N-Q 1 dni.htm dni.htm

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act File Number:  811-08747
 
DIVIDEND AND INCOME FUND
(Exact name of registrant as specified in charter)
 
11 Hanover Square, 12th Floor
New York, NY
10005
(Address of principal executive offices)
(Zip Code)


John F. Ramírez, Esq.
Dividend and Income Fund
11 Hanover Square
New York, NY 10005
(Name and address of agent for service)

Registrant's telephone number, including area code: 1-212-785-0900

 
 
Date of Fiscal Year End:   December 31
 
Date of Reporting Period:  September 30, 2014
 


 
1

 
 
Item 1. Schedule of Investments
   
DIVIDEND AND INCOME FUND
     
   
SCHEDULE OF PORTFOLIO INVESTMENTS
     
   
September 30, 2014
     
   
(Unaudited)
     
           
Shares
     
Value
 
   
Common Stocks (88.13%)
     
   
Agricultural Chemicals (1.06%)
     
  45,000  
Potash Corporation of Saskatchewan Inc.
  $ 1,555,200  
               
     
Arrangement of Transportation of Freight & Cargo (1.13%)
       
  25,000  
C.H. Robinson Worldwide, Inc.
    1,658,000  
               
     
Beverages (2.45%)
       
  45,000  
Coca-Cola Company (a)
    1,919,700  
  18,000  
PepsiCo, Inc. (a)
    1,675,620  
            3,595,320  
               
     
Biological Products (1.16%)
       
  12,100  
Amgen Inc. (a)
    1,699,566  
               
     
Cable & Other Pay Television Services (1.93%)
       
  32,500  
Rogers Communications Inc.
    1,216,150  
  21,400  
Time Warner Inc. (a)
    1,609,494  
            2,825,644  
               
     
Cigarettes (0.57%)
       
  10,000  
Philip Morris International, Inc. (a)
    834,000  
               
     
Commercial Banks (1.81%)
       
  149,000  
Banco Santander (Brasil) S.A.
    974,460  
  60,000  
Westpac Banking Corporation
    1,686,600  
            2,661,060  
               
     
Computer Communications Equipment (1.46%)
       
  85,000  
Cisco Systems, Inc. (a)
    2,139,450  
               
     
Construction, Mining & Materials Handling Machinery & Equipment (0.74%)
       
  13,500  
Dover Corp. (a)
    1,084,455  
               
     
Crude Petroleum & Natural Gas (5.18%)
       
  16,000  
Apache Corporation
    1,501,920  
  55,000  
Canadian Natural Resources Limited
    2,136,200  
  30,000  
Devon Energy Corporation
    2,045,400  
  20,000  
Occidental Petroleum Corporation (a)
    1,923,000  
            7,606,520  
               
     
Deep Sea Foreign Transportation of Freight (0.73%)
       
  50,000  
Seaspan Corp. (a)
    1,075,000  
               
     
Dolls & Stuffed Toys (0.52%)
       
  25,000  
Mattel, Inc. (a)
    766,250  
               
     
Drilling Oil & Gas Wells (0.73%)
       
  33,700  
Transocean Ltd.
    1,077,389  
               
     
Electric Services (2.42%)
       
  11,000  
Entergy Corp. (a)
    850,630  
  18,600  
FirstEnergy Corp. (a)
    624,402  
  47,500  
Southern Company (a)
    2,073,375  
            3,548,407  
               
     
Electromedical & Electrotherapeutic Apparatus (0.85%)
       
  20,200  
Medtronic, Inc. (a)
    1,251,390  
               
     
Electronic & Other Electrical Equipment (1.95%)
       
  111,900  
General Electric Company (a)
    2,866,878  
               
     
Electronic & Other Services Combined (2.27%)
       
  51,500  
Exelon Corp. (a)
    1,755,635  
  35,000  
PG&E Corp. (a)
    1,576,400  
            3,332,035  
               
     
Farm Machinery & Equipment (1.75%)
       
  25,000  
AGCO Corporation
    1,136,500  
  17,500  
Deere & Company
    1,434,825  
            2,571,325  
               
     
Fire, Marine & Casualty Insurance (2.73%)
       
  20,000  
Ace Ltd. (a)
    2,097,400  
  40,000  
W.R. Berkley Corporation
    1,912,000  
            4,009,400  
               
     
Food & Kindred Products (0.73%)
       
  25,000  
Campbell Soup Co. (a)
    1,068,250  
               
     
Hospital & Medical Service Plans (1.39%)
       
  17,100  
WellPoint, Inc.
    2,045,502  
               
     
Household Audio & Video Equipment (0.12%)
       
