Shares
Market
Value
COMMON STOCKS (Continued)
Hotels and Gaming — 3.2%
65,000
Everi Holdings Inc.†
...............
$ 888,550
50,000
GAN Ltd.†
......................
88,500
185,000
Playa Hotels & Resorts NV†
..........
2,466,050
65,000
PlayAGS Inc.†
...................
787,150
4,230,250
Machinery — 0.1%
25,000
CFT SpA†(a)
.....................
124,349
Metals and Mining — 0.9%
178,500
First Majestic Silver Corp.
...........
1,194,165
Paper and Forest Products — 0.4%
10,280
International Paper Co.
.............
548,438
Retail — 6.6%
25,000
Bapcor Ltd.
.....................
70,608
31,500
Beacon Roofing Supply Inc.†
.........
3,896,550
225,000
Global Blue Group Holding AG†
.......
1,656,000
68,000
Nordstrom Inc.
...................
1,662,600
120,000
Walgreens Boots Alliance Inc.
........
1,340,400
8,626,158
Specialty Chemicals — 0.3%
5,500
Covestro AG†
....................
353,261
Telecommunications — 5.1%
85,000
Frontier Communications Parent Inc.†
...
3,048,100
280,000
HKBN Ltd.
......................
186,392
93,000
Juniper Networks Inc.
..............
3,365,670
50,000
Spirent Communications plc†
.........
121,747
6,721,909
Transportation — 3.3%
40,000
Abertis Infraestructuras SA†(a)
.......
152,680
185,000
Air Transport Services Group Inc.†
.....
4,151,400
4,304,080
Wireless Communications — 0.2%
713,121
NII Holdings Inc., Escrow†
...........
249,592
TOTAL COMMON STOCKS
.........
109,517,727
CLOSED-END FUNDS — 0.5%
425,000
Altaba Inc., Escrow†
...............
648,125
RIGHTS — 0.3%
Computer Software and Services — 0.0%
1,000
Flexion Therapeutics Inc., CVR†
.......
100
Health Care — 0.2%
21,000
ABIOMED Inc., CVR†
...............
33,600
Shares
Market
Value
104,000
Adamas Pharmaceuticals Inc., CVR†
....
$ 1,300
104,000
Adamas Pharmaceuticals Inc., CVR†
....
1,300
40,000
Akouos Inc., CVR†
................
20,000
6,000
Albireo Pharma Inc., CVR†
...........
13,500
25,000
Alimera Sciences Inc., CVR†
.........
250
79,391
Ambit Biosciences Corp., CVR†(a)
.....
0
64,000
Chinook Therapeutics Inc., CVR†
......
32,000
4,000
CinCor Pharma Inc., CVR†
...........
12,000
25,000
Decibel Therapeutics Inc., CVR†(a)
.....
0
28,000
Epizyme Inc., CVR†
................
560
60,000
Fusion Pharmaceuticals Inc., CVR†
.....
30,000
500,000
Gracell Biotechnologies Inc., CVR†
.....
20,000
30,000
Icosavax Inc., CVR†
...............
9,000
300,000
Innocoll, CVR†(a)
.................
0
10,000
Mirati Therapeutics Inc., CVR†
........
5,000
23,000
Ocera Therapeutics, CVR†
...........
2
3,000
Opiant Pharmaceuticals Inc., CVR†
.....
1,500
100,000
Paratek Pharmaceuticals Inc., CVR†
....
2,000
41,797
Poseida Therapeutics Inc., CVR†
......
20,899
3,000
Prevail Therapeutics Inc., CVR†
.......
600
2,000
Radius Health Inc., CVR†(a)
..........
0
1,000
Sigilon Therapeutics Inc., CVR†
.......
7,550
211,061
Metals and Mining — 0.1%
10,000
Kinross Gold Corp., CVR†(a)
.........
0
419,000
Pan American Silver Corp., CVR†
......
179,081
179,081
Paper and Forest Products — 0.0%
24,000
Resolute Forest Products Inc., CVR†
....
36,000
TOTAL RIGHTS
................
426,242
Principal
Amount
U.S. GOVERNMENT OBLIGATIONS — 15.5%
$ 20,540,000
U.S. Treasury Bills,
4.227% to 4.312%††, 05/29/25 to
08/28/25(b)
...................
20,307,825
TOTAL INVESTMENTS BEFORE
SECURITIES SOLD SHORT — 100.0%
(Cost $129,780,786)
.............
$ 130,899,919
Shares
Market
Value
SECURITIES SOLD SHORT — (6.8)%
Aerospace — (0.2)%
1,300
The Boeing Co.
.............................
$ 221,715
Containers and Packaging — (0.4)%
58,000
Amcor plc
..................................
562,600