Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
—
0
.5
%
Metals
and
Mining
—
0
.5
%
$
750,000
Allied
Gold
Corp.
,
8.750
%
,
09/07/28
(c)
.............
$
746,250
CORPORATE
BONDS
—
4
.4
%
Energy
and
Energy
Services
—
0
.1
%
80,000
Devon
Energy
Corp.
,
4.500
%
,
01/15/30
...............
79,279
Metals
and
Mining
—
4
.3
%
750,000
AngloGold
Ashanti
Holdings
plc
,
3.750
%
,
10/01/30
...............
695,628
750,000
Freeport-McMoRan
Inc.
,
4.125
%
,
03/01/28
...............
745,559
675,000
Hecla
Mining
Co.
,
7.250
%
,
02/15/28
...............
688,937
500,000
IAMGOLD
Corp.
,
5.750
%
,
10/15/28
(c)
.............
494,988
1,300,000
Kinross
Gold
Corp.
,
6.250
%
,
07/15/33
(c)
.............
1,409,977
500,000
New
Gold
Inc.
,
7.500
%
,
07/15/27
(c)
.............
510,386
1,750,000
Northern
Star
Resources
Ltd.
,
6.125
%
,
04/11/33
(c)
.............
1,843,467
6,388,942
TOTAL
CORPORATE
BONDS
..........
6,468,221
U.S.
GOVERNMENT
OBLIGATIONS
—
25
.0
%
37,533,000
U.S.
Treasury
Bills,
4.511
%
to
5.298
%
††
,
10/17/24
to
03/20/25
(d)
...................
37,210,716
TOTAL
INVESTMENTS
BEFORE
OPTIONS
WRITTEN
—
100
.0
%
.............
(Cost
$
157,454,914
)
.............
$
148,628,356
(a)
Securities,
or
a
portion
thereof,
with
a
value
of
$39,814,096
were
deposited
with
the
broker
as
collateral
for
options
written.
(b)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(c)
Securities
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)
At
September
30,
2024,
$7,000,000
of
the
principal
amount
was
pledged
as
collateral
for
options
written.
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
Geographic
Diversification
%
of
Total
Investments
*
Market
Value
Long
Positions
North
America
......................
79
.7
%
$
118,525,996
Asia/Pacific
.........................
10
.1
14,934,991
Europe
..............................
9
.9
14,674,634
South
Africa
.........................
0
.3
492,735
Total
Investments
—
Long
Positions
100.0%
$
148,628,356
Short
Positions
North
America
......................
(
2
.9
)
%
$
(
4,280,085
)
Europe
..............................
(0.0)
**
(
13,549
)
Total
Investments
—
Short
Positions
(2.9)%
$
(4,293,634)
*
Total
investments
exclude
options
written.
**
Amount
represents
greater
than
(0.05)%.