  6,750  
Knowles Corporation
    178,875  
               
     
Leather & Leather Products (0.73%)
       
  30,000  
Coach, Inc.
    1,068,300  
               
     
Life Insurance (1.46%)
       
  40,000  
MetLife, Inc. (a)
    2,148,800  
               
     
Metal Mining (1.17%)
       
  35,000  
Rio Tinto PLC ADR
    1,721,300  
               
     
Mining Machinery & Equipment (1.02%)
       
  27,500  
Joy Global Inc.
    1,499,850  
               
     
Miscellaneous Food Preparations & Kindred Products (0.91%)
       
  20,000  
McCormick & Company, Incorporated
    1,338,000  
               
     
Motor Vehicle Parts & Accessories (1.59%)
       
  25,000  
Honeywell International, Inc. (a)
    2,328,000  
               
     
Motor Vehicles & Passenger Car Bodies (2.11%)
       
  120,000  
Ford Motor Company
    1,774,800  
  41,500  
General Motors Company
    1,325,510  
            3,100,310  
               
     
National Commercial Banks (3.30%)
       
  20,200  
Capital One Financial Corporation
    1,648,724  
  39,000  
U.S. Bancorp
    1,631,370  
  30,000  
Wells Fargo & Company
    1,556,100  
            4,836,194  
               
     
Natural Gas Transmission (1.10%)
       
  42,000  
Kinder Morgan, Inc.
    1,610,280  
               
     
Natural Gas Transmission & Distribution (1.10%)
       
  41,000  
Spectra Energy Corp.
    1,609,660  
               
     
Oil & Gas Field Machinery & Equipment (1.10%)
       
  19,200  
National Oilwell Varco, Inc.
    1,461,120  
  4,800  
NOW Inc.
    145,968  
            1,607,088  
               
     
Periodicals:  Publishing or Publishing & Printing (0.04%)
       
  2,675  
Time Inc.
    62,675  
               
     
Petroleum Refining (3.70%)
       
  15,000  
Chevron Corp. (a)
    1,789,800  
  11,000  
ConocoPhillips (a)
    841,720  
  16,500  
Exxon Mobil Corp. (a)
    1,551,825  
  5,500  
Phillips 66 (a)
    447,205  
  21,800  
Suncor Energy Inc.
    788,070  
            5,418,620  
               
     
Pharmaceutical Preparations (5.14%)
       
  23,100  
Johnson & Johnson (a)
    2,462,229  
  40,300  
Merck & Co., Inc. (a)
    2,388,984  
  37,924  
Pfizer Inc.
    1,121,413  
  27,900  
Sanofi ADR (a)
    1,574,397  
            7,547,023  
               
     
Pipelines (1.47%)
       
  45,000  
Enbridge Inc.
    2,154,600  
               
     
Plastic Mail, Synth Resin/Rubber, Cellulose (1.12%)
       
  50,000  
Rayonier Advanced Materials Inc.
    1,645,500  
               
     
Printed Circuit Boards (1.13%)
       
  110,000  
Kimball International Inc. Class B
    1,655,500  
               
     
Radio & TV Broadcasting & Communications Equipment (1.03%)
       
  45,600  
NTT DOCOMO, INC.
    763,344  
  10,000  
QUALCOMM, Incorporated (a)
    747,700  
            1,511,044  
               
     
Railroads, Line-Haul Operating (3.51%)
       
  108,500  
CSX Corp. (a)
    3,478,510  
  15,000  
Norfolk Southern Corp.
    1,674,000  
            5,152,510  
     
Real Estate (0.63%)
       
  50,000  
NorthStar Asset Management Group Inc.
    921,000  
               
     
Retail - Department Stores (1.20%)
       
  28,600  
Kohl's Corporation
    1,745,458  
               
     
Retail - Eating Places (1.20%)
       
  18,500  
McDonald's Corp. (a)
    1,753,985  
               
     
Retail - Variety Stores (1.70%)
       
  16,000  
Target Corp. (a)
    1,002,880  
  19,400  
Wal-Mart Stores, Inc.
    1,483,518  
            2,486,398  
               
     
Savings Institution, Federally Chartered (0.60%)
       
  60,000  
People's United Financial, Inc. (a)
    868,200  
               
     
Services - Business Services (2.12%)
       
  83,000  
The Western Union Company (a)
    1,331,320  
  135,000  
Xerox Corporation
    1,786,050  
            3,117,370  
               
     
Services - Medical Laboratories (1.16%)
       
