|
Advisor Class Shares
|
| |
VFLAX
|
|
| CIA Class Shares | | |
VFLEX
|
|
| | | |
Advisor Class Shares
|
| |
CIA Class Shares
|
| |
Total
|
|
|
Public Offering Price
|
| | Current Net Asset Value | | | Current Net Asset Value | | |
$100,000,000
|
|
| Sales Charge(2) as a percentage of purchase amount | | |
5.75%
|
| |
0.00%
|
| | ||
|
Proceeds to Fund(3)
|
| | Current Net Asset Value Minus Sales Charge | | | Current Net Asset Value | | |
Up to
$100,000,000 |
|
| | |
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| | |
Advisor
Class Shares(5) |
| |
CIA
Class Shares |
| ||||||
TRANSACTION EXPENSES: | | | | | | | | | | | | | |
Maximum Sales Charge (Load) (as a percentage of subscription amount)(1)
|
| | | | 5.75% | | | | | | None | | |
ANNUAL EXPENSES (AS A PERCENTAGE OF NET ASSETS ATTRIBUTABLE TO SHARES)(2)
|
| | | | | | | | | | | | |
Management Fee(3)
|
| | | | 1.50% | | | | | | 1.50% | | |
Distribution and Servicing Fee(4)
|
| | | | 1.00% | | | | | | None | | |
Dividend and Interest Expense on Short Sales
|
| | | | 0.50% | | | | | | 0.50% | | |
Acquired Fund Fees and Expenses
|
| | | | 0.38% | | | | | | 0.38% | | |
Other Expenses
|
| | | | 4.89% | | | | | | 4.89% | | |
Total Annual Expenses
|
| | | | 8.27% | | | | | | 7.27% | | |
Less: Amount Paid or Absorbed Under Expense Limitation and Reimbursement Agreement
|
| | | | 4.44% | | | | | | 4.44% | | |
Net Annual Expenses(6)
|
| | | | 3.83% | | | | | | 2.83% | | |
| | |
1 Year
|
| |
3 Years
|
| |
5 Years
|
| |
10 Years
|
| ||||||||||||
You Would Pay the Following Expenses Based on
the Imposition of the 5.75% Sales Charge and a $1,000 Investment in the Fund, Assuming a 5% Annual Return: |
| | | $ | 94 | | | | | $ | 246 | | | | | $ | 389 | | | | | $ | 707 | | |
| | |
1 Year
|
| |
3 Years
|
| |
5 Years
|
| |
10 Years
|
| ||||||||||||
You Would Pay the Following Expenses Based on
a $1,000 Investment in the Fund, Assuming a 5% Annual Return: |
| | | $ | 29 | | | | | $ | 174 | | | | | $ | 312 | | | | | $ | 633 | | |
| | |
For the Period
June 12, 2017* Through March 31, 2018 |
| |||
Net asset value, beginning of period
|
| | | $ | 25.00 | | |
Income from Investment Operations: | | | | | | | |
Net investment income1
|
| | | | 0.08 | | |
Net realized and unrealized gain (loss) on investments
|
| | | | (0.20) | | |
Total from investment operations
|
| | | | (0.12) | | |
Less Distributions: | | | | | | | |
From net investment income
|
| | | | (0.05) | | |
From net realized gains
|
| | | | (0.06) | | |
Total distributions
|
| | | | (0.11) | | |
Redemption fee proceeds1
|
| | | | — | | |
Net asset value, end of period
|
| | | $ | 24.77 | | |
Total return
|
| | | | (0.50)%2 | | |
Ratios and Supplemental Data: | | | | | | | |
Net assets, end of period (in thousands)
|
| | | $ | 12,595 | | |
Ratio of expenses to average net assets: | | | | | | | |
(including interest expense and interest on securities sold short)
|
| | | | | | |
Before fees waived
|
| | | | 6.89%3,4 | | |
After fees waived
|
| | | | 2.45%3,4 | | |
Ratio of net investment income to average net assets: | | | | | | | |
(including interest expense and interest on securities sold short)
|
| | | | | | |
Before fees waived
|
| | | | (4.05)%3 | | |
