Shares
Market
Value
CONVERTIBLE
PREFERRED
STOCKS
—
0.1%
Automotive:
Parts
and
Accessories
—
0.1%
21,734
Garrett
Motion
Inc.,
Ser.
A,
11.000%
.....................
$
179,958
MANDATORY
CONVERTIBLE
SECURITIES(b)
—
0.3%
Health
Care
—
0.3%
6,000
Avantor
Inc.,
Ser.
A,
6.250%,
05/15/22
...............
621,180
RIGHTS
—
0.0%
Energy
and
Utilities:
Services
—
0.0%
13,750
Pineapple
Holdings
Inc.,
CVR†
........
0
Health
Care
—
0.0%
45,000
Achillion
Pharmaceuticals
Inc.,
CVR†
...
22,500
1,500
Tobira
Therapeutics
Inc.,
CVR†(c)
......
0
22,500
TOTAL
RIGHTS
................
22,500
WARRANTS
—
0.0%
Diversified
Industrial
—
0.0%
64,000
Ampco-Pittsburgh
Corp.,
expire
08/01/25†
52,166
Energy
and
Utilities:
Services
—
0.0%
539
Weatherford
International
plc,
expire
12/13/23†
.....................
324
TOTAL
WARRANTS
..............
52,490
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
9.4%
$
17,100,000
U.S.
Treasury
Bills,
0.055%
to
1.056%††,
04/07/22
to
09/29/22
......................
17,086,022
TOTAL
INVESTMENTS
—
100.0%
....
(Cost
$136,198,896)
.............
$
182,810,163
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
This
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
(b)
Mandatory
convertible
securities
are
required
to
be
converted
on
the
dates
listed;
they
generally
may
be
converted
prior
to
these
dates
at
the
option
of
the
holder.
(c)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
CVR
Contingent
Value
Right
REIT
Real
Estate
Investment
Trust
SDR
Swedish
Depositary
Receipt
Geographic
Diversification
%
of
Total
Investments
Market
Value
United
States
........................
54.7
%
$
100,013,239
Europe
..............................
31.1
56,934,590
Japan
...............................
6.1
11,152,631
Canada
..............................
4.3
7,844,355
Latin
America
.......................
2.0
3,614,297
Asia/Pacific
.........................
1.8
3,251,051
Total
Investments
...................
100.0%
$
182,810,163