High Income Securities Fund
         
Portfolio of Investments
         
November 30, 2022 (Unaudited)
         
           
       
Shares
   
Value
INVESTMENT COMPANIES - 61.27%
 
 
 
 
 
Closed-End Funds - 40.85%
 
 
 
 
 
Aberdeen Asia-Pacific Income Fund, Inc.
 
               410,433
 
$
           1,075,334
Apollo Tactical Income Fund, Inc.
 
               147,041
 
 
            1,823,308
BlackRock California Municipal Income Trust
 
               234,521
 
 
            2,582,076
Blackrock ESG Capital Allocation Trust
 
               201,455
 
 
            2,888,865
Blackstone Strategic Credit Fund
 
                 28,361
 
 
               312,538
Center Coast Brookfield MLP & Energy Infrastructure Fund
 
                 73,100
 
 
            1,324,572
Cushing MLP & Infrastructure Total Return Fund
 
                 51,062
 
 
            1,799,425
Delaware Enhanced Global Dividend & Income Fund
 
               335,349
 
 
            2,592,248
Delaware Investments National Municipal Income Fund
 
                 11,870
 
 
               136,268
Delaware Ivy High Income Opportunities Fund
 
                 27,784
 
 
               308,958
Destra Multi-Alternative Fund
 
               127,141
 
 
               869,644
DoubleLine Yield Opportunities Fund
 
                 22,948
 
 
               322,649
DWS Municipal Income Trust
 
                   5,782
 
 
                 51,633
Eaton Vance New York Municipal Bond Fund
 
               210,345
 
 
            1,924,657
Ellsworth Growth and Income Fund Ltd.
 
                 73,378
 
 
               614,908
First Trust Dynamic Europe Equity Income Fund
 
               263,803
 
 
            2,999,440
First Trust High Income Long/Short Fund
 
                   7,124
 
 
                 83,422
Highland Income Fund
 
               450,286
 
 
            5,196,300
MFS High Yield Municipal Trust
 
               226,941
 
 
               726,211
MFS Investment Grade Municipal Trust
 
                 45,387
 
 
               331,098
Morgan Stanley Emerging Markets Debt Fund, Inc.
 
               200,315
 
 
            1,330,092
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.
 
                 19,182
 
 
                 85,360
Neuberger Berman California Municipal Fund, Inc.
 
                 70,983
 
 
               782,943
Neuberger Berman Next Generation Connectivity Fund, Inc.
    314,620
 
 
            3,146,200
Neuberger Berman New York Municipal Fund, Inc.
 
                 61,737
 
 
               612,431
New America High Income Fund, Inc.
 
               123,071
 
 
               881,188
Nuveen Emerging Markets Debt 2022 Target Term Fund
 
                      400
 
 
                   2,652
Nuveen Multi-Asset Income Fund
 
                 20,588
 
 
               254,262
Nuveen Short Duration Credit Opportunities Fund
 
               302,479
 
 
            3,732,591
NXG NextGen Infrastructure Income Fund
 
                 12,312
 
 
               523,629
PGIM Global High Yield Fund, Inc.
 
                    176,072
 
 
            1,994,896
Saba Capital Income & Opportunities Fund
 
               559,551
 
 
            4,605,105
Templeton Global Income Fund
 
               740,030
 
 
            3,137,727
Vertical Capital Income Fund
 
               310,942
 
 
            2,855,878
Virtus Total Return Fund, Inc.
 
               266,388
 
 
            1,851,397
             
          53,759,905
Business Development Companies - 20.42%
 
 
 
 
 
Barings BDC, Inc.
 
               186,369
 
 
            1,712,731
CION Investment Corp.
 
               571,482
 
 
            5,771,968
Crescent Capital BDC, Inc.
 
               174,885
 
 
            2,444,892
First Eagle Alternative Capital BDC, Inc.
 
               281,770
 
 
            1,245,424
FS KKR Capital Corp.
 
               374,220
 
 
            7,432,009
Logan Ridge Finance Corp. (a)
 
                 81,300
 
 
            1,710,552
PhenixFIN Corp.
 
                 19,193
 
 
               657,360
Portman Ridge Finance Corp.
 
               186,047
 
 
            4,132,104
Runway Growth Finance Corp.
 
               146,811
 
 
            1,764,668
             
          26,871,708
Total Investment Companies (Cost $87,133,280)
 
 
 
 
          80,631,613
           
OTHER COMMON STOCKS - 2.30%
 
 
 
 
 
Real Estate Investment Trusts - 2.30%
 
 
 
 
 
Lument Finance Trust, Inc.
 
               311,488
 
 
               607,402
NexPoint Diversified Real Estate Trust
 
               173,018
 
 
            2,425,712
Total Other Common Stocks (Cost $3,607,558)
 
 
 
 
            3,033,114
               
LIQUIDATING TRUSTS - 0.15%
 
 
 
 
 
Copper Property CTL Pass Through Trust
 
                 15,380
 
 
               200,709
Total Liquidating Trusts (Cost $204,245)
 
 
 
 
               200,709
         
NOTES - 2.11%
         
Fossil Group, Inc., 7.000%
 
                 84,000
 
 
            1,410,360
iMedia Brands, Inc., 8.500%
 
                 56,073
 
 
               552,470
Synchronoss Technologies, Inc., 8.375%
 
                 46,470
 
 
               816,943
Total Notes (Cost $3,261,750)
 
 
 
            2,779,773
               
PREFERRED STOCKS - 13.45%
 
 
 
 
 
Closed-End Funds - 6.14%
 
 
 
 
 
OFS Credit Co, Inc. - Series E, 5.250%
 
                 60,000
 
 
            1,284,000
SuRo Capital Corp., 6.000%
 
               200,000
 
 
            4,780,000
XAI Octagon Floating Rate Alternative Income Term Trust, 6.500%
 
                 80,000
 
 
            2,013,000
 
 
 
 
 
 
 
            8,077,000
Metal Processors & Fabrication - 4.48%
 
 
 
 
 
Steel Partners Holdings LP - Series A, 6.000%
 
               258,172
 
 
            5,899,230
Real Estate Investment Trusts - 2.10%
 
 
 
 
 
Brookfield DTLA Fund Office Trust Investor, Inc. - Series A, 8.000%
 
                   1,615
 
 
                   9,448
Cedar Realty Trust, Inc. - Series B, 7.250%
 
                   5,080
 
 
                 72,644
Cedar Realty Trust, Inc. - Series C, 6.500%
 
               101,456
 
 
            1,141,380
NexPoint Diversified Real Estate Trust - Series A, 5.500%
 
                 94,082
 
 
            1,538,240
 
 
 
 
 
 
 
            2,761,712
Real Estate Operations and Development - 0.73%
 
 
 
 
 
Harbor Custom Development, Inc. - Series A, 8.000%
 
               131,166
 
 
               955,557
               
Total Preferred Stocks (Cost $21,865,224)
 
 
 
 
          17,693,499
         
 
 
 
 
Shares/Units

 
 
SPECIAL PURPOSE ACQUISITION VEHICLES - 18.11% (a)
 
 
 
 
 
AltC Acquisition Corp.
 
                 50,000
 
 
               493,000
Andretti Acquisition Corp. Units (e)
 
                 50,000
 
 
               510,500
Ares Acquisition Corp. (e)
 
                 50,000
 
 
               501,000
B Riley Principal 250 Merger Corp.
 
                 49,998
 
 
               493,980
Cartesian Growth Corp. II (e)
 
                 99,999
 
 
            1,017,990
Churchill Capital Corp. VI
 
                 34,700
 
 
               345,959
Churchill Capital Corp. VII
 
                 58,805
 
 
               587,462
Colombier Acquisition Corp.
 
                 40,500
 
 
               398,520
Concord Acquisition Corp II
 
                 16,612
 
 
               163,628
dMY Technology Group Inc VI
 
                 56,773
 
 
               564,891
Edify Acquisition Corp.
 
