Vivaldi Opportunities Fund (Form: N-CSR, Received: 06/07/2019 16:53:08)

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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Vivaldi Opportunities Fund

ANNUAL REPORT

March 31, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Fund’s transfer agent, you may elect to receive shareholder reports and other communications from the Fund electronically by contacting the Fund, c/o UMB Fund Services at 235 West Galena Street, Milwaukee, WI 53212, or by calling toll-free at 1 (877) 779-1999. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary. You may elect to receive all future reports in paper free of charge.

You can inform the Fund or your financial intermediary, as applicable, that you wish to receive paper copies of your shareholder reports by contacting them directly. Your election to receive reports in paper will apply the Fund and all funds held through your financial intermediary, as applicable.

Vivaldi Asset Management, LLC | 225 W. Wacker Dr. | Suite 2100 | Chicago, IL 60606 | P: 312.248.8300

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Vivaldi Opportunities Fund

Table of Contents

	Report of Independent Registered Public Accounting Firm					1
	Schedule of Investments					2
	Summary of Investments					18
	Statement of Assets and Liabilities					19
	Statement of Operations					21
	Statements of Changes in Net Assets					22
	Statement of Cash Flows					23
	Financial Highlights					24
	Notes to Financial Statements					25
	Fund Management (Unaudited)					39
	Fund Information (Unaudited)					41

This report and the financial statements contained herein are provided for the general information of the shareholders of Vivaldi Opportunities Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

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Grant Thornton LLP
Grant Thornton Tower
171 N. Clark Street, Suite 200
Chicago, IL 60601-3370

D +1 312 856 0200
F +1 312 565 4719
gt.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors and Shareholders of
Vivaldi Opportunities Fund

Opinion on the financial statements

We have audited the accompanying statement of assets and liabilities of Vivaldi Opportunities Fund (the “Fund”), including the schedule of investments, as of March 31, 2019, the related statements of operations and cash flows for the year then ended, and the statements of changes in net assets and the financial highlights for the year then ended and for the period from October 2, 2017 (commencement of operations) to March 31, 2018, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019, and the results of its operations and its cash flows for the year then ended and its financial highlights for the year then ended and for the period from October 2, 2017 (commencement of operations) to March 31, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019, by correspondence with the custodians and brokers, or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

We have served as the Fund’s auditor since 2017.

Chicago, Illinois
May 30, 2019

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Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS
As of March 31, 2019

Principal Amount				Value
			Asset-Backed Securities – 12.2%
			ARES XLIV CLO Ltd.
	$	500,000	Series 2017-44A, Class E, 10.837% (LIBOR 3 Month+805 basis points), 10/15/2029 1,2,3 ,4		$	461,018
			Ashford Hospitality Trust
		500,000	Series 2018-KEYS, Class F, 8.484% (LIBOR 1 Month+600 basis points), 5/15/2035 1,2,3 ,4			499,370
			CPS Auto Receivables Trust 2017-D
		500,000	Series 2017-D, Class E, 5.300%, 6/17/2024 1,3			503,804
			Deephaven Residential Mortgage Trust 2018-1
		345,000	Series 2018-1A, Class B1, 4.340%, 12/25/2057 1,3,4			340,040
			Deephaven Residential Mortgage Trust 2018-4
		500,000	Series 2018-4A, Class B2, 6.125%, 10/25/2058 1,3,4			498,311
			Fannie Mae Connecticut Avenue Securities
		300,000	Series 2017-C03, Class 1M2, 5.486% (LIBOR 1 Month+300 basis points), 10/25/2029 1,2 ,4			316,569
		400,000	Series 2018-C01, Class 1M2, 4.736% (LIBOR 1 Month+225 basis points), 7/25/2030 1,2 ,4			402,271
		750,000	Series 2018-C05, Class 1B1, 6.736% (LIBOR 1 Month+425 basis points), 1/25/2031 1,2 ,4			758,977
			Invitation Homes Trust
		68,668	Series 2017-SFR2, Class F, 5.482% (LIBOR 1 Month+300 basis points), 12/17/2036 2,3 ,4			69,184
			Magnetite XVI Ltd.
		250,000	Series 2015-16A, Class F, 9.280% (LIBOR 3 Month+650 basis points), 1/18/2028 1,2,3 ,4			228,471
			MMCF CLO LLC
		1,000,000	Series 2017-1A, Class D, 9.167% (LIBOR 3 Month+638 basis points), 1/15/2028 1,2,3 ,4			970,288
			Monroe Capital MML CLO VI Ltd.
		1,000,000	Series 2018-1A, Class E, 9.687% (LIBOR 3 Month+690 basis points), 4/15/2030 1,2,3 ,4			930,409
			Mosaic Solar Loan Trust
		335,000	Series 2018-1A, Class C, 0.000%, 6/22/2043 1,3			289,537
			Mosaic Solar Loan Trust 2019-1
		400,000	Series 2019-1A, Class B, 0.000%, 12/21/2043 1,3			301,788
			Mosaic Solar Loans 2017-2 LLC
		453,900	Series 2017-2A, Class D, 0.000%, 6/22/2043 1,3			419,227
			New Residential Mortgage Loan Trust 2019-NQM1
		231,000	Series 2019-NQM1, Class B1, 5.495%, 1/25/2049 1,3,4			237,480
		500,000	Series 2019-NQM1, Class B2, 5.495%, 1/25/2049 1,3,4			493,676
			OZLM VI Ltd.
		700,000	Series 2014-6A, Class ES, 11.413% (LIBOR 3 Month+864 basis points), 4/17/2031 1,2,3 ,4			649,696
			RBSSP Resecuritization Trust
		759,310	Series 2009-10, Class 2A2, 2.000%, 1/26/2037 1,3,4			517,266

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Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

Principal Amount				Value
			Asset-Backed Securities (Continued)
			Velocity Commercial Capital Loan Trust
	$	220,826	Series 2018-1, Class M6, 7.260%, 4/25/2048 1,3		$	220,663
			York CLO-2 Ltd.
		1,000,000	Series 2015-1A, Class F, 10.011% (LIBOR 3 Month+725 basis points), 1/22/2031 1,2,3			862,388
			TOTAL Asset-Backed Securities (Cost $10,169,656)			9,970,433
			Bank Loans – 4.3%
		2,000,000	BJ Services 12.980%, 1/3/2023 8			1,980,000
		1,500,000	Vista Outdoor 10.490%, 11/19/2023 8			1,492,500
			TOTAL Bank Loans (Cost $3,473,443)			3,472,500
Number of Shares
			Closed-End Funds – 34.5%
		40,722	Aberdeen Emerging Markets Equity Income Fund, Inc.			296,049
		85,046	Aberdeen Total Dynamic Dividend Fund 5			701,630
		9,105	Advent Claymore Convertible Securities and Income Fund 5			134,390
		12,153	Alliance California Municipal Income Fund, Inc. 5			179,621
		39,282	AllianzGI Convertible & Income 2024 Target 5			353,538
		41,587	AllianzGI NFJ Dividend Interest & Premium Strategy Fund 5			501,539
		71,440	Barings BDC, Inc. 5			700,826
		4,667	BlackRock California Municipal Income Trust			59,878
		19,342	BlackRock Debt Strategies Fund, Inc.			207,346
		4,400	BlackRock Floating Rate Income Trust			53,724
		7,610	BlackRock Municipal 2030 Target Term Trust			169,246
		13,404	BlackRock Resources & Commodities Strategy Trust			109,511
		40,743	BrandywineGLOBAL Global Income Opportunities Fund, Inc. 5			453,470
		55,870	Clough Global Opportunities Fund 5			539,704
		46,076	Cornerstone Strategic Value Fund, Inc. 5			561,206
		15,153	Cornerstone Total Return Fund, Inc. 5			181,685
		60,565	Delaware Enhanced Global Dividend & Income Fund 5			585,664
		15,439	Eagle Growth & Income Opportunities Fund 5			237,297
		61,096	Eaton Vance Limited Duration Income Fund 5			772,864
		6,264	Eaton Vance Tax-Managed Buy-Write Strategy Fund			58,005
		13,789	Franklin Ltd. Duration Income Trust			132,788
		37,609	Garrison Capital, Inc. 5			270,033
		62,744	Highland Floating Rate Opportunities Fund 5			871,514
		49,517	Invesco Dynamic Credit Opportunities Fund			537,259
		35,176	Invesco High Income Trust II 5			504,424

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Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

Number of Shares			Value
		Closed-end Funds (Continued)
	14,812	Invesco Municipal Opportunity Trust 5		$	176,707
	228,344	Invesco Senior Income Trust 5			959,045
	22,670	Kayne Anderson MLP/Midstream Investment Co. 5			363,400
	30,037	Lazard World Dividend & Income Fund, Inc. 5			297,667
	39,648	Liberty All Star Growth Fund, Inc. 5			220,443
	28,043	Morgan Stanley Emerging Markets Debt Fund, Inc. 5			252,107
	7,580	Neuberger Berman California Municipal Fund, Inc.			98,767
	44,699	Neuberger Berman High Yield Strategies Fund, Inc.			504,652
	3,648	NexPoint Strategic Opportunities Fund 5			79,417
	16,457	Nuveen California Quality Municipal Income Fund			226,778
	106,617	Nuveen Credit Strategies Income Fund 5			824,149
	20,343	Nuveen Emerging Markets Debt 2022 Target Term Fund 5			177,188
	10,198	Nuveen Intermediate Duration Quality Municipal Term Fund 5			133,390
	18,154	Nuveen Mortgage Opportunity Term Fund 5			421,717
	14,365	Nuveen Mortgage Opportunity Term Fund 2 5			323,213
	176,437	Palmer Square Opportunistic Income Fund			3,272,913
	86,443	PGIM Global High Yield Fund, Inc. 5			1,205,015
	29,128	PGIM High Yield Bond Fund, Inc. 5			413,035
	461,766	PIMCO Flexible Credit Income Fund			4,589,949
	147,061	Pomona Investment LP 7			1,474,642
	10,203	Special Opportunities Fund, Inc. 5			137,026
	30,756	Sprott Focus Trust, Inc. 5			209,448
	16,861	Templeton Emerging Markets Income Fund 5			172,657
	69,718	Templeton Global Income Fund 5			439,223
	8,198	The India Fund, Inc. 5			175,273
	29,985	Tortoise Midstream Energy Fund, Inc. 5			420,390
	24,584	Virtus Total Return Fund, Inc. 5			247,069
	196,436	Voya Prime Rate Trust 5			938,964
	1,943	Western Asset Corporate Loan Fund, Inc.			18,400
	28,228	Western Asset Global High Income Fund, Inc. 5			265,061
		TOTAL Closed-End Funds (Cost $29,102,918)			28,210,916

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Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