After fees waived
|
| | | | 0.39%3 | | |
Portfolio turnover rate
|
| | | | 264%2 | | |
| | |
Jan
|
| |
Feb
|
| |
Mar
|
| |
Apr
|
| |
May
|
| |
Jun
|
| |
Jul
|
| |
Aug
|
| |
Sep
|
| |
Oct
|
| |
Nov
|
| |
Dec
|
| |
Year
|
| ||||||||||||||||||||||||||||||
2018 | | | | | 0.08% | | | | | | (1.60)% | | | | | | (1.86)% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (3.36)% | | |
2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.68% | | | | | | 0.20% | | | | | | 0.48% | | | | | | 0.28% | | | | | | 0.20% | | | | | | 0.98% | | | | | | 2.95% | | |
Class
|
| |
Distribution and Service Fee
|
|
Advisor Class
|
| |
1.00%
|
|
CIA Class
|
| |
None
|
|
|
(1)
Title of Class |
| |
(2)
Amount Authorized |
| |
(3)
Amount Held by Fund or for its Account |
| |
(4)
Amount Outstanding Exclusive of Amount Shown Under (3) |
| |||||||||
|
Shares
|
| | | | Unlimited | | | | | $ | — | | | | | $ | 12,906,219 | | |
|
Your Investment
|
| |
Front-End Sales Charge as a
% of Offering Price* |
| |
Front-End Sales Charge as a
% of Net Investment |
| |
Dealer Reallowance as a % of
Offering Price |
| |||||||||
|
Up to $24,999
|
| | | | 5.75% | | | | | | 6.10% | | | | | | 5.00% | | |
|
$25,000 – $49,999
|
| | | | 5.00% | | | | | | 5.26% | | | | | | 4.50% | | |
|
$50,000 – $99,999
|
| | | | 4.50% | | | | | | 4.71% | | | | | | 3.75% | | |
|
$1,000,000 – $249,999
|
| | | | 3.50% | | | | | | 3.63% | | | | | | 2.75% | | |
|
$250,000 – $499,999
|
| | | | 2.50% | | | | | | 2.56% | | | | | | 2.00% | | |
|
$500,000 – $999,999
|
| | | | 2.00% | | | | | | 2.04% | | | | | | 1.50% | | |
|
$1 million or more
|
| | | | None | | | | | | None | | | | | | None | | |
| | |
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|
| |||
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| | | | 20 | | | |
| | | | A-1 | | | |
| | | | B-1 | | |
|
Investment Manager
Vivaldi Asset Management, LLC 225 W. Wacker Drive, Suite 2100 Chicago, IL 60606 |
| |
Transfer Agent/Administrator
UMB Fund Services, Inc. 235 West Galena Street Milwaukee, WI 53212 |
|
|
Custodian Bank
UMB Bank, N.A. 1010 Grand Boulevard Kansas City, MO 64106 |
| |
Distributor
Foreside Fund Services, LLC Three Canal Plaza, Suite 100 Portland, ME 04101 |
|
|
Independent Registered Public Accounting Firm
Grant Thornton LLP 171 N. Clark Street, Suite 200 Chicago, Illinois 60601-3370 |
| |
Fund Counsel
Drinker Biddle & Reath LLP One Logan Square, Suite 2000 Philadelphia, PA 19103-6996 |
|
|
Advisor Class
|
| |
VFLAX
|
|
| CIA Class | | |
VFLEX
|
|
| | |
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|
| |||
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| | | | 20 | | | |
| | | | A-1 | | | |
| | | | B-1 | | |
NAME, ADDRESS AND YEAR OF BIRTH |
| |
POSITION(S)
HELD WITH THE FUND |
| |
LENGTH OF
TIME SERVED |
| |
PRINCIPAL OCCUPATION(S)
DURING PAST 5 YEARS AND OTHER DIRECTORSHIPS HELD BY TRUSTEE |
| |
NUMBER OF
PORTFOLIOS IN FUND COMPLEX OVERSEEN BY TRUSTEE |
|
David G. Lee Year of Birth: 1952 c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212 |
| | Trustee | | |
Since Inception
|
| | President and Director, Client Opinions, Inc. (2003 – 2011); Chief Operating Officer, Brandywine Global Investment Management (1998 – 2002). | | |