  28,000  
Quest Diagnostics Incorporated
    1,699,040  
               
     
Services - Miscellaneous Repair Services (0.02%)
       
  756  
Aquilex Holdings LLC Units (b)
    34,393  
               
     
Services - Prepackaged Software (2.12%)
       
  30,000  
Microsoft Corporation (a)
    1,390,800  
  45,000  
Oracle Corporation
    1,722,600  
            3,113,400  
               
     
Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics (1.03%)
       
  18,000  
The Procter & Gamble Company (a)
    1,507,320  
               
     
Specialty Cleaning, Polishing and Sanitation Preparations (1.11%)
       
  17,000  
Clorox Co. (a)
    1,632,680  
               
     
Surety Insurance (0.97%)
       
  100,000  
Old Republic International Corp.
    1,428,000  
               
     
Surgical & Medical Instruments & Apparatus (2.15%)
       
  27,000  
Baxter International Inc. (a)
    1,937,790  
  10,700  
Becton, Dickinson and Company
    1,217,767  
            3,155,557  
               
     
Telephone Communications (2.70%)
       
  43,000  
CenturyLink, Inc.
    1,758,270  
  150,000  
Orange ADR
    2,211,000  
            3,969,270  
               
     
Title Insurance (1.20%)
       
  65,000  
First American Financial Corporation
    1,762,800  
               
     
Water Transportation (0.65%)
       
  23,800  
Carnival Corp. (a)
    956,046  
               
     
Wholesale - Groceries & Related Products (1.16%)
       
  45,000  
Sysco Corp.
    1,707,750  
               
     
Total common stocks (Cost $107,322,001)
    129,323,837  
               
Principal
           
Amount
           
     
Corporate Bonds and Notes (1.97%)
       
     
Cable & Other Pay Television Services (0.36%)
       
  500,000  
CCO Holdings LLC, 7.00%, 1/15/19 (a)
    520,625  
               
     
Cogeneration Services & Small Power Producers (0.33%)
       
  450,000  
Covanta Holding Corp., 7.25%, 12/1/20 (a)
    481,500  
               
     
Electric Services (0.41%)
       
  541,411  
Elwood Energy LLC, 8.159%, 7/5/26 (a)
    607,734  
               
     
Hospital & Medical Service Plans (0.18%)
       
  250,000  
Health Net, Inc., 6.375%, 6/1/17 (a)
    270,625  
               
     
Oil & Gas Field Exploration Services (0.12%)
       
  169,000  
CGG-Veritas, 7.75%, 5/15/17 (a)
    170,267  
               
     
Special Industry Machinery (0.35%)
       
  500,000  
Novelis, Inc., 8.375%, 12/15/17 (a)
    520,625  
               
     
Wholesale - Electronic Parts & Equipment, NEC (0.22%)
       
  300,000  
Brightstar Corp., 9.50%, 12/1/16 (a) (c)
    319,125  
               
     
Total corporate bonds and notes (Cost $2,740,966)
    2,890,501  
               
Shares
           
     
Real Estate Investment Trusts  (4.30%)
       
  34,500  
HCP, Inc.
    1,369,995  
  22,500  
Health Care REIT, Inc.
    1,403,325  
  22,650  
Mid-America Apartment Communities, Inc.
    1,486,972  
  200,000  
New Residential Investment Corp.
    1,166,000  
  50,000  
NorthStar Realty Finance Corp.
    883,500  
               
     
Total real estate investment trusts (Cost $5,933,690)
    6,309,792  
               
Units
           
     
Reorganization Interests (0.06%)
       
  676,935  
EME Reorganization Trust (d)
    93,146  
  813,527  
Penson Technologies LLC  (b) (d)
    0  
               
     
Total reorganization interests  (Cost $ 0 )
    93,146  
               
Shares
           
     
Master Limited Partnerships (1.10%)
       
     
Natural Gas Transmission (1.10%)
       
  40,000  
Enterprise Products Partners LP (a) (Cost $374,214)
    1,612,000  
               
     
Preferred Stocks (1.45%)
       
     
Financial (1.45%)
       
  79,469  
Annaly Capital Management, Inc., 7.625% Series C
    1,951,759  
  7,473  
Hatteras Financial Corp., 7.625% Series A
    177,110  
  80,000  
Solar Cayman Ltd. (a) (b) (d)
    0  
               
     
Total preferred stocks (Cost $2,515,814)
    2,128,869  
               
     
Money Market Fund (2.86%)
       
  4,191,147  
SSgA Money Market Fund, 7 day annualized yield 0.00% (Cost $4,191,147)
    4,191,147  
               
     
Total investments (Cost $123,077,832) (99.87%)
    146,549,292  
               
     
Cash and other assets in excess of liabilities (0.13%)
    186,385  
               
     
Net assets (100.00%)
  $ 146,735,677  
               
(a) All or a portion of these securities have been segregated as collateral pursuant to the bank credit facility. As of
 
September 30, 2014, the value of securities pledged as collateral was $51,002,350 and there were no securities
 
on loan under the lending agreement.
       
