0001752724-23-014720.txt : 20230126 0001752724-23-014720.hdr.sgml : 20230126 20230126130731 ACCESSION NUMBER: 0001752724-23-014720 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20221130 FILED AS OF DATE: 20230126 DATE AS OF CHANGE: 20230126 PERIOD START: 20230228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY SELECT PORTFOLIOS CENTRAL INDEX KEY: 0000320351 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0228 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-03114 FILM NUMBER: 23556576 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 0000320351 S000007465 Gold Portfolio C000020439 Gold Portfolio FSAGX C000040621 Fidelity Advisor Gold Fund: Class I FGDIX C000040622 Fidelity Advisor Gold Fund: Class A FGDAX C000040624 Fidelity Advisor Gold Fund: Class C FGDCX C000040625 Fidelity Advisor Gold Fund: Class M FGDTX C000205043 Fidelity Advisor Gold Fund: Class Z FIJDX NPORT-P 1 primary_doc.xml NPORT-P false 0000320351 XXXXXXXX S000007465 C000040621 C000020439 C000205043 C000040624 C000040622 C000040625 Fidelity Select Portfolios 811-03114 0000320351 Z57125JG1LHEQKDYS630 245 Summer Street Boston 02210 1-800-FIDELITY Select Gold Portfolio S000007465 AC00SNU2ANI7HPORJE59 2023-02-28 2022-11-30 N 1574732894.96 165616872.61 1409116022.35 0.00000000 9898845.47000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 117525.28000000 N GOLD FIELDS LTD NEW 5299003KXIBJQYCBBD72 GOLD FIELDS LTD N/A 3000000.00000000 NS 33311786.60000000 2.364020142532 Long EC CORP ZA N 2 N N N DOLLY VARDEN SILVER CORP 2549007A2MNBXFD0FU11 DOLLY VARDEN SILVER CORP 256827205 17000000.00000000 NS 9604876.78000000 0.681624268524 Long EC CORP CA N 1 N N N ORLA MINING LTD 529900DU63EUQ1UZKL30 ORLA MINING LTD 68634K106 15000000.00000000 NS 55755863.66000000 3.956797224334 Long EC CORP CA N 1 N N ROYAL GOLD INC 5493001NGRU6SFL04184 ROYAL GOLD INC 780287108 150000.00000000 NS USD 16849500.00000000 1.195749656717 Long EC CORP US N 1 N N GATOS SILVER INC N/A GATOS SILVER INC 368036109 6000000.00000000 NS USD 22860000.00000000 1.622293667619 Long EC CORP US N 1 N N TRIPLE FLAG PRECIOUS METALS CORP 254900R7NJ1TEYIM4E61 TRIPLE FLAG PRECIOUS METALS CORP 89679M104 1000000.00000000 NS USD 12680000.00000000 0.899854930245 Long EC CORP CA N 1 N N N ALAMOS GOLD INC 549300TDOX73YGYXE959 ALAMOS GOLD INC A 011532108 4000000.00000000 NS 38776344.65000000 2.751820576515 Long EC CORP CA N 1 N N N MAPLE GOLD MINES LTD 529900614R460CGCLU46 MAPLE GOLD MINES LTD 565127107 20000000.00000000 NS 2155893.39000000 0.152996158996 Long EC CORP CA N 1 N N N ANGLOGOLD ASHANTI LTD 378900EF3BA9A5F42A59 ANGLOGOLD ASHANTI LTD N/A 1000000.00000000 NS 18252743.32000000 1.295332891720 Long EC CORP ZA N 2 N N N SKEENA RESOURCES LTD 549300DCWSQFVVZ21289 SKEENA RESOURCES LTD 83056P715 3000000.00000000 NS 16481433.30000000 1.169629259662 Long EC CORP CA N 1 N N OCEANAGOLD CORP 549300CBMSE8I9N3E232 OCEANAGOLD CORP 675222103 27500000.00000000 NS 46816340.19000000 3.322390736280 Long EC CORP CA N 1 N N N i-80 GOLD CORP 549300LFFIWIGUEXPK11 I-80 GOLD CORP 44955L106 10000000.00000000 NS 28398319.89000000 2.015328719535 Long EC CORP CA N 1 N N OSISKO MINING INC 254900SJU6CW31RVHW15 OSISKO MINING INC 688281104 5000000.00000000 NS 13344236.70000000 0.946993468837 Long EC CORP CA N 1 N N N HECLA MINING CO 5493009Y6HOBZD1QD537 HECLA MINING CO 422704106 5000000.00000000 NS USD 27250000.00000000 1.933836502302 Long EC CORP US N 1 N N RUPERT RESOURCES LTD 529900EEVS5CSPMXKZ88 RUPERT RESOURCES LTD 78165J105 4000000.00000000 NS 14124818.79000000 1.002388629890 Long EC CORP CA N 1 N N N B2GOLD CORPORATION 549300F7OK456M5NLM05 B2GOLD CORPORATION 11777Q209 7000000.00000000 NS 24406200.05000000 1.732022038135 Long EC CORP CA N 1 N N N NEWCREST MNG LTD 5299006MN50OZJUJI655 NEWCREST MINING LTD N/A 2000000.00000000 NS 27234443.40000000 1.932732505204 Long EC CORP AU N 2 N N N SOLGOLD PLC 213800HGFADQBMIEVI76 SOLGOLD PLC N/A 20000000.00000000 NS 4393694.29000000 0.311805005429 Long EC CORP GB N 2 N N N GOLD ROAD RESOURCES LTD 213800HJWH96TDEMNY83 GOLD ROAD RESOURCES LTD N/A 12500000.00000000 NS 15144460.91000000 1.074749039099 Long EC CORP AU N 2 N N N LUNDIN GOLD INC 549300ZOV16K515FC525 LUNDIN GOLD INC 550371108 2000000.00000000 NS 19730141.62000000 1.400178644416 Long EC CORP CA N 1 N N N FURY GOLD MINES LTD 549300J7HGQZCNNOU191 FURY GOLD MINES LTD (4 MONTH + 1 DAY HOLD) PIPE N/A 10000000.00000000 NS 3679887.00000000 0.261148616695 Long EC CORP CA Y 2 N N N VICTORIA GOLD CORP 549300VUIN6RQ5764L78 VICTORIA GOLD CORP 92625W507 3500000.00000000 NS 21127755.27000000 1.499362361572 Long EC CORP CA N 1 N N N BONTERRA RESOURCES INC 529900ODSQ5KQA5QC015 BONTERRA RESOURCES INC 09852X701 7500000.00000000 NS 1338140.73000000 0.094963133537 Long EC CORP CA N 1 N N N NORTHERN STAR RESOURCES LTD 254900XFXCRYYZAX6M78 NORTHERN STAR RESOURCES LTD N/A 7000000.00000000 NS 51252247.01000000 3.637191416255 Long EC CORP AU N 2 N N N SABINA GOLD and SILVER CORP 529900MU3GT5P0ZH7V65 SABINA GOLD and SILVER CORP 785246109 10000000.00000000 NS 9590008.55000000 0.680569122619 Long EC CORP CA N 1 N N N TOREX GOLD RES INC 549300QL07027186GQ85 TOREX GOLD RESOURCES INC 891054603 1000000.00000000 NS 9255473.37000000 0.656828339412 Long EC CORP CA N 1 N N N Fidelity Revere Street Trust 549300BDV45LJNXBZC55 Fidelity Cash Central Fund 31635A105 12491151.45900000 NS USD 12493649.69000000 0.886630305229 Long STIV RF US N 1 N N N MARATHON GOLD CORP 52990063E8H31CA3UR10 MARATHON GOLD CORP 56580Q102 20000000.00000000 NS 14868230.31000000 1.055145926536 Long EC CORP CA N 1 N N i-80 GOLD CORP 549300LFFIWIGUEXPK11 I-80 GOLD CORP 144A N/A 2500000.00000000 NS 7099579.97000000 0.503832179706 Long EC CORP CA N 1 N N N DAKOTA GOLD CORP N/A DAKOTA GOLD CORP 46655E100 2500000.00000000 NS USD 8450000.00000000 0.599666731906 Long EC CORP US N 1 N N GOLD BULLION N/A GOLD BULLION N/A 5582.00000000 OU USD 9879749.26000000 0.701131000094 Long COMM CORP US N 1 N N N MARATHON GOLD CORP 52990063E8H31CA3UR10 MARATHON GOLD CORP WT 09/20/24 N/A 5000000.00000000 NS 695273.09000000 0.049341081853 Long EC CORP CA N 2 N N N WESDOME GOLD MINES LTD 529900DCBALMLHZPLR10 WESDOME GOLD MINES LTD 95083R100 3500000.00000000 NS 23625617.96000000 1.676626877082 Long EC CORP CA N 1 N N N BEMETALS CORP 984500DB094FAOCEA842 BEMETALS CORP 081379109 2000000.00000000 NS 170984.65000000 0.012134178257 Long EC CORP CA N 1 N N N BARRICK GOLD CORP 0O4KBQCJZX82UKGCBV73 BARRICK GOLD CORP 067901108 6500000.00000000 NS 106066237.97000000 7.527147253148 Long EC CORP CA N 1 N N OSISKO DEVELOPMENT CORP 