5
|
|
Robert Seyferth Year of Birth: 1952 c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212 |
| | Trustee | | |
Since Inception
|
| | Chief Procurement Officer/Senior Managing Director, Bear Stearns/JP Morgan Chase (1993 – 2009). | | |
5
|
|
Name, Address and Year of Birth |
| |
Position(s)
Held with the Fund |
| |
Length of
Time Served |
| |
Principal Occupation(s)
During Past 5 Years and Other Directorships Held by Trustee or Officer |
| |
Number of
Portfolios in Fund Complex Overseen by Trustee or Officer |
|
Anthony Fischer* Year of Birth: 1959 c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212 |
| | Chairman and Trustee | | |
Since Inception
|
| | Executive Director — National Sales of UMB Bank for Institutional Banking and Asset Servicing (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). | | |
5
|
|
Michael Peck Year of Birth: 1980 c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212 |
| | President | | |
Since Inception
|
| | President, Co-Chief Investment Officer, and Portfolio Manager, Vivaldi Capital Management, LLC (2012 – present); Portfolio Manager, Coe Capital Management (2010 – 2011). | | |
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 Seidenburg 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) from March 2014 – Present; Auditor, PricewaterhouseCoopers from September 2012 – March 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 (September 2017 – Present); Vice President, Senior Client Service Manager (January 2013 – September 2017), Assistant Vice President, Client Relations Manager (2002 – January 2013); UMB Fund Services, Inc. | | |
N/A
|
|
| | |
Management
Fees |
| |
Waivers
|
| |
Reimbursements
|
| |
Management Fees
Paid (After Waivers and Reimbursements) |
| |||||||||
Investment Manager
|
| | | | 99,340 | | | | | | 375,201 | | | |
None
|
| | | | (275,861) | | |
Sub-Adviser
|
| | | | 27,176 | | | |
N/A
|
| |
N/A
|
| | | | 27,176 | | |
| | |
Type of Accounts
|
| |
Total
# of Accounts Managed |
| |
Total Assets
|
| |
# of
Accounts Managed that Advisory Fee Based on Performance |
| |
Total Assets that
Advisory Fee Based on Performance |
| ||||||||||||
1. Michael Peck
|
| |
Registered Investment
Companies: |
| | | | 0 | | | | | $ | 0 | | | | | | 2 | | | | | $ | 166,000,000 | | |
| Other Pooled Investment Vehicles: |
| | | | 0 | | | | | $ | 0 | | | | | | 0 | | | | | $ | 0 | | | ||
| Other Accounts: | | | | | 0 | | | | | $ | 0 | | | | | | 0 | | | | | $ | 0 | | | ||
2. Scott Hergott
|
| |
Registered Investment
Companies: |
| | | | 0 | | | | | $ | 0 | | | | | | 2 | | | | | $ | 166,000,000 | | |
| Other Pooled Investment Vehicles: |
| | | | 0 | | | | | $ | 0 | | | | | | 0 | | | | | $ | 0 | | | ||
| Other Accounts: | | | | | 0 | | | | | $ | 0 | | | | | | 0 | | | | | $ | 0 | | | ||
3. Brian Murphy
|
| |
Registered Investment
Companies: |
| | | | 0 | | | | | $ | 0 | | | | | | 2 | | | | | $ | 166,000,000 | | |
| Other Pooled Investment Vehicles: |
| | | | 0 | | | | | $ | 0 | | | | | | 0 | | | | | $ | 0 | | | ||
| Other Accounts: | | | | | 0 | | | | | $ | 0 | | | | | | 0 | | | | | $ | 0 | | | ||
4. Kyle Mowery
|
| |
Registered Investment
Companies: |
