N-CSRS 1 tm2036098d2_ncsrs.htm N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 

Investment Company Act file number 811-23179

 

The Relative Value Fund

 

(Exact name of registrant as specified in charter)

 

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

 

(Address of principal executive offices) (Zip code)

 

Ann Maurer

235 West Galena Street

Milwaukee, WI 53212

 

(Name and address of agent for service)

 

registrant's telephone number, including area code: (414) 299-2217

 

Date of fiscal year end: March 31

 

Date of reporting period: September 30, 2020

 

 

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.

 

Semi-Annual Report
September 30, 2020
(Unaudited)
[MISSING IMAGE: vivaldi_watermark.jpg]
THE RELATIVE
VALUE FUND​
CIA Class Shares – VFLEX​
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Relative Value Fund’s (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 continue to receive paper copies of your shareholder reports by contacting them directly. Your election to receive reports in paper will apply to 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
[MISSING IMAGE: lg_vivaldi.jpg]
The Relative Value Fund
Table of Contents
​ ​ ​ ​ ​ 1 ​ ​
​ ​ ​ ​ ​ 15 ​ ​
​ ​ ​ ​ ​ 17 ​ ​
​ ​ ​ ​ ​ 18 ​ ​
​ ​ ​ ​ ​ 19 ​ ​
​ ​ ​ ​ ​ 20 ​ ​
​ ​ ​ ​ ​ 21 ​ ​
​ ​ ​ ​ ​ 33 ​ ​
​ ​ ​ ​ ​ 36 ​ ​
This report and the financial statements contained herein are provided for the general information of the shareholders of The Relative Value Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
The Relative Value Fund
SCHEDULE OF INVESTMENTS
As of September 30, 2020 (Unaudited)
​
​
Principal
Amount
 ​ ​ ​ ​ ​
Value
​
​
         ​
 ​ ​ ASSET-BACKED SECURITIES – 19.2% ​
​ ​ $ 217,175 ​ ​ ​
Adjustable Rate Mortgage Trust
Series 2006-1, Class 2A1, 3.986%, 3/25/20361,2,3
​ ​ ​ $ 155,989 ​ ​
​ ​ ​ 173,028 ​ ​ ​
Aqua Finance Trust
Series 2019-A, Class A, 3.140%, 7/16/20402,4
​ ​ ​ ​ 178,222 ​ ​
​ ​ ​ 150,000 ​ ​ ​    Series 2020-AA, Class B, 2.790%, 7/17/20462,4 ​ ​ ​ ​ 151,962 ​ ​
​ ​ ​ 150,000 ​ ​ ​    Series 2020-AA, Class C, 3.970%, 7/17/20462,4 ​ ​ ​ ​ 151,619 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Avant Loans Funding Trust
Series 2019-B, Class B, 3.150%, 10/15/20262,4
​ ​ ​ ​ 301,630 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Bunker Hill Loan Depositary Trust
Series 2019-3, Class M1, 3.269%, 11/25/20591,2,4,5
​ ​ ​ ​ 501,854 ​ ​
​ ​ ​ 270,711 ​ ​ ​
CHL Mortgage Pass-Through Trust
Series 2007-8, Class 1A12, 5.875%, 1/25/20381,2
​ ​ ​ ​ 197,652 ​ ​
​ ​ ​ ​ ​ ​ ​ Connecticut Avenue Securities Trust ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 250,000 ​ ​ ​
   Series 2019-R04, Class 2B1, 5.398% (1-Month USD Libor+525    basis points), 6/25/20392,3,4,6
​ ​ ​ ​ 226,944 ​ ​
​ ​ ​ 250,000 ​ ​ ​
   Series 2020-R02, Class 2B1, 3.148% (1-Month USD Libor+300    basis points), 1/25/20402,3,4,6
​ ​ ​ ​ 192,053 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Connecticut Avenue Securities Trust
Series 2019-R02, Class 1B1, 4.298% (1-Month USD Libor+415    basis points), 8/25/20312,3,4,6
​ ​ ​ ​ 96,335 ​ ​
​ ​ ​ ​ ​ ​ ​ Deephaven Residential Mortgage Trust ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 200,000 ​ ​ ​    Series 2019-3A, Class B1, 4.258%, 7/25/20591,2,3,4 ​ ​ ​ ​ 196,670 ​ ​
​ ​ ​ 250,000 ​ ​ ​    Series 2018-2A, Class M1, 4.375%, 4/25/20581,2,3,4 ​ ​ ​ ​ 254,986 ​ ​
​ ​ ​ 155,988 ​ ​ ​
DSLA Mortgage Loan Trust
Series 2006-AR2, Class 1A1A, 0.346% (1-Month USD Libor+19    basis points), 10/19/20362,3,6
​ ​ ​ ​ 134,529 ​ ​
​ ​ ​ 73,807 ​ ​ ​
Fannie Mae Connecticut Avenue Securities
Series 2018-C04, Class 2M2, 2.698% (1-Month USD Libor+255    basis points), 12/25/20302,3,6
​ ​ ​ ​ 72,819 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Foursight Capital Automobile Receivables Trust
Series 2019-1, Class E, 4.300%, 9/15/20252,4
​ ​ ​ ​ 154,020 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2017-HRP1, Class B1, 4.748% (1-Month USD Libor+460    basis points), 12/25/20422,3,6
​ ​ ​ ​ 175,340 ​ ​
​ ​ ​ 316,829 ​ ​ ​
   Series 2016-DNA2, Class M3, 4.798% (1-Month USD Libor+465    basis points), 10/25/20282,3,6
​ ​ ​ ​ 330,544 ​ ​
​ ​ ​ 419,000 ​ ​ ​
GS Mortgage-Backed Securities Corp. Trust
Series 2020-PJ3, Class B5, 3.466%, 10/25/20501,2,3,4
​ ​ ​ ​ 196,143 ​ ​
​ ​ ​ 206,474 ​ ​ ​
GSR Mortgage Loan Trust
Series 2007-AR1, Class 2A1, 3.408%, 3/25/20471,2,3
​ ​ ​ ​ 168,647 ​ ​
​ ​ ​ 150,000 ​ ​ ​
Homeward Opportunities Fund I Trust
Series 2019-1, Class B1, 4.800%, 1/25/20591,2,3,4
​ ​ ​ ​ 153,546 ​ ​
1
The Relative Value Fund
SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2020 (Unaudited)
​
 
​
Principal
Amount
 ​ ​ ​ ​ ​
Value
​
​
         ​
 ​ ​ ASSET-BACKED SECURITIES  (Continued) ​
​ ​ $ 350,000 ​ ​ ​
JFIN CLO 2013 Ltd
Series 2013-1A, Class DR, 7.642% (3-Month USD Libor+737 basis
   points), 1/20/20302,3,4,6
​ ​ ​ $ 316,750 ​ ​
​ ​ ​ 249,212 ​ ​ ​
Legacy Mortgage Asset Trust
Series 2018-GS1, Class A1, 4.000%, 3/25/20582,4,5
​ ​ ​ ​ 252,776 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Magnetite XVI Ltd.
Series 2015-16A, Class F, 6.772% (3-Month USD Libor+650 basis    points), 1/18/20282,3,4,6
​ ​ ​ ​ 193,915 ​ ​
​ ​ ​ 375,000 ​ ​ ​
Monroe Capital Mml Clo X Ltd.
Series 2020-1A, Class E, 9.078% (3-Month USD Libor+885 basis    points), 8/20/20312,3,4,6
​ ​ ​ ​ 372,135 ​ ​
​ ​ ​ 121,528 ​ ​ ​
Mosaic Solar Loan Trust
Series 2019-1A, Class B, , 12/21/20432,4
​ ​ ​ ​ 110,644 ​ ​
​ ​ ​ ​ ​ ​ ​ Multifamily Connecticut Avenue Securities Trust ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 236,294 ​ ​ ​
   Series 2019-01, Class M7, 1.848% (1-Month USD Libor+170 basis    points), 10/15/20492,3,4,6
​ ​ ​ ​ 227,064 ​ ​
​ ​ ​ 99,728 ​ ​ ​
   Series 2020-01, Class M7, 2.098% (1-Month USD Libor+195 basis    points), 3/25/20502,3,4,6
​ ​ ​ ​ 97,227 ​ ​
​ ​ ​ 100,000 ​ ​ ​
   Series 2020-01, Class M10, 3.898% (1-Month USD Libor+375 basis
   points), 3/25/20502,3,4,6
​ ​ ​ ​ 93,783 ​ ​
​ ​ ​ 100,000 ​ ​ ​
   Series 2020-01, Class CE, 7.648% (1-Month USD Libor+750 basis    points), 3/25/20502,3,4,6
​ ​ ​ ​ 84,420 ​ ​
​ ​ ​ 369,193 ​ ​ ​
Nomura Asset Acceptance Corp. Alternative Loan Trust Series
Series 2006-AP1, Class A3, 5.654%, 1/25/20361,2,3
​ ​ ​ ​ 164,704 ​ ​
​ ​ ​ ​ ​ ​ ​ Palmer Square CLO Ltd. ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​    Series 2019-1A, Class SUB, 0.00%, 4/20/20272,3,4 ​ ​ ​ ​ 816,330 ​ ​
​ ​ ​ 2,250,000 ​ ​ ​    Series 2020-4A, Class SUB, 0.00%, 4/20/20277 ​ ​ ​ ​ 2,250,000 ​ ​
​ ​ ​ ​ ​ ​ ​ Palmer Square Loan Funding Ltd. ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,000,000 ​ ​ ​    Series 2019-3A, Class SUB, 0.00%, 8/20/20272,3,4 ​ ​ ​ ​ 767,426 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​    Series 2019-4A, Class SUB, 0.00%, 10/24/20272,3,4 ​ ​ ​ ​ 1,266,657 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​    Series 2020-1A, Class SUB, 0.00%, 2/20/20282,3,4 ​ ​ ​ ​ 1,185,454 ​ ​
​ ​ ​ 650,000 ​ ​ ​    Series 2020-2A, Class SUB, 0.00%, 4/20/20282,3,4 ​ ​ ​ ​ 639,016 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​    Series 2020-3A, Class SUB, 0.00%, 7/20/20282,3,4 ​ ​ ​ ​ 1,337,300 ​ ​
​ ​ ​ 250,000 ​ ​ ​
PRPM LLC
Series 2019-4A, Class A2, 4.654%, 11/25/20242,4,5
​ ​ ​ ​ 241,987 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Radnor Ltd.
Series 2019-1, Class M2, 3.348% (1-Month USD Libor+320 basis    points), 2/25/20292,3,4,6
​ ​ ​ ​ 481,329 ​ ​
​ ​ ​ ​ ​ ​ ​ Residential Mortgage Loan Trust ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 400,000 ​ ​ ​    Series 2019-3, Class B2, 5.664%, 9/25/20591,2,3,4 ​ ​ ​ ​ 368,774 ​ ​
​ ​ ​ 500,000 ​ ​ ​    Series 2020-2, Class B2, 5.400%, 5/25/20601,2,3,4 ​ ​ ​ ​ 483,326 ​ ​
2
The Relative Value Fund
SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2020 (Unaudited)
​
 
​
Principal
Amount
 ​ ​ ​ ​ ​
Value
​
​
         ​
 ​ ​ ASSET-BACKED SECURITIES  (Continued) ​
​ ​ $ 250,000 ​ ​ ​
Saranac Clo VIII Ltd.
Series 2020-8A, Class E, 8.373% (3-Month USD Libor+812 basis    points), 2/20/20332,3,4,6
​ ​ ​ $ 208,909 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Upstart Securitization Trust
Series 2018-1, Class D, 6.147%, 8/20/20252,4
​ ​ ​ ​ 249,110 ​ ​
​ ​ ​ 300,000 ​ ​ ​
Verus Securitization Trust
Series 2020-2, Class B1, 5.360%, 5/25/20601,2,3,4
​ ​ ​ ​ 303,699 ​ ​
​ ​ ​ 42,098 ​ ​ ​
WaMu Mortgage Pass-Through Certificates Trust
Series 2006-AR18, Class 3A1, 3.185%, 1/25/20372,3
​ ​ ​ ​ 38,423 ​ ​
​ ​ ​ 269,602 ​ ​ ​
Wells Fargo Mortgage Loan Trust
Series 2010-RR2, Class 1A4, 3.320%, 9/27/20351,2,3,4
​ ​ ​ ​ 224,391 ​ ​
​ ​ ​ 100,000 ​ ​ ​
XCALI Mortgage Trust
Series 2020-1, Class B1, 9.150% (1-Month USD Libor+750 basis    points), 1/22/20232,3,4,6
​ ​ ​ ​ 96,657 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL ASSET-BACKED SECURITIES
(Cost $16,777,008)
​ ​ ​ ​ 16,863,710 ​ ​
​ ​ ​ ​ ​ ​ ​ BANK LOANS – 10.7% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,055,005 ​ ​ ​
BCP Special Opportunities Fund II Holdings LP
13.000%, 1/29/20257
​ ​ ​ ​ 1,055,005 ​ ​
​ ​ ​ 406,942 ​ ​ ​
12.000%, 1/29/20257
​ ​ ​ ​ 406,942 ​ ​
​ ​ ​ ​ ​ ​ ​ BJ Services ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 475,000 ​ ​ ​
11.830%, 1/3/20237
​ ​ ​ ​ 460,750 ​ ​
​ ​ ​ 2,381,307 ​ ​ ​
11.830%, 1/3/20237
​ ​ ​ ​ 2,500,000 ​ ​
​ ​ ​ 566,850 ​ ​ ​
Juul
9.500%, 8/1/20237
​ ​ ​ ​ 561,181 ​ ​
​ ​ ​ 232,792 ​ ​ ​
Premier Brands Group Holdings LLC
9.115%, 3/20/20247
​ ​ ​ ​ 231,861 ​ ​
​ ​ ​ ​ ​ ​ ​ Wellbore Integrity Solutions, LLC ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,212,500 ​ ​ ​
8.500%, 12/31/20247
​ ​ ​ ​ 2,190,375 ​ ​
​ ​ ​ 2,004,520 ​ ​ ​
12.500%, 12/31/20247
​ ​ ​ ​ 1,984,475 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL BANK LOANS
(Cost $9,256,123)
​ ​ ​ ​ 9,390,589 ​ ​
​
​
Number
of Shares
 ​ ​ ​ ​ ​
Value
 ​
​
         ​
 ​ ​ CLOSED-END FUNDS – 37.5% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 17,864 ​ ​ ​ Aberdeen Emerging Markets Equity Income Fund, Inc.1 ​ ​ ​ ​ 115,759 ​ ​
​ ​ ​ 13,242 ​ ​ ​ Aberdeen Total Dynamic Dividend Fund1 ​ ​ ​ ​ 105,141 ​ ​
​ ​ ​ 3,272 ​ ​ ​ BlackRock California Municipal Income Trust ​ ​ ​ ​ 43,158 ​ ​
​ ​ ​ 19,085 ​ ​ ​ BlackRock Debt Strategies Fund, Inc.1 ​ ​ ​ ​ 189,705 ​ ​
​ ​ ​ 4,806 ​ ​ ​ BlackRock New York Municipal Bond Trust ​ ​ ​ ​ 75,598 ​ ​
​ ​ ​ 8,563 ​ ​ ​ BlackRock New York Municipal Income Quality Trust ​ ​ ​ ​ 111,918 ​ ​
​ ​ ​ 23,768 ​ ​ ​ BlackRock Resources & Commodities Strategy Trust1 ​ ​ ​ ​ 141,420 ​ ​
3
The Relative Value Fund
SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2020 (Unaudited)
​
 
​
Number
of Shares
 ​ ​ ​ ​ ​
Value
 ​
​
         ​
 ​ ​ CLOSED-END FUNDS (Continued) ​ ​
​ ​ ​ 9,187 ​ ​ ​ BrandywineGLOBAL Global Income Opportunities Fund, Inc.1 ​ ​ ​ $ 105,742 ​ ​
​ ​ ​ 4,183 ​ ​ ​ Calamos Long/Short Equity & Dynamic Income Trust ​ ​ ​ ​ 60,737 ​ ​
​ ​ ​ 340,994 ​ ​ ​ Cliffwater Corporate Lending Fund – Class I ​ ​ ​ ​ 3,529,283 ​ ​
​ ​ ​ 8,499 ​ ​ ​ Clough Global Equity Fund ​ ​ ​ ​ 95,274 ​ ​
​ ​ ​ 17,072 ​ ​ ​ Clough Global Opportunities Fund1 ​ ​ ​ ​ 159,452 ​ ​
​ ​ ​ 3,223 ​ ​ ​ DTF Tax-Free Income, Inc. ​ ​ ​ ​ 46,540 ​ ​
​ ​ ​ 48,588 ​ ​ ​ Eaton Vance Floating-Rate Income Plus Fund ​ ​ ​ ​ 681,204 ​ ​
​ ​ ​ 11,857 ​ ​ ​ Eaton Vance Ltd. Duration Income Fund1 ​ ​ ​ ​ 134,103 ​ ​
​ ​ ​ 5,333 ​ ​ ​ Eaton Vance Senior Income Trust ​ ​ ​ ​ 31,305 ​ ​
​ ​ ​ 4,821 ​ ​ ​ First Eagle Senior Loan Fund ​ ​ ​ ​ 59,780 ​ ​
​ ​ ​ 15,898 ​ ​ ​ First Trust MLP and Energy Income Fund ​ ​ ​ ​ 73,767 ​ ​
​ ​ ​ 5,953 ​ ​ ​ First Trust New Opportunities MLP & Energy Fund ​ ​ ​ ​ 21,431 ​ ​
​ ​ ​ 858 ​ ​ ​ First Trust Senior Floating Rate 2022 Target Term Fund ​ ​ ​ ​ 7,242 ​ ​
​ ​ ​ 218,550 ​ ​ ​ Griffin Institutional Access Credit Fund – Class I ​ ​ ​ ​ 5,017,911 ​ ​
​ ​ ​ 12,128 ​ ​ ​ Highland Global Allocation Fund/CEF ​ ​ ​ ​ 75,194 ​ ​
​ ​ ​ 561 ​ ​ ​ Highland Income Fund1 ​ ​ ​ ​ 4,819 ​ ​
​ ​ ​ 6,460 ​ ​ ​ Invesco High Income Trust II ​ ​ ​ ​ 79,200 ​ ​
​ ​ ​ 11,605 ​ ​ ​ Kayne Anderson NextGen Energy & Infrastructure, Inc. ​ ​ ​ ​ 46,768 ​ ​
​ ​ ​ 12,659 ​ ​ ​ NexPoint Strategic Opportunities Fund1 ​ ​ ​ ​ 109,627 ​ ​
​ ​ ​ 4,887 ​ ​ ​ Nuveen Georgia Quality Municipal Income Fund ​ ​ ​ ​ 59,621 ​ ​
​ ​ ​ 4,433 ​ ​ ​ Nuveen Michigan Quality Municipal Income Fund ​ ​ ​ ​ 62,860 ​ ​
​ ​ ​ 5,498 ​ ​ ​ Nuveen Quality Municipal Income Fund ​ ​ ​ ​ 79,831 ​ ​
​ ​ ​ 363,171 ​ ​ ​ Palmer Square Opportunistic Income Fund ​ ​ ​ ​ 6,282,862 ​ ​
​ ​ ​ 23,868 ​ ​ ​ PGIM Global High Yield Fund, Inc.1 ​ ​ ​ ​ 316,251 ​ ​
​ ​ ​ 3,724 ​ ​ ​ PGIM High Yield Bond Fund, Inc.1 ​ ​ ​ ​ 51,428 ​ ​
​ ​ ​ 10,366 ​ ​ ​ PIMCO Energy & Tactical Credit Opportunities Fund1 ​ ​ ​ ​ 64,166 ​ ​
​ ​ ​ 645,192 ​ ​ ​ PIMCO Flexible Credit Income Fund – Class I ​ ​ ​ ​ 5,580,913 ​ ​
​ ​ ​ 12,789 ​ ​ ​ Pioneer Floating Rate Trust ​ ​ ​ ​ 129,169 ​ ​
​ ​ ​ 665,278 ​ ​ ​ Pomona Investment Fund ​ ​ ​ ​ 7,798,022 ​ ​
​ ​ ​ 9,251 ​ ​ ​ Royce Global Value Trust, Inc. ​ ​ ​ ​ 113,602 ​ ​
​ ​ ​ 14,226 ​ ​ ​ Royce Micro-Cap Trust, Inc.1 ​ ​ ​ ​ 109,113 ​ ​
​ ​ ​ 6,166 ​ ​ ​ Source Capital, Inc.1 ​ ​ ​ ​ 227,217 ​ ​
​ ​ ​ 3,814 ​ ​ ​ Special Opportunities Fund, Inc. ​ ​ ​ ​ 47,325 ​ ​
​ ​ ​ 3,070 ​ ​ ​ Sprott Focus Trust, Inc.1 ​ ​ ​ ​ 18,265 ​ ​
​ ​ ​ 15,609 ​ ​ ​ Voya Natural Resources Equity Income Fund ​ ​ ​ ​ 38,086 ​ ​
​ ​ ​ 139,910 ​ ​ ​ Voya Prime Rate Trust1 ​ ​ ​ ​ 617,003 ​ ​
​ ​ ​ 26,047 ​ ​ ​ Western Asset Global High Income Fund, Inc.1 ​ ​ ​ ​ 251,093 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CLOSED-END FUNDS
(Proceeds $33,830,061)
​ ​ ​ ​ 32,968,905 ​ ​
​
4
The Relative Value Fund
SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2020 (Unaudited)
​
 
​
Principal
Amount
 ​ ​ ​ ​ ​
Value
​
​
         ​
 ​ ​ COLLATERALIZED MORTGAGE OBLIGATIONS – 3.4% ​ ​ ​ ​ ​ ​ ​
​ ​ $ 237,324 ​ ​ ​
BX Commercial Mortgage Trust
Series 2019-XL, Class J, 2.803% (1-Month USD Libor+265 basis points), 10/15/20363,4,6
​ ​ ​ $ 231,970 ​ ​
​ ​ ​ 1,077,184 ​ ​ ​
CHL Mortgage Pass-Through Trust
Series 2004-29, Class 1X, 1.251%, 2/25/20352,3
​ ​ ​ ​ 21,274 ​ ​
​ ​ ​ 131,000 ​ ​ ​
COMM Mortgage Trust
Series 2017-PANW, Class E, 4.127%, 10/10/20293,4
​ ​ ​ ​ 130,089 ​ ​
​ ​ ​ ​ ​ ​ ​ Connecticut Avenue Securities Trust ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 125,391 ​ ​ ​
Series 2019-R01, Class 2M2, 2.598% (1-Month USD Libor+245 basis
   points), 7/25/20312,3,4,6
​ ​ ​ ​ 125,132 ​ ​
​ ​ ​ 95,124 ​ ​ ​
Series 2019-R03, Class 1M2, 2.298% (1-Month USD Libor+215 basis
   points), 9/25/20312,3,4,6
​ ​ ​ ​ 95,110 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Series 2019-R06, Class 2B1, 3.898% (1-Month USD Libor+375 basis    points), 9/25/20392,3,4,6
​ ​ ​ ​ 213,489 ​ ​
​ ​ ​ 380,000 ​ ​ ​
Connecticut Avenue Securities Trust
Series 2019-R07, Class 1B1, 3.548% (1-Month USD Libor+340    basis points), 10/25/20392,3,4,6
​ ​ ​ ​ 325,269 ​ ​
​ ​ ​ 122,367 ​ ​ ​
Series 2019-R05, Class 1M2, 2.148% (1-Month USD Libor+200 basis
   points), 7/25/20392,3,4,6
​ ​ ​ ​ 121,780 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Deephaven Residential Mortgage Trust
Series 2020-2, Class M1, 4.112%, 5/25/20651,2,3,4
​ ​ ​ ​ 208,083 ​ ​
​ ​ ​ 646,844 ​ ​ ​
DSLA Mortgage Loan Trust
Series 2004-AR2, Class X2, 2.551%, 11/19/20442,3
​ ​ ​ ​ 35,939 ​ ​
​ ​ ​ 200,000 ​ ​ ​
Foursight Capital Automobile Receivables Trust
Series 2020-1, Class F, 4.620%, 6/15/20272,4
​ ​ ​ ​ 188,779 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Homeward Opportunities Fund I Trust
Series 2018-1, Class M1, 4.548%, 6/25/20481,2,3,4
​ ​ ​ ​ 504,712 ​ ​
​ ​ ​ 180,594 ​ ​ ​
Luminent Mortgage Trust
Series 2006-5, Class A1A, 0.338% (1-Month USD Libor+19 basis    points), 7/25/20362,3,6
​ ​ ​ ​ 135,264 ​ ​
​ ​ ​ 215,012 ​ ​ ​
Morgan Stanley Mortgage Loan Trust
   Series 2006-13AX, Class A2, 0.488% (1-Month USD Libor+34 basis points), 10/25/20362,3,6
​ ​ ​ ​ 111,575 ​ ​
​ ​ ​ 125,513 ​ ​ ​
RALI Trust
Series 2006-QA10, Class A1, 0.333% (1-Month USD Libor+19    basis points), 12/25/20362,3,6
​ ​ ​ ​ 117,374 ​ ​
​ ​ ​ 61,529 ​ ​ ​ Series 2005-QS17, Class A10, 6.000%, 12/25/20351,2 ​ ​ ​ ​ 60,143 ​ ​
​ ​ ​ 253,661 ​ ​ ​ Series 2006-QS2, Class 1A9, 5.500%, 2/25/20361,2 ​ ​ ​ ​ 232,518 ​ ​
​ ​ ​ 100,000 ​ ​ ​
Residential Mortgage Loan Trust
Series 2019-2, Class M1, 3.862%, 5/25/20591,2,3,4
​ ​ ​ ​ 102,156 ​ ​
​ ​ ​ 28,366 ​ ​ ​
Velocity Commercial Capital Loan Trust
Series 2017-1, Class AFL, 1.398% (1-Month USD Libor+125 basis    points), 5/25/20472,3,4,6
​ ​ ​ ​ 28,242 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $3,012,442)
​ ​ ​ ​ 2,988,898 ​ ​
5
The Relative Value Fund
SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2020 (Unaudited)
​
 
