Shares
Market
Value
COMMON
STOCKS
—
98.7%
Metals
and
Mining
—
98.7%
Asia/Pacific
Rim
—
13.7%
4,863,637
De
Grey
Mining
Ltd.†
................................
$
3,235,466
2,700,000
Evolution
Mining
Ltd.
...............................
3,540,463
592,079
Newcrest
Mining
Ltd.
...............................
6,407,999
2,539,126
Northern
Star
Resources
Ltd.
....................
12,717,110
7,500,000
Pantoro
Ltd.†
...........................................
791,567
2,495,000
Perseus
Mining
Ltd.,
Australia
..................
2,425,809
4,450,000
Perseus
Mining
Ltd.,
Toronto
....................
4,349,006
17,736,651
RTG
Mining
Inc.,
CDI†
..............................
555,917
4,721,042
Westgold
Resources
Ltd.†
........................
2,521,545
36,544,882
Europe
—
8.7%
1,803,054
Condor
Gold
plc†
.....................................
523,432
791,960
Endeavour
Mining
plc
...............................
14,608,275
835,500
Fresnillo
plc
.............................................
7,175,694
8,006,564
Shanta
Gold
Ltd.
......................................
826,925
23,134,326
North
America
—
75.6%
250,440
Aclara
Resources
Inc.†
.............................
58,016
270,204
Agnico
Eagle
Mines
Ltd.,
New
York
...........
11,410,715
235,859
Agnico
Eagle
Mines
Ltd.,
Toronto
..............
9,964,695
577,675
Alamos
Gold
Inc.,
New
York,
Cl. A
.............
4,280,572
775,250
Alamos
Gold
Inc.,
Toronto,
Cl. A
...............
5,746,958
710,000
Artemis
Gold
Inc.†
...................................
2,194,737
1,600,000
B2Gold
Corp.,
New
York
...........................
5,152,000
499,650
B2Gold
Corp.,
Toronto
..............................
1,605,998
978,275
Barrick
Gold
Corp.
....................................
15,163,262
1,000,000
Benchmark
Metals
Inc.†
...........................
282,333
107,700
Contango
ORE
Inc.†
.................................
3,220,230
800,000
Dundee
Precious
Metals
Inc.
.....................
3,555,942
675,000
Eldorado
Gold
Corp.†
...............................
4,070,250
189,700
Franco-Nevada
Corp.(a)
............................
22,659,355
1,000,000
Galway
Metals
Inc.†
.................................
202,700
1,325,000
K92
Mining
Inc.†
......................................
7,577,732
1,100,000
Karora
Resources
Inc.†
............................
2,269,519
1,000,000
Kinross
Gold
Corp.
...................................
3,760,000
867,000
Lion
One
Metals
Ltd.†
..............................
483,288
625,000
Lundin
Gold
Inc.
.......................................
4,343,577
95,533
MAG
Silver
Corp.†
....................................
1,192,252
70,000
MAG
Silver
Corp.,
New
York†
...................
873,600
85,000
MAG
Silver
Corp.,
Toronto†
......................
1,063,923
2,000,000
Marathon
Gold
Corp.†
..............................
1,534,731
357,666
Moneta
Gold
Inc.†
....................................
409,101
501,917
Newmont
Corp.
........................................
21,095,572
24,999
Osisko
Development
Corp.†
......................
112,386
220,000
Osisko
Development
Corp.,
Toronto†
........
989,032
621,860
Osisko
Gold
Royalties
Ltd.
........................
6,334,072
1,290,000
Osisko
Mining
Inc.†
..................................
2,885,655
200,000
Prime
Mining
Corp.†
................................
189,670
Shares
Market
Value
200,000
Probe
Metals
Inc.†
...................................
$
253,375
600,000
Probe
Metals
Inc.,
Toronto†
......................
508,198
10,000
Royal
Gold
Inc.
.........................................
938,200
200,000
Rupert
Resources
Ltd.†
............................
548,739
450,000
SilverCrest
Metals
Inc.†
............................
2,488,500
350,000
SSR
Mining
Inc.,
New
York
.......................
5,148,500
137,955
SSR
Mining
Inc.,
Toronto
..........................
2,028,353
1,630,000
Troilus
Gold
Corp.†
..................................
483,802
545,833
Victoria
Gold
Corp.†
.................................
3,236,234
2,006,000
Wesdome
Gold
Mines
Ltd.†
......................
13,563,572
1,500,000
Western
Copper
&
Gold
Corp.†
.................
1,900,315
485,000
Wheaton
Precious
Metals
Corp.
................
15,694,600
2,150,000
Yamana
Gold
Inc.,
New
York
.....................
9,739,500
150,000
Yamana
Gold
Inc.,
Toronto
........................
678,684
201,892,445
South
Africa
—
0.7%
240,000
Gold
Fields
Ltd.,
ADR
...............................
1,941,600
TOTAL
COMMON
STOCKS
..................
263,513,253
WARRANTS
—
0.0%
Metals
and
Mining
—
0.0%
North
America
—
0.0%
125,000
Hycroft
Mining
Holding
Corp.,
expire
10/06/25†
.............................................
16,250
250,000
Marathon
Gold
Corp.,
expire
09/19/24†
.....
92,022
130,000
Osisko
Development
Corp.,
expire
04/29/23†
.............................................
0
75,000
Osisko
Development
Corp.,
expire
03/02/27†
.............................................
25,041
100,000
Probe
Metals
Inc.,
expire
03/08/24†
..........
7
190,000
Troilus
Gold
Corp.,
expire
06/30/23†
.........
2,063
TOTAL
WARRANTS
..........................
135,383
Principal
Amount
U.S.
GOVERNMENT
OBLIGATIONS
—
1.3%
$
3,455,000
U.S.
Treasury
Bills,
3.037%
to
3.242%††,
12/15/22
to
12/29/22
............................
3,434,757
TOTAL
INVESTMENTS
—
100.0%
(Cost
$224,731,658)
.............................
$
267,083,393
(a)
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
This
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
†
Non-income
producing
security.
††
Represents
annualized
yields
at
dates
of
purchase.
ADR
American
Depositary
Receipt
CDI
CHESS
(Australia)
Depository
Interest