| | | | 0 | | | | | $ | 0 | | | | | | 3 | | | | | $ | 212,576,000 | | |
| Other Pooled Investment Vehicles: |
| | | | 1 | | | | | $ | 77,500,000 | | | | | | 0 | | | | | $ | 0 | | | ||
| Other Accounts: | | | | | 0 | | | | | $ | 0 | | | | | | 0 | | | | | $ | 0 | | | ||
5. Jeff O’Brien
|
| |
Registered Investment
Companies: |
| | | | 0 | | | | | $ | 0 | | | | | | 3 | | | | | $ | 622,000,000 | | |
| Other Pooled Investment Vehicles: |
| | | | 2 | | | | | $ | 18,000,000 | | | | | | 0 | | | | | $ | 0 | | | ||
| Other Accounts: | | | | | 0 | | | | | $ | 0 | | | | | | 0 | | | | | $ | 0 | | | ||
6. Daniel Lancz
|
| |
Registered Investment
Companies: |
| | | | 0 | | | | | $ | 0 | | | | | | 3 | | | | | $ | 622,000,000 | | |
| Other Pooled Investment Vehicles: |
| | | | 2 | | | | | $ | 18,000,000 | | | | | | 0 | | | | | $ | 0 | | | ||
| Other Accounts: | | | | | 0 | | | | | $ | 0 | | | | | | 0 | | | | | $ | 0 | | | ||
7. Patrick Galley
|
| |
Registered Investment
Companies: |
| | | | 9 | | | | | $ | 3.1096 | | | | | | 0 | | | | | $ | 0 | | |
| Other Pooled Investment Vehicles: |
| | | | 0 | | | | | $ | 0 | | | | | | 3 | | | | | $ | 320,000,000 | | | ||
| Other Accounts: | | | | | 0 | | | | | $ | 0 | | | | | | 2 | | | | | $ | 36,000,000 | | |
| | |
Type of Accounts
|
| |
Total
# of Accounts Managed |
| |
Total Assets
|
| |
# of
Accounts Managed that Advisory Fee Based on Performance |
| |
Total Assets that
Advisory Fee Based on Performance |
| ||||||||||||
8. Stephen O’Neill
|
| |
Registered Investment
Companies: |
| | | | 8 | | | | | $ | 2.7866 | | | | | | 0 | | | | | $ | 0 | | |
| Other Pooled Investment Vehicles: |
| | | | 0 | | | | | $ | 0 | | | | | | 2 | | | | | $ | 287,000,000 | | | ||
| Other Accounts: | | | | | 0 | | | | | $ | 0 | | | | | | 2 | | | | | $ | 36,000,000 | | | ||
9. Sam Dunlap
|
| |
Registered Investment
Companies: |
| | | | 2 | | | | | $ | 6,801,632,838 | | | | | | 0 | | | | | $ | 0 | | |
| Other Pooled Investment Vehicles: |
| | | | 2 | | | | | $ | 1,004,098,971 | | | | | | 1 | | | | | $ | 135,935,497 | | | ||
| Other Accounts: | | | | | 7 | | | | | $ | 378,506,861 | | | | | | 0 | | | | | $ | 0 | | | ||
10. Berkin Kologlu
|
| |
Registered Investment
Companies: |
| | | | 5 | | | | | $ | 6,878,885,482 | | | | | | 0 | | | | | $ | 0 | | |
| Other Pooled Investment Vehicles: |
| | | | 2 | | | | | $ | 1,004,098,971 | | | | | | 1 | | | | | $ | 135,935,497 | | | ||
| Other Accounts: | | | | | 5 | | | | | $ | 373,126,301 | | | | | | 0 | | | | | $ | 0 | | | ||
11. Sreeni Prabhu
|
| |
Registered Investment
Companies: |
| | | | 7 | | | | | $ | 7,066,366,830 | | | | | | 0 | | | | | $ | 0 | | |
| Other Pooled Investment Vehicles: |
| | | | 3 | | | | | $ | 1,321,655,238 | | | | | | 2 | | | | | $ | 453,491,764 | | | ||
| Other Accounts: | | | | | 0 | | | | | $ | 0 | | | | | | 0 | | | | | $ | 0 | | |
|
Name of Portfolio Manager:
|
| |
Dollar Range of Shares
Beneficially Owned by Portfolio Manager(1): |
|
|
Michael Peck
|
| |
None
|
|
|
Scott Hergott
|
| |
$10,001 – $50,000
|
|
|
Brian Murphy
|
| |
None
|
|
|
Kyle Mowery
|
| |
None
|
|
|
Jeff O’Brien
|
| |
None
|
|
|
Daniel Lancz
|
| |
None
|
|
|
Patrick Galley
|
| |
None
|
|
|
Stephen O’Neill
|
| |
None
|
|
|
Sam Dunlap
|