                 50,000
 
 
               501,500
Elliott Opportunity II Corp. (e)
 
                 49,395
 
 
               492,962
ExcelFin Acquisition Corp. Units
 
                 50,000
 
 
               505,000
Fifth Wall Acquisition Corp. III (e)
 
                 46,100
 
 
               461,000
Figure Acquisition Corp. I
 
                   7,500
 
 
                 75,300
FinTech Acquisition Corp. VI
 
                 25,000
 
 
               251,250
Forbion European Acquisition Corp. Units (e)
 
               100,000
 
 
            1,022,000
Gores Holdings VII, Inc.
 
                 15,000
 
 
               149,400
GX Acquisition Corp. II
 
                 60,000
 
 
               594,600
FTAC Hera Acquisition Corp. (e)
 
                 61,000
 
 
               611,830
HNR Acquisition Corp.
 
                 37,000
 
 
               375,920
Iris Acquisition Corp.
 
                 37,720
 
 
               377,955
Juniper II Corp.
 
               142,689
 
 
            1,452,574
Kensington Capital Acquisition Corp. V (e)
 
                 13,160
 
 
               133,442
Lakeshore Acquisition II Corp. (e)
 
                 59,500
 
 
               602,735
LAMF Global Ventures Corp. I (e)
 
                 50,000
 
 
               510,000
Landcadia Holdings IV, Inc.
 
               150,000
 
 
            1,503,945
Leo Holdings Corp.A160 II (e)
 
                 21,000
 
 
               210,525
LIV Capital Acquisition Corp. II (e)
 
                 55,500
 
 
               566,100
Longview Acquisition Corp. II
 
                 39,584
 
 
               397,424
M3-Brigade Acquisition III Corp.
 
               100,332
 
 
            1,009,340
Marlin Technology Corp. (e)
 
                 49,998
 
 
               503,980
Motive Capital Corp. II (e)
 
                 99,999
 
 
            1,013,990
Murphy Canyon Acquisition Corp.
 
                 55,500
 
 
               563,325
OPY Acquisition Corp. I
 
               100,000
 
 
               999,000
Periphas Capital Partnering Corp.
 
                 20,000
 
 
               501,000
Relativity Acquisition Corp.
 
                 21,700
 
 
               221,557
ROC Energy Acquisition Corp.
 
                 18,000
 
 
               182,700
Screaming Eagle Acquisition Corp. (e)
 
                 99,999
 
 
               983,990
Seaport Global Acquisition II Corp.
 
               100,000
 
 
            1,012,000
Swiftmerge Acquisition Corp. (e)
 
                 37,100
 
 
               373,968
Z-Work Acquisition Corp.
 
                 30,999
 
 
               311,075
Zimmer Energy Transition Acquisition Corp.
 
                 28,387
 
 
               281,599
Total Special Purpose Acquisition Vehicles (Cost $23,408,095)
 
 
 
 
          23,829,916
         
         
         
 
 
 
 
Principal
Amount
 
 
 
CORPORATE OBLIGATIONS - 0.26%
 
 
 
 
 
Lamington Road DAC (b)(d)(e)
 
 
 
 
 
9.750%, 04/07/2121
$
             491,953
 
 
                346,827
Total Convertible Bonds (Cost $346,852)
 
 
 
 
               346,827
           
       
Shares
     
RIGHTS - 0.01% (a)
 
 
 
 
 
Lakeshore Acquisition II Corp. (Expiration: November 18, 2026) (e)
 
                 59,500
 
 
                   7,140
Nocturne Acquisition Corp. (Expiration: December 26, 2025) (e)
 
                 40,000
 
 
                   2,400
ROC Energy Acquisition Corp. (Expiration: November 30, 2028)
 
                 18,000
 
 
                      911
Total Rights (Cost $30,158)
 
 
 
 
                 10,451
               
WARRANTS - 0.06% (a)
 
 
 
 
 
AGBA Group Holding Ltd.
         
