Principal
Amount
Market
Value
U.S.
GOVERNMENT
OBLIGATIONS
—
14.1%
$
150,545,000
U.S.
Treasury
Bills,
3.610%
to
3.651%††,
04/23/26
to
06/25/26(c)
....................
$
149,750,970
TOTAL
INVESTMENTS
BEFORE
OPTIONS
WRITTEN
—
100.0%
...........
(Cost
$878,684,191)
.............
$
1,065,195,755
(a)
Securities,
or
a
portion
thereof,
with
a
value
of
$322,521,395
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,
$23,420,000
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
......................
76.5
%
$
814,934,664
Europe
..............................
12.0
127,499,909
Asia/Pacific
.........................
10.9
116,436,962
South
Africa
.........................
0.6
6,324,220
Total
Investments
—
Long
Positions
100.0%
$
1,065,195,755
Short
Positions
North
America
......................
(7.3)
%
$
(77,187,813)
Europe
..............................
(0.2)
(2,386,866)
Asia/Pacific
.........................
(0.0)
**
(424,163)
Total
Investments
—
Short
Positions
(7.5)%
$
(79,998,842)
*
Total
investments
exclude
options
written.
**
Amount
represents
greater
than
(0.05)%.
As
of
March
31,
2026,
options
written
outstanding
were
as
follows:
Description
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
OTC
Call
Options
Written
—
(7.0)%
Anglogold
Ashanti
plc
Pershing
LLC
613
USD
5,968,168
USD
120.00
06/18/26
$
242,401
Anglogold
Ashanti
plc
Pershing
LLC
573
USD
5,578,728
USD
135.00
08/21/26
231,030
APA
Corp.
Pershing
LLC
850
USD
3,607,400
USD
30.00
06/18/26
1,102,967
Aris
Mining
Corp.
Pershing
LLC
1,900
CAD
4,907,700
CAD
30.00
08/21/26
349,041
Baker
Hughes
Co.
Pershing
LLC
732
USD
4,468,860
USD
52.00
05/15/26
728,644
Baker
Hughes
Co.
Pershing
LLC
750
USD
4,578,750
USD
57.00
07/17/26
580,531
Baker
Hughes
Co.
Pershing
LLC
590
USD
3,601,950
USD
70.00
09/18/26
208,548
Barrick
Mining
Corp.
Pershing
LLC
414
USD
1,688,706
USD
55.00
05/15/26
10,679
Barrick
Mining
Corp.
Pershing
LLC
1,160
USD
4,731,640
USD
50.00
07/17/26
176,734
Barrick
Mining
Corp.
Pershing
LLC
1,250
USD
5,098,750
USD
45.00
10/16/26
499,023
BHP
Group
Ltd.,
ADR
Pershing
LLC
1,240
USD
9,019,760
USD
60.00
05/15/26
1,693,739
BHP
Group
Ltd.,
ADR
Pershing
LLC
1,350
USD
9,819,900
USD
70.00
07/17/26
1,064,268
BP
plc,
ADR
Pershing
LLC
930
USD
4,371,000
USD
33.00
04/17/26
1,297,156
BP
plc,
ADR
Pershing
LLC
870
USD
4,089,000
USD
42.00
06/18/26
514,041
Chevron
Corp.
Pershing
LLC
360
USD
7,448,400
USD
175.00
05/15/26
1,145,019
Chevron
Corp.
Pershing
LLC
325
USD
6,724,250
USD
180.00
05/15/26
887,787
Chevron
Corp.
Pershing
LLC
744
USD
15,393,360
USD
195.00
07/17/26
1,500,645
Chevron
Corp.
Pershing
LLC
390
USD
8,069,100
USD
215.00
09/18/26
479,588
ConocoPhillips
Pershing
LLC
410
USD
5,412,000
USD
100.00
04/17/26
1,315,132
ConocoPhillips
Pershing
LLC
390
USD
5,148,000
USD
106.00
06/18/26
1,063,483
ConocoPhillips
Pershing
LLC
400
USD
5,280,000
USD
115.00
08/21/26
852,812
Coterra
Energy
Inc.
Pershing
LLC
560
USD
1,967,840
USD
28.00
05/15/26
403,175
Coterra
Energy
Inc.
Pershing
LLC
178
USD
625,492
USD
35.00
09/18/26
65,097
Devon
Energy
Corp.
Pershing
LLC
506
USD
2,546,192
USD
40.00
05/15/26
543,667