purchased Options Contracts
|
| | | | 940 | | | | | | — | | | | | | — | | | | | | 940 | | |
Rights***
|
| | | | 3,437 | | | | | | — | | | | | | — | | | | | | 3,437 | | |
Warrants
|
| | | | 30,026 | | | | | | — | | | | | | — | | | | | | 30,026 | | |
Short-Term Investments
|
| | | | 574,439 | | | | | | — | | | | | | — | | | | | | 574,439 | | |
Other Financial Instruments† | | | | | | | | | | | | | | | | | | | | | | | | | |
Swap Contracts
|
| | | | 4,608 | | | | | | — | | | | | | — | | | | | | 4,608 | | |
Subtotal
|
| | | $ | 44,585,856 | | | | | $ | 23,767,713 | | | | | $ | 7,775,365 | | | | | $ | 76,128,934 | | |
Closed-End Funds
|
| | | | | | | | | | | | | | | | | | | | | | 2,363,882 | | |
Private Investment Funds
|
| | | | | | | | | | | | | | | | | | | | | | 11,593,091 | | |
Total Assets
|
| | | | | | | | | | | | | | | | | | | | | | 90,085,907 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Securities Sold Short | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*
|
| | | $ | 15,195,318 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,195,318 | | |
Exchange-Traded Funds*
|
| | | | 2,045,965 | | | | | | — | | | | | | — | | | | | | 2,045,965 | | |
Written Options Contracts
|
| | | | 452 | | | | | | — | | | | | | — | | | | | | 452 | | |
Other Financial Instruments† | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures Contracts
|
| | | | 84,780 | | | | | | — | | | | | | — | | | | | | 84,780 | | |
Swap Contracts
|
| | | | 5,198 | | | | | | — | | | | | | — | | | | | | 5,198 | | |
Total Liabilities
|
| | | $ | 17,331,713 | | | | | $ | — | | | | | $ | — | | | | | $ | 17,331,713 | | |
|
Beginning balance March 31, 2019
|
| | | $ | 3,480,692 | | |
|
Transfers into Level 3 during the period
|
| | | | — | | |
|
Transfers out of Level 3 during the period
|
| | | | — | | |
|
Total realized gain/(loss)
|
| | | | 31,173 | | |
|
Change in unrealized appreciation/(depreciation)
|
| | | | 1,134 | | |
|
Net purchases
|
| | | | 5,697,500 | | |
|
Net sales
|
| | | | (13,952) | | |
|
Principal paydown
|
| | | | (1,410,344) | | |
|
Amortization
|
| | | | 4,162 | | |
|
Return of capital dividends
|
| | | | (15,000) | | |
|
Balance as of September 30, 2019
|
| | | $ | 7,775,365 | | |
Fair Value
September 30, 2019 |
| |
Valuation
Methodologies |
| |
Unobservable
Input(1) |
| |
Input
Range/Value |
| |
Impact to
Valuation from an increase in Input(2) |
|
$7,775,365 | | |
Recent Transaction Price
|
| |
Recent Transaction Price
|
| |
—
|
| |
Increase
|
|
| | |
Asset Derivatives
|
| |
Liability Derivatives
|
| ||||||||||||
Derivatives not designated as
hedging instruments |
| |
Statement of Asset
and Liabilities Location |
| |
Value
|
| |
Statement of Asset
and Liabilities Location |
| |
Value
|
| ||||||
Equity price risk
|
| |
Purchased options contracts, at value
|
| | | $ | 940 | | | |
Written options contracts,
at value |
| | | $ | 452 | | |
Equity price risk
|
| |
Unrealized appreciation on open swap contracts
|
| | | $ | 4,608 | | | |
Unrealized depreciation on open swap contracts
|
| | | $ | 5,198 | | |
Interest rate risk
|
| | | | | | | | | | |
Unrealized depreciation
on open futures contracts |
| | | | 84,780 | | |
Total
|
| | | | | | $ | 5,548 | | | | | | | | $ | 90,430 | | |
Amount of Realized Gain or (Loss) on Derivatives Recognized in Income
|
| ||||||||||||||||||||||||
Derivatives not designated as hedging instruments
|
| |
Purchased
Options Contracts |
| |
Written
Options Contracts |
| |
Futures
Contracts |
| |
Swap
Contracts |
| ||||||||||||
Equity price risk
|
| | | $ | (10,144) | | | | | $ | 28,640 | | | | | $ | — | | | | | $ | 4 | | |
Interest rate risk
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | (10,144) | | | | | $ | 28,640 | | | | | $ | — | | | | | $ | 4 | | |
|
Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
|
| ||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments
|
| |
Purchased
Options Contracts |
| |
Written
Options Contracts |
| |
Futures
Contracts |
| |
Swap
Contracts |
| |
Total
|
| |||||||||||||||
Equity price risk
|
| | | $ | 3,546 | | | | | $ | (4,499) | | | | | $ | — | | | | | $ | (590) | | | | | $ | (1,543) | | |
Interest rate risk
|
| | | | — | | | | | | — | | | | | | (42,842) | | | | | | — | | | | | | (42,842) | | |
Total
|
| | | $ | 3,546 | | | | | $ | (4,499) | | | | | $ | (42,842) | | | | | $ | (590) | | | | | $ | (44,385) | | |
|
Derivative
|
| |
Quarterly Average
|
| |
Amount
|
| |||
Options Contracts — Purchased
|
| |
Average Notional Value
|
| | | $ | 209,367 | | |
Options Contracts — Written
|
| |
Average Notional Value
|
| | | | (830,667) | | |
Swap Contracts — Long
|
| |
Average Notional Value
|
| | | | 112,099 | | |
Swap Contracts — Short
|
| |
Average Notional Value
|
| | | | (112,426) | | |
Futures Contracts — Short
|
| |
Average Notional Value
|
| | | | (3,110,703) | | |
Description/Financial
Instrument/Statement of Assets and Liabilities Category |
| |
Counterparty
|
| |
Gross Amounts
Presented in Statement of Assets and Liabilities |
| |
Amounts Not Offset in
Statement of Assets and Liabilities |
| |
Net Amount
|
| |||||||||||||||
|
Financial
Instruments* |
| |
Cash
Collateral** |
| |||||||||||||||||||||||
Unrealized depreciation on open swap contracts — liability payable
|
| |
Goldman Sachs
|
| | | $ | 5,198 | | | | | $ | (4,608) | | | | | $ | (590) | | | | | $ | — | | |
| | | |
TICKER
|
| |
CUSIP
|
| ||||||
| Vivaldi Opportunities Fund | | | | | VAM | | | | | | 92853C207 | | |
ITEM 2. CODE OF ETHICS.
Not applicable to semi-annual reports.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to semi-annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to semi-annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to semi-annual reports.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to semi-annual reports.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17CFR 229.407), or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a)(1) Not applicable to semi-annual reports.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(a)(4) Not applicable.
(b) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(registrant) Vivaldi Opportunities Fund
-----------------------------------------------------------
By (Signature and Title)* /s/ Michael Peck
----------------------------------------------
Michael Peck, President
(Principal Executive Officer)
Date December 4, 2019
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ Michael Peck
----------------------------------------------
Michael Peck, President
(Principal Executive Officer)
Date December 4, 2019
-------------------------------------------------------------------
By (Signature and Title)* /s/ Chad Eisenberg
----------------------------------------------
Chad Eisenberg, Treasurer
(Principal Financial Officer)
Date December 4, 2019
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.
** Signatures on this page are for all the series
· | The Relative Value Fund |
· | Vivaldi Opportunities Fund |
· | Infinity Core Alternative Fund |
EX.99CERT
CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT
I, Michael Peck, certify that:
1. I have reviewed this report on Form N-CSR of Vivaldi Opportunities Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: December 4, 2019 | /s/ Michael Peck |
Michael Peck, President | |
(Principal Executive Officer) |
** Signatures on this page are for all the series
· | The Relative Value Fund |
· | Vivaldi Opportunities Fund |
· | Infinity Core Alternative Fund |
CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF
THE SARBANES-OXLEY ACT
I, Chad Eisenberg, certify that:
1. I have reviewed this report on Form N-CSR of Vivaldi Opportunities Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: December 4, 2019 | /s/ Chad Eisenberg |
Chad Eisenberg, Treasurer | |
(Principal Financial Officer) |
** Signatures on this page are for all the series
· | The Relative Value Fund |
· | Vivaldi Opportunities Fund |
· | Infinity Core Alternative Fund |
EX-99.906CERT
CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Michael Peck, President of Vivaldi Opportunities Fund, certify that to my knowledge:
1. | The Form N-CSR of the registrant for the period ended September 30, 2019 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant. |
/s/ Michael Peck
Michael Peck
President and Principal Executive Officer
December 4, 2019
I, Chad Eisenberg, Treasurer of Vivaldi Opportunities Fund, certify that to my knowledge:
1. | The Form N-CSR of the registrant for the period ended September 30, 2019 (the "Report") fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant. |
/s/ Chad Eisenberg
Chad Eisenberg
Treasurer and Principal Financial Officer
December 4, 2019
These certifications are being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. (S) 1350 and are not being filed as part of the Form N-CSR with the Commission.
** Signatures on this page are for all the series
· | The Relative Value Fund |
· | Vivaldi Opportunities Fund |
· | Infinity Core Alternative Fund |