Principal Amount				Value
			Collateralized Mortgage Obligations – 13.7%
			Alternative Loan Trust
	$	3,817,487	Series 2005-59, Class 2X, 1.023%, 11/20/2035 1,4		$	189,095
		7,239,705	Series 2006-HY10, Class 1X, 0.476%, 5/25/2036 1,4			99,336
			American Home Mortgage Assets Trust
		515,184	Series 2006-6, Class XP, 1.400%, 12/25/2046 1,4			41,382
			American Home Mortgage Investment Trust
		235,296	Series 2006-1, Class 12A1, 2.886% (LIBOR 1 Month+40 basis points), 3/25/2046 1,2 ,4			224,875
		1,297,684	Series 2006-2, Class 1A2, 2.806% (LIBOR 1 Month+32 basis points), 6/25/2046 1,2 ,4			523,071
			BAMLL Commercial Mortgage Securities Trust
		500,000	Series 2019-AHT, Class F, 6.678% (LIBOR 1 Month+420 basis points), 3/15/2021 4			500,000
			Banc of America Funding Trust
		813,918	Series 2006-H, Class 4A1, 4.463%, 9/20/2046 1,4			729,164
			CHL Mortgage Pass-Through Trust
		6,955,856	Series 2004-29, Class 1X, 0.913%, 2/25/2035 1,4			121,832
			Citigroup Commercial Mortgage Trust
		250,000	Series 2018-TBR, Class F, 6.134% (LIBOR 1 Month+365 basis points), 12/15/2036 1,2,3 ,4			250,976
			COMM Mortgage Trust
		500,000	Series 2013-CR10, Class D, 4.793%, 8/10/2046 1,3,4			495,294
			Csail Commercial Mortgage Trust
		100,000	Series 2015-C2, Class C, 4.204%, 6/15/2057 1,4			98,930
			CSMC 2018-RPL2 Trust
		500,000	Series 2018-RPL2, Class A2, 4.204%, 8/25/2062 1,3,4			491,548
			Deutsche Alt-A Securities Mortgage Loan Trust Series
		2,000,000	Series 2007-BAR1, Class A4, 2.726% (LIBOR 1 Month+24 basis points), 3/25/2037 1,2 ,4			255,792
			Fannie Mae Connecticut Avenue Securities
		500,000	Series 2018-C02, Class 2M2, 4.686% (LIBOR 1 Month+220 basis points), 8/25/2030 1,2 ,4			498,532
		250,000	Series 2018-C06, Class 2M2, 4.586% (LIBOR 1 Month+210 basis points), 3/25/2031 1,2 ,4			246,802
			Freddie Mac Structured Agency Credit Risk Debt Notes
		750,000	Series 2017-DNA3, Class M2, 4.986% (LIBOR 1 Month+250 basis points), 3/25/2030 1,2 ,4			768,041
		250,000	Series 2017-HQA3, Class M2, 4.836% (LIBOR 1 Month+235 basis points), 4/25/2030 1,2 ,4			253,592
			GS Mortgage Securities Trust 2018-HART
		250,000	Series 2018-HART, Class F, 6.384% (LIBOR 1 Month+390 basis points), 10/15/2031 2,3 ,4			250,700

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Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

Principal Amount				Value
			Collateralized Mortgage Obligations (Continued)
			Home Partners of America Trust
	$	512,000	Series 2018-1, Class F, 4.832% (LIBOR 1 Month+235 basis points), 7/17/2037 2,3 ,4		$	507,772
			IndyMac INDX Mortgage Loan Trust
		3,757,537	Series 2004-AR12, Class AX2, 0.724%, 12/25/2034 1,4			139,209
			J.P. Morgan Chase Commercial Mortgage Securities Trust
		250,000	Series 2018-ASH8, Class F, 6.484% (LIBOR 1 Month+400 basis points), 2/15/2035 1,2,3 ,4			251,290
			Luminent Mortgage Trust
		393,871	Series 2006-6, Class A2B, 2.726% (LIBOR 1 Month+24 basis points), 10/25/2046 1,2 ,4			307,702
			Morgan Stanley Mortgage Loan Trust
		27,570	Series 2007-10XS, Class A2, 6.250%, 2/25/2037 1,4			18,361
		555,549	Series 2007-7AX, Class 2A1, 2.606% (LIBOR 1 Month+12 basis points), 4/25/2037 1,2 ,4			275,262
			RALI Series Trust
		1,101,284	Series 2008-QR1, Class 1A4, 6.000%, 8/25/2036 1			937,811
		548,805	Series 2006-QS17, Class A7, 6.000%, 12/25/2036 1			501,613
			Ready Capital Mortgage Trust 2019-5
		250,000	Series 2019-5, Class E, 5.551%, 2/25/2052 1,3,4			207,156
			Residential Asset Securitization Trust
		1,543,447	Series 2006-A8, Class 2A7, 6.500%, 8/25/2036 1			801,381
		484,435	Series 2007-A6, Class 1A3, 6.000%, 6/25/2037 1			418,719
			STACR Trust
		500,000	Series 2018-DNA3, Class M2, 4.586% (LIBOR 1 Month+210 basis points), 9/25/2048 1,2,3 ,4			493,269
			Verus Securitization Trust 2019-1
		250,000	Series 2019-1, Class B1, 5.311%, 2/25/2059 1,3,4			252,744
			TOTAL Collateralized Mortgage Obligations (Cost $11,428,151)			11,151,251

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Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

Number of Shares			Value
		Common Stocks – 25.1%
		Communications – 1.8%
	165,772	eDreams ODIGEO S.A.*		$	497,409
	1,992	Fox Corp. – Class A*			73,126
	22,740	Houghton Mifflin Harcourt Co.* ,5			165,320
	31,329	IMAX Corp.* ,5,6			710,542
	26	Tribune Media Co.			1,200
					1,447,597
		Consumer Discretionary – 2.5%
	44,097	BlueLinx Holdings, Inc.* ,5			1,174,744
	35,806	Garrett Motion, Inc.* ,5			527,422
	39,223	Potbelly Corp.* ,5			333,788
					2,035,954
		Consumer Staples – 1.1%
	41,734	Darling Ingredients, Inc.* ,5			903,541
		Energy – 0.4%
	16,458	CrossAmerica Partners LP			300,523
		Financials – 5.2%
	4,504	8i Enterprises Acquisition Corp.* ,6			45,220
	5,404	Alberton Acquisition Corp.* ,6			54,310
	5,590	Andina Acquisition Corp. III* ,6			56,459
	2,674	Big Rock Partners Acquisition Corp.*			27,596
	330	Bioceres Crop Solutions Corp.* ,6			1,723
	1,816	Black Ridge Acquisition Corp.* ,5			18,541
	4,354	Boxwood Merger Corp.*			43,845
	11,640	BSB Bancorp, Inc.*			382,258
	3,127	CF Finance Acquisition Corp.*			31,895
	4,157	Chardan Healthcare Acquisition Corp.*			41,695
	3,751	ChaSerg Technology Acquisition Corp.*			37,885
	2,952	CM Seven Star Acquisition Corp.* ,5,6			21,579
	3,744	Crescent Acquisition Corp.*			37,440
	5,717	DD3 Acquisition Corp.* ,6			57,970
	5,437	Diamond Hill Investment Group, Inc. 5			761,180
	3,751	Edtechx Holdings Acquisition Corp.*			38,260
	8,329	Ellie Mae, Inc.*			821,989
	2,268	Far Point Acquisition Corp. – Class A*			22,567
	3,235	FinTech Acquisition Corp. III*			32,965
	282	First Data Corp.*			7,408
	15,202	Gordon Pointe Acquisition Corp.*			153,540
	5,615	Graf Industrial Corp.*			56,824
	98,791	Great Elm Capital Group, Inc.* ,5			419,862

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Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

Number of Shares			Value
		Common Stocks (Continued)
		Financials (Continued)
	4,074	Hennessy Capital Acquisition Corp. IV*		$	41,066
	1,206	Insurance Acquisition Corp.*			12,181
	2,223	Legacy Acquisition Corp.*			22,319
	6,444	Leisure Acquisition Corp.*			64,440
	1,391	Monocle Acquisition Corp.*			13,924
	15,771	MTech Acquisition Corp.* ,5			159,129
	8,811	Mudrick Capital Acquisition Corp. – Class A*			88,815
	4,462	Oaktree Capital Group LLC			221,538
	11,416	One Madison Corp.* ,6			117,014
	5,323	Opes Acquisition Corp.*			54,028
	1,867	Pivotal Acquisition Corp.*			18,950
	5,506	Schultze Special Purpose Acquisition Corp.*			55,225
	2,486	TCF Financial Corp.			51,435
	5,718	Trine Acquisition Corp.*			57,294
	4,032	Tuscan Holdings Corp.*			41,893
	3,408	Twelve Seas Investment Co.* ,6			34,080
	4,175	Wealthbridge Acquisition Ltd.* ,6			41,750
					4,268,092
		Health Care – 1.0%
	5,188	Celgene Corp.*			489,436
	3,080	Spark Therapeutics, Inc.*			350,750
					840,186
		Industrials – 0.6%
	9,696	Heritage-Crystal Clean, Inc.*			266,155
	127,711	Vertex Energy, Inc.* ,5			206,892
					473,047
		Materials – 3.8%
	16,848	AdvanSix, Inc.* ,5			481,347
	7,719	Berry Global Group, Inc.* ,5			415,823
	123,372	Chemtrade Logistics Income Fund			843,774
	1,324	DowDuPont, Inc.			70,583
	76,134	Goldcorp, Inc. 6			870,973
	10,583	SunCoke Energy Partners LP			131,758
	13,959	Univar, Inc.*			309,332
					3,123,590

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Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

Number of Shares			Value
		Common Stocks (Continued)
		Technology – 8.5%
	94,664	Adesto Technologies Corp.* ,5		$	572,717
	4,005	ARRIS International PLC* ,6			126,598
	7,421	Attunity Ltd.* ,6			174,022
	85,461	EXFO, Inc.* ,5,6			316,206
	9,654	KEMET Corp.			163,828
	4,586	Luxoft Holding, Inc.* ,6			269,244
	8,127	Mellanox Technologies Ltd.* ,6			961,912
	7,089	MicroStrategy, Inc. – Class A* ,5			1,022,588
	20,240	OneSpan, Inc.* ,5			389,013
	9,978	Quantenna Communications, Inc.*			242,765
	4,236	Red Hat, Inc.* ,5			773,917
	73,347	Telenav, Inc.* ,5			445,216
	4,458	Ultimate Software Group, Inc.*			1,471,720
					6,929,746
		Utilities – 0.2%
	8,440	Luxfer Holdings PLC 5,6			210,831
		TOTAL Common Stocks (Cost $20,093,563)			20,533,107

Principal Amount
			Corporate Bonds – 1.2%
			Financials – 1.2%
	$	500,000	ConnectOne Bancorp, Inc. 5.200% (LIBOR 3 Month+284 basis points), 2/1/2028 1,4	500,215
		500,000	Nationstar Mortgage Holdings, Inc. 8.125%, 7/15/2023 1,3	515,000
				1,015,215
			TOTAL Corporate Bonds (Cost $1,000,000)	1,015,215

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Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

Principal Amount				Value
			Exchange-Traded Debt Securities – 1.0%
	$	2,803	Capital Southwest Corp. 5.950%, 12/15/2022 1		$	71,280
		1,965	Monroe Capital Corp. 5.750%, 10/31/2023 1			48,870
		1,146	OFS Capital Corp. 6.500%, 10/31/2025 1			28,444
		14,000	Oxford Square Capital Corp. 6.500%, 3/30/2024 1			356,720
		400	Stellus Capital Investment Corp. 5.750%, 9/15/2022 1			10,080
		7,281	THL Credit, Inc. 6.750%, 12/30/2022 1			183,554
		4,620	THL Credit, Inc. 6.125%, 10/30/2023 1			117,440
			TOTAL Exchange-Traded Debt Securities (Cost $812,806)			816,388
Number of Shares
			Investment Funds – 10.5%
		N/A	DSC Meridian LP 7,10,12,16			1,520,085
		N/A	Linden Investors LP 7,10,12,17			1,531,100
		2,000	ShoreBridge Point72 LP 7,10,13,16			1,983,487
		N/A	Walleye Opportunities LP 7,11,14,17			2,080,963
		N/A	Whitebox Asymmetric LP 7,10,15,17			1,482,418
			TOTAL Investment Funds (Cost $8,500,000)			8,598,053
			Mutual Funds – 0.7%
		21,841	Morgan Stanley Institutional Fund, Inc. – Emerging Markets Portfolio – Class I			528,118
			TOTAL Mutual Funds (Cost $557,568)			528,118