| |
None
|
|
|
Berkin Kologlu
|
| |
None
|
|
|
Sreeni Prabhu
|
| |
None
|
|
| | | | | B-3 | | | |
| | | | | B-4 | | | |
| | | | | B-6 | | | |
| | | | | B-7 | | | |
| | | | | B-8 | | | |
| | | | | B-9 | | |
| Assets: | | | | | | | |
|
Investments, at fair value (cost $13,517,537)
|
| | | $ | 13,349,495 | | |
|
Purchased options contracts, at fair value (cost $76,222)
|
| | | | 68,542 | | |
|
Foreign currency, at fair value (cost $23,678)
|
| | | | 24,985 | | |
|
Cash
|
| | | | 3,105 | | |
|
Cash deposited with brokers for securities sold short
|
| | | | 2,394,488 | | |
|
Receivables:
|
| | | | | | |
|
Investment securities sold
|
| | | | 274,096 | | |
|
Dividends and interest
|
| | | | 17,304 | | |
|
Due from Advisor
|
| | | | 50,214 | | |
|
Prepaid expenses
|
| | | | 14,108 | | |
|
Prepaid organization and offering costs
|
| | | | 29,656 | | |
|
Total assets
|
| | | | 16,225,993 | | |
| Liabilities: | | | | | | | |
|
Securities sold short, at fair value (proceeds $2,263,919)
|
| | | | 2,320,937 | | |
|
Written options contracts, at fair value (proceeds $32,403)
|
| | | | 41,798 | | |
|
Foreign currency due to custodian, at fair value (proceeds $223,093)
|
| | | | 223,473 | | |
|
Payables:
|
| | | | | | |
|
Investment securities purchased
|
| | | | 152,557 | | |
|
Fund shares redeemed
|
| | | | 828,349 | | |
|
Auditing fees
|
| | | | 43,000 | | |
|
Transfer agent fees and expenses
|
| | | | 6,259 | | |
|
Custody fees
|
| | | | 3,820 | | |
|
Diviends and interest on securities sold short
|
| | | | 3,037 | | |
|
Fund administration fees
|
| | | | 1,969 | | |
|
Fund accounting fees
|
| | | | 1,693 | | |
|
Accrued other expenses
|
| | | | 4,543 | | |
|
Total liabilities
|
| | | | 3,631,435 | | |
|
Net Assets
|
| | | $ | 12,594,558 | | |
|
| Components of Net Assets: | | | | | | | |
|
Paid-in capital (par value of $0.01 per share with an unlimited number of shares authorized)
|
| | | $ | 12,811,941 | | |
|
Accumulated net investment loss
|
| | | | (2,643) | | |
|
Accumulated net realized gain on investments, purchased options, securities sold short, written option contracts and foreign currency transactions
|
| | | | 26,475 | | |
|
Net unrealized appreciation (depreciation) on:
|
| | | | | | |
|
Investments
|
| | | | (168,042) | | |
|
Purchased option contracts
|
| | | | (7,680) | | |
|
Securities sold short
|
| | | | (57,018) | | |
|
Written option contracts
|
| | | | (9,394) | | |
|
Foreign currency translations
|
| | | | 919 | | |
|
Net Assets
|
| | | $ | 12,594,558 | | |
| Offering Price per Share: | | | | | | | |
|
CIA Class Shares:
|
| | | | | | |
|
Net assets applicable to shares outstanding
|
| | | $ | 12,594,558 | | |
|
Shares of common stock issued and outstanding
|
| | | | 508,550 | | |
|
Net asset value per share
|
| | | $ | 24.77 | | |
|
| Investment Income: | | | | | | | |
|
Dividends (net of witholding tax of $172)
|
| | | $ | 205,031 | | |
|
Interest
|
| | | | 34,459 | | |
|
Total investment income
|
| | | | 239,490 | | |
| Expenses: | | | | | | | |
|
Advisory fees
|
| | | | 126,516 | | |
|
Offering costs
|
| | | | 117,784 | | |
|
Auditing fees
|
| | | | 43,000 | | |
|
Organization costs
|
| | | | 42,416 | | |
|
Legal fees
|