984500A8CC57F67DJ124 OSISKO DEVELOPMENT CORP 68828E809 666666.00000000 NS 3166929.89000000 0.224745857670 Long EC CORP CA N 1 N N N KINROSS GOLD CORP 549300UEBMAQDN0K0R06 KINROSS GOLD CORP 496902404 8000000.00000000 NS 33066944.21000000 2.346644540657 Long EC CORP CA N 1 N N Fidelity Revere Street Trust 549300BDV45LJNXBZC55 Fidelity Securities Lending Cash Central Fund 31635A303 164542179.94300000 NS USD 164558634.16000000 11.67814655074 Long STIV RF US N 1 N N FORAN MINING CORP 529900LRYPIWB6RISB58 FORAN MNG CORP 344911201 5000000.00000000 NS 11002490.43000000 0.780807985679 Long EC CORP CA N 1 N N N GOGOLD RESOURCES INC 549300PNCGJ26Y676N19 GOGOLD RES INC 38045Y102 5000000.00000000 NS 7285432.85000000 0.517021503868 Long EC CORP CA N 1 N N WESTERN COPPER and GOLD CORP 529900DF4NXAM6X99014 WESTERN COPPER AND GOLD CORP 95805V108 8000000.00000000 NS 12965096.83000000 0.920087247917 Long EC CORP CA N 1 N N NOVAGOLD RESOURCES INC 529900587LVZTJ2BHS60 NOVAGOLD RESOURCES INC 66987E206 3000000.00000000 NS 17284317.73000000 1.226607139217 Long EC CORP CA N 1 N N N SEABRIDGE GOLD INC 9845003FEO1A66376A92 SEABRIDGE GOLD INC 811916105 1000000.00000000 NS 12474445.23000000 0.885267432357 Long EC CORP CA N 1 N N N SILVERCREST METALS INC 549300M4CUMXUHSXYQ10 SILVERCREST METALS INC 828363101 1000000.00000000 NS 6638664.83000000 0.471122655956 Long EC CORP CA N 1 N N N IVANHOE ELECTRIC INC N/A IVANHOE ELECTRIC INC 46578C108 1000000.00000000 NS USD 10530000.00000000 0.747277004376 Long EC CORP US N 1 N N N ARTEMIS GOLD INC N/A ARTEMIS GOLD INC 04302L100 5000000.00000000 NS 17284317.73000000 1.226607139217 Long EC CORP CA N 1 N N N FRANCO NEVADA CORP N/A FRANCO-NEVADA CORP 351858105 1000000.00000000 NS 146072928.67000000 10.36628115450 Long EC CORP CA N 1 N N N OSISKO GOLD ROYALTIES LTD 549300TJZTXZMPQ6K004 OSISKO GOLD ROYALTIES LTD 68827L101 3000000.00000000 NS 37847080.25000000 2.685873955707 Long EC CORP CA N 1 N N OSISKO DEVELOPMENT CORP 984500A8CC57F67DJ124 OSISKO DEVELOPMENT CORP WT 05/27/2027 N/A 666666.00000000 NS 404266.22000000 0.028689349463 Long EC CORP CA N 2 N N N PURE GOLD MINING INC 529900OFY0IOQSQ5B077 PURE GOLD MINING INC WT 03/28/23 N/A 1500000.00000000 NS 11.15000000 0.000000791276 Long EC CORP CA N 2 N N N AGNICO EAGLE MINES LTD YGE0EUBRF7IJOB3QRX76 AGNICO EAGLE MINES LTD 008474108 2300000.00000000 NS 115842099.39000000 8.220905699220 Long EC CORP CA N 1 N N ASCOT RESOURCES LTD 98450093855CEDA61B27 ASCOT RESOURCES LTD 04364G106 25000000.00000000 NS 7248262.28000000 0.514383639461 Long EC CORP CA N 1 N N N NEW PACIFIC METALS CORP 549300TC0CSHP59S8103 NEW PACIFIC HOLDINGS CORP 64782A107 583934.00000000 NS 1232853.26000000 0.087491252703 Long EC CORP CA N 1 N N NEWMONT CORP 549300VSP3RIX7FGDZ51 NEWMONT CORP 651639106 3000000.00000000 NS USD 142410000.00000000 10.10633601074 Long EC CORP US N 1 N N N WHEATON PRECIOUS METALS CORP 549300XSFG5ZCGVYD886 WHEATON PRECIOUS METALS CORP 962879102 2500000.00000000 NS 97572761.40000000 6.924395142230 Long EC CORP CA N 1 N N N 2022-12-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_141_20221130.htm 010 - Quarterly Front Cover
Consolidated Quarterly Holdings Report
for
Fidelity® Select Portfolios®
Gold Portfolio
November 30, 2022
GOL-NPRT3-0123
1.810695.118
Common Stocks - 98.2%
 
