Principal
Amount
Market
Value
CONVERTIBLE
CORPORATE
BONDS
—
0
.9
%
Metals
and
Mining
—
0
.9
%
$
750,000
Allied
Gold
Corp.
,
8.750
%
,
09/07/28
(b)
.............
$
1,505,648
CORPORATE
BONDS
—
3
.2
%
Energy
and
Energy
Services
—
0
.1
%
80,000
Devon
Energy
Corp.
,
4.500
%
,
01/15/30
...............
79,756
Metals
and
Mining
—
3
.1
%
750,000
AngloGold
Ashanti
Holdings
plc
,
3.750
%
,
10/01/30
...............
726,941
750,000
Freeport-McMoRan
Inc.
,
4.125
%
,
03/01/28
...............
744,884
374,000
Hecla
Mining
Co.
,
7.250
%
,
02/15/28
...............
373,955
500,000
IAMGOLD
Corp.
,
5.750
%
,
10/15/28
(b)
.............
497,878
1,300,000
Kinross
Gold
Corp.
,
6.250
%
,
07/15/33
(b)
.............
1,386,628
1,750,000
Northern
Star
Resources
Ltd.
,
6.125
%
,
04/11/33
(b)
.............
1,811,313
5,541,599
TOTAL
CORPORATE
BONDS
..........
5,621,355
U.S.
GOVERNMENT
OBLIGATIONS
—
17
.6
%
31,450,000
U.S.
Treasury
Bills,
3.607
%
to
3.781
%
††
,
04/23/26
to
06/25/26
(c)
....................
31,278,177
TOTAL
INVESTMENTS
BEFORE
OPTIONS
WRITTEN
—
100
.0
%
.............
(Cost
$
155,777,138
)
.............
$
177,282,472
(a)
Securities,
or
a
portion
thereof,
with
a
value
of
$50,990,868
were
deposited
with
the
broker
as
collateral
for
options
written.
(b)
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.
(c)
At
March
31,
2026,
$6,775,000
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
......................
78
.7
%
$
139,487,988
Europe
..............................
11
.7
20,739,465
Asia/Pacific
.........................
9
.2
16,369,479
South
Africa
.........................
0
.4
685,540
Total
Investments
—
Long
Positions
100.0%
$
177,282,472
Short
Positions
North
America
......................
(
6
.6
)
%
$
(
11,656,425
)
Europe
..............................
(
0
.2
)
(
255,199
)
Asia/Pacific
.........................
(0.0)
**
(
61,904
)
Total
Investments
—
Short
Positions
(6.8)%
$
(11,973,528)
*
Total
investments
exclude
options
written.
**
Amount
represents
greater
than
(0.05)%.