TABLE OF CONTENTS

Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

Number of Contracts			Value
		Purchased Options Contracts – 0.0%
		Call Options – 0.0%
		Mellanox Technologies, Ltd.
	14	Exercise Price: $115.00, Notional Amount: $161,000, Expiration Date: June 21, 2019		$	6,020
		TOTAL Call Options (Cost $6,743)			6,020
		Put Options – 0.0%
		Goldcorp, Inc.
	14	Exercise Price: $10.00, Notional Amount: $14,000, Expiration Date: April 18, 2019			84
		Utilities Select Sector SPDR Fund
	27	Exercise Price: $49.00, Notional Amount: $132,300, Expiration Date: June 21, 2019			230
		TOTAL Put Options (Cost $3,805)			314
		TOTAL Purchased Options Contracts (Cost $10,548)			6,334
Number of Shares
		Rights – 0.0%
	2,674	Big Rock Partners Acquisition Corp., Expiration Date: July 3, 2019*			776
	908	Black Ridge Acquisition Corp., Expiration Date: July 3, 2019* ,5			318
	2,952	CM Seven Star Acquisition Corp., Expiration Date: April 25, 2019* ,5,6			974
	18,163	Corium International, Expiration Date: March 31, 2020* ,5,8			—
	35,774	Pan American Silver Corp. Expiration Date: February 22, 2029* ,6,8			8,192
	3,408	Twelve Seas Investment Co.* ,6			920
		TOTAL Rights (Cost $—)			11,180
		Short-Term Investments – 1.0%
	833,911	Morgan Stanley Institutional Liquidity Fund – Government Portfolio – Institutional Class, 2.28% 5,9			833,911
		TOTAL Short-Term Investments (Cost $833,911)			833,911
		Units – 0.0%
	1	Leisure Acquisition Corp.*			10
		TOTAL Units (Cost $10)			10

TABLE OF CONTENTS

Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

Number of Shares			Value
		Warrants – 0.1%
	1,337	Big Rock Partners Acquisition Corp., Expiration Date: December 1, 2022*		$	241
	4,994	Bioceres Crop Solutions Corp., Expiration Date: July 1, 2025* ,6			1,348
	2,108	Black Ridge Acquisition Corp., Expiration Date: October 25, 2022* ,5			632
	1,476	CM Seven Star Acquisition Corp., Expiration Date: November 6, 2022* ,5,6			251
	756	Far Point Acquisition Corp., Expiration Date: June 1, 2025*			945
	15,202	Gordon Pointe Acquisition Corp., Expiration Date: January 25, 2023*			5,625
	2,223	Legacy Acquisition Corp., Expiration Date: November 30, 2022*			667
	3,222	Leisure Acquisition Corp., Expiration Date: December 28, 2022*			1,392
	15,771	MTech Acquisition Corp., Expiration Date: August 1, 2024*			10,093
	8,811	Mudrick Capital Acquisition Corp., Expiration Date: March 12, 2025*			4,494
	5,708	One Madison Corp., Expiration Date: February 22, 2023* ,6			6,450
	1,031	OneSpaWorld Holding, Ltd., Expiration Date: March 19, 2024*			2,485
	5,323	Opes Acquisition Corp., Expiration Date: January 15, 2023*			1,277
	3,408	Twelve Seas Investment Co., Expiration Date: July 13, 2023* ,6			886
		TOTAL Warrants (Cost $2,485)			36,786
		TOTAL Investments – 104.3% (Cost $85,985,059)			85,184,202
		Liabilities in Excess of Other Assets – (4.3)%			(3,489,105 )
		TOTAL Net Assets – 100.0%		$	81,695,097
		Securities Sold Short – (14.9)%
		Common Stocks – (12.9)%
		Communications – (0.5)%
	(7,018 )	Gray Television, Inc.*			(149,904 )
	(16,593 )	Meet Group, Inc.*			(83,463 )
	(835 )	Shopify, Inc.* ,6			(172,528 )
					(405,895 )
		Consumer Discretionary – (2.9)%
	(400 )	Cracker Barrel Old Country Store, Inc.			(64,644 )
	(6,506 )	Denny’s Corp.*			(119,385 )
	(2,733 )	El Pollo Loco Holdings, Inc.*			(35,556 )
	(4,018 )	Freshpet, Inc.*			(169,921 )
	(3,130 )	Leggett & Platt, Inc.			(132,149 )
	(2,394 )	Lovesac Co.*			(66,577 )
	(4,041 )	Malibu Boats, Inc. – Class A*			(159,943 )
	(6,653 )	MarineMax, Inc.*			(127,471 )
	(13,932 )	Party City Holdco, Inc.*			(110,620 )
	(3,800 )	PCM, Inc.*			(139,194 )
	(2,292 )	Robert Half International, Inc.			(149,347 )

TABLE OF CONTENTS

Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

Number of Shares			Value
		Securities Sold Short (Continued)
		Common Stocks (Continued)
		Consumer Discretionary (Continued)
	(6,488 )	Ruth’s Hospitality Group, Inc.		$	(166,028 )
	(3,659 )	Sleep Number Corp.*			(171,973 )
	(1,541 )	Tesla, Inc.*			(431,264 )
	(8,755 )	Waitr Holdings, Inc.*			(107,599 )
	(3,020 )	Wingstop, Inc.			(229,611 )
					(2,381,282 )
		Consumer Staples – (0.1)%
	(1,600 )	Ollie’s Bargain Outlet Holdings, Inc.*			(136,528 )
		Energy – (0.0)%
	(3,212 )	American Superconductor Corp.*			(41,306 )
		Financials – (1.6)%
	(4,624 )	Axos Financial, Inc.*			(133,911 )
	(2,403 )	Brookfield Asset Management, Inc. – Class A 6			(112,100 )
	(1,264 )	Chemical Financial Corp.			(52,026 )
	(85 )	Fiserv, Inc.*			(7,504 )
	(350 )	General Finance Corp.*			(3,266 )
	(15,258 )	National General Holdings Corp.			(362,072 )
	(23,279 )	People’s United Financial, Inc.			(382,706 )
	(3,272 )	Seritage Growth Properties			(145,408 )
	(3,519 )	Trupanion, Inc.*			(115,212 )
					(1,314,205 )
		Health Care – (2.7)%
	(10,234 )	AtriCure, Inc.*			(274,169 )
	(5,188 )	Bristol-Myers Squibb Co.			(247,519 )
	(400 )	Heska Corp.*			(34,048 )
	(3,250 )	iRhythm Technologies, Inc.*			(243,620 )
	(10,038 )	Lannett Co., Inc.*			(78,999 )
	(7,911 )	Mallinckrodt PLC* ,6			(171,985 )
	(1,085 )	Pacira Pharmaceuticals, Inc.*			(41,295 )
	(4,755 )	STAAR Surgical Co.*			(162,573 )
	(5,755 )	Tactile Systems Technology, Inc.*			(303,404 )
	(8,848 )	Teladoc Health, Inc.*			(491,950 )
	(1,736 )	USANA Health Sciences, Inc.*			(145,598 )
					(2,195,160 )

TABLE OF CONTENTS

Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

Number of Shares			Value
		Securities Sold Short (Continued)
		Common Stocks (Continued)
		Industrials – (1.1)%
	(8,635 )	AAON, Inc.		$	(398,764 )
	(3,645 )	ArcBest Corp.			(112,230 )
	(5,001 )	Kratos Defense & Security Solutions, Inc.*			(78,166 )
	(960 )	Littelfuse, Inc.			(175,181 )
	(3,392 )	Mobile Mini, Inc.			(115,124 )
					(879,465 )
		Materials – (1.7)%
	(441 )	Dow, Inc.*			(22,769 )
	(1,324 )	DowDuPont, Inc.*			(47,757 )
	(24,971 )	Newmont Mining Corp.			(893,212 )
	(882 )	Pan American Silver Corp. 6			(11,687 )
	(1,468 )	Quaker Chemical Corp.			(294,084 )
	(14,016 )	SunCoke Energy, Inc.*			(118,996 )
					(1,388,505 )

		Technology – (2.1)%
	(2,300 )	Amdocs Ltd. 6			(124,453 )
	(2,200 )	Benefitfocus, Inc.*			(108,944 )
	(4,587 )	Ciena Corp.*			(171,279 )
	(4,610 )	CTS Corp.			(135,396 )
	(4,896 )	Diodes, Inc.*			(169,891 )
	(19,101 )	FormFactor, Inc.*			(307,334 )
	(7,231 )	Inovalon Holdings, Inc. – Class A*			(89,881 )
	(10,176 )	Inseego Corp.*			(48,031 )
	(3,108 )	Intelligent Systems Corp.*			(99,270 )
	(16,231 )	KeyW Holding Corp.*			(139,911 )
	(10,255 )	NetScout Systems, Inc.*			(287,858 )
					(1,682,248 )
		Utilities – (0.2)%
	(17,400 )	Superior Plus Corp.			(149,080 )
		TOTAL Common Stocks (Proceeds $10,589,646)			(10,573,674 )

TABLE OF CONTENTS

Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

Number of Shares			Value
		Securities Sold Short (Continued)
		Exchange-Traded Funds – (2.0)%
	(5,500 )	iShares iBoxx High Yield Corporate Bond ETF		$	(475,585 )
	(4,291 )	iShares U.S. Home Construction ETF			(151,215 )
	(25,525 )	SPDR Bloomberg Barclays Short Term High Yield Bond ETF			(695,557 )
	(963 )	SPDR S&P500 ETF Trust			(272,028 )
		TOTAL Exchange-Traded Funds (Proceeds $1,561,483)			(1,594,385 )
Number of Contracts
		written Options Contracts – 0.0%
		Call Options – 0.0%
		Mellanox Technologies, Ltd.
	(22 )	Exercise Price: $120.00, Notional Amount: $(264,000), Expiration Date: June 21, 2019*			(2,090 )
	(42 )	Exercise Price: $120.00, Notional Amount: $(504,000), Expiration Date: April 18, 2019*			(210 )
		Red Hat, Inc.
	(3 )	Exercise Price: $180.00, Notional Amount: $(54,000), Expiration Date: May 17, 2019*			(1,260 )
		SunCoke Energy, Inc.
	(8 )	Exercise Price: $7.50, Notional Amount: $(6,000), Expiration Date: June 21, 2019			(1,120 )
	(1 )	Exercise Price: $180.00, Notional Amount: $(18,000), Expiration Date: June 21, 2019*			(550 )
		TOTAL Call Options (Proceeds $8,965)			(5,230 )
		Put Options – 0.0%
		Celgene Corp.
	(5 )	Exercise Price: $80.00, Notional Amount: $(40,000), Expiration Date: April 19, 2019*			(135 )
	(1 )	Exercise Price: $85.00, Notional Amount: $(8,500), Expiration Date: April 18, 2019*			(44 )
		Utilities Select Sector SPDR Fund
	(27 )	Exercise Price: $45.00, Notional Amount: $(121,500), Expiration Date: June 21, 2019			(189 )
		TOTAL Put Options (Proceeds $1,640)			(368 )
		TOTAL written Options Contracts (Proceeds $10,605)			(5,598 )
		TOTAL Securities Sold Short (Proceeds $12,161,734)		$	(12,173,657 )

TABLE OF CONTENTS

Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

ETF – Exchange-Traded Fund

LP – Limited Partnership

PLC – Public Limited Company

* Non-income producing security.