  
Shares
Value ($)
 
Australia - 6.6%
 
  
  
Metals & Mining - 6.6%
  
  
  
Gold - 6.6%
  
  
  
Gold Road Resources Ltd.
 
12,500,000
15,144,461
Newcrest Mining Ltd.
 
2,000,000
27,234,443
Northern Star Resources Ltd.
 
7,000,000
51,252,247
 
  
  
93,631,151
Canada - 71.4%
 
  
  
Metals & Mining - 71.4%
  
  
  
Diversified Metals & Mining - 1.7%
  
  
  
BeMetals Corp. (a)
  
2,000,000
170,985
Foran Mining Corp. (a)
  
5,000,000
11,002,490
Western Copper & Gold Corp. (TSX) (a)(b)(c)
  
8,000,000
12,965,097
 
  
  
24,138,572
Gold - 68.0%
  
  
  
Agnico Eagle Mines Ltd. (Canada) (b)
  
2,300,000
115,842,099
Alamos Gold, Inc.
 
4,000,000
38,776,345
Artemis Gold, Inc. (a)
  
5,000,000
17,284,318
Ascot Resources Ltd. (a)(c)
  
25,000,000
7,248,262
B2Gold Corp.
 
7,000,000
24,406,200
Barrick Gold Corp. (Canada) (b)
  
6,500,000
106,066,238
Bonterra Resources, Inc. (a)(c)
  
7,500,000
1,338,141
Franco-Nevada Corp.
 
1,000,000
146,072,929
Fury Gold Mines Ltd. (c)(d)
  
10,000,000
3,679,887
i-80 Gold Corp. (a)(b)(c)
  
10,000,000
28,398,320
i-80 Gold Corp. (c)(e)
  
2,500,000
7,099,580
Kinross Gold Corp. (b)
  
8,000,000
33,066,944
Lundin Gold, Inc.
 