| | | | 39,932 | | |
|
Transfer agent fees and expenses
|
| | | | 31,402 | | |
|
Dividends on securities sold short
|
| | | | 30,117 | | |
|
Trustees’ fees and expenses
|
| | | | 29,000 | | |
|
Custody fees
|
| | | | 24,094 | | |
|
Fund administration fees
|
| | | | 18,396 | | |
|
Fund accounting fees
|
| | | | 15,692 | | |
|
Insurance fees
|
| | | | 14,993 | | |
|
Shareholder reporting fees
|
| | | | 11,775 | | |
|
Interest on securities sold short
|
| | | | 11,647 | | |
|
Chief Compliance Officer fees
|
| | | | 7,959 | | |
|
Registration fees
|
| | | | 5,664 | | |
|
Miscellaneous
|
| | | | 11,049 | | |
|
Total expenses
|
| | | | 581,436 | | |
|
Advisory fees waived and other expenses absorbed
|
| | | | (375,201) | | |
|
Net expenses
|
| | | | 206,235 | | |
|
Net investment income
|
| | | | 33,255 | | |
|
Realized and Unrealized Gain (Loss) on Investments, Purchased Options Contracts, Securities Sold Short, Written Options Contracts and Foreign Currency
|
| | | | | | |
|
Net realized gain (loss) on:
|
| | | | | | |
|
Investments
|
| | | | 52,864 | | |
|
Purchased options contracts
|
| | | | (15,333) | | |
|
Securities sold short
|
| | | | 1,802 | | |
|
Written options contracts
|
| | | | 6,947 | | |
|
Foreign currency transactions
|
| | | | (230) | | |
|
Net realized gain
|
| | | | 46,050 | | |
|
Net change in unrealized appreciation/depreciation on:
|
| | | | | | |
|
Investments
|
| | | | (168,042) | | |
|
Purchased options contracts
|
| | | | (7,680) | | |
|
Securities sold short
|
| | | | (57,018) | | |
|
Written options contracts
|
| | | | (9,394) | | |
|
Foreign currency translations
|
| | | | 919 | | |
|
Net change in unrealized appreciation/depreciation
|
| | | | (241,215) | | |
|
Net realized and unrealized loss on investments and securities sold short
|
| | | | (195,165) | | |
|
Net Decrease in Net Assets from Operations
|
| | | $ | (161,910) | | |
|
| | |
For the Period
June 12, 2017* Through March 31, 2018 |
| |||
Increase (Decrease) in Net Assets from: | | | | | | | |
Operations: | | | | | | | |
Net investment income
|
| | | $ | 33,255 | | |
Net realized gain (loss) on investments, purchased options contracts, securities sold short,
written options contracts, and foreign currency |
| | | | 46,050 | | |
Net change in unrealized appreciation/depreciation on investments, purchased option contracts, securities sold short, and foreign currency
|
| | | | (241,215) | | |
Net decrease in net assets resulting from operations
|
| | | | (161,910) | | |
Distributions to Shareholders: | | | | | | | |
From net investment income:
|
| | | | | | |
CIA Class
|
| | | | (28,307) | | |
Total from net investment income
|
| | | | (28,307) | | |
From net realized gains:
|
| | | | | | |
CIA Class
|
| | | | (29,528) | | |
Total from net realized gains
|
| | | | (29,528) | | |
Total distributions to shareholders
|
| | | | (57,835) | | |
Capital Transactions: | | | | | | | |
Net proceeds from shares sold:
|
| | | | | | |
CIA Class
|
| | | | 15,073,953 | | |
Reinvestment of distributions:
|
| | | | | | |
CIA Class
|
| | | | 41,642 | | |
Cost of shares redeemed:
|
| | | | | | |
CIA Class
|
| | | | (2,301,292) | | |
Net increase in net assets from capital transactions