Expiration: March 2027
         
Exercise Price: $11.50
 
                   36,750
 
 
                2,940
Arbor Rapha Capital Bioholdings Corp. I
         
Expiration: October 2028
         
Exercise Price: $11.50
 
                   22,400
 
 
                   403
Ares Acquisition Corp.
         
Expiration: December 2027
         
Exercise Price: $11.50 (e)
 
                   10,000
 
 
                   751
Ault Disruptive Technologies Corp.
         
Expiration: June 2023
         
Exercise Price: $11.50
 
                   48,000
 
 
                   720
B Riley Principal 250 Merger Corp.
         
Expiration: April 2028
         
Exercise Price: $11.50
 
                   16,666
 
 
                     83
BioPlus Acquisition Corp.
         
Expiration: December 2026
         
Exercise Price: $11.50 (e)
 
                   37,500
 
 
                2,085
Biote Corp.
         
Expiration: May 2027
         
Exercise Price: $11.50
 
                   11,366
 
 
                2,614
Cartesian Growth Corp. II
         
Expiration: July 2028
         
Exercise Price: $11.50 (e)
 
                   33,333
 
 
                3,667
Churchill Capital Corp. VI
         
Expiration: February 2026
         
Exercise Price: $11.50
 
                     6,940
 
 
                   196
Churchill Capital Corp. VII
         
Expiration: February 2028
         
Exercise Price: $11.50
 
                   11,761
 
 
                   353
Clarim Acquisition Corp.
         
Expiration: January 2026
         
Exercise Price: $11.50
 
                     3,333
 
 
                       1
Colombier Acquisition Corp.
         
Expiration: December 2028
         
Exercise Price: $11.50
 
                   13,500
 
 
                   756
Digital Health Acquisition Corp.
         
Expiration: November 2026
         
Exercise Price: $11.50
 
                   84,000
 
 
                7,703
FAST Acquisition Corp. II
         
Expiration: March 2026
         
Exercise Price: $11.50
 
                     7,500
 
 
                5,035
Figure Acquisition Corp. I
         
Expiration: March 2028
         
Exercise Price: $11.50
 
                     1,875
 
 
                     37
FinTech Acquisition Corp. VI
         
Expiration: March 2026
         
Exercise Price: $11.50
 
                     6,250
 
 
                       2
Fortress Value Acquisition Corp. IV
         
Expiration: March 2028
         
Exercise Price: $11.50
 
                     3,125
 
 
                       –
FTAC Hera Acquisition Corp.
         
Expiration: February 2026
         
Exercise Price: $11.50 (e)
 
                   15,250
 
 
                   820
Global Systems Dynamics, Inc.
         
Expiration: April 2026
         
Exercise Price: $11.50
 
                   25,200
 
 
                   252
Gores Holdings VII, Inc.
         
Expiration: February 2028
         
Exercise Price: $11.50
 
                     1,875
 
 
                       9
GX Acquisition Corp. II
         
Expiration: March 2026
         
Exercise Price: $11.50
 
                   20,000
 
 
              16,000
HNR Acquisition Corp.
         
Expiration: February 2026
         
Exercise Price: $11.50
 
                   37,000
 
 
                   740
IG Acquisition Corp.
         
Expiration: October 2027
         
Exercise Price: $11.50
 
                   25,000
 
 
                2,813
Industrial Human Capital, Inc.
         
Expiration: November 2026
         
Exercise Price: $11.50
 
                   47,700
 
 
                       –
Lakeshore Acquisition II Corp.
         
Expiration: November 2026
         
Exercise Price: $11.50 (e)
 
                   29,750
 
 
                2,083
LAMF Global Ventures Corp. I
         
Expiration: November 2026
         
Exercise Price: $11.50 (e)
 
                   25,000
 
 
                1,500
Landcadia Holdings IV, Inc.
         
