Principal
Amount
Market
Value
U.S.
GOVERNMENT
OBLIGATIONS
—
8
.0
%
$
76,580,000
U.S.
Treasury
Bills,
3.906
%
to
4.291
%
††
,
10/23/25
to
12/26/25
(d)
...................
$
76,165,962
TOTAL
INVESTMENTS
BEFORE
OPTIONS
WRITTEN
—
100
.0
%
.............
(Cost
$
783,641,318
)
.............
$
951,340,063
(a)
Securities,
or
a
portion
thereof,
with
a
value
of
$269,082,650
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,
$23,810,000
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
......................
74
.5
%
$
708,294,785
Asia/Pacific
.........................
12
.9
122,399,007
Europe
..............................
12
.0
114,620,815
South
Africa
.........................
0
.6
6,025,456
Total
Investments
—
Long
Positions
100.0%
$
951,340,063
Short
Positions
North
America
......................
(
8
.1
)
%
$
(
77,366,603
)
Asia/Pacific
.........................
(
0
.3
)
(
2,552,420
)
Europe
..............................
(0.0)
**
(
224,492
)
Total
Investments
—
Short
Positions
(8.4)%
$
(80,143,515)
*
Total
investments
exclude
options
written.
**
Amount
represents
greater
than
(0.05)%.
As
of
September
30,
2025,
options
written
outstanding
were
as
follows:
Description
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
OTC
Call
Options
Written
—
(7.4)%
Agnico
Eagle
Mines
Ltd.
Pershing
LLC
200
USD
3,371,200
USD
122.50
12/19/25
$
947,470
Agnico
Eagle
Mines
Ltd.
Pershing
LLC
166
USD
2,798,096
USD
160.00
02/20/26
357,742
Alamos
Gold
Inc.,
Cl.
A
Pershing
LLC
922
USD
3,214,092
USD
26.65
01/16/26
815,525
Anglogold
Ashanti
plc
Pershing
LLC
780
USD
5,485,740
USD
47.00
12/19/25
1,816,925
Anglogold
Ashanti
plc
Pershing
LLC
988
USD
6,948,604
USD
52.00
02/20/26
1,991,844
APA
Corp.
Pershing
LLC
678
USD
1,646,184
USD
22.50
01/16/26
219,179
Baker
Hughes
Co.
Pershing
LLC
610
USD
2,971,920
USD
41.00
11/21/25
490,846
Baker
Hughes
Co.
Pershing
LLC
510
USD
2,484,720
USD
42.00
01/16/26
402,824
Baker
Hughes
Co.
Pershing
LLC
725
USD
3,532,200
USD
52.50
03/20/26
190,483
Barrick
Mining
Corp.
Pershing
LLC
2,046
USD
6,704,742
USD
25.00
11/21/25
1,641,833
BHP
Group
Ltd.,
ADR
Pershing
LLC
1,500
USD
8,362,500
USD
53.00
11/21/25
624,784
BHP
Group
Ltd.,
ADR
Pershing
LLC
1,240
USD
6,913,000
USD
55.00
12/19/25
421,517
BHP
Group
Ltd.,
ADR
Pershing
LLC
1,081
USD
6,026,575
USD
60.00
01/16/26
182,689
BP
plc,
ADR
Pershing
LLC
760
USD
2,618,960
USD
32.00
10/17/25
198,572
BP
plc,
ADR
Pershing
LLC
403
USD
1,388,738
USD
35.00
12/19/25
54,032
BP
plc,
ADR
Pershing
LLC
930
USD
3,204,780
USD
38.50
02/20/26
64,170
Chevron
Corp.
Pershing
LLC
105
USD
1,630,545
USD
145.00
10/17/25
151,235
Chevron
Corp.
Pershing
LLC
504
USD
7,826,616
USD
160.00
10/17/25
60,201
Chevron
Corp.
Pershing
LLC
545
USD
8,463,305
USD
151.00
11/21/25
398,324
Chevron
Corp.
Pershing
LLC
100
USD
1,552,900
USD
145.00
12/19/25
155,746
Chevron
Corp.
Pershing
LLC
509
USD
7,904,261
USD
160.00
12/19/25
215,885
Chevron
Corp.
Pershing
LLC
213
USD
3,307,677
USD
148.00
01/16/26
252,311