Shares
Market
Value
RIGHTS
—
0.2%
Computer
Software
and
Services
—
0.0%
1,000
Flexion
Therapeutics
Inc.,
CVR†
.......
$
650
Health
Care
—
0.1%
70,000
Achillion
Pharmaceuticals
Inc.,
CVR†
...
35,000
104,000
Adamas
Pharmaceuticals
Inc.,
CVR†
....
5,200
104,000
Adamas
Pharmaceuticals
Inc.,
CVR†
....
5,200
79,391
Ambit
Biosciences
Corp.,
CVR†(a)
.....
134,171
103,040
Dova
Pharmaceuticals
Inc.,
CVR†
......
12,880
28,000
Epizyme
Inc.,
CVR†
................
560
300,000
Innocoll,
CVR†(a)
.................
0
125,000
Ipsen
SA/Clementia,
CVR†(a)
.........
0
23,000
Ocera
Therapeutics,
CVR†(a)
.........
3,910
3,000
Prevail
Therapeutics
Inc.,
CVR†
.......
1,500
2,000
Radius
Health
Inc.,
CVR†
............
160
346,322
Teva
Pharmaceutical
Industries
Ltd.,
CCCP,
expire
02/20/23†(a)
..............
0
11,000
Tobira
Therapeutics
Inc.,
CVR†(a)
......
0
1,500
Zogenix
Inc.,
CVR†
................
1,125
199,706
Metals
and
Mining
—
0.1%
10,000
Kinross
Gold
Corp.,
CVR†
...........
0
419,000
Pan
American
Silver
Corp.,
CVR†
......
241,344
241,344
TOTAL
RIGHTS
................
441,700
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
59.7%
$
124,493,000
U.S.
Treasury
Bills,
1.593%
to
3.297%††,
10/06/22
to
12/29/22(b)
...................
123,914,784
TOTAL
INVESTMENTS
BEFORE
SECURITIES
SOLD
SHORT
—
100.0%
(Cost
$212,128,689)
.............
$
207,474,036
Shares
Market
Value
SECURITIES
SOLD
SHORT
—
(0.9)%
Building
and
Construction
—
(0.9)%
24,500
Lennar
Corp.,
Cl. A
.........................
$
1,826,475
Energy
and
Utilities
—
(0.0)%
1,000
Sitio
Royalties
Corp.
.......................
22,110
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
received
$1,475,888)(c)
......
$
1,848,585
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(b)
At
September
30,
2022,
$13,000,000
of
the
principal
amount
was
reserved
and/or
pledged
with
the
custodian
for
securities
sold
short
and
forward
foreign
exchange
contracts.
(c)
At
September
30,
2022,
these
proceeds
are
being
held
at
Pershing
LLC.
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
CCCP
Contingent
Cash
Consideration
Payment
CVR
Contingent
Value
Right
REIT
Real
Estate
Investment
Trust
Geographic
Diversification
%
of
Total
Investments
Market
Value
Long
Positions
North
America
......................
92.9
%
$
192,739,140
Europe
..............................
6.9
14,420,670
Japan
...............................
0.1
203,911
Asia/Pacific
.........................
0.1
110,315
Total
Investments
—
Long
Positions
100.0%
$
207,474,036
Short
Positions
North
America
......................
(0.9)
%
$
(1,848,585)
Total
Investments
—
Short
Positions
(0.9)%
$
(1,848,585)
As
of
September
30,
2022,
forward
foreign
exchange
contracts
outstanding
were
as
follows:
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation/
(Depreciation)
USD
3,517,917
SEK
39,750,000
State
Street
Bank
and
Trust
Co.
10/28/22
$
(68,346)
USD
5,211,967
EUR
5,400,000
State
Street
Bank
and
Trust
Co.
10/28/22
(90,500)
USD
292,512
CAD
400,000
State
Street
Bank
and
Trust
Co.
10/28/22
2,963
TOTAL
FORWARD
FOREIGN
EXCHANGE
CONTRACTS
$
(155,883)