# EDGAR Filing Document

**Accession Number:** 0001438893
**File Stem:** 0000940400-25-011969
**Filing Date:** 2025-11
**Character Count:** 97245
**Document Hash:** 96bbf7e8febda8ed102f4008ba204cc4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011969.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011969

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GAMCO Natural Resources, Gold & Income Trust
- **CENTRAL INDEX KEY:** 0001438893

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22216
- **FILM NUMBER:** 251535864

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580
- **BUSINESS PHONE:** 914-921-5100

**MAIL ADDRESS:**
- **STREET 1:** ONE CORPORATE CENTER
- **CITY:** RYE
- **STATE:** NY
- **ZIP:** 10580

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GAMCO Natural Resources, Gold & Income Trust by Gabelli
- **DATE OF NAME CHANGE:** 20120106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Gabelli Natural Resources, Gold & Income Trust
- **DATE OF NAME CHANGE:** 20080717

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Gabelli Gold & Income Trust
- **DATE OF NAME CHANGE:** 20080630

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** GAMCO Natural Resources, Gold & Income Trust

- **b. Investment Company Act file number:** 811-22216

- **c. CIK number of Registrant:** 0001438893

- **d. LEI of Registrant:** 23EBEGZ81713Q1VCP222

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Corporate Center

  - **City:** Rye

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10580-1422

  - **Telephone number:** 1-800-422-3554

**Item A.2. Information about the Series.**

- **a. Name of Series:** GAMCO Natural Resources, Gold & Income Trust

- **c. LEI of Series:** 23EBEGZ81713Q1VCP222

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $169370366.28

**Total Liabilities:** $43468306.99

**Net Assets:** $125902059.29

**Cash Not Reported:** $2797671.06

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 0.62%                | 9.24%                | 3.51%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1249774.41             | $-1087745.90                               |
| Month 2  | $-759267.73              | $13398083.42                               |
| Month 3  | $2835090.42              | $7351885.83                                |

**Designated Index Information**

- **Index Name:** GAMCO Natural Resources Gold & Income Trust ex Derivatives

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                     | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| OceanaGold Corp                          | OceanaGold Corp                | CUSIP: 675222400<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |     95366 | NS      | $2035872.57   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc               | CF Industries Holdings Inc     | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     19655 | NS      | $1763053.50   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | HALLIBURTON CO                 | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -60 | NC      | $-7524.57     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FBN SECURITIES, INC.                     | CHEVRON CORP                   | CUSIP: 000000000<br>LEI: 549300IZFVXL9ZPJFM37 | N/A              | DE               | CORP              | US        |       -51 | NC      | $-21630.91    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | BUNGE GLOBAL SA                | CUSIP: 000000000<br>LEI: 5WUVMA08EYG4KEUPW589 | N/A              | DE               | CORP              | US        |       -50 | NC      | $-18111.39    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FBN SECURITIES, INC.                     | DEVON ENERGY CORP              | CUSIP: 000000000<br>LEI: 549300IZFVXL9ZPJFM37 | N/A              | DE               | CORP              | US        |       -50 | NC      | $-1422.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL              | DIAMONDBACK ENERGY INC         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               | CORP              | GB        |       -10 | NC      | $-1675.39     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | FMC CORP                       | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |       -65 | NC      | $-3749.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | COTERRA ENERGY INC             | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -69 | NC      | $-2298.84     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | TOTALENERGIES SE               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |       -66 | NC      | $-218.67      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.          | ELANCO ANIMAL HEALTH INC       | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |      -135 | NC      | $-58050.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| RAYMOND JAMES & ASSOCIATES, INC.         | EQT CORP                       | CUSIP: 000000000<br>LEI: U4ONQX15J3RO8XCKE979 | N/A              | DE               | CORP              | US        |       -42 | NC      | $-12492.59    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD & CO.                  | ZOETIS INC                     | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |       -60 | NC      | $-2625.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | NUTRIEN LTD                    | CUSIP: 000000000<br>LEI: 5WUVMA08EYG4KEUPW589 | N/A              | DE               | CORP              | US        |      -154 | NC      | $-9845.82     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BMO NESBITT BURNS INC.                   | FRANCO-NEVADA CORP             | CUSIP: 000000000<br>LEI: M3LKFDNSJGJ7TMLH6Z15 | N/A              | DE               | CORP              | CA        |       -30 | NC      | $-81677.18    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | G MINING VENTURES CORP         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -285 | NC      | $-80652.56    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | PHILLIPS 66                    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |       -22 | NC      | $-9208.18     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PIPER SANDLER COMPANIES                  | ARCHER-DANIELS-MIDLAND CO      | CUSIP: 000000000<br>LEI: QUQDBTUSOAKFEVMRMF78 | N/A              | DE               | CORP              | US        |      -161 | NC      | $-50687.97    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Westgold Resources Ltd                   | Westgold Resources Ltd         | CUSIP: 000000000<br>LEI: 2549003AMX9BL7CKBQ74 | Long             | EC               | CORP              | AU        |    712417 | NS      | $2111900.35   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL              | WILLIAMS COS INC/THE           | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               | CORP              | GB        |       -78 | NC      | $-36794.60    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                     | