X0306 5 2021-03-31 0 0 1 0001681717 Relative Value Fund VFLEX 0001697019 Vivaldi Holdings LLC 225 W. WACKER DRIVE 2100 CHICAGO IL 60606 0 0 0 1 100% OWNER OF ADVISER COMMON SHARES 2021-01-11 2020-12-31 4 P 0 L 17816.28 25.55 A 0 I VIVALDI CAPITAL MANAGEMENT LLC COMMON SHARES 2021-03-31 4 S 0 L 17816.28 26.63 D 0 I VIVALDI CAPITAL MANAGEMENT LLC An affiliate of the adviser acquired the security in their error account custodied at TD Ameritrade as a result of a trade error. Sale was executed by TD Ameritrade on a discretionary basis as custodian for an error account of an affiliate of the adviser. Gain was contributed to a charity in accordance with TD Ameritrade's policies. Marc Bassewitz 2021-05-14