​
Number
of Shares
​ ​ ​ ​ ​
Value
​
​
          ​
 ​ ​ COMMON STOCKS – 2.3% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ BREWERIES – 0.0% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,220 ​ ​ ​ Craft Brew Alliance, Inc.*,1 ​ ​ ​
$
20,130
 ​ ​
​
          ​
 ​ ​ INVESTMENT COMPANIES – 0.8% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 11,922 ​ ​ ​ Bain Capital Specialty Finance, Inc.1 ​ ​ ​ ​ 121,604 ​ ​
​ ​ ​ 52,404 ​ ​ ​ Barings BDC, Inc.1 ​ ​ ​ ​ 419,232 ​ ​
​ ​ ​ 35,589 ​ ​ ​ Oaktree Specialty Lending Corp.1 ​ ​ ​ ​ 172,251 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 713,087 ​ ​
​ ​ ​ ​ ​ ​ ​ MEDICAL PRODUCTS – 0.0% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 1,121 ​ ​ ​ Wright Medical Group N.V.*,8 ​ ​ ​
​
34,235
 ​ ​
​ ​ ​ ​ ​ ​ ​ NON-HAZARDOUS WASTE DISPOSAL – 0.1% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 2,313 ​ ​ ​ Advanced Disposal Services, Inc.* ​ ​ ​
​
69,922
 ​ ​
​ ​ ​ ​ ​ ​ ​ RETAIL-JEWELRY – 0.1% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 404 ​ ​ ​ Tiffany & Co. ​ ​ ​
​
46,804
 ​ ​
​
          ​
 ​ ​ SPECIFIED PURPOSE ACQUISITIONS – 1.3% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 574 ​ ​ ​ 8i Enterprises Acquisition Corp.*,1,8 ​ ​ ​ ​ 5,166 ​ ​
​ ​ ​ 2,247 ​ ​ ​ Agba Acquisition Ltd.*,8 ​ ​ ​ ​ 23,324 ​ ​
​ ​ ​ 3,530 ​ ​ ​ Alussa Energy Acquisition Corp. – Class A*,1,8 ​ ​ ​ ​ 35,053 ​ ​
​ ​ ​ 2,490 ​ ​ ​ Amplitude Healthcare Acquisition Corp. – Class A* ​ ​ ​ ​ 24,676 ​ ​
​ ​ ​ 1 ​ ​ ​ Apex Technology Acquisition Corp.*,1 ​ ​ ​ ​ 12 ​ ​
​ ​ ​ 912 ​ ​ ​ Apex Technology Acquisition Corp. – Class A*,1 ​ ​ ​ ​ 9,667 ​ ​
​ ​ ​ 228 ​ ​ ​ Artius Acquisition, Inc.*,8 ​ ​ ​ ​ 2,369 ​ ​
​ ​ ​ 143 ​ ​ ​ ARYA Sciences Acquisition Corp. II*,8 ​ ​ ​ ​ 1,573 ​ ​
​ ​ ​ 1,299 ​ ​ ​ Brilliant Acquisition Corp.*,8 ​ ​ ​ ​ 12,665 ​ ​
​ ​ ​ 1,450 ​ ​ ​ Burgundy Technology Acquisition Corp.*,8 ​ ​ ​ ​ 14,457 ​ ​
​ ​ ​ 217 ​ ​ ​ Capstar Special Purpose Acquisition Corp.* ​ ​ ​ ​ 2,214 ​ ​
​ ​ ​ 2,403 ​ ​ ​ CC Neuberger Principal Holdings I – Class A*,8 ​ ​ ​ ​ 24,991 ​ ​
​ ​ ​ 1,662 ​ ​ ​ Chardan Healthcare Acquisition 2 Corp.* ​ ​ ​ ​ 16,271 ​ ​
​ ​ ​ 1 ​ ​ ​ Churchill Capital Corp. II*,1 ​ ​ ​ ​ 11 ​ ​
​ ​ ​ 1,227 ​ ​ ​ Churchill Capital Corp. II – Class A*,1 ​ ​ ​ ​ 12,945 ​ ​
​ ​ ​ 1,542 ​ ​ ​ Churchill Capital Corp. IV* ​ ​ ​ ​ 15,451 ​ ​
​ ​ ​ 1,012 ​ ​ ​ CIIG Merger Corp. – Class A*,1 ​ ​ ​ ​ 10,140 ​ ​
​ ​ ​ 1 ​ ​ ​ Collective Growth Corp.* ​ ​ ​ ​ 10 ​ ​
​ ​ ​ 1,816 ​ ​ ​ Collective Growth Corp. – Class A* ​ ​ ​ ​ 17,906 ​ ​
​ ​ ​ 379 ​ ​ ​ dMY Technology Group, Inc. – Class A* ​ ​ ​ ​ 4,836 ​ ​
​ ​ ​ 1,579 ​ ​ ​ East Resources Acquisition Co.* ​ ​ ​ ​ 15,916 ​ ​
​ ​ ​ 2,245 ​ ​ ​ East Stone Acquisition Corp.*,8 ​ ​ ​ ​ 22,113 ​ ​
​ ​ ​ 3,106 ​ ​ ​ FG New America Acquisition Corp.* ​ ​ ​ ​ 31,091 ​ ​
​ ​ ​ 1 ​ ​ ​ FinTech Acquisition Corp. III*,1 ​ ​ ​ ​ 11 ​ ​
​ ​ ​ 410 ​ ​ ​ FinTech Acquisition Corp. III – Class A*,1 ​ ​ ​ ​ 4,227 ​ ​
​ ​ ​ 1,592 ​ ​ ​ Flying Eagle Acquisition Corp. – Class A* ​ ​ ​ ​ 19,359 ​ ​
​ ​ ​ 40 ​ ​ ​ Fortress Value Acquisition Corp. – Class A* ​ ​ ​ ​ 543 ​ ​
​ ​ ​ 594 ​ ​ ​ Fusion Acquisition Corp.* ​ ​ ​ ​ 6,118 ​ ​
​ ​ ​ 3,118 ​ ​ ​ Galileo Acquisition Corp.*,1,8 ​ ​ ​ ​ 30,868 ​ ​
6
The Relative Value Fund
SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2020 (Unaudited)
​
 
​
Number
of Shares
​ ​ ​ ​ ​
Value
​
​
          ​
 ​ ​ COMMON STOCKS (Continued) ​ ​
​
          ​
 ​ ​ SPECIFIED PURPOSE ACQUISITIONS (Continued) ​ ​
​ ​ ​ 852 ​ ​ ​ GigCapital2, Inc.*,1 ​ ​ ​ $ 8,656 ​ ​
​ ​ ​ 1,656 ​ ​ ​ GigCapital3, Inc.* ​ ​ ​ ​ 16,477 ​ ​
​ ​ ​ 3,975 ​ ​ ​ Greenrose Acquisition Corp.* ​ ​ ​ ​ 38,836 ​ ​
​ ​ ​ 3,133 ​ ​ ​ Greenvision Acquisition Corp.* ​ ​ ​ ​ 31,455 ​ ​
​ ​ ​ 53 ​ ​ ​ GS Acquisition Holdings Corp. II* ​ ​ ​ ​ 595 ​ ​
​ ​ ​ 101 ​ ​ ​ GX Acquisition Corp. – Class A* ​ ​ ​ ​ 1,061 ​ ​
​ ​ ​ 585 ​ ​ ​ Haymaker Acquisition Corp. – Class A*,1 ​ ​ ​ ​ 5,850 ​ ​
​ ​ ​ 1 ​ ​ ​ Haymaker Acquisition Corp. II*,1 ​ ​ ​ ​ 10 ​ ​
​ ​ ​ 506 ​ ​ ​ Healthcare Merger Corp. – Class A*,1 ​ ​ ​ ​ 5,136 ​ ​
​ ​ ​ 524 ​ ​ ​ Hennessy Capital Acquisition Corp. III*,1 ​ ​ ​ ​ 5,837 ​ ​
​ ​ ​ 2 ​ ​ ​ Hennessy Capital Acquisition Corp. IV*,1 ​ ​ ​ ​ 25 ​ ​
​ ​ ​ 1 ​ ​ ​ Insurance Acquisition Corp.*,1 ​ ​ ​ ​ 14 ​ ​
​ ​ ​ 152 ​ ​ ​ Insurance Acquisition Corp. – Class A*,1 ​ ​ ​ ​ 1,795 ​ ​
​ ​ ​ 3,868 ​ ​ ​ InterPrivate Acquisition Corp.* ​ ​ ​ ​ 38,680 ​ ​
​ ​ ​ 66 ​ ​ ​ Juniper Industrial Holdings, Inc. – Class A*,1 ​ ​ ​ ​ 690 ​ ​
​ ​ ​ 68 ​ ​ ​ Kensington Capital Acquisition Corp. – Class A* ​ ​ ​ ​ 1,139 ​ ​
​ ​ ​ 2 ​ ​ ​ Landcadia Holdings II, Inc.*,1 ​ ​ ​ ​ 32 ​ ​
​ ​ ​ 1,327 ​ ​ ​ LifeSci Acquisition Corp.* ​ ​ ​ ​ 16,641 ​ ​
​ ​ ​ 1,868 ​ ​ ​ Lionheart Acquisition Corp. II* ​ ​ ​ ​ 18,605 ​ ​
​ ​ ​ 4,087 ​ ​ ​ LIV Capital Acquisition Corp. – Class A*,8 ​ ​ ​ ​ 40,257 ​ ​
​ ​ ​ 1,806 ​ ​ ​ Live Oak Acquisition Corp. – Class A* ​ ​ ​ ​ 18,205 ​ ​
​ ​ ​ 629 ​ ​ ​ Malacca Straits Acquisition Co., Ltd.*,8 ​ ​ ​ ​ 6,259 ​ ​
​ ​ ​ 4,094 ​ ​ ​ Merida Merger Corp. I*,1 ​ ​ ​ ​ 40,326 ​ ​
​ ​ ​ 177 ​ ​ ​ Monocle Acquisition Corp.*,1 ​ ​ ​ ​ 1,812 ​ ​
​ ​ ​ 1,220 ​ ​ ​ Mountain Crest Acquisition Corp.* ​ ​ ​ ​ 12,285 ​ ​
​ ​ ​ 2,191 ​ ​ ​ Netfin Acquisition Corp. – Class A*,1,8 ​ ​ ​ ​ 22,721 ​ ​
​ ​ ​ 2,202 ​ ​ ​ New Providence Acquisition Corp. – Class A*,1 ​ ​ ​ ​ 22,174 ​ ​
​ ​ ​ 1,433 ​ ​ ​ Newborn Acquisition Corp.*,8 ​ ​ ​ ​ 14,201 ​ ​
​ ​ ​ 1,580 ​ ​ ​ Orisun Acquisition Corp.* ​ ​ ​ ​ 16,132 ​ ​
​ ​ ​ 1 ​ ​ ​ Osprey Technology Acquisition Corp.*,1 ​ ​ ​ ​ 11 ​ ​
​ ​ ​ 1,988 ​ ​ ​ Osprey Technology Acquisition Corp. – Class A*,1 ​ ​ ​ ​ 20,258 ​ ​
​ ​ ​ 1,758 ​ ​ ​ Pershing Square Tontine Holdings Ltd. – Class A* ​ ​ ​ ​ 39,889 ​ ​
​ ​ ​ 2,916 ​ ​ ​ Pivotal Investment Corp. II – Class A*,1 ​ ​ ​ ​ 33,622 ​ ​
​ ​ ​ 3,507 ​ ​ ​ Property Solutions Acquisition Corp.* ​ ​ ​ ​ 35,386 ​ ​
​ ​ ​ 1,286 ​ ​ ​ PropTech Acquisition Corp. – Class A*,1 ​ ​ ​ ​ 14,313 ​ ​
​ ​ ​ 1,843 ​ ​ ​ PTK Acquisition Corp.* ​ ​ ​ ​ 18,780 ​ ​
​ ​ ​ 1,127 ​ ​ ​ RedBall Acquisition Corp.*,8 ​ ​ ​ ​ 11,912 ​ ​
​ ​ ​ 520 ​ ​ ​ Replay Acquisition Corp.*,1,8 ​ ​ ​ ​ 5,294 ​ ​
​ ​ ​ 1,108 ​ ​ ​ Roth CH Acquisition I Co.* ​ ​ ​ ​ 11,025 ​ ​
​ ​ ​ 1 ​ ​ ​ SC Health Corp.*,1,8 ​ ​ ​ ​ 10 ​ ​
​ ​ ​ 124 ​ ​ ​ SC Health Corp. – Class A*,1,8 ​ ​ ​ ​ 1,250 ​ ​
​ ​ ​ 732 ​ ​ ​ Schultze Special Purpose Acquisition Corp.*,1 ​ ​ ​ ​ 7,452 ​ ​
​ ​ ​ 1 ​ ​ ​ Silver Spike Acquisition Corp.*,1,8 ​ ​ ​ ​ 10 ​ ​
​ ​ ​ 2,214 ​ ​ ​ Silver Spike Acquisition Corp. – Class A*,1,8 ​ ​ ​ ​ 22,428 ​ ​
​ ​ ​ 1,334 ​ ​ ​ South Mountain Merger Corp. – Class A*,1 ​ ​ ​ ​ 13,940 ​ ​
7
The Relative Value Fund
SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2020 (Unaudited)
​
 