2,000,000
19,730,142
Maple Gold Mines Ltd. (a)(c)
  
20,000,000
2,155,893
Marathon Gold Corp. (a)(b)(c)
  
20,000,000
14,868,230
Marathon Gold Corp. warrants 9/20/24 (a)
  
5,000,000
695,273
Novagold Resources, Inc. (a)
  
3,000,000
17,284,318
OceanaGold Corp. (a)
  
27,500,000
46,816,340
Orla Mining Ltd. (a)(b)
  
15,000,000
55,755,864
Osisko Development Corp. (a)
  
666,666
3,166,930
Osisko Development Corp. rights (a)
  
666,666
404,266
Osisko Gold Royalties Ltd. (b)
  
3,000,000
37,847,080
Osisko Mining, Inc. (a)
  
5,000,000
13,344,237
Pure Gold Mining, Inc. warrants 3/28/23 (a)
  
1,500,000
11
Rupert Resources Ltd. (a)
  
4,000,000
14,124,819
Sabina Gold & Silver Corp. (a)
  
10,000,000
9,590,009
Seabridge Gold, Inc. (a)
  
1,000,000
12,474,445
Skeena Resources Ltd. (a)(b)
  
3,000,000
16,481,433
Torex Gold Resources, Inc. (a)
  
1,000,000
9,255,473
Triple Flag Precious Metals Corp.
 
1,000,000
12,680,000
Victoria Gold Corp. (a)(c)
  
3,500,000
21,127,755
Wesdome Gold Mines, Inc. (a)
  
3,500,000
23,625,618
Wheaton Precious Metals Corp.
 
2,500,000
97,572,761
 
  
  
958,280,160
Precious Metals & Minerals - 1.2%
  
  
  
Dolly Varden Silver Corp. (a)(c)
  
17,000,000
9,604,877
SilverCrest Metals, Inc. (a)
  
1,000,000
6,638,665
 
  
  
16,243,542
Silver - 0.5%
  
  
  
GoGold Resources, Inc. (a)(b)
  
5,000,000
7,285,433
New Pacific Metals Corp. (a)(b)
  
93,234
196,844
 
  
  
7,482,277
TOTAL METALS & MINING
  
  
1,006,144,551
 
  
  
  
South Africa - 3.7%
 
  
  
Metals & Mining - 3.7%
  
  
  
Gold - 3.7%
  
  
  
AngloGold Ashanti Ltd.
 
1,000,000
18,252,743
Gold Fields Ltd.
 
3,000,000
33,311,787
 
  
  
51,564,530
United Kingdom - 0.3%
 
  
  
Metals & Mining - 0.3%
  
  
  
Copper - 0.3%
  
  
  
Solgold PLC (a)
  
20,000,000
4,393,694
 
  
  
  
United States of America - 16.2%
 
  
  
Metals & Mining - 16.2%
  
  
  
Diversified Metals & Mining - 0.7%
  
  
  
Ivanhoe Electric, Inc. (a)
  
1,000,000
10,530,000
 
  
  
  
Gold - 11.9%
  
  
  
Dakota Gold Corp. (a)(b)
  
2,500,000
8,450,000
Newmont Corp.
 
3,000,000
142,410,000
Royal Gold, Inc. (b)
  
150,000
16,849,500
 
  
  
167,709,500
Silver - 3.6%
  
  
  
Gatos Silver, Inc. (a)(b)(c)
  
6,000,000
22,860,000
Hecla Mining Co. (b)
  
5,000,000
27,250,000
 
  
  
50,110,000
TOTAL METALS & MINING
  
  
228,349,500
 
  
  
  
 
TOTAL COMMON STOCKS
 (Cost $1,033,115,326)
  
  
  
1,384,083,426
 
  
  
  
Commodities - 0.7%
 
  
Troy Ounces
Value ($)
 
Gold Bullion
 
 (Cost $4,575,085)
 
  
5,582
9,879,749
 
  
  
  
Money Market Funds - 20.0%
 
  
Shares
Value ($)
 