1 Callable.

2 Floating rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

3 Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $12,208,365 which represents 14.9% of Net Assets.

4 Variable rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

5 All or a portion of this security is segregated as collateral for securities sold short and borrowing agreement. Aggregate value of segregated securities was $18,916,297.

6 Foreign security denominated in U.S. Dollars.

7 Securities generally offered in private placement transactions and as such are illiquid and generally restricted as to resale. Total cost and fair value of illiquid and restricted securities as of December 31, 2018 was $10,163,963 and $10,072,695, respectively.

8 Level 3 security fair valued under procedures established by the Board of Trustees, represents 4.3% of Net Assets. The total value of these securities is $3,480,692.

9 The rate is the annualized seven-day yield at period end.

10 The Investment Fund permits quarterly redemptions.

11 The Investment Fund permits monthly redemptions.

12 The Investment Fund imposes a 65 day redemption notice period.

13 The Investment Fund imposes a 55 day redemption notice period.

14 The Investment Fund imposes a 45 day redemption notice period.

15 The Investment Fund imposes a 60 day redemption notice period.

16 The Investment Fund can institute a gate provision on redemptions at the investor level of 25% of the fair value of the investment in the Investment Fund.

17 The Investment Fund can institute a gate provision on redemptions at the fund level of 20 – 25% of the fair value of the investment in the Investment Fund.

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

Vivaldi Opportunities Fund
SCHEDULE OF INVESTMENTS — Continued
As of March 31, 2019

FUTURES CONTRACTS

Number of Contracts	Description	Expiration Date	Value at Trade Date			Value at March 31, 2019			Unrealized Depreciation
(2)	CBOT 10-Year Eris Swap	March 2029		$	(203,577 )		$	(210,163 )		$	(6,586 )
(30)	CBOT 3-Year Eris Swap	March 2021			(2,907,126 )			(2,942,478 )			(35,352 )
TOTAL FUTURES CONTRACTS				$	(3,110,703 )		$	(3,152,641 )		$	(41,938 )

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

Vivaldi Opportunities Fund
SUMMARY OF INVESTMENTS
As of March 31, 2019

Security Type/Sector	Percent of Total Net Assets
Asset-Backed Securities		12.2 %
Bank Loans		4.3 %
Closed-End Funds		34.5 %
Collateralized Mortgage Obligations		13.7 %
Common Stocks
Technology		8.5 %
Financials		5.2 %
Materials		3.8 %
Consumer Discretionary		2.5 %
Communications		1.8 %
Consumer Staples		1.1 %
Health Care		1.0 %
Industrials		0.6 %
Energy		0.4 %
Utilities		0.2 %
Total Common Stocks		25.1 %
Corporate Bonds
Financials		1.2 %
Total Corporate Bonds		1.2 %
Exchange-Traded Debt Securities		1.0 %
Investment Funds		10.5 %
Mutual Funds		0.7 %
Purchased Options Contracts
Call Options		0.0 %
Put Options		0.0 %
Total Purchased Options Contracts		0.0 %
Short-Term Investments		1.0 %
Rights		0.0 %
Warrants		0.1 %
Units		0.0 %
Total Investments		104.3 %
Liabilities in Excess of Other Assets		(4.3 )%
Total Net Assets		100.0 %

This table does not include securities sold short, written options or futures contracts. Please refer to the schedule of investments for information on those security types.

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

Vivaldi Opportunities Fund
STATEMENT OF ASSETS AND LIABILITIES
As of March 31, 2019

Assets:
Investments in unaffiliated issuers, at value (cost $85,974,511)	$	85,177,868
Options, at value (cost $10,548)		6,334
Cash deposited with broker		29,033,911
Receivables:
Investment securities sold		1,201,305
Investments purchased in advance		750,000
Dividends and interest		426,623
Variation margin		3,749
Prepaid offering costs		100,174
Total assets		116,699,964
Liabilities:
Borrowing agreement		19,043,418
Securities sold short, at value (proceeds $12,151,129)		12,168,059
Foreign currency due to custodian, at value (proceeds $1,050,587)		1,028,181
Written options contracts, at value (proceeds $10,605)		5,598
Payables:
Investment securities purchased		2,523,791
Investment manager fees		129,790
Auditing fees		38,803
Legal fees		29,220
Custody fees		7,715
Dividends and interest on securities sold short		5,731
Fund administration fees		3,920
Transfer agent fees and expenses		3,549
Pricing expense		3,388
Fund accounting fees		3,063
Directors’ fees and expenses		60
Chief Compliance Officer fees		32
Stock exchange listing fees		20
Accrued other expenses		10,529
Total liabilities		35,004,867
Net Assets	$	81,695,097

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

Vivaldi Opportunities Fund
STATEMENT OF ASSETS AND LIABILITIES — Continued
As of March 31, 2019

Components of Net Assets:
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)		83,126,626
Total accumulated deficit		(1,431,529 )
Net Assets	$	81,695,097
Offering Price per Share:
Investor Class Shares:
Net assets applicable to shares outstanding	$	81,695,097
Shares of beneficial interest issued and outstanding		5,696,426
Offering and redemption price per share	$	14.34

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

Vivaldi Opportunities Fund
STATEMENT OF OPERATIONS
For the Year Ended March 31, 2019

Investment Income:
Dividends from unaffiliated issuers (net of withholding tax of $3,089)	$	3,429,410
Dividends from affiliated issuers		250,851
Interest		1,938,633
Total investment income		5,618,894
Expenses:
Investment manager fees		1,586,099
Interest expense on borrowing agreement		517,810
Dividends on securities sold short		242,935
Legal fees		138,421
Interest expense on securities sold short		60,575
Fund administration fees		46,377
Directors’ fees and expenses		45,024
Stock exchange listing fees		44,444
Custody fees		44,303
Auditing fees		41,425
Fund accounting fees		35,573
Transfer agent fees and expenses		31,442
Broker expenses		31,189
Pricing fees		30,760
Offering costs		29,869
Shareholder reporting fees		17,141
Chief Compliance Officer fees		17,070
Registration fees		13,644
Insurance fees		10,564
SEC fees		1,146
Miscellaneous		13,726
Total expenses		2,999,537
Net investment income		2,619,357
Realized and Unrealized Gain (Loss) on Investments, Securities Sold Short, Purchased Options Contracts, Written Options Contracts, Futures Contracts, Swaps and Foreign Currency
Net realized gain (loss) on:
Investments in unaffiliated issuers		619,641
Investments in affiliated issuers		(328,281 )
Securities sold short		262,747
Purchased options contracts		(214,881 )
Written options contracts		(82,972 )
Futures contracts		(10,386 )
Foreign currency transactions		86,930
Swap contracts		302
Net realized gain		333,100
Net change in unrealized appreciation/depreciation on:
Investments in unaffiliated issuers		559,571
Investments in affiliated issuers		82,226
Purchased options contracts		23,531
Securities sold short		173,558
Written options contracts		53,388
Futures contracts		(41,938 )
Foreign currency translations		20,776
Forward foreign currency contracts		(95 )
Net change in unrealized appreciation/depreciation		871,017
Net realized and unrealized gain on investments and securities sold short purchased options contracts, written options contracts, futures contracts, swaps and foreign currency		1,204,117
Net Increase in Net Assets from Operations	$	3,823,474

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

Vivaldi Opportunities Fund
STATEMENTS OF CHANGES IN NET ASSETS

	For the Year Ended March 31, 2019			For the Period October 2, 2017* Through March 31, 2018
Increase (Decrease) in Net Assets from:
Operations:
Net investment income		$	2,619,357		$	54,622
Net realized gain (loss) on investments, securities sold short, purchased option contracts, written option contracts, futures contracts and foreign currency			333,100			(299,676 )
Net change in unrealized appreciation/depreciation on investments, securities sold short, purchased option contracts, written option contracts, futures contracts and foreign currency			871,017			(1,703,337 )
Net increase (decrease) in net assets resulting from operations			3,823,474			(1,948,391 )
Distributions to Shareholders:
Distributions: 1			(4,377,885 )
From return of capital			(1,070,422 )
Total distributions to shareholders			(5,448,307 )
From net realized gains:						(6,916 )
Total distributions to shareholders						(6,916 )
Capital Transactions:
Net proceeds from shares sold:			—			83,606,900
Reinvestment of distributions:			1,668,050			6,450
Cost of shares redeemed:			(6,163 )			—
Net increase in net assets from capital transactions			1,661,887			83,613,350
Total increase in net assets			37,054			81,658,043
Net Assets:
Beginning of period			81,658,043			—
End of period 2		$	81,695,097		$	81,658,043
Capital Share Transactions:
Shares sold:			—			5,580,409
Shares reinvested:			116,007			430
Shares redeemed:			(420 )			—
Net increase in capital share transactions			115,587			5,580,839

* Commencement of Operations

1 The SEC eliminated the requirement to disclose components of distributions paid to shareholders in 2018.

2 For the period ended March 31, 2018, net assets included accumulated undistributed net investment income of $55,521. The SEC eliminated the requirement to disclose undistributed net investment income in 2018.

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

Vivaldi Opportunities Fund
STATEMENT OF CASH FLOWS
For the Year Ended March 31, 2019

Increase (Decrease) in Cash:
Cash flows provided by (used for) operating activities:
Net increase in net assets resulting from operations	$	3,823,474
Adjustments to reconcile net decrease in net assets from operations to net cash used for operating activities:
Purchases of long-term portfolio investments		(223,565,952 )
Sales of long-term portfolio investments		217,003,171
Proceeds from securities sold short		70,975,654
Cover short securities		(67,956,204 )
Proceeds from written options		447,815
Closed written options		(570,462 )
Sales of short-term investments, net		6,881,812
Return of capital		3,914,818
Decrease in foreign currency		143,285
Increase in cash deposited with broker		(13,381,163 )
Increase in dividends and interest receivable		(108,140 )
Increase in variation margin		(3,749 )
Decrease in prepaid expenses		5,491
Increase in prepaid offering costs		(70,305 )
Increase in foreign currency due to custodian		59,815
Decrease in due to custodian		(117,275 )
Increase in investment manager fees		8,070
Decrease in dividends and interest on securities sold short		(5,266 )
Decrease in accrued expenses		(19,158 )
Net amortization on investments		(61,777 )
Net realized gain		(159,030 )
Net change in unrealized appreciation/depreciation		(892,178 )
Net cash used for operating activities		(3,647,254 )
Cash flows provided by (used for) financing activities:
Proceeds from shares sold		—
Cost of shares redeemed		(6,163 )
Dividends paid to shareholders, net of reinvestments		(3,780,257 )
Proceeds from borrowing agreement, net		7,433,674
Net cash provided by financing activities		3,647,254
Net increase (decrease) in cash		—
Cash:
Beginning of period		—
End of period	$	—

Non cash financing activities not included herein consist of $1,668,050 of reinvested distributions.