Expiration: March 2028
         
Exercise Price: $11.50
 
                   12,500
 
 
                1,625
Leo Holdings Corp II
         
Expiration: January 2028
         
Exercise Price: $11.50 (e)
 
                     5,250
 
 
                       5
LIV Capital Acquisition Corp II
         
Expiration: February 2027
         
Exercise Price: $11.50 (e)
 
                   41,625
 
 
                2,914
Longview Acquisition Corp. II
         
Expiration: May 2026
         
Exercise Price: $11.50
 
                   10,000
 
 
                   800
M3-Brigade Acquisition III Corp.
         
Expiration: July 2028
         
Exercise Price: $11.50
 
                   33,444
 
 
                1,672
Marlin Technology Corp.
         
Expiration: January 2026
         
Exercise Price: $11.50 (e)
 
                   16,666
 
 
                   167
Medicus Sciences Acquisition Corp.
         
Expiration: February 2026
         
Exercise Price: $11.50 (e)
 
                     1,112
 
 
                     11
Motive Capital Corp. II
         
Expiration: May 2023
         
Exercise Price: $11.50 (e)
 
                   33,333
 
 
                1,667
Murphy Canyon Acquisition Corp.
         
Expiration: January 2027
         
Exercise Price: $11.50
 
                   55,500
 
 
                2,775
Northern Star Investment Corp. III
         
Expiration: February 2028
         
Exercise Price: $11.50
 
                     7,666
 
 
                     84
OPY Acquisition Corp I
         
Expiration: September 2026
         
Exercise Price: $11.50
 
                   50,000
 
 
                4,670
Periphas Capital Partnering Corp.
         
Expiration: December 2028
         
Exercise Price: $28.75
 
                     5,000
 
 
                       1
PWP Forward Acquisition Corp. I
         
Expiration: March 2026
         
Exercise Price: $11.50
 
                   21,000
 
 
                       –
Quantum FinTech Acquisition Corp.
         
Expiration: January 2026
         
Exercise Price: $11.50
 
                   33,000
 
 
                   660
Relativity Acquisition Corp.
         
Expiration: December 2029
         
Exercise Price: $11.50
 
                   21,700
 
 
                   760
Screaming Eagle Acquisition Corp.
         
Expiration: January 2027
         
Exercise Price: $11.50 (e)
 
                   33,333
 
 
                9,000
Seaport Global Acquisition II Corp.
         
Expiration: November 2026
         
Exercise Price: $11.50
 
                   50,000
 
 
                   400
Signa Sports United NV
         
Expiration: July 2023
         
Exercise Price: $11.50 (e)
 
                   10,731
 
 
                1,610
Target Global Acquisition I Corp.
         
Expiration: December 2026
         
Exercise Price: $11.50 (e)
 
                   23,633
 
 
                1,182
TG Venture Acquisition Corp.
         
Expiration: August 2028
         
Exercise Price: $11.50
 
                   74,000
 
 
                   748
Z-Work Acquisition Corp.
         
Expiration: January 2026
         
Exercise Price: $11.50
 
                   10,333
 
 
                       8
Total Warrants (Cost $464,045)
 
 
 
 
                 82,322
               
MONEY MARKET FUNDS - 2.30%
 
 
 
 
 
Fidelity Investments Money Market Funds - Government Portfolio, 3.560% (c)
 
            1,515,165
 
 
             1,515,165
STIT - Treasury Portfolio, 3.754% (c)
 
            1,515,164
 
 
            1,515,164
Total Money Market Funds (Cost $3,030,329)
 
 
 
 
            3,030,329
 
 
 
 
 
 
 
 
Total Investments (Cost $143,351,536) - 100.02%
 
 
 
        131,638,553
Liabilities in Excess of Other Assets - (0.02)%
 
 
 
               (26,184)
TOTAL NET ASSETS- 100.00%
 
 
 
$
       131,612,369

Percentages are stated as a percent of net assets.

 
(a)
Non-income producing security.
   
 
(b)
Fair valued securities. The total market value of these securities was $346,827, representing 0.26% of net assets. Value determined using significant unobservable inputs.
   
 
(c)
The rate shown represents the seven-day yield at November 30, 2022.
   
 
(d)
The coupon rate shown represents the rate at November 30, 2022.
   