​
Number
of Shares
​ ​ ​ ​ ​
Value
​
​
          ​
 ​ ​ COMMON STOCKS (Continued) ​ ​
​
          ​
 ​ ​ SPECIFIED PURPOSE ACQUISITIONS (Continued) ​ ​
​ ​ ​ 1 ​ ​ ​ Stable Road Acquisition Corp.*,1 ​ ​ ​ $ 11 ​ ​
​ ​ ​ 678 ​ ​ ​ Stable Road Acquisition Corp. – Class A*,1 ​ ​ ​ ​ 6,834 ​ ​
​ ​ ​ 904 ​ ​ ​ Sustainable Opportunities Acquisition Corp. – Class A*,8 ​ ​ ​ ​ 9,221 ​ ​
​ ​ ​ 1,424 ​ ​ ​ Thunder Bridge Acquisition II Ltd. – Class A*,1,8 ​ ​ ​ ​ 14,525 ​ ​
​ ​ ​ 728 ​ ​ ​ Trine Acquisition Corp. – Class A*,1 ​ ​ ​ ​ 7,862 ​ ​
​ ​ ​ 521 ​ ​ ​ Tuscan Holdings Corp.*,1 ​ ​ ​ ​ 5,304 ​ ​
​ ​ ​ 1 ​ ​ ​ Tuscan Holdings Corp. II*,1 ​ ​ ​ ​ 10 ​ ​
​ ​ ​ 2,002 ​ ​ ​ Tuscan Holdings Corp. II*,1 ​ ​ ​ ​ 20,160 ​ ​
​ ​ ​ 1,990 ​ ​ ​ Union Acquisition Corp. II*,1,8 ​ ​ ​ ​ 19,781 ​ ​
​ ​ ​ 1,475 ​ ​ ​ Vistas Media Acquisition Co., Inc.* ​ ​ ​ ​ 14,971 ​ ​
​ ​ ​ 1,451 ​ ​ ​ VPC Impact Acquisition Holdings*,8 ​ ​ ​ ​ 14,510 ​ ​
​ ​ ​ 2,638 ​ ​ ​ Yunhong International – Class A*,8 ​ ​ ​ ​ 25,958 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,124,616 ​ ​
​ ​ ​ ​ ​ ​ ​ TELECOMMUNICATION EQUIPMENT – 0.0% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 210 ​ ​ ​ Acacia Communications Inc*,1 ​ ​ ​
​
14,154
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COMMON STOCKS
(Cost $2,047,481)
​ ​ ​ ​ 2,022,948 ​ ​
​
​
Principal
Amount
​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
          ​
 ​ ​ CORPORATE BONDS – 0.1% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ FINANCIALS – 0.1% ​ ​ ​ ​ ​ ​ ​
​ ​ $ 81,190 ​ ​ ​
BlackRock Capital Investment Corp.
5.000%, 6/15/20229
​ ​ ​ ​ 80,141 ​ ​
​ ​ ​ 50,000 ​ ​ ​
Realogy Group LLC / Realogy Co.-Issuer Corp.
9.375%, 4/1/20271,2,4
​ ​ ​ ​ 51,880 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​   132,021 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CORPORATE BONDS
(Cost $121,826)
​ ​ ​ ​ 132,021 ​ ​
​
​
Number
of Shares
 ​ ​ ​ ​ ​
Value
​
​ ​ ​ ​ ​ ​ ​ EXCHANGE-TRADED DEBT SECURITIES – 0.7% ​ ​ ​ ​ ​ ​ ​
​
          ​
 ​ ​ FINANCIALS – 0.7% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 554 ​ ​ ​
Capital Southwest Corp.
5.950%, 12/15/20222
​ ​ ​ ​ 13,900 ​ ​
​ ​ ​ ​ ​ ​ ​ First Eagle Alternative Capital BDC, Inc. ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 3,968 ​ ​ ​
6.125%, 10/30/20232
​ ​ ​ ​ 97,871 ​ ​
​ ​ ​ 1,881 ​ ​ ​
6.750%, 12/30/20221,2
​ ​ ​ ​ 46,450 ​ ​
​ ​ ​ 1,757 ​ ​ ​
Monroe Capital Corp.
5.750%, 10/31/20231,2
​ ​ ​ ​ 43,222 ​ ​
​ ​ ​ 4,875 ​ ​ ​
MVC Capital, Inc.
6.250%, 11/30/20221,2
​ ​ ​ ​ 121,925 ​ ​
​ ​ ​ 2,423 ​ ​ ​
Oxford Square Capital Corp.
6.500%, 3/30/20241,2
​ ​ ​ ​ 59,969 ​ ​
​ ​ ​ 2,183 ​ ​ ​
PennantPark Investment Corp.
5.500%, 10/15/20242
​ ​ ​ ​ 52,217 ​ ​
8
The Relative Value Fund
SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2020 (Unaudited)
​
 
​
Number
of Shares
 ​ ​ ​ ​ ​
Value
​
​ ​ ​ ​ ​ ​ ​ EXCHANGE-TRADED DEBT SECURITIES (Continued) ​ ​
​
          ​
 ​ ​ FINANCIALS (Continued) ​ ​
​ ​ ​ 3,318 ​ ​ ​
Portman Ridge Finance Corp.
6.125%, 9/30/20221,2
​ ​ ​ $ 81,822 ​ ​
​ ​ ​ 1,014 ​ ​ ​
Stellus Capital Investment Corp.
5.750%, 9/15/20221,2
​ ​ ​ ​ 24,944 ​ ​
​ ​ ​ 717 ​ ​ ​
TriplePoint Venture Growth BDC Corp.
5.750%, 7/15/20222
​ ​ ​ ​ 17,932 ​ ​
​ ​ ​ 786 ​ ​ ​
WhiteHorse Finance, Inc.
6.500%, 11/30/20251,2
​ ​ ​ ​ 19,847 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 580,099 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL EXCHANGE-TRADED DEBT SECURITIES
(Cost $571,873)
​ ​ ​ ​ 580,099 ​ ​
​ ​ ​ ​ ​ ​ ​ MUTUAL FUNDS – 3.9% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 299,538 ​ ​ ​ Jones Lang LaSalle Income Property Trust, Inc. – Class M-I1 ​ ​ ​ ​ 3,468,649 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL MUTUAL FUNDS
(Cost $3,650,000)
​ ​ ​ ​ 3,468,649 ​ ​
​ ​ ​ ​ ​ ​ ​ PRIVATE INVESTMENT FUNDS – 19.8% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 158,673 ​ ​ ​ Bailard Real Estate Investment Trust ​ ​ ​ ​ 4,233,388 ​ ​
​ ​ ​ N/A ​ ​ ​ DSC Meridian Credit Opportunities Onshore Fund LP ​ ​ ​ ​ 2,327,954 ​ ​
​ ​ ​ N/A ​ ​ ​ Linden Investors LP ​ ​ ​ ​ 2,999,988 ​ ​
​ ​ ​ N/A ​ ​ ​ Pender Capital Asset Based Lending Fund I, L.P. ​ ​ ​ ​ 1,500,000 ​ ​
​ ​ ​ 2,438 ​ ​ ​ ShoreBridge Point72 Select, LLC ​ ​ ​ ​ 2,944,504 ​ ​
​ ​ ​ N/A ​ ​ ​ Walleye Opportunities Fund LP ​ ​ ​ ​ 2,770,539 ​ ​
​ ​ ​ N/A ​ ​ ​ Whitebox Asymmetric Opportunities Fund, LP ​ ​ ​ ​ 578,637 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL PRIVATE INVESTMENT FUNDS
(Cost $16,824,378)
​ ​ ​ ​ 17,355,010 ​ ​
​ ​ ​ ​ ​ ​ ​ RIGHTS – 0.0% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 574 ​ ​ ​
8i Enterprises Acquisition Corp., Expiration Date: December 30, 2020*,8
​ ​ ​ ​ 488 ​ ​
​ ​ ​ 2,247 ​ ​ ​ Agba Acquisition Ltd., Expiration Date: February 13, 2021*,8 ​ ​ ​ ​ 517 ​ ​
​ ​ ​ 713 ​ ​ ​ Andina Acquisition Corp. III, Expiration Date: November 7, 2020*,8 ​ ​ ​ ​ 207 ​ ​
​ ​ ​ 1,246 ​ ​ ​
Big Rock Partners Acquisition Corp., Expiration Date: November 3, 2020*
​ ​ ​ ​ 249 ​ ​
​ ​ ​ 1,299 ​ ​ ​ Brilliant Acquisition Corp., Expiration Date: March 20, 2022*,8 ​ ​ ​ ​ 268 ​ ​
​ ​ ​ 2,245 ​ ​ ​ East Stone Acquisition Corp., Expiration Date: November 3, 2021*,8 ​ ​ ​ ​ 490 ​ ​
​ ​ ​ 398 ​ ​ ​ Flying Eagle Acquisition Corp., Expiration Date: February 25, 2027* ​ ​ ​ ​ 1,297 ​ ​
​ ​ ​ 852 ​ ​ ​ GigCapital2, Inc., Expiration Date: August 19, 2022* ​ ​ ​ ​ 281 ​ ​
​ ​ ​ 3,133 ​ ​ ​ Greenvision Acquisition Corp., Expiration Date: August 20, 2022* ​ ​ ​ ​ 1,410 ​ ​
​ ​ ​ 1,220 ​ ​ ​
Mountain Crest Acquisition Corp., Expiration Date: September 24, 2022*
​ ​ ​ ​ 955 ​ ​
​ ​ ​ 1,433 ​ ​ ​ Newborn Acquisition Corp., Expiration Date: August 27, 2022*,8 ​ ​ ​ ​ 279 ​ ​
​ ​ ​ 1,580 ​ ​ ​ Orisun Acquisition Corp., Expiration Date: May 1, 2021* ​ ​ ​ ​ 948 ​ ​
​ ​ ​ 2,638 ​ ​ ​ Yunhong International, Expiration Date: November 3, 2021*,8 ​ ​ ​ ​ 530 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL RIGHTS ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ (Cost $0) ​ ​ ​
​
7,919
 ​ ​
​
9
The Relative Value Fund
SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2020 (Unaudited)
​
 
​
Number
of Shares
 ​ ​ ​ ​ ​
Value
​
​ ​ ​ ​ ​ ​ ​ WARRANTS – 0.1% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 574 ​ ​ ​ 8i Enterprises Acquisition Corp., Expiration Date: October 1, 2025*,8 ​ ​ ​ $ 769 ​ ​
​ ​ ​ 2,247 ​ ​ ​ Agba Acquisition Ltd., Expiration Date: May 10, 2024*,8 ​ ​ ​ ​ 629 ​ ​
​ ​ ​ 1,765 ​ ​ ​
Alussa Energy Acquisition Corp., Expiration Date: October 31, 2026*,8
​ ​ ​ ​ 1,147 ​ ​
​ ​ ​ 1,245 ​ ​ ​
Amplitude Healthcare Acquisition Corp., Expiration Date: December 1,
2026*
​ ​ ​ ​ 1,544 ​ ​
​ ​ ​ 713 ​ ​ ​ Andina Acquisition Corp. III, Expiration Date: March 6, 2024*,8 ​ ​ ​ ​ 235 ​ ​
​ ​ ​ 456 ​ ​ ​
Apex Technology Acquisition Corp., Expiration Date: September 30, 2026*
​ ​ ​ ​ 889 ​ ​
​ ​ ​ 623 ​ ​ ​
Big Rock Partners Acquisition Corp., Expiration Date: December 1, 2022*
​ ​ ​ ​ 174 ​ ​
​ ​ ​ 553 ​ ​ ​ BiomX, Inc., Expiration Date: October 28, 2024* ​ ​ ​ ​ 393 ​ ​
​ ​ ​ 389 ​ ​ ​ Brilliant Acquisition Corp., Expiration Date: December 31, 2025*,8 ​ ​ ​ ​ 97 ​ ​
​ ​ ​ 801 ​ ​ ​
CC Neuberger Principal Holdings I, Expiration Date: December 31, 2025*,8
​ ​ ​ ​ 1,442 ​ ​
​ ​ ​ 311 ​ ​ ​ CF Finance Acquisition Corp., Expiration Date: April 30, 2025* ​ ​ ​ ​ 305 ​ ​
​ ​ ​ 1,662 ​ ​ ​
Chardan Healthcare Acquisition 2 Corp., Expiration Date: March 5, 2025*
​ ​ ​ ​ 1,197 ​ ​
​ ​ ​ 409 ​ ​ ​ Churchill Capital Corp. II, Expiration Date: July 24, 2024* ​ ​ ​ ​ 893 ​ ​
​ ​ ​ 506 ​ ​ ​ CIIG Merger Corp., Expiration Date: December 31, 2026* ​ ​ ​ ​ 435 ​ ​
​ ​ ​ 908 ​ ​ ​ Collective Growth Corp., Expiration Date: December 31, 2024* ​ ​ ​ ​ 554 ​ ​
​ ​ ​ 238 ​ ​ ​ Crescent Acquisition Corp., Expiration Date: March 7, 2024* ​ ​ ​ ​ 200 ​ ​
​ ​ ​ 1,679 ​ ​ ​ dMY Technology Group, Inc., Expiration Date: February 21, 2027* ​ ​ ​ ​ 5,037 ​ ​
​ ​ ​ 2,245 ​ ​ ​ East Stone Acquisition Corp., Expiration Date: December 31, 2026*,8 ​ ​ ​ ​ 404 ​ ​
​ ​ ​ 205 ​ ​ ​ FinTech Acquisition Corp. III, Expiration Date: December 1, 2023* ​ ​ ​ ​ 316 ​ ​
​ ​ ​ 175 ​ ​ ​ Fortress Value Acquisition Corp., Expiration Date: May 4, 2027* ​ ​ ​ ​ 576 ​ ​
​ ​ ​ 3,118 ​ ​ ​ Galileo Acquisition Corp., Expiration Date: October 31, 2026*,8 ​ ​ ​ ​ 1,932 ​ ​
​ ​ ​ 852 ​ ​ ​ GigCapital2, Inc., Expiration Date: July 1, 2024* ​ ​ ​ ​ 775 ​ ​
​ ​ ​ 1,242 ​ ​ ​ GigCapital3, Inc., Expiration Date: July 2, 2025* ​ ​ ​ ​ 795 ​ ​
​ ​ ​ 3,975 ​ ​ ​ Greenrose Acquisition Corp., Expiration Date: May 11, 2024* ​ ​ ​ ​ 934 ​ ​
​ ​ ​ 3,133 ​ ​ ​ Greenvision Acquisition Corp., Expiration Date: October 28, 2024* ​ ​ ​ ​ 1,629 ​ ​
​ ​ ​ 396 ​ ​ ​ GX Acquisition Corp., Expiration Date: May 24, 2026* ​ ​ ​ ​ 634 ​ ​
​ ​ ​ 195 ​ ​ ​ Haymaker Acquisition Corp., Expiration Date: October 31, 2026*,1 ​ ​ ​ ​ 197 ​ ​
​ ​ ​ 253 ​ ​ ​ Healthcare Merger Corp., Expiration Date: December 17, 2021* ​ ​ ​ ​ 445 ​ ​
​ ​ ​ 393 ​ ​ ​ Hennessy Capital Acquisition Corp. IV, Expiration Date: September 25, 2025* ​ ​ ​ ​ 908 ​ ​
​ ​ ​ 76 ​ ​ ​ Insurance Acquisition Corp., Expiration Date: March 31, 2024* ​ ​ ​ ​ 211 ​ ​
​ ​ ​ 1,934 ​ ​ ​ InterPrivate Acquisition Corp., Expiration Date: October 29, 2024* ​ ​ ​ ​ 1,576 ​ ​
​ ​ ​ 33 ​ ​ ​
Juniper Industrial Holdings, Inc., Expiration Date: November 13, 2026*
​ ​ ​ ​ 57 ​ ​
​ ​ ​ 812 ​ ​ ​ Kensington Capital Acquisition Corp., Expiration Date: July 1, 2027* ​ ​ ​ ​ 3,654 ​ ​
​ ​ ​ 238 ​ ​ ​ KLDiscovery, Inc., Expiration Date: December 1, 2025* ​ ​ ​ ​ 71 ​ ​
​ ​ ​ 22 ​ ​ ​ Landcadia Holdings II, Inc., Expiration Date: May 9, 2026* ​ ​ ​ ​ 97 ​ ​
​ ​ ​ 1,038 ​ ​ ​ Legacy Acquisition Corp., Expiration Date: November 30, 2022* ​ ​ ​ ​ 555 ​ ​
​ ​ ​ 1,187 ​ ​ ​ Leisure Acquisition Corp., Expiration Date: December 28, 2022* ​ ​ ​ ​ 522 ​ ​
​ ​ ​ 1,327 ​ ​ ​ LifeSci Acquisition Corp., Expiration Date: February 14, 2025* ​ ​ ​ ​ 2,176 ​ ​
​ ​ ​ 4,087 ​ ​ ​ LIV Capital Acquisition Corp., Expiration Date: January 10, 2025*,8 ​ ​ ​ ​ 1,921 ​ ​
​ ​ ​ 903 ​ ​ ​ Live Oak Acquisition Corp., Expiration Date: May 8, 2027* ​ ​ ​ ​ 885 ​ ​
​ ​ ​ 2,047 ​ ​ ​ Merida Merger Corp. I, Expiration Date: November 7, 2026* ​ ​ ​ ​ 1,044 ​ ​
​ ​ ​ 177 ​ ​ ​ Monocle Acquisition Corp., Expiration Date: June 12, 2024* ​ ​ ​ ​ 88 ​ ​
​ ​ ​ 2,191 ​ ​ ​ Netfin Acquisition Corp., Expiration Date: August 1, 2024*,8 ​ ​ ​ ​ 2,958 ​ ​
10
The Relative Value Fund
SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2020 (Unaudited)
​
 
