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)
.............
$ 675,000
CORPORATE BONDS — 3.9%
Energy and Energy Services — 0.0%
80,000
Devon Energy Corp.,
4.500%, 01/15/30
...............
78,536
Metals and Mining — 3.9%
750,000
AngloGold Ashanti Holdings plc,
3.750%, 10/01/30
...............
692,284
750,000
Freeport-McMoRan Inc.,
4.125%, 03/01/28
...............
737,761
675,000
Hecla Mining Co.,
7.250%, 02/15/28
...............
681,351
500,000
IAMGOLD Corp.,
5.750%, 10/15/28(c)
.............
488,584
1,300,000
Kinross Gold Corp.,
6.250%, 07/15/33(c)
.............
1,367,314
1,750,000
Northern Star Resources Ltd.,
6.125%, 04/11/33(c)
.............
1,810,703
5,777,997
TOTAL CORPORATE BONDS
........
5,856,533
U.S. GOVERNMENT OBLIGATIONS — 23.6%
35,540,000
U.S. Treasury Bills,
4.187% to 4.406%††, 04/10/25 to
09/18/25(d)
...................
35,244,529
TOTAL INVESTMENTS BEFORE OPTIONS
WRITTEN — 100.0%
...........
(Cost $156,069,420)
.............
$ 149,146,809
(a) Securities, or a portion thereof, with a value of $43,528,075 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 March 31, 2025, $2,000,000 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
......................
78.5%
$ 117,171,813
Asia/Pacific
.........................
10.6
15,808,320
Europe
..............................
10.4
15,470,841
South Africa
.........................
0.5
695,835
Total Investments — Long Positions
100.0%
$ 149,146,809
Short Positions
North America
......................
(3.3)%
$ (4,913,791)
Europe
..............................
(0.0) **
(71,289)
Asia/Pacific
.........................
(0.0) **
(56,688)
Total Investments — Short Positions
(3.3)%
$ (5,041,768)
* Total investments exclude options written.
** Amount represents greater than (0.05)%.