(b) Illiquid and/or restricted security that has been fair valued.
       
(c) These securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These
 
securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
 
(d) Non-income producing.
       
               
ADR
 
American Depositary Receipt
       
LLC
 
Limited Liability Company
       
LP
 
Limited Partnership
       
PLC
 
Public Limited Company
       


 
2

 

Notes to Schedule of Portfolio Investments (Unaudited)

Valuation of Investments
Portfolio securities are valued by various methods depending on the primary market or exchange on which they trade. Most equity securities for which the primary market is in the United States are valued at the official closing price, last sale price or, if no sale has occurred, at the closing bid price. Most equity securities for which the primary market is outside the United States are valued using the official closing price or the last sale price in the principal market in which they are traded. If the last sale price on the local exchange is unavailable, the last evaluated quote or closing bid price normally is used. Debt obligations with remaining maturities of 60 days or less generally are valued at cost adjusted for amortization of premiums and accretion of discounts when it can be reasonably concluded, at each time a valuation is determined, that the amortized cost value of such security is approximately the same as the fair value of the security as determined without the use of amortized cost valuation.  Certain debt securities may be priced through pricing services that may utilize a matrix pricing system which takes into consideration factors such as yields, prices, maturities, call features, and ratings on comparable securities or according to prices quoted by a securities dealer that offers pricing services. Open end investment companies are valued at their net asset value. Securities for which market quotations are not readily available or reliable and other assets may be valued as determined in good faith by Bexil Advisers LLC, the Funds's Investment Manager, under the direction of or pursuant to procedures approved by the Fund’s Board of Trustees. Due to the inherent uncertainty of valuation, such fair value pricing values may differ from the values that would have been used had a readily available market for the securities existed. These differences in valuation could be material. A security’s valuation may differ depending on the method used for determining value. The use of fair value pricing by the Fund may cause the net asset value of its shares to differ from the net asset value that would be calculated using market prices. A fair value price is an estimate and there is no assurance that such price will be at or close to the price at which a security is next quoted or next trades.

Value Measurements
Inputs to valuation methods are prioritized by a three level hierarchy as follows:
 
• Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities including securities actively traded on a securities exchange.
 
• Level 2 -  observable inputs other than quoted prices included in level 1 that are observable for the asset or liability which may include quoted 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 including the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for investments categorized in level 3.
 
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
 
The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.
 
The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis:
 
 
3

 
 
Equity securities (common and preferred stock) – Most publicly traded equity securities are valued normally at the most recent official closing price, last sale price, evaluated quote, or closing bid price. To the extent these securities are actively traded and valuation adjustments are not applied, they may be categorized in level 1 of the fair value hierarchy. Equities on inactive markets or valued by reference to similar instruments may be categorized in level 2.
 
Corporate bonds and notes – The fair value of corporate bonds and notes are normally estimated using various techniques which may consider, among other things, recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. Although most corporate bonds and notes may be categorized in level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they may be categorized in level 3.
 
Restricted and/or illiquid securities – Restricted and/or illiquid securities for which quotations are not readily available or reliable may be valued with fair value pricing as determined in good faith by the Investment Manager under the direction of or pursuant to procedures approved by the Fund’s Board of Trustees. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted or illiquid securities issued by nonpublic entities may be valued by reference to comparable public entities or fundamental data relating to the issuer or both or similar inputs. Depending on the relative significance of valuation inputs, these instruments may be categorized in either level 2 or level 3 of the fair value hierarchy.
 
Derivative instruments – Exchange traded derivatives, such as equity option contracts, may be valued based on quoted prices from the exchange and may be categorized in level 1 of the fair value hierarchy.
 
The following is a summary of the inputs used as of September 30, 2014 in valuing the Fund’s assets. Refer to the Schedule of Portfolio Investments (unaudited) for detailed information on specific investments.