​
Number
of Shares
 ​ ​ ​ ​ ​
Value
​
​ ​ ​ ​ ​ ​ ​ WARRANTS (Continued) ​ ​
​ ​ ​ 1,101 ​ ​ ​
New Providence Acquisition Corp., Expiration Date: September 1, 2024*
​ ​ ​ $ 1,365 ​ ​
​ ​ ​ 1,433 ​ ​ ​ Newborn Acquisition Corp., Expiration Date: February 3, 2025*,8 ​ ​ ​ ​ 416 ​ ​
​ ​ ​ 1,580 ​ ​ ​ Orisun Acquisition Corp., Expiration Date: May 31, 2024* ​ ​ ​ ​ 480 ​ ​
​ ​ ​ 994 ​ ​ ​
Osprey Technology Acquisition Corp., Expiration Date: October 30, 2024*
​ ​ ​ ​ 1,392 ​ ​
​ ​ ​ 195 ​ ​ ​
Pershing Square Tontine Holdings Ltd., Expiration Date: July 24, 2025*
​ ​ ​ ​ 1,398 ​ ​
​ ​ ​ 972 ​ ​ ​ Pivotal Investment Corp. II, Expiration Date: June 1, 2025* ​ ​ ​ ​ 3,596 ​ ​
​ ​ ​ 643 ​ ​ ​ PropTech Acquisition Corp., Expiration Date: October 1, 2026* ​ ​ ​ ​ 1,061 ​ ​
​ ​ ​ 260 ​ ​ ​ Replay Acquisition Corp., Expiration Date: April 8, 2024*,1,8 ​ ​ ​ ​ 247 ​ ​
​ ​ ​ 831 ​ ​ ​ ROTH CH ACQUISITION I Co., Expiration Date: January 28, 2025* ​ ​ ​ ​ 856 ​ ​
​ ​ ​ 62 ​ ​ ​ SC Health Corp., Expiration Date: August 21, 2024*,8 ​ ​ ​ ​ 62 ​ ​
​ ​ ​ 732 ​ ​ ​ Schultze Special Purpose Acquisition Corp., Expiration Date: December 31, 2023* ​ ​ ​ ​ 380 ​ ​
​ ​ ​ 1,107 ​ ​ ​
Silver Spike Acquisition Corp., Expiration Date: December 31, 2024*,8
​ ​ ​ ​ 675 ​ ​
​ ​ ​ 667 ​ ​ ​ South Mountain Merger Corp., Expiration Date: June 20, 2024* ​ ​ ​ ​ 1,001 ​ ​
​ ​ ​ 339 ​ ​ ​ Stable Road Acquisition Corp., Expiration Date: May 15, 2026* ​ ​ ​ ​ 454 ​ ​
​ ​ ​ 452 ​ ​ ​
Sustainable Opportunities Acquisition Corp., Expiration Date: June 26,
2025*,8
​ ​ ​ ​ 814 ​ ​
​ ​ ​ 712 ​ ​ ​
Thunder Bridge Acquisition II Ltd., Expiration Date: November 30, 2026*,8
​ ​ ​ ​ 975 ​ ​
​ ​ ​ 364 ​ ​ ​ Trine Acquisition Corp., Expiration Date: March 5, 2024* ​ ​ ​ ​ 955 ​ ​
​ ​ ​ 521 ​ ​ ​ Tuscan Holdings Corp., Expiration Date: April 1, 2026* ​ ​ ​ ​ 266 ​ ​
​ ​ ​ 1,001 ​ ​ ​ Tuscan Holdings Corp. II, Expiration Date: July 16, 2025* ​ ​ ​ ​ 430 ​ ​
​ ​ ​ 1,990 ​ ​ ​ Union Acquisition Corp. II, Expiration Date: April 1, 2025*,8 ​ ​ ​ ​ 1,493 ​ ​
​ ​ ​ 1,319 ​ ​ ​ Yunhong International, Expiration Date: January 31, 2027*,8 ​ ​ ​ ​ 238 ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL WARRANTS ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​    (Cost $0) ​ ​ ​
​
59,854
 ​ ​
​ ​ ​ ​ ​ ​ ​ SHORT-TERM INVESTMENTS – 6.7% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 5,864,176 ​ ​ ​
Morgan Stanley Institutional Liquidity Fund – Government Portfolio – Institutional Class, 0.02%1,10
​ ​ ​ ​ 5,864,176 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,864,176)
​ ​ ​ ​ 5,864,176 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 104.5%
(Cost $91,955,368)
​ ​ ​ ​ 91,702,778 ​ ​
​ ​ ​ ​ ​ ​ ​ Liabilities in Excess of Other Assets – (4.5)% ​ ​ ​ ​ (3,904,424) ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL NET ASSETS – 100.0% ​ ​ ​ $ 87,798,354 ​ ​
​ ​ ​ ​ ​ ​ ​ SECURITIES SOLD SHORT – (1.0)% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ EXCHANGE-TRADED FUNDS – (1.0)% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ (26,350) ​ ​ ​ Invesco Senior Loan ETF ​ ​ ​ ​ (572,849) ​ ​
​ ​ ​ (2,475) ​ ​ ​ iShares iBoxx High Yield Corporate Bond ETF ​ ​ ​ ​ (207,653) ​ ​
​ ​ ​ (1,000) ​ ​ ​ SPDR Bloomberg Barclays High Yield Bond ETF ​ ​ ​ ​ (104,270) ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL EXCHANGE-TRADED FUNDS
(Proceeds $882,274)
​ ​ ​ ​ (884,772) ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SECURITIES SOLD SHORT
(Proceeds $882,274)
​ ​ ​ $ (884,772) ​ ​
​
11
The Relative Value Fund
SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2020 (Unaudited)
​
 