Cash paid for interest on securities sold short was $60,575.

Interest expense paid under borrowing agreement was $517,810 (see Note 10).

See accompanying Notes to Financial Statements.

TABLE OF CONTENTS

Vivaldi Opportunities Fund
FINANCIAL HIGHLIGHTS

Per share operating performance.
For a capital share outstanding throughout each period.

	For the Year Ended March 31, 2019			For the Period October 2, 2017* Through March 31, 2018
Net asset value, beginning of period		$	14.63		$	15.00
Income from Investment Operations:
Net investment income 1			0.47			0.02
Net realized and unrealized gain (loss) on investments			0.21			(0.39 )
Total from investment operations			0.68			(0.37 )
Less Distributions:
From net investment income			(0.52 )			—
From net realized gains			(0.24 )			— 2
From return of capital			(0.21 )			—
Total distributions			(0.97 )			—
Net asset value, end of period		$	14.34		$	14.63
Per Share market value, end of period		$	14.02			N/A 3
Total net asset value return			4.83 %			(2.45 )% 4
Total market value return			2.49 %			N/A 3
Ratios and Supplemental Data:
Net assets, end of period (in thousands)		$	81,695		$	81,658
Ratio of expenses to average net assets:
(including interest expense and interest on securities sold short)			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)			3.21 %			0.21 % 5
Portfolio turnover rate			282 %			79 % 4
Senior Securities
Total borrowings (000’s omitted)		$	19,043		$	11,610
Asset coverage per $1,000 unit of senior indebtedness 7		$	5,290		$	8,034

* Commencement of operations.

1 Based on average shares outstanding for the period.

2 Amount represents less than $0.01 per share.

3 The Fund did not begin trading on the New York Stock Exchange until May 10, 2018.

4 Not annualized.

5 Annualized.

6 If interest expense and dividends on securities sold short had been excluded, the expense ratios would have been lowered by 1.00% for the year ended March 31, 2019 and 0.51% for the period ended March 31, 2018.

7 Calculated by subtracting the Fund’s total liabilities (not including borrowings) from the Fund’s total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

See accompanying Notes to Financial Statements.

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Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS
March 31, 2019

Note 1 — Organization

Vivaldi Opportunities Fund (the “Fund”) is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and organized as a Maryland corporation on March 29, 2017. Vivaldi Asset Management, LLC serves as the investment adviser (the “Investment Manager”) of the Fund. The Investment Manager provides day-to-day investment management services to the Fund. The Fund is non-diversified, which means that under the Investment Company Act, it is not limited in the percentage of its assets that it may invest in any single issuer of securities.

The investment objective of the Fund is to seek to achieve long-term capital appreciation by pursuing positive absolute returns across market cycles. In pursuing its objective, the Fund seeks to generate attractive long-term returns with low sensitivity to traditional equity and fixed income indices. The Fund uses a “multi-manager” approach whereby the Fund’s assets are allocated amongst the Investment Manager and one or more sub-advisers (each, a “Sub-Adviser” and together, the “Sub-Advisers”), in percentages determined at the discretion of the Investment Manager. Currently, RiverNorth Capital Management, LLC and Angel Oak Capital Advisors, LLC serve as Sub-Advisors to the Fund. The Fund commenced investment operations on October 2, 2017.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services — Investment Companies.”

Note 2 — Accounting Policies

The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

(a) Valuation of Investments

The Fund’s Valuation Committee will oversee the valuation of the Fund’s investments on behalf of the Fund. The Board of Directors of the Fund (the “Board”) has approved valuation procedures for the Fund (the “Valuation Procedures”). Securities traded on one or more of the U.S. national securities exchanges, the Nasdaq Stock Market or any foreign stock exchange will be valued at the last sale price or the official closing price on the exchange or system where such securities are principally traded for the business day as of the relevant determination date. If no sale or official closing price of particular securities are reported on a particular day, the securities will be valued at the closing bid price for securities held long, or the closing ask price for securities held short, or if a closing bid or ask price, as applicable, is not available, at either the exchange or system-defined closing price on the exchange or system in which such securities are principally traded. Over-the-counter securities not quoted on the Nasdaq Stock Market will be valued at the last sale price on the relevant determination date or, if no sale occurs, at the last bid price, in the case of securities held long, or the last ask price, in the case of securities held short, at the time net asset value is determined. Equity securities for which no prices are obtained under the foregoing procedures, including those for which a pricing service supplies no exchange quotation or a quotation that is believed by Investment Manager or a Sub-Adviser not to reflect the market value, will be valued at the bid price, in the case of securities held long, or the ask price, in the case of securities held short, supplied by one or more dealers making a market in those securities or one or more brokers, in accordance with the Valuation Procedures. Futures index options will be valued at the mid-point between the last bid price and the last ask price on the relevant determination date at the time net asset value is determined. The mid-point of the last bid and the last ask is also known as the ‘mark’.

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Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS — Continued
March 31, 2019

Fixed-income securities with a remaining maturity of sixty (60) days or more for which accurate market quotations are readily available will normally be valued according to dealer-supplied bid quotations or bid quotations from a recognized pricing service. Fixed-income securities for which market quotations are not readily available or are believed by the Investment Manager or a Sub-Adviser not to reflect market value will be valued based upon broker-supplied quotations in accordance with the Valuation Procedures, provided that if such quotations are unavailable or are believed by the Investment Manager or a Sub-Adviser not to reflect market value, such fixed-income securities will be valued at fair value in accordance with the Valuation Procedures, which may include the utilization of valuation models that take into account spread and daily yield changes on government securities in the appropriate market (e.g., matrix pricing). High quality investment grade debt securities (e.g., treasuries, commercial paper, etc.) with a remaining maturity of sixty (60) days or less are valued by the Investment Manager or a Sub-Adviser at amortized cost, which the Board has determined to approximate fair value. All other instruments held by the Fund will be valued in accordance with the Valuation Procedures.

If no price is obtained for a security in accordance with the foregoing, because either an external price is not readily available or such external price is believed by the Investment Manager or a Sub-Adviser not to reflect the market value, the Valuation Committee will make a determination in good faith of the fair value of the security in accordance with the Valuation Procedures. In general, fair value represents a good faith approximation of the current value of an asset and will be used when there is no public market or possibly no market at all for the asset. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

The Fund will generally value shares of exchange traded funds (“ETFs”) at the last sale price on the exchange on which the ETF is principally traded. The Fund will generally value shares of open-end investment companies and closed-end investment companies that do not trade on one or more of the U.S. national securities exchanges at their respective daily closing net asset values.

The Fund will generally value private investment funds in accordance with the value determined as of such date by each private investment fund in accordance with the private investment fund’s valuation policies and reported at the time of the Fund’s valuation. As a general matter, the fair value of the Fund’s interest in a private investment fund will represent the amount that the Fund could reasonably expect to receive from the private investment fund if the Fund’s interest was redeemed at the time of valuation, based on information reasonably available at the time the valuation is made and that the Fund believes to be reliable. In the event that the private investment fund does not report a value to the Fund on a timely basis, the Fund will determine the fair value of such private investment fund based on the most recent final or estimated value reported by the private investment fund, as well as any other relevant information available at the time the Fund values its portfolio. Using the nomenclature of the hedge fund industry, any values reported as “estimated” or “final” values are expected to reasonably reflect market values of securities when available or fair value as of the Fund’s valuation date. A substantial amount of time may elapse between the occurrence of an event necessitating the pricing of Fund assets and the receipt of valuation information from the underlying manager of a private investment fund.

(b) Foreign Currency Translation

The Fund’s records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted as of 4:00 PM Eastern Standard Time. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

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Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS — Continued
March 31, 2019

The Fund does not isolate that portion of its net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments and foreign currency.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

Short sales are transactions in which the Fund sells a security it does not own in anticipation of a decline in the value of that security. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund then is obligated to replace the security borrowed by purchasing the security at market price at the time of replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. When a security is sold short, a decrease in the value of the security will be recognized as a gain and an increase in the value of the security will be recognized as a loss, which is potentially limitless. Until the security is replaced, the Fund is required to pay the lender amounts equal to dividend or interest that accrue during the period of the loan, which is recorded as an expense. To borrow the security, the Fund also may be required to pay a premium or an interest fee, which are recorded as interest expense. Cash or securities are segregated for the broker to meet the necessary margin requirements. The Fund is subject to the risk that it may not always be able to close out a short position at a particular time or at an acceptable price.

(d) Options

The Fund may write or purchase options contracts primarily to enhance the Fund’s returns or reduce volatility. In addition, the Fund may utilize options in an attempt to generate gains from option premiums or to reduce overall portfolio risk. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as an asset or a liability and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss on investment transactions. The Fund, as a writer of an option, may have no control over whether the underlying securities may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the security underlying the written option.

(e) Exchange Traded Funds (“ETFs”)

ETFs typically trade on securities exchanges and their shares may, at times, trade at a premium or discount to their net asset values. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investing in ETFs, which are investment companies, may involve duplication of advisory fees and

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Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS — Continued
March 31, 2019

certain other expenses. As a result, Fund shareholders indirectly bear their proportionate share of these incurred expenses. Therefore, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other funds that invest directly in securities.

Each ETF in which the Fund invests is subject to specific risks, depending on the nature of the ETF. Each ETF is subject to the risks associated with direct ownership of the securities comprising the index on which the ETF is based. These risks could include liquidity risk, sector risk, and risks associated with fixed-income securities.

(f) Closed-end Funds (“CEFs”)

The Fund may invest in shares of CEFs. A CEF is a pooled investment vehicle that is registered under the Investment Company Act and whose shares are listed and traded on U.S. national securities exchanges. Investments in CEFs are subject to various risks, including reliance on management’s ability to meet a CEF’s investment objective and to manage a CEF’s portfolio, and fluctuation in the market value of a CEF’s shares compared to the changes in the value of the underlying securities that the CEF owns. In addition, the Fund bears a pro rata share of the management fees and expenses of each underlying CEF in addition to the Fund’s management fees and expenses, which results in the Fund’s shareholders being subject to higher expenses than if they invested directly in the CEFs.

(g) Futures Contracts

The Fund may enter into futures contracts (including contracts relating to foreign currencies, interest rates, commodities securities and other financial indexes and other commodities), and purchase and write (sell) related options traded on exchanges designated by the Commodity Futures Trading Commission (“CFTC”) or, consistent with CFTC regulations, on foreign exchanges. A futures contract provides for the future sale by one party and the purchase by the other party of a specified amount of a commodity, such as an energy, financial, agricultural or metal commodity, at a specified price, date, time and place. For example, a foreign currency futures contract provides for the future sale by one party and the purchase by the other party of a certain amount of a specified non-U.S. currency at a specified price, date, time and place. Similarly, an interest rate futures contract provides for the future sale by one party and the purchase by the other party of a certain amount of a specific interest rate sensitive financial instrument (e.g., a debt security) at a specified price, date, time and place. Securities, commodities and other financial indexes are capitalization weighted indexes that reflect the market value of the securities, commodities or other financial instruments, respectively, represented in the indexes. A futures contract on an index is an agreement to be settled by delivery of an amount of cash equal to a specified multiplier times the difference between the value of the index at the close of the last trading day on the contract and the price at which the agreement is made. The clearing house of the exchange on which a futures contract is entered into becomes the counterparty to each purchaser and seller of the futures contract.

