Shares
Market
Value
SECURITIES
SOLD
SHORT
—
(
0
.4
)
%
Transportation
—
(
0
.4
)
%
2,200
Union
Pacific
Corp.
........................
$
533,764
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
received
$
520,899
)
(c)
........
$
533,764
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(b)
At
March
31,
2026,
$1,000,000
of
the
principal
amount
was
reserved
and/or
pledged
with
the
custodian
for
securities
sold
short
and
forward
foreign
exchange
contracts.
(c)
At
March
31,
2026,
these
proceeds
are
being
held
at
Pershing
LLC.
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
CVR
Contingent
Value
Right
REIT
Real
Estate
Investment
Trust
Geographic
Diversification
%
of
Total
Investments
Market
Value
Long
Positions
North
America
......................
96
.9
%
$
126,894,062
Europe
..............................
3
.0
3,911,806
Latin
America
.......................
0
.1
89,186
Asia/Pacific
.........................
0.0
*
10,349
Total
Investments
—
Long
Positions
100.0%
$
130,905,403
Short
Positions
North
America
......................
(
0
.4
)
%
$
(
533,764
)
Total
Investments
—
Short
Positions
(0.4)%
$
(533,764)
*
Amount
represents
less
than
0.05%.
As
of
March
31,
2026,
forward
foreign
exchange
contracts
outstanding
were
as
follows:
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
USD
1,827,285
CAD
2,500,000
State
Street
Bank
and
Trust
Co.
04/30/26
$
27,775
USD
465,631
EUR
400,000
State
Street
Bank
and
Trust
Co.
04/30/26
2,587
TOTAL
FORWARD
FOREIGN
EXCHANGE
CONTRACTS
$
30,362