ETF – Exchange-Traded Fund
LLC – Limited Liability Company
LP – Limited Partnership
* Non-income producing security.
1 All or a portion of this security is segregated as collateral for securities sold short and written options contracts. The market value of the securities pledged as collateral was $8,165,771, which represents 9.3% of total net assets of the Fund.
2 Callable.
3 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.
4 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 $15,501,754, which represents 17.66% of total net assets of the Fund.
5 Step rate security.
6 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.
7 Level 3 securities fair valued under procedures established by the Board of Trustees, represents 13.26% of Net Assets. The total value of these securities is $11,640,589.
8 Foreign security denominated in U.S. Dollars.
9 Convertible security.
10 The rate is the annualized seven-day yield at period end.
See accompanying Notes to Financial Statements.
12
THE RELATIVE VALUE FUND
SCHEDULE OF INVESTMENTS — Continued
September 30, 2020 (Unaudited)
​
Securities With Restrictions On Redemptions
​ ​
Redemptions
Permitted
​ ​
Redemption
Notice Period
​ ​
Cost
​ ​
Fair Value
​ ​
Original
Acquisition
Date
​
Bailard Real Estate Investment
Trusta
​ ​
Quarterly
​ ​
30 Days
​ ​ ​ $ 4,400,000 ​ ​ ​ ​ $ 4,233,388 ​ ​ ​
1/1/2019
​
DSC Meridian Credit Opportunities Onshore Fund LPa
​ ​
Quarterlyb
​ ​
65 Days
​ ​ ​ ​ 2,200,000 ​ ​ ​ ​ ​ 2,327,954 ​ ​ ​
10/1/2018
​
Linden Investors LPa
​ ​
Quarterlyc
​ ​
65 Days
​ ​ ​ ​ 2,700,000 ​ ​ ​ ​ ​ 2,999,988 ​ ​ ​
10/1/2018
​
Pender Capital Asset Based Lending Fund I, L.P.a
​ ​
Quarterly
​ ​
90 Days
​ ​ ​ ​ 1,500,000 ​ ​ ​ ​ ​ 1,500,000 ​ ​ ​
8/16/2019
​
Pomona Investment Fund
​ ​
Quarterly
​ ​
75 Days
​ ​ ​ ​ 7,537,447 ​ ​ ​ ​ ​ 7,798,022 ​ ​ ​
10/1/2018
​
ShoreBridge Point72 Select, LLCa
​ ​
Quarterlyb
​ ​
55 Days
​ ​ ​ ​ 2,700,000 ​ ​ ​ ​ ​ 2,944,504 ​ ​ ​
5/1/2019
​
Walleye Opportunities Fund LPa
​ ​
Monthlyc
​ ​
45 Days
​ ​ ​ ​ 2,675,000 ​ ​ ​ ​ ​ 2,770,539 ​ ​ ​
12/1/2018
​
Whitebox Asymmentric Opportunities Fund,
LPa
​ ​
Quarterlyc
​ ​
60 Days
​ ​ ​ ​ 649,378 ​ ​ ​ ​ ​ 578,637 ​ ​ ​
10/1/2018
​
Totals ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 24,361,825 ​ ​ ​ ​ $ 25,153,032 ​ ​ ​ ​ ​
​
a Securities generally offered in private placement transactions and as such are illiquid and generally restricted as to resale.
b The Private Investment Fund can institute a gate provision on redemptions at the investor level of 25% of the fair value of the investment in the Private Investment Fund.
c The Private 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 Private Investment Fund.
See accompanying Notes to Schedule of Investments.
13
The Relative Value Fund
SUMMARY OF INVESTMENTS*
As of September 30, 2020 (Unaudited)
​
Security Type/Sector
​ ​
Percent of
Total Net Assets
​
Asset-Backed Securities
​ ​ ​ ​ 19.2% ​ ​
Bank Loans
​ ​ ​ ​ 10.7% ​ ​
Closed-End Funds
​ ​ ​ ​ 37.5% ​ ​
Collateralized Mortgage Obligations
​ ​ ​ ​ 3.4% ​ ​
Common Stocks ​ ​ ​ ​ ​ ​ ​
Financials
​ ​ ​ ​ 2.1% ​ ​
Industrials
​ ​ ​ ​ 0.1% ​ ​
Consumer Discretionary
​ ​ ​ ​ 0.1% ​ ​
Health Care
​ ​ ​ ​ 0.0% ​ ​
Consumer Staples
​ ​ ​ ​ 0.0% ​ ​
Technology
​ ​ ​ ​ 0.0% ​ ​
Total Common Stocks
 ​ ​ ​ ​ 2.3% ​ ​
Corporate Bonds
​ ​ ​ ​ 0.1% ​ ​
Exchange-Traded Debt Securities
​ ​ ​ ​ 0.7% ​ ​
Mutual Funds
​ ​ ​ ​ 3.9% ​ ​
Private Investment Funds
​ ​ ​ ​ 19.8% ​ ​
Rights
​ ​ ​ ​ 0.0% ​ ​
Warrants
​ ​ ​ ​ 0.1% ​ ​
Short-Term Investments
​ ​ ​ ​ 6.7% ​ ​
Total Investments
 ​ ​ ​ ​ 104.4% ​ ​
Liabilities in Excess of Other Assets
​ ​ ​ ​ (4.4)% ​ ​
Total Net Assets
 ​ ​ ​ ​ 100.0% ​ ​
​
* This table does not include securities sold short. Please refer to the Schedule of Investments for information on securities sold short.
See accompanying Notes to Financial Statements.
14
The Relative Value Fund
STATEMENT OF ASSETS AND LIABILITIES
As of September 30, 2020 (Unaudited)
​
​ Assets: ​
​
Investments, at value (cost $91,955,368)
​ ​ ​ $ 91,702,778 ​ ​
​
Cash
​ ​ ​ ​ 3,477 ​ ​
​
Cash deposited with broker
​ ​ ​ ​ 1,526,348 ​ ​
​
Receivables:
 ​ ​ ​ ​ ​ ​ ​
​
Investment securities sold
​ ​ ​ ​ 24,815 ​ ​
​
Fund shares sold
​ ​ ​ ​ 124,985 ​ ​
​
Dividends and interest
​ ​ ​ ​ 633,055 ​ ​
​
Prepaid expenses
​ ​ ​ ​ 44,175 ​ ​
​
Prepaid organization and offering costs
​ ​ ​ ​ 210 ​ ​
​
Total assets
​ ​ ​ ​ 94,059,843 ​ ​
​ Liabilities: ​
​
Securities sold short, at value (proceeds $882,274)
​ ​ ​ ​ 884,772 ​ ​
​
Payables:
 ​ ​ ​ ​ ​ ​ ​
​
Investment securities purchased
​ ​ ​ ​ 118,596 ​ ​
​
Fund shares redeemed
​ ​ ​ ​ 5,195,165 ​ ​
​
Advisory fees
​ ​ ​ ​ 31,782 ​ ​
​
Auditing fees
​ ​ ​ ​ 24,348 ​ ​
​
Dividends and interest on securities sold short
​ ​ ​ ​ 772 ​ ​
​
Chief Compliance Officer fees
​ ​ ​ ​ 29 ​ ​
​
Accrued other expenses
​ ​ ​ ​ 6,025 ​ ​
​
Total liabilities
​ ​ ​ ​ 6,261,489 ​ ​
​
Net Assets
 ​ ​ ​ $ 87,798,354 ​ ​
See accompanying Notes to Financial Statements.
15
The Relative Value Fund
STATEMENT OF ASSETS AND LIABILITIES — Continued
As of September 30, 2020 (Unaudited)
​
​ Components of Net Assets: ​ ​ ​ ​ ​ ​ ​
​
Paid-in capital (par value of  $0.01 per share with an unlimited number of shares authorized)
​ ​ ​ $ 88,291,584 ​ ​
​
Total accumulated deficit
​ ​ ​ ​ (493,230) ​ ​
​
Net Assets
 ​ ​ ​ $ 87,798,354 ​ ​
​ Maximum Offering Price per Share: ​ ​ ​ ​ ​ ​ ​
​
CIA Class Shares:
 ​ ​ ​ ​ ​ ​ ​
​
Net assets applicable to shares outstanding
​ ​ ​ $ 87,798,354 ​ ​
​
Shares of common stock issued and outstanding
​ ​ ​ ​ 3,526,520 ​ ​
​
Net asset value per share
​ ​ ​ $ 24.90 ​ ​
See accompanying Notes to Financial Statements.
16
The Relative Value Fund
STATEMENT OF OPERATIONS
For the Six Months Ended September 30, 2020 (Unaudited)
​
​ Investment Income: ​ ​ ​ ​ ​ ​ ​
​
Dividends
​ ​ ​ $ 972,998 ​ ​
​
Interest
​ ​ ​ ​ 1,340,294 ​ ​
​
Total investment income
​ ​ ​ ​ 2,313,292 ​ ​
​ Expenses: ​ ​ ​ ​ ​ ​ ​
​
Advisory fees
​ ​ ​ ​ 197,128 ​ ​
​
Fund services expense
​ ​ ​ ​ 54,824 ​ ​
​
Legal fees
​ ​ ​ ​ 39,102 ​ ​
​
Registration fees
​ ​ ​ ​ 26,104 ​ ​
​
Auditing fees
​ ​ ​ ​ 22,867 ​ ​
​
Dividends on securities sold short
​ ​ ​ ​ 16,613 ​ ​
​
Trustees’ fees and expenses
​ ​ ​ ​ 14,038 ​ ​
​
Shareholder reporting fees
​ ​ ​ ​ 12,090 ​ ​
​
Chief Compliance Officer fees
​ ​ ​ ​ 11,254 ​ ​
​
Interest on securities sold short
​ ​ ​ ​ 10,812 ​ ​
​
Insurance fees
​ ​ ​ ​ 6,703 ​ ​
​
Miscellaneous
​ ​ ​ ​ 5,728 ​ ​
​
Total expenses
​ ​ ​ ​ 417,263 ​ ​
​
Advisory fees waived and other expenses absorbed
​ ​ ​ ​ (15,294) ​ ​
​
Net expenses
​ ​ ​ ​ 401,969 ​ ​
​
Net investment income
 ​ ​ ​ ​ 1,911,323 ​ ​
​ Realized and Unrealized Gain (Loss) on Investments and Securities Sold Short ​ ​ ​ ​ ​ ​ ​
​
Net realized gain (loss) on:
 ​ ​ ​ ​ ​ ​ ​
​
Investments
​ ​ ​ ​ (918,084) ​ ​
​
Securities sold short
​ ​ ​ ​ 9,583 ​ ​
​
Net realized loss
​ ​ ​ ​ (908,501) ​ ​
​
Net change in unrealized appreciation/depreciation on:
 ​ ​ ​ ​ ​ ​ ​
​
Investments
​ ​ ​ ​ 9,663,968 ​ ​
​
Securities sold short
​ ​ ​ ​ (69,070) ​ ​
​
Net change in unrealized appreciation/depreciation
​ ​ ​ ​ 9,594,898 ​ ​
​
Net realized and unrealized gain on investments, securities sold short and warrants
 ​ ​ ​
​
8,686,397
 ​ ​
​
Net Increase in Net Assets from Operations
 ​ ​ ​ $ 10,597,720 ​ ​
See accompanying Notes to Financial Statements.
17
The Relative Value Fund
STATEMENT OF CHANGES IN NET ASSETS
​
​ ​ ​
For the
Six Months Ended
September 30, 2020
(Unaudited)
​ ​
For the
Year Ended
March 31, 2020
​
Increase (Decrease) in Net Assets from: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ $ 1,911,323 ​ ​ ​ ​ $ 1,738,173 ​ ​
Net realized gain (loss) on investments, purchased options contracts, securities sold short, warrants, and written options contracts
​ ​ ​ ​ (908,501) ​ ​ ​ ​ ​ 612,600 ​ ​
Net change in unrealized appreciation/depreciation on
investments, purchased option contracts, securities sold short,
and written options contracts
​ ​ ​ ​ 9,594,898 ​ ​ ​ ​ ​ (9,711,181) ​ ​
Net increase (decrease) in net assets resulting from operations
 ​ ​ ​ ​ 10,597,720 ​ ​ ​ ​ ​ (7,360,408) ​ ​
Distributions to Shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Distributions:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
CIA Class
​ ​ ​ ​ (1,915,772) ​ ​ ​ ​ ​ (1,816,644) ​ ​
From return of capital
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
CIA Class
​ ​ ​ ​  —  ​ ​ ​ ​ ​ (35,787) ​ ​
Total distributions to shareholders
 ​ ​ ​ ​ (1,915,772) ​ ​ ​ ​ ​ (1,852,431) ​ ​
Capital Transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from shares sold:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
CIA Class
​ ​ ​ ​ 21,020,219 ​ ​ ​ ​ ​ 59,005,950 ​ ​
Reinvestment of distributions:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
CIA Class
​ ​ ​ ​ 389,415 ​ ​ ​ ​ ​ 625,696 ​ ​
Cost of shares redeemed:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
CIA Class
​ ​ ​ ​ (5,861,684) ​ ​ ​ ​ ​ (4,046,570) ​ ​
Net increase in net assets from capital transactions
 ​ ​ ​ ​ 15,547,950 ​ ​ ​ ​ ​ 55,585,076 ​ ​
Total increase in net assets
 ​ ​ ​ ​ 24,229,898 ​ ​ ​ ​ ​ 46,372,237 ​ ​
Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 63,568,456 ​ ​ ​ ​ ​ 17,196,219 ​ ​
End of period
​ ​ ​ $ 87,798,354 ​ ​ ​ ​ $ 63,568,456 ​ ​
Capital Share Transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
CIA Class
​ ​ ​ ​ 887,059 ​ ​ ​ ​ ​ 2,321,152 ​ ​
Shares reinvested:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
CIA Class
​ ​ ​ ​ 16,540 ​ ​ ​ ​ ​ 24,493 ​ ​
Shares redeemed:
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
CIA Class
​ ​ ​ ​ (237,125) ​ ​ ​ ​ ​ (169,738) ​ ​
Net increase in capital share transactions
 ​ ​ ​ ​ 666,474 ​ ​ ​ ​ ​ 2,175,907 ​ ​
See accompanying Notes to Financial Statements.
18
The Relative Value Fund
STATEMENT OF CASH FLOWS
For the Six Months Ended September 30, 2020 (Unaudited)
​
​ Increase (Decrease) in Cash: ​ ​ ​ ​ ​ ​ ​
​
Cash flows provided by (used for) operating activities:
 ​ ​ ​ ​ ​ ​ ​
​
Net increase in net assets resulting from operations
​ ​ ​ $ 10,597,720 ​ ​
​
Adjustments to reconcile net increase in net assets from operations to net cash used for operating activities:
 ​ ​ ​ ​ ​ ​ ​
​
Purchases of long-term portfolio investments
​ ​ ​ ​ (31,698,554) ​ ​
​
Sales of long-term portfolio investments
​ ​ ​ ​ 14,043,106 ​ ​
​
Proceeds from securities sold short
​ ​ ​ ​ 734,182 ​ ​
​
Cover short securities
​ ​ ​ ​ (399,355) ​ ​
​
Purchases of short-term investments, net
​ ​ ​ ​ (521,441) ​ ​
​
Return of capital dividends received
​ ​ ​ ​ 524,119 ​ ​
​
Increase in cash deposited with broker for securities sold short
​ ​ ​ ​ (835,313) ​ ​
​
Increase in dividends and interest receivable
​ ​ ​ ​ (286,602) ​ ​
​
Decrease in due from Advisor
​ ​ ​ ​ 2,561 ​ ​
​
Increase in prepaid expenses
​ ​ ​ ​ (18,323) ​ ​
​
Increase in advisory fees
​ ​ ​ ​ 34,343 ​ ​
​
Decrease in dividends and interest on securities sold short
​ ​ ​ ​ (751) ​ ​
​
Decrease in accrued expenses
​ ​ ​ ​ (47,751) ​ ​
​
Net amortization on investments
​ ​ ​ ​ (53,531) ​ ​
​
Net realized loss
​ ​ ​ ​ 881,295 ​ ​
​
Net change in unrealized appreciation/depreciation
​ ​ ​ ​ (9,594,898) ​ ​
​
Net cash used for operating activities
​ ​ ​ ​ (16,639,193) ​ ​
​
Cash flows provided by (used for) financing activities:
 ​ ​ ​ ​ ​ ​ ​
​
Proceeds from shares sold
​ ​ ​ ​ 21,569,159 ​ ​
​
Cost of shares redeemed
​ ​ ​ ​ (3,412,584) ​ ​
​
Dividends paid to shareholders, net of reinvestments
​ ​ ​ ​ (1,526,357) ​ ​
​
Net cash provided by financing activities
​ ​ ​ ​ 16,630,218 ​ ​
​
Net decrease in cash
​ ​ ​ ​ (8,975) ​ ​
​ Cash: ​ ​ ​ ​ ​ ​ ​
​
Beginning of period
​ ​ ​ ​ 12,452 ​ ​
​
End of period
​ ​ ​ $ 3,477 ​ ​
Non-cash financing activities not included herein consist of  $389,415 of reinvested dividends.
See accompanying Notes to Financial Statements.
19
The Relative Value Fund
FINANCIAL HIGHLIGHTS
CIA Class
​
Per share operating performance.
For a capital share outstanding throughout each period.
​ ​ ​
For the
Six Months Ended
September 30, 2020
(Unaudited)
​ ​
For the Year Ended March 31,
​ ​
For The Period
June 12, 2017*
Through
March 31, 2018
​
​
2020
​ ​
2019
​
Net asset value, beginning of period
 ​ ​ ​ $ 22.23 ​ ​ ​ ​ $ 25.14 ​ ​ ​ ​ $ 24.77 ​ ​ ​ ​ $ 25.00 ​ ​
Income from Investment Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income1
​ ​ ​ ​ 0.58 ​ ​ ​ ​ ​ 1.01 ​ ​ ​ ​ ​ 0.86 ​ ​ ​ ​ ​ 0.08 ​ ​
Net realized and unrealized gain (loss) on investments
​ ​ ​ ​ 2.68 ​ ​ ​ ​ ​ (2.96) ​ ​ ​ ​ ​ (0.06) ​ ​ ​ ​ ​ (0.20) ​ ​
Total from investment operations
​ ​ ​ ​ 3.26 ​ ​ ​ ​ ​ (1.95) ​ ​ ​ ​ ​ 0.80 ​ ​ ​ ​ ​ (0.12) ​ ​
Less Distributions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
From net investment income
​ ​ ​ ​ (0.59) ​ ​ ​ ​ ​ (0.88) ​ ​ ​ ​ ​ (0.28) ​ ​ ​ ​ ​ (0.05) ​ ​
From net realized gains
​ ​ ​ ​  —  ​ ​ ​ ​ ​ (0.06) ​ ​ ​ ​ ​ (0.15) ​ ​ ​ ​ ​ (0.06) ​ ​
From return of capital
​ ​ ​ ​  —  ​ ​ ​ ​ ​ (0.02) ​ ​ ​ ​ ​  —  ​ ​ ​ ​ ​  —  ​ ​
Total distributions
​ ​ ​ ​ (0.59) ​ ​ ​ ​ ​ (0.96) ​ ​ ​ ​ ​ (0.43) ​ ​ ​ ​ ​ (0.11) ​ ​
Redemption fee proceeds1
 ​ ​ ​ ​  —  ​ ​ ​ ​ ​  —  ​ ​ ​ ​ ​  —  ​ ​ ​ ​ ​  —  ​ ​
Net asset value, end of period
 ​ ​ ​ $ 24.90 ​ ​ ​ ​ $ 22.23 ​ ​ ​ ​ $ 25.14 ​ ​ ​ ​ $ 24.77 ​ ​
Total return
 ​ ​ ​ ​ 10.40%2 ​ ​ ​ ​ ​ (4.89)% ​ ​ ​ ​ ​ 3.28% ​ ​ ​ ​ ​ (0.50)%2 ​ ​
Ratios and Supplemental Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (in thousands)
​ ​ ​ $ 87,798 ​ ​ ​ ​ $ 63,568 ​ ​ ​ ​ $ 17,196 ​ ​ ​ ​ $ 12,595 ​ ​
Ratio of expenses to average net assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(including dividends and interest on securities sold short)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Before fees waived4
​ ​ ​ ​ 1.06%3 ​ ​ ​ ​ ​ 1.36% ​ ​ ​ ​ ​ 5.28% ​ ​ ​ ​ ​ 6.89%3 ​ ​
After fees waived4
​ ​ ​ ​ 1.02%3 ​ ​ ​ ​ ​ 1.05% ​ ​ ​ ​ ​ 2.35% ​ ​ ​ ​ ​ 2.45%3 ​ ​
Ratio of net investment income to average net assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(including dividends and interest on securities sold short)
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Before fees waived
​ ​ ​ ​ 4.81%3 ​ ​ ​ ​ ​ 3.66% ​ ​ ​ ​ ​ 0.49% ​ ​ ​ ​ ​ (4.05)%3 ​ ​
After fees waived
​ ​ ​ ​ 4.85%3 ​ ​ ​ ​ ​ 3.97% ​ ​ ​ ​ ​ 3.42% ​ ​ ​ ​ ​ 0.39%3 ​ ​
Portfolio turnover rate
​ ​ ​ ​ 19%2 ​ ​ ​ ​ ​ 48% ​ ​ ​ ​ ​ 374% ​ ​ ​ ​ ​ 264%2 ​ ​
​
* Commencement of operations.
1 Based on average shares outstanding for the period.
2 Not annualized.
3 Annualized.
4 If dividends and interest on securities sold short had been excluded, the expense ratios would have been lowered by 0.07% for the six months ended September 30, 2020, 0.10%, 0.43%, and 0.50% for the years ended March 31, 2020 and 2019, and period ended March 31, 218 respectively.
See accompanying Notes to Financial Statements.
20
The Relative Value Fund
Notes to Financial Statements
September 30, 2020 (Unaudited)
​
Note 1 — Organization
The Relative Value Fund (the “Fund”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company. The Fund operates as an interval fund. The Fund operates under an Agreement and Declaration of Trust dated November 23, 2016 (the “Declaration of Trust”). The Fund seeks 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 all or a portion the Fund’s assets are allocated to one or more sub-advisers, in percentages determined at the discretion of Vivaldi Asset Management, LLC the (“Investment Manager”). In pursuing the Fund’s strategies, the Investment Manager and Sub-Advisers (as defined in Note 3) may invest directly in individual securities or through closed-end and open-end registered investment companies, private investment funds and other investment vehicles that invest or trade in a wide range of investments. The Fund commenced investment operations on June 12, 2017.
The SEC granted the Fund an exemptive order on November 21, 2017 permitting the Fund to offer multiple classes of shares. The Fund offers two classes of shares, Advisor Class Shares and CIA Class Shares. Only the CIA Class of shares has been issued as of September 30, 2020.
The shares of each class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Trustees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative shares outstanding. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights with respect to that distribution plan.
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 oversees the valuation of the Fund’s investments on behalf of the Fund. The Board of Trustees 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 is 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
21
The Relative Value Fund
Notes to Financial Statements — Continued
September 30, 2020 (Unaudited)
​
 