A futures contract held by the Fund is valued daily at the official settlement price on the exchange on which it is traded. In computing daily net asset value, the Fund will mark to market its open futures positions. The Fund also is required to deposit and to maintain margin with respect to put and call options on futures contracts written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option and other futures positions held by the Fund. Although some futures contracts call for making or taking delivery of the underlying assets, generally these obligations are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (involving the same exchange, underlying security or index and delivery month). If an offsetting purchase price is less than the original sale price, the Fund realizes a capital gain, or if it is more, the Fund realizes a capital loss. Conversely, if an offsetting sale price is more than the original purchase price, the Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs also must be included in these

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Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS — Continued
March 31, 2019

calculations. As discussed below, however, the Fund may not always be able to make an offsetting purchase or sale. In the case of a physically settled futures contract, this could result in the Fund being required to deliver, or receive, the underlying physical commodity, which could be adverse to the Fund.

At any time prior to the expiration of a futures contract, the Fund may seek to close the position by seeking to take an opposite position, which would operate to terminate the Fund’s existing position in the contract. Positions in futures contracts and options on futures contracts may be closed out only on the exchange on which they were entered into (or through a linked exchange). No secondary market for such contracts exists. Although the Fund may enter into futures contracts only if there is an active market for such contracts, there is no assurance that an active market will exist at any particular time. Most futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. It is possible that futures contract prices could move to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions at an advantageous price and subjecting the Fund to substantial losses. In such event, and in the event of adverse price movements, the Fund would be required to make daily cash payments of variation margin. In such situations, if the Fund had insufficient cash, it might have to sell assets to meet daily variation margin requirements at a time when it would be disadvantageous to do so. In addition, if the transaction is entered into for hedging purposes, in such circumstances the Fund may realize a loss on a futures contract or option that is not offset by an increase in the value of the hedged position. Losses incurred in futures transactions and the costs of these transactions will affect the Fund’s performance.

(h) Equity Swaps

The Fund may enter into equity swap contracts for hedging or investment purposes. Equity swap contracts may be structured in different ways. The counterparty may agree to pay the Fund the amount, if any, by which the notional amount of the equity swap contract would have increased in value had it been invested in particular stocks (or an index of stocks), plus the dividends that would have been received on those stocks. In these cases, the Funds may agree to pay to the counterparty a floating-rate of interest on the notional amount of the equity swap contract plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such stocks. In these cases, the return to the Fund on any equity swap contract should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Fund on the notional amount. In other cases, the counterparty and the Fund may agree to pay the other the difference between the relative investment performance that would have been achieved if the notional amount of the equity swap contract had been invested in different stocks (or indices of stocks).

(i) Investment Transactions, Investment Income and Expenses

Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income and expense is recorded net of applicable withholding taxes on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method.

The Fund incurred offering costs of approximately $83,921, which were being amortized over a one-year period from October 2, 2017. See Note 2(l) below regarding additional offering costs incurred during the year ended March 31, 2019.

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Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS — Continued
March 31, 2019

(j) Federal Income Taxes

The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its net investment income and any net realized gains to its shareholders. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.

Accounting for Uncertainty in Income Taxes (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.

The Income Tax Statement requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund’s current tax year, as defined by the IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of March 31, 2019, and from the commencement of operations on October 2, 2017, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

(k) Distributions to Shareholders

The Fund intends to make monthly distributions to its shareholders equal to 10% annually of the Fund’s net asset value per Share (the “Distribution Policy”). This predetermined dividend rate may be modified by the Board from time to time. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income expense and gain (loss) items for financial statement and tax purposes.

If, for any distribution, investment company taxable income (which term includes net short-term capital gain), if any, and net tax-exempt income, if any, is less than the amount of this predetermined dividend rate, then assets of the Fund will be sold and the difference will generally be a tax-free return of capital from the Fund’s assets. The Fund’s final distribution for each calendar year will include any remaining investment company taxable income and net tax-exempt income undistributed during the year, as well as the remaining net capital gain realized during the year. If the total distributions made in any calendar year exceed investment company taxable income, net tax-exempt income and net capital gain, such excess distributed amount would be treated as ordinary dividend income to the extent of the Fund’s current and accumulated earnings and profits. Payments in excess of the earnings and profits would first be a tax-free return of capital to the extent of the adjusted tax basis in the Shares. After such adjusted tax basis is reduced to zero, the payment would constitute capital gain (assuming the Shares are held as capital assets). This Distribution Policy may, under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of capital resulting in less of a shareholder’s assets being invested in the Fund and, over time, increase the Fund’s expense ratio. The Distribution Policy also may cause the Fund to sell a security at a time it would not otherwise do so in order to manage the distribution of income and gain.

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Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS — Continued
March 31, 2019

(l) Capital Share Shelf Offering

During the current reporting period, the Fund was authorized by the Securities and Exchange Commission to issue additional shares through a shelf offering (“Shelf Offering”), in which the aggregate offering amount is not to exceed $250,000,000. Under this offering, the Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. As of March 31, 2019, no additional shares were sold in connection with the Shelf Offering.

Costs incurred by the Fund in connection with the Shelf Offering were recorded as a prepaid expense and recognized as prepaid offering costs on the Statement of Assets and Liabilities. These costs will be amortized pro rata as shares are sold and will be recognized as a component of capital. Any deferred offering costs remaining one year after effectiveness of the Shelf Offering will be expensed. Costs incurred by the Fund to keep the Shelf Offering current will be expensed as incurred and recognized as a component of “Other expenses” on the Statement of Operations. As of March 31, 2019, no amounts of offering costs were amortized in connection with the Shelf Offering given that no shares had been sold in connection with the Shelf Offering.

Note 3 — Investment Advisory and Other Agreements

The Fund has agreed to pay the Investment Manager a management fee payable on a monthly basis at the annual rate of 1.40% of the Fund’s average daily Managed Assets (as defined below) in consideration of the advisory and other services it provides. Pursuant to a separate sub-advisory agreement, the Investment Manager (and not the Fund) has agreed to pay RiverNorth Capital Management, LLC a sub-advisory fee payable on a monthly basis at the annual rate of 1.00% of its portion of the Fund’s average daily net assets for the services it provides. Pursuant to a separate sub-advisory agreement, the Investment Manager (and not the Fund) has agreed to pay Angel Oak Capital Advisors, LLC a sub-advisory fee payable on a monthly basis at the annual rate of 0.80% of its portion of the Fund’s average daily net assets for the services it provides. “Managed Assets” means the total assets of the Fund, including leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding). As a result, the Investment Manager is paid more if the Fund uses leverage, which creates a conflict of interest for the Investment Manager. The Investment Manager will seek to manage that potential conflict by utilizing leverage only when it determines such action is in the best interests of the Fund.

Foreside Fund Services, LLC serves as the Fund’s distributor; UMB Fund Services, Inc. (“UMBFS”) serves as the Fund’s fund accountant, transfer agent and administrator; UMB Bank, N.A., an affiliate of UMBFS, serves as the Fund’s custodian.

Certain officers of the Fund are employees of UMBFS. The Fund does not compensate officers affiliated with the Fund’s administrator. For the year ended March 31, 2019, the Fund’s allocated fees incurred for directors are reported on the Statement of Operations.

Vigilant Compliance, LLC provides Chief Compliance Officer (“CCO”) services to the Fund. The Fund’s allocated fees incurred for CCO services for the year ended March 31, 2019, are reported on the Statement of Operations.

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Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS — Continued
March 31, 2019

Note 4 — Federal Income Taxes

At March 31, 2019, gross unrealized appreciation and depreciation on investments and short securities, based on cost for federal income tax purposes, were as follows:

Cost of investments	$	74,377,649
Gross unrealized appreciation	$	2,602,192
Gross unrealized depreciation		(3,969,296 )
Net unrealized depreciation on investments	$	(1,367,104 )

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in securities transactions.

Accounting principles generally accepted in the United States require that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the period ended December 31, 2018, permanent differences in book and tax accounting have been reclassified to paid-in capital, undistributed net investment income (loss) and accumulated realized gain (loss) as follows:

	Increase (Decrease)
	Paid-In Capital			Total Accumulated Deficit
	$(1,073,031)			$1,073,031

As of December 31, 2018 the components of accumulated earnings (deficit) on a tax basis were as follows:

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 )

The tax character of distributions paid during the year ended December 31, 2018 and the period from October 2 (commencement of operations) to December 31, 2017 were as follows:

	2018			2017
Distribution paid from:
Ordinary income		$	2,626,669		$	5,858
Net long-term capital gains			403,175			1,058
Return of capital			1,070,422			—
Total distributions paid		$	4,100,266		$	6,916

Note 5 — Investment Transactions

For the year ended March 31, 2019, purchases and sales of investments, excluding short-term investments, were $223,776,154 and $216,131,793, respectively. Proceeds from securities sold short and cover short securities were $71,104,964 and $68,009,514, respectively, for the same year.

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Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS — Continued
March 31, 2019

Note 6 — Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

Note 7 — Fair Value Measurements and Disclosure

Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Under Fair Value Measurements and Disclosures , various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad levels as described below:

•

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

•

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

•

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

In accordance with Accounting Standards Update (“ASU”) 2015-7, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), investments valued at the net asset value as practical expedient are no longer included in the fair value hierarchy. As such, investments in securities with a fair value of $10,072,695 are excluded from the fair value hierarchy as of March 31, 2019.

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Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS — Continued
March 31, 2019

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following table summarizes the Fund’s investments that are measured at fair value by level within the fair value hierarchy as of March 31, 2019:

	Level 1			Level 2			Level 3			Total
Assets
Investments
Asset-Backed Securities		$	—		$	9,970,433		$	—		$	9,970,433
Bank Loans			—			—			3,472,500			3,472,500
Closed-End Funds			26,736,274			—			—			26,736,274
Collateralized Mortgage Obligations			—			11,151,251			—			11,151,251
Common Stock
Communications			1,447,597			—			—			1,447,597
Consumer Discretionary			2,035,954			—			—			2,035,954
Consumer Staples			903,541			—			—			903,541
Energy			300,523			—			—			300,523
Financials			4,069,332			198,760			—			4,268,092
Health Care			840,186			—			—			840,186
Industrials			473,047			—			—			473,047
Materials			3,123,590			—			—			3,123,590
Technology			6,929,746			—			—			6,929,746
Utilities			210,831			—			—			210,831
Corporate Bonds*			—			1,015,215			—			1,015,215
Exchange-Traded Debt Securities**			816,388			—			—			816,388
Mutual Funds			528,118			—			—			528,118
Purchased Options Contracts			6,104			230			—			6,334
Rights			2,212			776			8,192			11,180
Units			—			10			—			10
Warrants			27,416			9,370			—			36,786
Short-Term Investments			833,911			—			—			833,911
Subtotal		$	49,284,770		$	22,346,045		$	3,480,692		$	75,111,507
Closed-End Funds												1,474,642
Investment Funds												8,598,053
Total Assets												85,184,202
Liabilities
Securities Sold Short
Common Stocks**		$	10,573,674		$	—		$	—		$	10,573,674
Exchange-Traded Funds**			1,594,385			—			—			1,594,385
Written Options Contracts			5,409			189			—			5,598
Other Financial Instruments 1
Futures Contracts			41,938			—			—			41,938
Total Liabilities		$	12,215,406		$	189		$	—		$	12,215,595

* All corporate bonds held in the Fund are Level 2 securities. For a detailed break-out of corporate bonds by major industry classification, please refer to the Schedule of Investments.