Fidelity Cash Central Fund 3.86% (f)
  
12,491,151
12,493,650
Fidelity Securities Lending Cash Central Fund 3.86% (f)(g)
  
269,124,073
269,150,985
 
TOTAL MONEY MARKET FUNDS
 (Cost $281,644,635)
  
  
281,644,635
 
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 118.9%
 (Cost $1,319,335,046)
 
  
 
1,675,607,810
NET OTHER ASSETS (LIABILITIES) - (18.9)%  
(266,693,957)
NET ASSETS - 100.0%
1,408,913,853
 
  
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Affiliated company
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $3,679,887 or 0.3% of net assets.
 
(e)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,099,580 or 0.5% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Fury Gold Mines Ltd.
4/12/22
6,328,113
 
  
  
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund 3.86%
58,603,905
375,803,924
421,914,179
182,640
-
-
12,493,650
0.0%
Fidelity Securities Lending Cash Central Fund 3.86%
105,810,777
856,717,473
693,377,265
650,053
-
-
269,150,985
0.8%
Total
164,414,682
1,232,521,397
1,115,291,444
832,693
-
-
281,644,635
  
 
  
  
  
  
  
  
  
  
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
 
Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
 
Consolidated Subsidiary
 
Fund
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain /loss ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Select Gold Cayman Ltd.
13,353,169
-
-
-
1,074,938
(4,529,199)
9,898,908
 
The Fund invests in certain commodity-related investments through Fidelity Select Gold Cayman Ltd., a wholly owned subsidiary (the "Subsidiary"). As of November 30, 2022, the Fund held an investment of $9,898,908 in the Subsidiary, representing 0.7% of the Fund's net assets. The Quarterly Holdings report is consolidated and includes the holdings of the Fund and the Subsidiary.
 
 
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Ascot Resources Ltd.
17,199,211
3,907,938
-
-
-
(13,858,887)
7,248,262
Bonterra Resources, Inc.
6,011,834
-
-
-
-
(6,096,163)
1,338,141
Bonterra Resources, Inc.
1,352,663
-
-
-
-
69,807
-
Dolly Varden Silver Corp.
-
4,989,727
-
-
-
4,615,150
9,604,877
Fury Gold Mines Ltd.
-
6,328,113
-
-
-
(2,648,226)
3,679,887
Gatos Silver, Inc.
16,850,000
3,173,371
-
-
-
2,836,629
22,860,000
Gold Standard Ventures Corp.
10,256,410
767,541
11,621,826
-
(12,324,901)
12,922,776
-
Maple Gold Mines Ltd.
5,285,996
-
-
-
-
(3,130,103)
2,155,893
Marathon Gold Corp.
22,406,312
-
-
-
-
(15,219,800)
14,868,230
Orla Mining Ltd.
51,692,308
12,624,099
4,918,086
-
(728,760)
(2,913,697)
-
Pure Gold Mining, Inc.
16,173,570
-
4,101,640
-
(24,122,553)
12,050,623
-
Pure Gold Mining, Inc. warrants 3/28/23
58,434
-
-
-
-
(58,423)
-
Victoria Gold Corp.
25,341,223
17,740,033
5,907,354
-
(986,601)
(15,059,546)
21,127,755
Western Copper & Gold Corp. (TSX)
14,327,416
-
-
-
-
(1,362,319)
12,965,097
i-80 Gold Corp.
21,696,252
-
-
-
-
6,702,068
28,398,320
i-80 Gold Corp.
5,369,822
-
-
-
-
(78,176)
-
i-80 Gold Corp.
-
-
-
-
-
1,807,934
7,099,580
i-80 Gold Corp. warrants 9/30/22
76,880
-
-
-
(340)
(76,540)
-
Total
214,098,331
49,530,822
26,548,906
-
(38,163,155)
(19,496,893)
131,346,042
 
 
 
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in commodities are valued at their last traded price prior to 4:00 p.m. Eastern time each business day and are categorized as Level 1 in the hierarchy.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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