are obtained under the foregoing procedures, including those for which a pricing service supplies no exchange quotation or a quotation that is believed by the Investment Manager or a Sub-Adviser (as defined in Note 3) 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”.
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 the mean between the last available bid and ask price 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.
22
The Relative Value Fund
Notes to Financial Statements — Continued
September 30, 2020 (Unaudited)
​
 
(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.
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 gains or losses 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.
(c) Short Sales
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. To the extent the Fund sells securities short, it will provide collateral to the broker-dealer and/or will maintain additional asset coverage in the form of cash, U.S. government securities or other liquid securities with its custodian in a segregated account as required by each respective broker-dealer. 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 that 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.
23
The Relative Value Fund
Notes to Financial Statements — Continued
September 30, 2020 (Unaudited)
​
 
(e) Exchange Traded Funds
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 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) Private Investment Funds
The Fund may also invest in private investment funds (i.e., investment funds that would be investment companies but for the exemptions under Section 3(c)(1) or 3(c)(7) of the Investment Company Act) that invest or trade in a wide range of securities. When the Fund invests in securities issued by private investment funds, it will bear its pro rata portion of the private funds’ expenses. These expenses are in addition to the direct expenses of the Fund’s own operations, thereby increasing indirect costs and potentially reducing returns to Shareholders. A private investment fund in which the Fund invests has its own investment risks, and those risks can affect the value of the private investment fund’s shares and therefore the value of the Fund’s investments. There can be no assurance that the investment objective of a private investment fund will be achieved. A private investment fund may change its investment objective or policies without the Fund’s approval, which could force the Fund to withdraw its investment from such private investment fund at a time that is unfavorable to the Fund. In addition, one private investment fund may buy the same securities that another private investment fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment purpose.
(h) 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 and expense 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
24
The Relative Value Fund
Notes to Financial Statements — Continued
September 30, 2020 (Unaudited)
​
 
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.
(i) 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 September 30, 2020 and during the open tax years ended March 31, 2018 to March 31, 2020 and from the commencement of operations on June 12, 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.
(j) Distributions to Shareholders
The Fund makes monthly distributions to its shareholders equal to 5% 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
25
The Relative Value Fund
Notes to Financial Statements — Continued
September 30, 2020 (Unaudited)
​
 
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.
Note 3 — Investment Advisory and Other Agreements
The Fund has entered into an Investment Advisory Agreement (the “Agreement”) with the Investment Manager. Under the terms of the Agreement, the Fund pays a monthly investment advisory fee to the Investment Manager at the annual rate of 0.50% of the Fund’s average daily net assets. Prior to March 9, 2019, the Fund paid a monthly investment advisory fee to the Investment Manager at the annual rate of 1.50% of the Fund’s average daily net assets. The Investment Manager has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expense on short sales, acquired fund fees and expenses (as determined in accordance with Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses such as litigation) do not exceed 0.95% of the Fund’s average daily net assets for CIA Class Shares until August 1, 2021. This agreement to waive fees and/or pay for operating expenses may be terminated before that date by the Fund or the Investment Manager upon 30 days’ written notice. Prior to March 9, 2019, the Investment Manager had agreed to limit the total expenses of the Fund to 1.95% of the Fund’s average daily net assets for the CIA Class Shares.
The Fund uses a “multi-manager” approach whereby the Fund’s assets are allocated amongst the Investment Manager and one or more sub-advisers in percentages determined at the discretion of the Investment Manager. Currently, the Investment Manager has engaged RiverNorth Capital Management, LLC and Angel Oak Capital Advisors, LLC, (each, a “Sub-Adviser” and together, the “Sub-Advisers”) to manage certain assets of the Fund and pays the Sub-Advisers from its advisory fees. Pursuant to separate sub-advisory agreements, the Investment Manager (and not the Fund) has agreed to pay RiverNorth Capital Management, LLC and Angel Oak Capital Advisors, LLC a sub-advisory fee payable on a monthly basis at the annual rate of 0.80% and 0.80%, respectively, of their portion of the Fund’s average daily net assets for the services they provide. Prior to April 1, 2020, the Investment Manager had agreed to pay RiverNorth Capital Management, LLC a sub-advisory fee payable on a monthly basis at the annual rate of 1.00%.
For the six months ended September 30, 2020, the Investment Manager waived its fees and absorbed other expenses totaling $15,294. For a period not to exceed three years from the date on which advisory fees are waived or Fund expenses absorbed by the Investment Manager, the Investment Manager may recoup amounts waived or absorbed, provided it is able to effect such recoupment and remain in compliance with (a) the limitation on Fund expenses in effect at the time of the relevant reduction in advisory fees or payment of the Fund’s expenses, and (b) the limitation on Fund expenses at the time of the recoupment. At September 30, 2020, the amount of these potentially recoverable expenses was $878,406. The Adviser may recapture all or a portion of this amount no later than March 31st of the year stated below:
​
2021
​ ​ ​ $ 375,201 ​ ​
​
2022
​ ​ ​ $ 352,938 ​ ​
​
2023
​ ​ ​ $ 134,973 ​ ​
​
2024
​ ​ ​ $ 15,294 ​ ​
​
Total
​ ​ ​ $ 878,406 ​ ​
26
The Relative Value Fund
Notes to Financial Statements — Continued
September 30, 2020 (Unaudited)
​
 
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; and UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund’s custodian.
A trustee and certain officers of the Fund are employees of UMBFS. The Fund does not compensate trustees and officers affiliated with the Fund’s administrator. For the six months ended September 30, 2020, the Fund’s allocated fees incurred for trustees 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 six months ended September 30, 2020 are reported on the Statement of Operations.
Note 4 — Federal Income Taxes
At September 30, 2020, gross unrealized appreciation and depreciation of investments and short securities owned by the Fund, based on cost for federal income tax purposes, were as follows:
​
Cost of investments
​ ​ ​ $ 91,127,333 ​ ​
​
Gross unrealized appreciation
​ ​ ​ $ 3,748,409 ​ ​
​
Gross unrealized depreciation
​ ​ ​ ​ (3,787,636) ​ ​
​
Net unrealized depreciation on investments
​ ​ ​ $ (309,227) ​ ​
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.
GAAP requires 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 year ended December 31, 2019, 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 Distributable
Earnings
​
​
$(35,597)
​ ​
$35,597
 ​
As of December 31, 2019, the components of accumulated earnings (deficit) on a tax basis were as follows:
​
Undistributed ordinary income
​ ​ ​ $ 155,287 ​ ​
​
Undistributed long-term capital gains
​ ​ ​ ​ 374,666 ​ ​
​
Tax accumulated earnings
​ ​ ​ ​ 529,953 ​ ​
​
Accumulated capital and other losses
​ ​ ​ ​ — ​ ​
​
Unrealized depreciation on investments
​ ​ ​ ​ (9,928,081) ​ ​
​
Total accumulated deficit
​ ​ ​ $ (9,398,128) ​ ​
27
The Relative Value Fund
Notes to Financial Statements — Continued
September 30, 2020 (Unaudited)
​
 
The tax character of distributions paid during the year ended December 31, 2019 and December 31, 2018 were as follows:
Distribution paid from:​
​ ​
2019
​ ​
2018
​
Ordinary income
​ ​ ​ $ 1,273,602 ​ ​ ​ ​ $ 196,387 ​ ​
Net long-term capital gains
​ ​ ​ ​ — ​ ​ ​ ​ ​ 10,823 ​ ​
Total taxable distributions
​ ​ ​ $ 1,273,602 ​ ​ ​ ​ $ 207,210 ​ ​
Note 5 — Investment Transactions
For the six months ended September 30, 2020, purchases and sales of investments, excluding short-term investments, were $31,710,725 and $13,833,497, respectively. Proceeds from securities sold short and cover short securities were $706,424 and $386,383, respectively, for the same period.
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 — Repurchase of Shares
The Fund intends to provide a limited degree of liquidity to the Shareholders by conducting repurchase offers quarterly with a valuation date on or about March 31, June 30, September 30 and December 31 of each year. In each repurchase offer, the Fund may offer to repurchase its shares at their net asset value as determined as of approximately March 31, June 30, September 30 and December 31, of each year, as applicable (each such date, a “Valuation Date”). Each repurchase offer will be for no less than 5% of the shares outstanding, but if the value of shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of shares tendered. In such event, Shareholders will have their shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered shares repurchased by the Fund. Shareholders tendering shares for repurchase will be asked to give written notice of their intent to do so by the date specified in the notice describing the terms of the applicable repurchase offer, which date will be approximately 14 days prior to the Valuation Date.
The results of the repurchase offers conducted for the six months ended September 30, 2020 are as follows:
​ ​ ​
Repurchase
Offer
​ ​
Repurchase
Offer
​
Commencement Date
​ ​
May 15, 2020
​ ​
August 17, 2020
​
Repurchase Request
​ ​
June 16, 2020
​ ​
September 16, 2020
​
Repurchase Pricing date
​ ​
June 30, 2020
​ ​
September 30, 2020
​
Net Asset Value as of Repurchase Offer Date ​ ​ ​ ​ ​ ​ ​
CIA Class
​ ​
$23.75
​ ​
$24.85
​
Amount Repurchased ​ ​ ​ ​ ​ ​ ​
CIA Class
​ ​
$666,520
​ ​
$5,195,165
​
Percentage of Outstanding Shares Repurchased ​ ​ ​ ​ ​ ​ ​
CIA Class
​ ​
0.85%
​ ​
5.60%
 ​
28
The Relative Value Fund
Notes to Financial Statements — Continued
September 30, 2020 (Unaudited)
​
 
Note 8 — 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  $25,153,032 are excluded from the fair value hierarchy as of September 30, 2020.
29
The Relative Value Fund
Notes to Financial Statements — Continued
September 30, 2020 (Unaudited)
​
 