** All exchange-traded debt securities, common stocks sold short, and exchange-traded funds held in the Fund are Level 1 securities. For a detailed break-out of exchange-traded debt securities, common stocks sold short, and exchange-traded funds securities by major industry classification, please refer to the Schedule of Investments.

TABLE OF CONTENTS

Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS — Continued
March 31, 2019

1 Other financial instruments are derivative instruments such as futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

Beginning balance March 31, 2018	$	—
Transfers into Level 3 during the period		—
Transfers out of Level 3 during the period		—
Total realized gain/(loss)		—
Total unrealized appreciation/(depreciation)		7,249
Net purchases		3,472,500
Net sales		—
Amortization		943
Balance as of March 31, 2019	$	3,480,692

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of March 31, 2019:

Fair Value March 31,
2019

Valuation
Methodologies

Unobservable
Input 1

Input
Range/Value

Impact to
Valuation
from an
increase in
Input 2

$3,480,692

Recent Transaction Price

—

Increase

1 The investment sub-advisor considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. The Fund’s use of fair value pricing may cause the net asset value of Fund shares to differ from the net asset value that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

2 This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect.

Note 8 — Investments in Affiliated Issuers

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any other investment which is advised by or sponsored by the Investment Manager or a Sub-Adviser. In the case of the Fund, RiverNorth Capital Management, LLC. (“RiverNorth”) acts as a Sub-Adviser to the Fund. During the year ended March 31, 2019, the Fund owned the holding noted below which is advised by RiverNorth. Issuers that are affiliates of the Fund at period-end, if any, are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of March 31, 2019 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

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Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS — Continued
March 31, 2019

Security Description			Value Beginning of Year						Purchases						Sales Proceeds						Net Realized Gain (Loss)						Change in Unrealized Appreciation (Depreciation)						Value End of Year						Interest/ Income Credited to Income
RiverNorth Marketplace Lending Corporation				$	3,467,774					$	—					$	(3,221,718 )					$	(328,282 )					$	82,226					$	—					$	250,851

Security Description			Principal Amount/Shares Beginning of Year						Purchases						Sales						Principal Amount/Shares End of Year
RiverNorth Marketplace Lending Corporation					144,792						—						(144,792 )						—

Note 9 — Derivative and Hedging Disclosure

The Fund has adopted the disclosure provisions of FASB Standard Codification 815, Derivatives and Hedging, which requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effects on the Fund’s financial position, performance and cash flows.

For either investment or hedging purposes, the Fund may invest substantially in a broad range of derivative instruments, including structured products, swaps (including credit default swaps), futures contracts, and options. Such derivatives may trade over-the-counter or on an exchange and may principally be used for one or more of the following purposes: speculation, currency hedging, duration management, or to pursue the Fund’s investment objective. The Fund’s derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying asset, rate or index, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying asset, rate or index; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. The Fund invested in options contracts, futures contracts, and swap contracts during the year ended March 31, 2019, which did not have a material impact on the Fund’s performance.

The effects of these derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments as of March 31, 2019 by risk category are as follows:

	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		$	6,334	Written options contracts, at value		$	5,598
Interest rate risk					Unrealized appreciation on open futures contracts			41,938
Total			$	6,334			$	47,536

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Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS — Continued
March 31, 2019

The effects of derivative instruments on the Statement of Operations for the year ended March 31, 2019 are as follows:

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		$	(214,881 )		$	(82,972 )		$	—		$	302
Interest rate risk			—			—			(10,386 )			—
Total		$	(214,881 )		$	(82,972 )		$	(10,386 )		$	302

Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
Derivatives not designated as hedging instruments	Purchased Options Contracts			Written Options Contracts			Futures Contracts			Total
Equity price risk		$	23,531		$	53,388		$	—		$	76,919
Interest rate risk			—			—			(41,938 )			(41,938 )
Total		$	23,531		$	53,388		$	(41,938 )		$	34,981

The number of contracts are included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of March 31, 2019 are as follows:

Derivative	Quarterly Average	Amount
Options Contracts — Purchased	Average Notional Value		$	1,897,760
Options Contracts — Written	Average Notional Value			(1,876,320 )
Futures Contracts — Short	Average Notional Value			(1,787,524 )

Note 10 — Borrowing

The Fund has entered into a borrowing agreement with BNP Paribas. The Fund may borrow amounts up to one-third of the value of its assets. The Fund is charged interest of one-month Libor plus 0.75% for borrowing under this agreement. The average interest rate, average daily loan balance, maximum outstanding and amount recoded as interest expense for the year ended March 31, 2019 were 2.98%, $16,907,060, $21,236,468, and $517,810. The Fund had outstanding borrowings for 365 days during this year. At March 31, 2019, the balance was $19,043,418 and the interest rate was 3.24%.

Note 11 — Results of Annual Meeting of Shareholders (Unaudited)

The Annual Meeting of Shareholders of the Fund (the “Annual Meeting”) was held on March 5, 2019 pursuant to notice given to all shareholders of record as of the close of business on January 15, 2019. At the Annual Meeting, the following matter was submitted to the vote of the shareholders, with the results of voting set forth below:

Proposal 1. The Fund’s shareholders elected the following Class I directors to the Fund’s Board of Directors, to hold office until the annual meeting of shareholders to be held in 2022:

Director Nominee	Votes For		Votes Withheld
Anthony Fischer		4,674,854.195		20.000
David G. Lee		4,674,874.195		0.000

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Vivaldi Opportunities Fund
NOTES TO FINANCIAL STATEMENTS — Continued
March 31, 2019

Note 12 — New Accounting Pronouncement

In August 2018, the SEC adopted regulations that eliminated or amended disclosure requirements that were redundant or outdated in light of changes in SEC requirements, GAAP, International Financial Reporting Standards, or changes in technology or the business environment. These regulations were effective November 5, 2018, and the Fund is complying with them effective with these financial statements.

In August 2018, FASB issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC Topic 820 (“ASC 820”), “Fair Value Measurement.” ASU 2018-13 includes new, eliminated, and modified disclosure requirements for ASC 820. In addition, ASU 2018-13 clarifies that materiality is an appropriate consideration of entities when evaluating disclosure requirements. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted, and the Fund has adopted ASU 2018-13 with these financial statements.

Note 13 — Events Subsequent to the Fiscal Year End

The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Fund’s related events and transactions that occurred through the date of issuance of the Fund’s financial statements. There were no events or transactions that occurred during this year that materially impacted the amounts or disclosures in the Fund’s financial statements.

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Vivaldi Opportunities Fund
FUND MANAGEMENT (Unaudited)
March 31, 2019

The identity of the members of the Board and the Fund’s officers and brief biographical information as of March 31, 2019 is set forth below. The Fund’s Statement of Additional Information includes additional information about the membership of the Board.

INDEPENDENT DIRECTORS

Name, Address
and Year of Birth

Position(s)
Held With
the Fund

Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex*
Overseen
by Director

Other
Directorships
Held by Director

David G. Lee
Year of Birth: 1952

c/o UMB Fund Services, Inc.
235 W. Galena St.
Milwaukee, WI 53212

Director

Since
Inception

President and Director, Client Opinions, Inc. (2003 – 2012); Chief Operating Officer, Brandywine Global Investment Management
(1998 – 2002).

None

Robert Seyferth
Year of Birth: 1952

c/o UMB Fund Services, Inc.
235 W. Galena St.
Milwaukee, WI 53212

Director

Since
Inception

Chief Procurement Officer/Senior Managing Director, Bear Stearns/
JP Morgan Chase
(1993 – 2009).

None

Gary Shugrue
Year of Birth: 1954

c/o UMB Fund Services, Inc.
235 W. Galena St.
Milwaukee, WI 53212

Director

Since
January 1,
2018

Managing Director, Veritable LP (2016 – Present)
Founder/President, Ascendant Capital Partners, LP (2001 – 2015).

Trustee, Quaker Investment Trust (5 portfolios) (registered investment company); Scotia Institutional Funds (2006 – 2014) (3 portfolios)
(registered investment company)

INTERESTED DIRECTORS AND OFFICERS

Name, Address
and Year of Birth

Position(s)
Held With
the Fund

Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex*
Overseen
by Director

Other
Directorships
Held by Director
or Officer

Anthony Fischer**
Year of Birth: 1959

c/o UMB Fund Services, Inc.
235 W. Galena St.
Milwaukee, WI 53212

Chairman and Director

Since Inception

Executive Director – National Sales of UMB Bank for Institutional Banking and Asset Servicing (Until 2018); President of UMB Fund Services (2014 – 2018); Executive Vice President in charge of Business Development, UMB Fund Services (2013 – 2014); Senior Vice President in Business Development, UMB Fund Services (2008 – 2013).

None

TABLE OF CONTENTS

Vivaldi Opportunities Fund
FUND MANAGEMENT (Unaudited) — Continued
March 31, 2019

Name, Address
and Year of Birth

Position(s)
Held With
the Fund

Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex*
Overseen
by Director

Other
Directorships
Held by Director
or Officer

Michael Peck
Year of Birth:1980

c/o UMB Fund Services, Inc.
235 W. Galena St.
Milwaukee, WI 53212

President

Since Inception

President and Co-CIO, Vivaldi Capital Management, LLC (2012 – present); Portfolio Manager, Coe Capital Management (2010 – 2012); Senior Financial Analyst and Risk Manager, the Bond Companies (2006 – 2008).

N/A

Chad Eisenberg
Year of Birth: 1982

c/o UMB Fund Services, Inc.
235 W. Galena St.
Milwaukee, WI 53212

Treasurer

Since Inception

Chief Operating Officer, Vivaldi Capital Management LLC (2012 – present); Director, Coe Capital Management LLC
(2010 – 2011).

N/A

Perpetua Seidenberg
Year of Birth: 1990

c/o UMB Fund Services, Inc.
235 W. Galena St.
Milwaukee, WI 53212

Chief Compliance Officer

Since
June 5,
2018

Compliance Director, Vigilant Compliance, LLC (an investment management services company)
(2014 – Present); Auditor, PricewaterhouseCoopers from (2012 – 2014).

N/A

Ann Maurer
Year of Birth: 1972

c/o UMB Fund Services, Inc.
235 W. Galena St.
Milwaukee, WI 53212

Secretary

Since September 5, 2018

Senior Vice President, Client Services (2017 – Present); Vice President, Senior Client Service Manager
(2013 – 2017), Assistant Vice President, Client Relations Manager (2002 – 2013); UMB Fund Services, Inc.

N/A

* The Fund Complex consists of the Fund, The Relative Value Fund, Infinity Core Alternative Fund, Infinity Long/Short Equity Fund, LLC, Variant Alternative Income Fund, and Cliffwater Corporate Lending Fund.

** Mr. Fischer is deemed an interested person of the Fund because of his prior affiliation with an affiliate of the Fund’s Administrator.

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Vivaldi Opportunities Fund
SUPPLEMENTAL INFORMATION
March 31, 2019 (Unaudited)

FUND INFORMATION

TICKER

CUSIP

Vivaldi Opportunities Fund

VAM

92853C207

Proxy Voting Policies and Procedures

A description of the Fund’s proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (877) 779-1999 or on the U.S. Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

Proxy Voting Record

Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling the Fund at (877) 779-1999 or by accessing the Fund’s Form N-PX on the SEC’s website at www.sec.gov.