|
| | | | 12,814,303 | | |
Total increase in net assets
|
| | | | 12,594,558 | | |
Net Assets: | | | | | | | |
Beginning of period
|
| | | | — | | |
End of period
|
| | | $ | 12,594,558 | | |
Accumulated net investment loss
|
| | | $ | (2,643) | | |
Capital Share Transactions: | | | | | | | |
Shares sold:
|
| | | | | | |
CIA Class
|
| | | | 597,986 | | |
Shares reinvested:
|
| | | | | | |
CIA Class
|
| | | | 1,627 | | |
Shares redeemed:
|
| | | | | | |
CIA Class
|
| | | | (91,063) | | |
Net increase in capital share transactions
|
| | | | 508,550 | | |
|
| Increase (Decrease) in Cash: | | | | | | | |
|
Cash flows provided by (used for) operating activities:
|
| | | | | | |
|
Net decrease in net assets resulting from operations
|
| | | $ | (161,910) | | |
|
Adjustments to reconcile net decrease in net assets from operations to net cash used for operating activities:
|
| | | | | | |
|
Purchases of long-term portfolio investments
|
| | | | (32,835,545) | | |
|
Sales of long-term portfolio investments
|
| | | | 21,225,995 | | |
|
Proceeds from securities sold short
|
| | | | 7,015,532 | | |
|
Cover short securities
|
| | | | (4,831,024) | | |
|
Proceeds from written options
|
| | | | 41,114 | | |
|
Closed written options
|
| | | | (1,096) | | |
|
Purchases of short-term investments, net
|
| | | | (2,046,657) | | |
|
Return of capital dividend received
|
| | | | 58,986 | | |
|
Increase in foreign currency
|
| | | | (24,985) | | |
|
Increase in cash deposited with broker for securities sold short
|
| | | | (2,394,488) | | |
|
Increase in dividends and interest receivable
|
| | | | (17,304) | | |
|
Increase in due from Advisor
|
| | | | (50,214) | | |
|
Increase in prepaid expenses
|
| | | | (14,108) | | |
|
Increase in prepaid organization and offering costs
|
| | | | (29,656) | | |
|
Increase in foreign currency due to custodian
|
| | | | 223,473 | | |
|
Increase in dividends and interest on securities sold short
|
| | | | 3,037 | | |
|
Increase in accrued expenses
|
| | | | 61,284 | | |
|
Net realized gain
|
| | | | (46,280) | | |
|
Net change in unrealized appreciation/depreciation
|
| | | | 242,134 | | |
|
Net cash used for operating activities
|
| | | | (13,581,712) | | |
|
Cash flows provided by (used for) financing activities:
|
| | | | | | |
|
Proceeds from shares sold
|
| | | | 15,073,953 | | |
|
Cost of shares redeemed
|
| | | | (1,472,943) | | |
|
Dividends paid to shareholders, net of reinvestments
|
| | | | (16,193) | | |
|
Net cash provided by financing activities
|
| | | | 13,584,817 | | |
|
Net increase in cash
|
| | | | 3,105 | | |
|
Cash:
|
| | | | | | |
|
Beginning of period
|
| | | | — | | |
|
End of period
|
| | | $ | 3,105 | | |
|
|
2021
|
| | | $ | 375,201 | | |
|
Total
|
| | | $ | 375,201 | | |
|
Cost of investments
|
| | | $ | 11,300,817 | | |
|
Gross unrealized appreciation
|
| | | $ | 250,756 | | |
|
Gross unrealized depreciation
|
| | | | (496,271) | | |
|
Net unrealized depreciation on investments
|
| | | $ | (245,515) | | |
|
| | |
Increase (Decrease)
|
| |||||||||||||||
Fund
|
| |
Paid-in Capital
|
| |
Accumulated
Net Investment Income/Loss |
| |
Accumulated
Net Realized Gain/Loss |
| |||||||||
The Relative Value Fund