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 September 30, 2020:
​ ​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Asset-Backed Securities
​ ​ ​ $ — ​ ​ ​ ​ $ 14,613,710 ​ ​ ​ ​ $ 2,250,000 ​ ​ ​ ​ $ 16,863,710 ​ ​
Bank Loans
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 9,390,589 ​ ​ ​ ​ ​ 9,390,589 ​ ​
Closed-End Funds
​ ​ ​ ​ 20,152,972 ​ ​ ​ ​ ​ 5,017,911 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​       25,170,883 ​ ​
Collateralized Mortgage Obligations
​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,988,898 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,988,898 ​ ​
Common Stocks*
​ ​ ​ ​ 2,022,948 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,022,948 ​ ​
Corporate Bonds**
​ ​ ​ ​ — ​ ​ ​ ​ ​ 132,021 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 132,021 ​ ​
Exchange-Traded Debt Securities*
​ ​ ​ ​ 580,099 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 580,099 ​ ​
Mutual Funds
​ ​ ​ ​ 3,468,649 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,468,649 ​ ​
Rights
​ ​ ​ ​ 7,919 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,919 ​ ​
Warrants
​ ​ ​ ​ 59,854 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 59,854 ​ ​
Short-Term Investments
​ ​ ​ ​ 5,864,176 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,864,176 ​ ​
Subtotal
​ ​ ​ $ 32,156,617 ​ ​ ​ ​ $ 22,752,540 ​ ​ ​ ​ $ 11,640,589 ​ ​ ​ ​ $ 66,549,746 ​ ​
Closed End Funds
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 7,798,022 ​ ​
Private Investment Funds
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,355,010 ​ ​
Total Investments
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 91,702,778 ​ ​
Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Securities Sold Short
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Exchange-Traded Funds
​ ​ ​ $ 884,772 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 884,772 ​ ​
Total Securities Sold Short
​ ​ ​ $ 884,772 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 884,772 ​ ​
​
* All common stocks and exchange-traded debt securities in the Fund are Level 1 securities. For a detailed break-out of common stocks and exchange-traded debt securities by major industry classification, please refer to the Schedule of Investments.
** 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.
30
The Relative Value Fund
Notes to Financial Statements — Continued
September 30, 2020 (Unaudited)
​
 
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:
​ ​ ​
Asset-Backed
Securities
​ ​
Bank Loans
​ ​
Common Stocks
​
Balance as of March 31, 2020
​ ​ ​ $ — ​ ​ ​ ​ $ 6,269,871 ​ ​ ​ ​ $ 670,838 ​ ​
Transfers into Level 3
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers out of Level 3
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total gains or losses for the period
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Included in earnings (or changes in net assets)
​ ​ ​ ​ — ​ ​ ​ ​ ​ 182,917 ​ ​ ​ ​ ​ (11) ​ ​
Included in other comprehensive income
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Net purchases
​ ​ ​ ​ 2,250,000 ​ ​ ​ ​ ​ 4,930,874 ​ ​ ​ ​ ​ — ​ ​
Net sales
​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,993,073) ​ ​ ​ ​ ​ (670,827) ​ ​
Balance as of September 30, 2020
​ ​ ​ $ 2,250,000 ​ ​ ​ ​ $ 9,390,589 ​ ​ ​ ​ $ 0 ​ ​
Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period
​ ​ ​ $ — ​ ​ ​ ​ $ 168,398 ​ ​ ​ ​ $ — ​ ​
The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2020:
Investments
​ ​
Fair Value
​ ​
Valuation
Technique(s)
​ ​
Unobservable
Input
​ ​
Range of Input
​
Asset-Backed Securities
​ ​ ​ $ 2,250,000 ​ ​ ​
Recent Transaction Price
​ ​
Recent Transaction Price
​ ​
N/A
​
Bank Loans
​ ​ ​ $ 9,390,589 ​ ​ ​
Recent Transaction Price
​ ​
Recent Transaction Price
​ ​
N/A
 ​
Note 9 — Commitments
As of September 30, 2020, the Fund had outstanding investment commitments to Bank Loans totaling approximately $319,846. The Fund had no unfunded capital commitments as of September 30, 2020.
Note 10 — Risk Factors
An investment in the Fund involves various risks. The Fund allocates assets to Investment Funds that invest in and actively trade securities and other financial instruments using a variety of strategies and investment techniques with significant risk characteristics, including the risks arising from the volatility of the equity, fixed income, commodity and currency markets, the risks of borrowings and short sales, the risks arising from leverage associated with trading in the equities, currencies and over-the-counter derivatives markets, the illiquidity of derivative instruments and the risk of loss from counterparty defaults.
No guarantee or representation is made that the investment program will be successful.
In early 2020, an outbreak of a novel strain of coronavirus (COVID-19) emerged globally. This coronavirus has resulted in closing international borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general public concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund,
31
The Relative Value Fund
Notes to Financial Statements — Continued
September 30, 2020 (Unaudited)
​
 
including political, social and economic risks. Any such impact could adversely affect the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund. The ultimate impact of COVID-19 on the financial performance of the Fund’s investments is not reasonably estimable at this time.
Note 11 — Events Subsequent to the Fiscal Period 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 period that materially impacted the amounts or disclosures in the Fund’s financial statements.
32
The Relative Value Fund
FUND INFORMATION (Unaudited)
September 30, 2020
​
Approval of the Investment Management and Sub-Advisory Agreements
At the meeting of the Board held on June 3-4, 2020, by a unanimous vote, the Board, including a majority of Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act (the “Independent Trustees”), approved proposed amendments to the Investment Management Agreement between the Investment Manager and the Fund and the Sub-Advisory Agreement among the Fund, the Investment Manager and RiverNorth Capital Management (“RiverNorth”) to reflect a change in the allocation of the advisory fee between the Investment Manager and RiverNorth (collectively, the “Amended Advisory Agreements”). Pursuant to relief granted by the U.S. Securities and Exchange Commission in light of the COVID-19 pandemic (the “Order”) and a determination by the Board that reliance on the Order was appropriate due to circumstances related to the current or potential effects of COVID-19, the June 3-4, 2020 meeting was held by videoconference.
In advance of the June 3-4 meeting, the Independent Trustees requested and received materials from the Investment Manager and RiverNorth, respectively, to assist them in considering the approval of the Amended Advisory Agreements. The Independent Trustees also considered the materials that had been submitted pursuant to the Board’s annual review of the Investment Management Agreement and the Sub-Advisory Agreement at the Board’s March 4, 2020 meeting. The Board did not consider any single factor as controlling in determining whether or not to approve the Amended Advisory Agreements. Nor are the items described herein all encompassing of the matters considered by the Board.
The Board engaged in a detailed discussion of the materials with management of the Investment Manager. The Independent Trustees then met separately with independent counsel to the Independent Trustees for a full review of the materials. Following this session, the full Board reconvened and after further discussion determined that the information presented provided a sufficient basis upon which to approve the Amended Advisory Agreements.
NATURE, EXTENT AND QUALITY OF SERVICES
The Board reviewed and considered the nature and extent of the investment advisory services provided by the Investment Manager to the Fund under the Investment Management Agreement and by RiverNorth under the Sub-Advisory Agreement, including the selection of Fund investments. The Board considered RiverNorth’s statement that the proposed reduction of its sub-advisory fee would not change the nature, level or quality of services it provides to the Fund. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Investment Manager and RiverNorth to the Fund including, among other things, providing office facilities, equipment, and personnel. The Board reviewed and considered the qualifications of the portfolio managers and other key personnel of the Investment Manager and RiverNorth who provide the investment advisory and administrative services to the Fund. The Board determined that the Investment Manager’s and RiverNorth’s portfolio managers and key personnel are well-qualified by education and/or training and experience to perform the services for the Fund in an efficient and professional manner. The Board also took into account the Investment Manager’s and RiverNorth’s compliance policies and procedures, including the procedures used to determine the value of the Fund’s investments. The Board concluded that the overall quality of the advisory, sub-advisory and administrative services provided to the Fund was satisfactory.
PERFORMANCE
The Board considered the investment performance of the Investment Manager and RiverNorth with respect to the Fund. The Board considered the performance of the Fund, noting that the Fund had underperformed its Benchmark for the quarter ended March 31, 2020 and discussed the steps the Investment Manager is taking to improve Fund performance.
33
The Relative Value Fund
FUND INFORMATION (Unaudited) — Continued
September 30, 2020
​
 
FEES AND EXPENSES RELATIVE TO COMPARABLE FUNDS MANAGED BY OTHER INVESTMENT MANAGERS
The Board reviewed the advisory fee rate and total expense ratio of the Fund, noting that the Investment Manager pays RiverNorth from its fee and therefore the reallocation of the fees would have no impact on the Fund’s expense ratio. They noted that the change in the allocation of the advisory fee between the Investment Manager and RiverNorth was the impetus for the Board’s consideration of the Amended Advisory Agreements at this Meeting. Mr. Deringer noted that the Board compared the advisory fee and total expense ratio for the Fund with various comparative data, including reports on the expenses of other comparable funds and other funds managed by the Investment Manager and RiverNorth during the Board meeting held on March 4, 2020. The Board noted that the advisory fees were comparable to the fees payable by other funds managed by the Investment Manager. In addition, the Board noted that the Investment Manager has contractually agreed to limit total annual operating expenses until assets support the expenses of the Fund. The Board concluded that the advisory fees paid by the Fund, the reduced sub-advisory fees to be paid to RiverNorth and total expense ratio were reasonable and satisfactory in light of the services provided.
BREAKPOINTS AND ECONOMIES OF SCALE
The Board reviewed the structure of the Fund’s investment management under the Amended Advisory Agreements. The Board considered the Fund’s advisory and sub-advisory fees and concluded that the fees were reasonable and satisfactory in light of the services provided. The Board also determined that, given the Fund’s current size, economies of scale were not present at this time.
PROFITABILITY OF INVESTMENT MANAGER AND RIVERNORTH
The Board considered and reviewed information concerning the costs incurred and profits realized by the Investment Manager and RiverNorth from their respective relationships with the Fund. The Board also reviewed the Investment Manager’s and RiverNorth’s financial condition. The Board noted that the financial condition of each appeared stable. The Board determined that the advisory fees, RiverNorth’s sub-advisory fees and the compensation to the Investment Manager and RiverNorth were reasonable and the financial condition of each was adequate.
ANCILLARY BENEFITS AND OTHER FACTORS
The Board also discussed other benefits to be received by the Investment Manager and RiverNorth from their management of the Fund including, without limitation, the ability to market their advisory services for similar products in the future. The Board noted that neither the Investment Manager nor RiverNorth has affiliations with the Fund’s transfer agent, fund accountant, custodian, or distributor and, therefore, they do not derive any benefits from the relationships these parties may have with the Fund. The Board concluded that the changes to advisory and sub-advisory fees were reasonable in light of the fall-out benefits to the Investment Manager and RiverNorth, respectively.
GENERAL CONCLUSION
Based on its consideration of all factors that it deemed material, and assisted by the advice of its counsel, the Board concluded it would be in the best interest of the Fund and its shareholders to approve the Amended Advisory Agreements.
34
The Relative Value Fund
FUND INFORMATION (Unaudited) — Continued
September 30, 2020
​
 
​ ​ ​ ​
TICKER
​ ​
CUSIP
​
​ The Relative Value Fund — CIA Class Shares ​ ​ ​ ​ VFLEX ​ ​ ​ ​ ​ 75943J100 ​ ​
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 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.
Availability of Quarterly Portfolio Schedules
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-PORT. The Fund’s Form N-PORT is available on the SEC website at www.sec.gov. or without charge and upon request by calling the Fund at (877) 779-1999.
Qualified Dividend Income
For the year ended December 31, 2019, 19.45% 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, 2019, 17.09% 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.
The Relative Value Fund
235 West Galena Street
Milwaukee, WI 53212
Toll Free: (877) 779-199
35
The Relative Value Fund
PRIVACY POLICY
(Unaudited)
​
PRIVACY POLICY
​ ​
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 ​ ​ ​ No ​ ​
​ ​
For our marketing purposes — to offer our products and services to you
​ ​ ​ No ​ ​ ​ We don’t share ​ ​
​ ​
For joint marketing with other financial companies
 ​ ​ ​ No ​ ​ ​ We don’t share ​ ​
​ ​
For our affiliates’ everyday business purposes —  information about your transactions and experiences
​ ​ ​ Yes ​ ​ ​ No ​ ​
​ ​
For our affiliates’ everyday business purposes —  information about your creditworthiness
​ ​ ​ No ​ ​ ​ We don’t share ​ ​
​ ​
For our affiliates to market to you
 ​ ​ ​ No ​ ​ ​ We don’t share ​ ​
​ ​
For nonaffiliates to market to you
 ​ ​ ​ No ​ ​ ​ We don’t share ​ ​
36
The Relative Value Fund
PRIVACY POLICY  —  Continued
(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.
 ​ ​
37

 

 

 

 

ITEM 2. CODE OF ETHICS.

 

Not applicable to semi-annual reports.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable to semi-annual reports.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable to semi-annual reports.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable to semi-annual reports.

 

 

 

 

 

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable to semi-annual reports.

 

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17CFR 229.407), or this Item.

 

ITEM 11. CONTROLS AND PROCEDURES.

 

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

 

 

 

 

 

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT COMPANIES.

 

Not applicable.

 

ITEM 13. EXHIBITS.

 

(a)(1)Not applicable to semi-annual reports.

 

(a)(2)Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(3)Not applicable.

 

(a)(4)Not applicable.

 

(b)Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(registrant) The Relative Value Fund

 

By (Signature and Title)* /s/ Michael Peck                                     

Michael Peck, President

(Principal Executive Officer)

 

Date December 9, 2020

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By (Signature and Title)* /s/ Michael Peck                                    

Michael Peck, President

(Principal Executive Officer)

 

Date December 9, 2020

 

By (Signature and Title)* /s/ Chad Eisenberg                               

Chad Eisenberg, Treasurer

(Principal Financial Officer)

 

Date December 9, 2020

 

* Print the name and title of each signing officer under his or her signature.