Shares
Market
Value
RIGHTS
(Continued)
Health
Care
Equipment
and
Supplies
—
0
.1
%
27,000
Mersana
Therapeutics
Inc.
,
CVR
†
......
$
74,250
Health
Care
Providers
and
Services
—
0.0
%
28,500
Akero
Therapeutics
Inc.
,
CVR
†
........
14,250
38,284
Chinook
Therapeutics
Inc.
,
CVR
†
......
7,657
21,907
Pharmaceuticals
—
0.0
%
13,000
Paratek
Pharmaceuticals
Inc.
,
CVR
†
....
260
TOTAL
RIGHTS
...................
106,417
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
39
.0
%
$
90,330,000
U.S.
Treasury
Bills,
3.546
%
to
3.669
%
††
,
04/02/26
to
10/01/26
......................
89,835,961
TOTAL
INVESTMENTS
—
100
.0
%
.....
(Cost
$
185,325,056
)
.............
$
230,147,964
(a)
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
Geographic
Diversification
%
of
Total
Investments
Market
Value
North
America
......................
89
.1
%
$
205,054,380
Europe
..............................
8
.3
19,172,162
Japan
...............................
2
.3
5,208,144
Asia/Pacific
.........................
0
.3
713,278
Total
Investments
...................
100.0%
$
230,147,964