|
| | | $ | (2,362) | | | | | $ | (7,591) | | | | | $ | 9,953 | | |
|
Undistributed ordinary income
|
| | | $ | 60,007 | | |
|
Undistributed long-term capital gains
|
| | | | 10,823 | | |
|
Accumulated earnings
|
| | | | 70,830 | | |
|
Accumulated capital and other losses
|
| | | | — | | |
|
Unrealized depreciation on investments
|
| | | | (245,515) | | |
|
Unrealized depreciation on foreign currency
|
| | | | — | | |
|
Total accumulated deficit
|
| | | $ | (174,685) | | |
|
| | |
2017
|
| |||
Distribution paid from: | | | | | | | |
Ordinary income
|
| | | $ | 53,633 | | |
Net long-term capital gains
|
| | | | 4,201 | | |
Total taxable distributions
|
| | | $ | 57,834 | | |
|
| | |
Level 1
|
| |
Level 2
|
| |
Level 3**
|
| |
Total
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Closed-End Funds
|
| | | $ | 3,188,870 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,188,870 | | |
Common Stocks*
|
| | | | 7,795,449 | | | | | | — | | | | | | — | | | | | | 7,795,449 | | |
Preferred Stocks
|
| | | | 314,557 | | | | | | — | | | | | | — | | | | | | 314,557 | | |
Purchased Options Contracts
|
| | | | 37,080 | | | | | | 31,462 | | | | | | — | | | | | | 68,542 | | |
Rights
|
| | | | 1,691 | | | | | | — | | | | | | — | | | | | | 1,691 | | |
Warrants
|
| | | | 2,271 | | | | | | — | | | | | | — | | | | | | 2,271 | | |
Short-Term Investments
|
| | | | 2,046,657 | | | | | | — | | | | | | — | | | | | | 2,046,657 | | |
Total Assets
|
| | | $ | 13,386,575 | | | | | $ | 31,462 | | | | | $ | — | | | | | $ | 13,418,037 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Securities Sold Short | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks*
|
| | | $ | 2,187,329 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,187,329 | | |
Exchange-Traded Funds
|
| | | | 133,608 | | | | | | — | | | | | | — | | | | | | 133,608 | | |
Written Options Contracts
|
| | | | 33,045 | | | | | | 8,753 | | | | | | — | | | | | | 41,798 | | |
Total Liabilities
|
| | | $ | 2,353,982 | | | | | $ | 8,753 | | | | | $ | — | | | | | $ | 2,362,735 | | |
|
| | |
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 |
| | | $ | 68,542 | | | |
Written options
contracts, at value |
| | | $ | 41,798 | | |
Total | | | | | | | $ | 68,542 | | | | | | | | $ | 41,798 | | |
|
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 |
| |||||||||
Equity Price Risk
|
| | | $ | (15,333) | | | | | $ | 6,947 | | | | | $ | — | | |
Total
|
| | | $ | (15,333) | | | | | $ | 6,947 | | | | | $ | — | | |
|
Change in Unrealized Appreciation/Depreciation on Derivatives Recognized in Income
|
| ||||||||||||||||||||||||
Derivatives not designated as hedging instruments
|
| |
Futures
Contracts |
| |
Purchased
Options Contracts |
| |
Written
Options Contracts |
| |
Total
|
| ||||||||||||
Equity Price Risk
|
| | | $ | — | | | | | $ | (7,680) | | | | | $ | (9,394) | | | | | $ | (17,074) | | |
Total
|
| | | $ | — | | | | | $ | (7,680) | | | | | $ | (9,394) | | | | | $ | (17,074) | | |
|
Derivative
|
| |
Quarterly Average
|
| |
Amount
|
| |||
Options Contracts — Purchased
|
| |
Average Notional Value
|
| | | | 402,090 | | |
Options Contracts — Written
|
| |
Average Notional Value
|
| | | | (439,450) | | |