Shares
Market
Value
COMMON
STOCKS
(Continued)
Specialty
Chemicals
(Continued)
8,900
Yara
International
ASA
..............
$
325,159
3,388,713
TOTAL
COMMON
STOCKS
...........
134,971,324
Principal
Amount
CONVERTIBLE
CORPORATE
BONDS
—
0
.4
%
Metals
and
Mining
—
0
.4
%
$
750,000
Allied
Gold
Corp.
,
8.750
%
,
09/07/28
(c)
.............
675,000
CORPORATE
BONDS
—
3
.5
%
Energy
and
Energy
Services
—
0
.1
%
80,000
Devon
Energy
Corp.
,
4.500
%
,
01/15/30
...............
80,147
Metals
and
Mining
—
3
.4
%
750,000
AngloGold
Ashanti
Holdings
plc
,
3.750
%
,
10/01/30
...............
715,875
750,000
Freeport-McMoRan
Inc.
,
4.125
%
,
03/01/28
...............
745,833
374,000
Hecla
Mining
Co.
,
7.250
%
,
02/15/28
...............
377,683
500,000
IAMGOLD
Corp.
,
5.750
%
,
10/15/28
(c)
.............
499,810
1,300,000
Kinross
Gold
Corp.
,
6.250
%
,
07/15/33
(c)
.............
1,419,510
1,750,000
Northern
Star
Resources
Ltd.
,
6.125
%
,
04/11/33
(c)
.............
1,853,340
5,612,051
TOTAL
CORPORATE
BONDS
..........
5,692,198
U.S.
GOVERNMENT
OBLIGATIONS
—
14
.4
%
23,955,000
U.S.
Treasury
Bills,
3.786
%
to
4.291
%
††
,
10/16/25
to
03/19/26
(d)
...................
23,806,239
TOTAL
INVESTMENTS
BEFORE
OPTIONS
WRITTEN
—
100
.0
%
.............
(Cost
$
146,327,456
)
.............
$
165,144,761
(a)
Securities,
or
a
portion
thereof,
with
a
value
of
$47,152,099
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,
2025,
$10,260,000
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
......................
77
.3
%
$
127,689,842
Europe
..............................
11
.4
18,858,382
Asia/Pacific
.........................
11
.0
18,160,153
South
Africa
.........................
0
.3
436,384
Total
Investments
—
Long
Positions
100.0%
$
165,144,761
Short
Positions
North
America
......................
(
6
.6
)
%
$
(
10,931,858
)
Asia/Pacific
.........................
(
0
.2
)
(
340,507
)
Europe
..............................
(
0
.1
)
(
113,772
)
Total
Investments
—
Short
Positions
(6.9)%
$
(11,386,137)
*
Total
investments
exclude
options
written.