Form N-Q Disclosure

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC website at www.sec.gov or by calling the Fund at (877) 779-1999.

Qualified Dividend Income

For the year ended December 31, 2018, 22.66% of dividends to be paid from net investment income, including short-term capital gains from the Fund (if any), are designated as qualified dividend income.

Corporate Dividends Received Deduction

For the year ended December 31, 2018, 14.75% of the dividends to be paid from net investment income, including short-term capital gains from the Fund (if any), are designated as dividends received deduction available to corporate shareholders.

Long-Term Capital Gain Designation

For the year ended December 31, 2018, the Fund designated $403,175 as long-term capital gain distributions.

Vivaldi Opportunities Fund
235 West Galena Street
Milwaukee, WI 53212
Toll Free: (877) 779-1999

TABLE OF CONTENTS

Vivaldi Opportunities Fund
SUPPLEMENTAL INFORMATION — Continued
March 31, 2019 (Unaudited)

Dividend Reinvestment Plan

The Fund will operate a dividend reinvestment plan (the “Plan” or “DRIP”) administered by the Fund’s transfer agent (the “Plan Administrator”). Pursuant to the Plan, the Fund’s income dividends or capital gains or other distributions (each, a “Distribution” and collectively, “Distributions”), net of any applicable U.S. withholding tax, are reinvested in Shares of the Fund.

Shareholders automatically participate in the Plan, unless and until an election is made to withdraw from the Plan on behalf of such participating shareholder. Shareholders who do not wish to have Distributions automatically reinvested should so notify the Plan Administrator in writing. Such written notice must be received and processed by the Plan Administrator prior to the record date of the Distribution or the shareholder will receive such Distribution in Shares through the Plan and such termination will be effective with respect to any subsequently declared Distribution. Under the Plan, the Fund’s Distributions to shareholders are reinvested in full and fractional Shares as described below.

Whenever the Fund declares a Distribution payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Shares. The Shares will be acquired by the Plan Administrator for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Shares from the Fund (“Newly Issued Common Shares”) or (ii) by purchase of outstanding Shares on the open market (“Open-Market Purchases”) on the NYSE or elsewhere. If, on the payment date for any Distribution, the closing market price plus estimated brokerage commissions per common share is equal to or greater than the net asset value per common share, the Plan Administrator will invest the Distribution amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the Distribution by the Fund’s net asset value per common share on the payment date. If, on the payment date for any Distribution, the net asset value per common share is greater than the closing market value plus estimated brokerage commissions (i.e., the Fund’s Shares are trading at a discount), the Plan Administrator will invest the Distribution amount in Shares acquired on behalf of the participants in Open-Market Purchases.

In the event of a market discount on the payment date for any Distribution, the Plan Administrator will have until the last business day before the next date on which the Shares trade on an “ex-dividend” basis or thirty (30) days after the payment date for such Distribution, whichever is sooner (the “Last Purchase Date”), to invest the Distribution amount in Shares acquired in Open-Market Purchases. It is contemplated that the Fund will pay monthly income Distributions. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per common share exceeds the net asset value per common share, the average per common share purchase price paid by the Plan Administrator may exceed the net asset value of the Shares, resulting in the acquisition of fewer Shares than if the Distribution had been paid in Newly Issued Common Shares on the Distribution payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Distribution amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the uninvested portion of the Distribution amount in Newly Issued Common Shares at the net asset value per common share at the close of business on the Last Purchase Date.

The Plan Administrator maintains all shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

TABLE OF CONTENTS

Vivaldi Opportunities Fund
SUPPLEMENTAL INFORMATION — Continued
March 31, 2019 (Unaudited)

Beneficial owners of Shares who hold their Shares in the name of a broker or nominee should contact the broker or nominee to determine whether and how they may participate in the Plan. In the case of Shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Shares certified from time to time by the record shareholder’s name and held for the account of beneficial owners who participate in the Plan.

There will be no brokerage charges with respect to Shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with Open-Market Purchases. Participants that request a sale of Shares through the Plan Administrator are subject to brokerage commissions.

Neither the Plan Administrator nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the Plan, nor shall they have any duties, responsibilities or liabilities except as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including without limitation, failure to terminate a participant’s account prior to receipt of written notice of his or her death or with respect to prices at which shares are purchased or sold for the participant’s account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws.

The automatic reinvestment of Distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Distributions. See “U.S. Federal Income Tax Matters.”

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases under the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

All correspondence concerning the Plan should be directed to the Plan Administrator at American Stock Transfer & Trust Company — Plan Administration Department, P.O. Box 922, Wall Street Station, New York, New York 10269-0560. Certain transactions can be performed by calling the toll free number 1-800-937-5449.

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Vivaldi Opportunities Fund
PRIVACY POLICY
March 31, 2019 (Unaudited)

		FACTS				WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?
		Why?				Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
		What?				The types of personal information we collect and share depend on the product or service you have with us. This information can include: • Social Security number • account balances • account transactions • transaction history • wire transfer instructions • checking account information Even when you are no longer our customer, we continue to share your information as described in this notice.
		How?				All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons funds choose to share; and whether you can limit this sharing.

Reasons we can share your personal information

Does the Fund share?

Can you limit this sharing?

For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus

Yes

For our marketing purposes — to offer our products and services to you

We don’t share

For joint marketing with other financial companies

We don’t share

For our affiliates’ everyday business purposes — information about your transactions and experiences

Yes

For our affiliates’ everyday business purposes — information about your creditworthiness

We don’t share

For our affiliates to market to you

We don’t share

For nonaffiliates to market to you

We don’t share

TABLE OF CONTENTS

Vivaldi Opportunities Fund
PRIVACY POLICY — Continued
March 31, 2019 (Unaudited)

		What we do
		How does the Fund protect my personal information?				To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
		How does the Fund collect my personal information?				We collect your personal information, for example, when you • open an account • provide account information • give us your contact information • make a wire transfer • tell us where to send money We also collect your information from others, such as credit bureaus, affiliates, or other companies.
		Why can’t I limit all sharing?				Federal law gives you the right to limit only • sharing for affiliates’ everyday business purposes — information about your creditworthiness • sharing for affiliates from using your information to market to you • sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.

		Definitions
		Affiliates				Companies related by common ownership or control. They can be financial and nonfinancial companies. • Our affiliates include companies such as Vivaldi Asset Management, LLC.
		Nonaffiliates				Companies not related by common ownership or control. They can be financial and nonfinancial companies. • The Fund doesn’t share with nonaffiliates so they can market to you.
		Joint marketing				A formal agreement between nonaffiliated financial companies that together market financial products or services to you. • The Fund doesn’t jointly market.
		Questions?				Call 1-877-779-1999.

Name of Portfolio Management Team Member	Title	Length of Time of Service to the Fund	Business Experience During the Past 5 Years	Role of Portfolio Management Team Member
Michael Peck	President & Co-Chief Investment Officer	Since Inception	President, Co-Chief Investment Officer, and Portfolio Manager, Vivaldi Capital Management, LLC (2012 – present)	Portfolio Management

Scott Hergott	Director of Research & Co-Chief Investment Officer	Since Inception	Director of Research, Co-Chief Investment Officer, and Portfolio Manager, Vivaldi Capital Management, LLC (2013 – present)	Portfolio Management

Brian Murphy	Senior Research Analyst	Since Inception	Senior Research Analyst and Portfolio Manager, Vivaldi Capital Management, LLC (2014 – present); Director, Voyager Management, LLC (2010 – 2014)	Portfolio Management

Kyle Mowery	Portfolio Manager	Since Inception	Portfolio Manager, Vivaldi Capital Management, LLC (2015 – present); Managing Partner, GrizzlyRock Capital, LLC (2012 – present)	Portfolio Management

Jeff O’Brien	Portfolio Manager	Since Inception	Portfolio Manager, Vivaldi Capital Management, LLC (2014 – present); Founder and Managing Member of Glenfinnen Capital, LLC (2000 – 2014)	Portfolio Management

Daniel Lancz	Portfolio Manager	Since Inception	Portfolio Manager, Vivaldi Capital Management, LLC (2014 – present); Director of Research, Glenfinnen Capital, LLC (2003 – 2014)	Portfolio Management

Sreeni Prabu	Managing Partner & Chief Investment Officer	10/26/2017	Managing Partner & Chief Investment Officer, Angel Oak Capital Advisors, 2009-present	Portfolio Management

Sam Dunlap	Senior Portfolio Manager	10/26/2017	Senior Portfolio Manager, Angel Oak Capital Advisors, 2009-present	Portfolio Management

Berkin Kologlu	Senior Portfolio Manager	10/26/2017	Senior Portfolio Manager, Angel Oak Capital Advisors, 2013-present; Executive Director, UBS, 2013-2007	Portfolio Management

Matt Kennedy	Senior Portfolio Manager	10/26/2017	Senior Portfolio Manager, Angel Oak Capital Advisors, 2016-present; Portfolio Manager, Rainier Investment Management, 2009-2016	Portfolio Management

Colin McBurnette	Portfolio Manager	10/26/2017	Portfolio Manager, Angel Oak Capital Advisors, 2012-present	Portfolio Management

Patrick Galley	Chief Investment Officer, Portfolio Manager	Since inception	CIO/PM, RiverNorth Capital Management, LLC (2004-present).	Portfolio Management

Steve O’Neill	Portfolio Manager	Since inception	PM, RiverNorth Capital Management, LLC (2007-present).	Portfolio Management

Name of Portfolio Management Team Member	Number of Accounts and Total Value of Assets for Which Advisory Fee is Performance-Based:			Number of Other Accounts Managed and Total Value of Assets by Account Type for Which There is No Performance-Based Fee:
	Registered investment companies	Other pooled investment vehicles	Other accounts	Registered investment companies		Other pooled investment vehicles	Other accounts
Michael Peck	0	0	0	2 accounts $65M	0		0
Scott Hergott	0	0	0	2 accounts $65M	0		0
Brian Murphy	0	0	0	2 accounts $65M	0		0
Kyle Mowery	0	1 account $96.5M	0	3 accounts $108M	0		0
Jeff O’Brien	0	1 account $15.7M	0	3 accounts $595M	0		0
Daniel Lancz	0	1 account $15.7M	0	3 accounts $595M	0		0
Sreeni Prabu	0	7 accounts $691M	0	7 accounts $7.8B	1 account $687M		0
Sam Dunlap	0	1 account $104M	0	3 accounts $7.4B	1 account $687M		7 accounts $305M
Berkin Kologlu	0	1 account $104M	0	5 accounts $7.5B	1 account $687M		6 accounts $304M
Matt Kennedy	0	1 account $104M	0	2 accounts $73M	1 account $687M		0
Colin McBurnette	0	1 account $104M	0	5 accounts $7.6B	1 account $687M		3 accounts $27M
Patrick Galley	0	4 accounts $437M	0	10 accounts $3.1B	0		2 accounts $23M
Steve O’Neill	0	3 accounts $358M	0	9 accounts $2.9B	0		2 accounts $23M

Name of Portfolio Management Team Member:	Dollar Range of Shares Beneficially Owned by Portfolio Management Team Member:
Michael Peck	$500,001 - $1,000,000
Scott Hergott	$100,001 - $500,000
Brian Murphy	$50,001 - $100,000
Kyle Mowery	$10,001 - $50,000
Jeff O’Brien	$0 - $10,000
Daniel Lancz	$0 - $10,000