 
(e)
Foreign-issued security.
   
         
 
Abbreviations:
   
 
BDC
Business Development Company.
   
 
Ltd.
Limited Liability Company.
   

The accompanying notes are an integral part of these schedule of investments.

Security valuation - Portfolio securities and other investments are valued using policies and procedures adopted by the Trustees. The Trustees have formed a Valuation
Committee to oversee the implementation of these procedures.
 
 
 
 
 
 
 
 
 
 
 
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and
are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are reported, as in the case of some
securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
 
 
 
 
 
 
 
 
 
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset
value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
 
 
 
 
 
 
 
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other
investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees. Such services or dealers determine
valuations for normal institutional size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally
recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized
as Level 2.
 
 
 
 
 
 
 
 
 
 
 
 
 
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such
markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days,
the Fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons
to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities,
will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity
and it is possible that fair value prices will be used by the Fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current
exchange rate.
 
 
 
 
 
 
 
 
 
 
 
 
 
To the extent a pricing service or dealer is unable to value a security, the security will be valued at fair value in accordance with policies and procedures approved by the Trustees.
Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations
consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S.
Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or
as Level 3 depending on the priority of the significant inputs.
 
 
 
 
 
 
 
 
 
 
 
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all
relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the
amount that the Fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith
estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
 
 
 
 
 
 
 
 
 
The Fund has adopted fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require
additional disclosures about the various input and valuation techniques used in measuring fair value. Fair value inputs are summarized in the three broad levels listed 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 following is a summary of the fair valuations according to the inputs used as of November 30, 2022 in valuing the Fund's investments:
 
 

 
 
Quoted Prices in Active
   
Significant Other
             
 
 
Markets for Identical
   
Observable Inputs
   
Unobservable Inputs
       
 
 
Investments (Level 1)
   
(Level 2)
   
(Level 3)
   
Total
 
Investment Companies
                       
Closed-End Funds
 
$
53,759,905
   
$
-
   
$
-
   
$
53,759,905
 
Business Development Companies
   
26,871,708
     
-
     
-
     
26,871,708
 
Preferred Stocks
   
16,208,790
     
1,484,709
             
17,693,499
 
Other Common Stock
   
3,033,114
                     
3,033,114
 
Liquidating Trusts
   
200,709
                     
200,709
 
Notes
   
2,779,773
     
-
     
-
     
2,779,773
 
Special Purpose Acquisition Vehicles
   
17,125,279
     
6,704,637
     
-
     
23,829,916
 
Corporate Bonds
           
-
     
346,827
     
346,827
 
Rights
   
911
     
9,540
     
-
     
10,451
 
Warrants
   
71,184
     
11,138
     
-
     
82,322
 
Money Market Funds
   
3,030,329
     
-
     
-
     
3,030,329
 
Total
 
$
123,081,702
   
$
8,210,024
   
$
346,827
   
$
131,638,553
 
 
                               
 
                               
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund’s net assets and were not considered a significant portion of the
 
fund’s portfolio.
                               
 
                               
The fair value of derivative instruments as reported within the Schedule of Investments as of November 30, 2022:
         
 
                               
Derivatives not accounted for as hedging
instruments
         
Statement of Assets & Liabilities Location
           
Value
 
Equity Contracts - Warrants
         
Investments, at value
           
$
82,322
 
 
                               
The effect of derivative instruments on the Statement of Operations for the period ended November 30, 2022:
                 
 
                               
 
 
Amount of Realized Gain on Derivatives Recognized in Income
 
Derivatives not accounted for as hedging
instruments
         
Statement of Operations Location
           
Value
 
Equity Contracts - Warrants
         
Net Realized Gain
           
$
7,864
 
 
         
on Investments
                 
 
                               
 
 
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
 
Derivatives not accounted for as hedging
instruments
         
Statement of Operations Location
           
Total
 
Equity Contracts - Warrants
         
Net change in unrealized
           
$
(41,018
)
 
         
depreciation of investments