Principal
Amount
Market
Value
CORPORATE
BONDS
(Continued)
Metals
and
Mining
(Continued)
$
5,250,000
Northern
Star
Resources
Ltd.,
6.125%,
04/11/33(b)
.............
$
5,277,470
18,591,405
TOTAL
CORPORATE
BONDS
........
18,827,633
U.S.
GOVERNMENT
OBLIGATIONS
—
8.5%
60,930,000
U.S.
Treasury
Bills,
5.235%
to
5.371%††,
04/18/24
to
09/12/24(c)
....................
60,381,179
TOTAL
INVESTMENTS
BEFORE
OPTIONS
WRITTEN
AND
SECURITIES
SOLD
SHORT
—
100.0%
............
(Cost
$749,445,086)
.............
$
708,775,583
Shares
Market
Value
SECURITIES
SOLD
SHORT
—
(0.0)%
Energy
and
Energy
Services
—
(0.0)%
800
NextEra
Energy
Partners
LP
...............
$
24,064
TOTAL
SECURITIES
SOLD
SHORT
(Proceeds
received
$30,624)(d)
.........
$
24,064
(a)
Securities,
or
a
portion
thereof,
with
a
value
of
$267,045,803
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,
2024,
$37,745,000
of
the
principal
amount
was
pledged
as
collateral
for
options
written.
(d)
At
March
31,
2024,
these
proceeds
are
being
held
at
Pershing
LLC.
†
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
%
$
541,984,087
Europe
..............................
11.8
84,308,035
Asia/Pacific
.........................
11.0
77,748,241
South
Africa
.........................
0.7
4,735,220
Total
Investments
—
Long
Positions
100.0%
$
708,775,583
Short
Positions
North
America
......................
(4.4)
%
$
(31,334,615)
Europe
..............................
(0.0)
**
(160,628)
Asia/Pacific
.........................
(0.0)
**
(28,090)
Total
Investments
—
Short
Positions
(4.4)%
$
(31,523,333)
*
Total
investments
exclude
options
written.
**
Amount
represents
greater
than
(0.05)%.
As
of
March
31,
2024,
options
written
outstanding
were
as
follows:
Description
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Market
Value
OTC
Call
Options
Written
—
(4.4)%
Agnico
Eagle
Mines
Ltd.
Pershing
LLC
922
USD
5,499,730
USD
57.50
04/19/24
$
274,557
Agnico
Eagle
Mines
Ltd.
Pershing
LLC
1,088
USD
6,489,920
USD
55.00
05/17/24
643,154
Alamos
Gold
Inc.,
Cl.
A
Pershing
LLC
3,500
USD
5,162,500
USD
14.50
04/19/24
224,235
Alamos
Gold
Inc.,
Cl.
A
Pershing
LLC
3,880
USD
5,723,000
USD
14.00
07/19/24
674,876
Alamos
Gold
Inc.,
Cl.
A
Pershing
LLC
4,150
USD
6,121,250
USD
12.50
08/16/24
1,207,994