 
    Level 1     Level 2     Level 3     Total  
 Assets                        
   Investments at value                        
     Common stocks   $ 129,289,444     $ -     $ 34,393     $ 129,323,837  
     Corporate bonds and notes     -       2,890,501       -       2,890,501  
     Real estate investment trusts     6,309,792       -       -       6,309,792  
     Reorganization interests     93,146       -       -       93,146  
     Master limited partnerships     1,612,000       -       -       1,612,000  
     Preferred stocks     2,128,869       -       -       2,128,869  
     Money market fund     4,191,147       -       -       4,191,147  
   Total investments at value   $ 143,624,398     $ 2,890,501     $ 34,393     $ 146,549,292  
 
There were no securities transferred from level 1 on December 31, 2013 to level 2 on September 30, 2014.
 
 
4

 

 
The following is a reconciliation of level 3 assets including securities valued at zero:
   
Common Stocks
   
Reorganization Interests
   
Preferred Stocks
   
Total
 
                         
Balance at December 31, 2013
  $ 130,086     $ -     $ 0     $ 130,086  
                                 
Proceeds from sales
    -       -       -       -  
Realized loss
    -       -       -       -  
Transfers into (out of) level 3
    -       0       -       -  
Change in unrealized depreciation
    (95,693 )     -       -       (95,693 )
                                 
Balance at September 30, 2014
  $ 34,393     $ 0     $ 0     $ 34,393  
                                 
Net change in unrealized depreciation attributable to assets still held as level 3 at September 30, 2014
  $ (95,693 )   $ 0     $ -     $ (95,693 )
                                 

The Investment Manager, under the direction of the Fund’s Board of Trustees, considers various valuation approaches for valuing assets categorized within level 3 of the fair value hierarchy. The factors used in determining the value of such assets may include, but are not limited to: the discount applied due to the private nature of the asset; the type of the security; the size of the asset; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer or analysts; an analysis of the company’s or issuer’s financial statements; or an evaluation of the forces that influence the issuer and the market in which the asset is purchased and sold. Significant changes in any of those inputs in isolation may result in a significantly lower or higher fair value measurement. The pricing of all fair value assets is normally reported to the Fund’s Board of Trustees.
 
The following table presents additional information about valuation methodologies and inputs used for assets that are measured at fair value and categorized as level 3 as of September 30, 2014:

September 30, 2014
 
Fair Value
 
Valuation Technique
Unobservable Input
 
Range
 
                 
Common Stocks
               
    Services - Miscellaneous Repair Services
  $ 34,393  
Share of taxable income and comparable exchange offer
Discount rate for lack of marketability
    35 %
                     
Reorganization Interests
  $ 0  
Cost; last known market value for predecessor securities; estimated recovery on liquidation
Discount rate for lack of marketability
    100 %
                     
Preferred stock
                   
    Financial
  $ 0  
Most recently reported net asset value
Discount rate for lack of marketability
    100 %
 
Cost for Federal Income Tax Purposes
As of September 30, 2014, for federal income tax purposes, subject to change, the aggregate cost of securities was $123,077,832 and net unrealized appreciation was $23,471,460, comprised of gross unrealized appreciation of $27,776,405 and gross unrealized depreciation of $4,304,945. The aggregate cost of investments for tax purposes will depend upon the Fund’s investment experience during the entirety of its fiscal year and may be subject to changes based on tax regulations.
 
 
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Illiquid and Restricted Securities 
The Fund owns securities which have a limited trading market and/or certain restrictions on trading and, therefore, may be illiquid and/or restricted. Such securities have been valued using fair value pricing. Due to the inherent uncertainty of valuation, fair value pricing values may differ from the values that would have been used had a readily available market for the securities existed. These differences in valuation could be material. Illiquid and/or restricted securities owned as of September 30, 2014 were as follows:

 
 
Acquisition
           
 
Date
 
Cost
   
Value
 
               
Aquilex Holdings LLC
12/23/09
  $ 496,372     $ 34,393  
Penson Technologies LLC
4/9/14
    0       0  
Solar Cayman Ltd.
3/7/07
    568,802       0  
                   
      $ 1,065,174     $ 34,393  
                   
Percent of net assets
      0.73 %     0.02 %



 
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Item 2.  Controls and Procedures

(a)  
The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

(b)  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits

(a)  
Certifications of the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(a) under the 1940 Act.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dividend and Income Fund

By: /s/ Thomas B. Winmill
Thomas B. Winmill, President

Date: November 11, 2014
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Thomas B. Winmill
Thomas B. Winmill, President

Date: November 11, 2014
 
By: /s/ Thomas O'Malley
Thomas O'Malley, Chief Financial Officer

Date: November 11, 2014
 
 
EXHIBIT INDEX
 
(a) Certifications of the registrant's principal executive and principal financial officer as required by Rule 30a-2(a) under the 1940 Act. (EX-99.CERT)

 

 
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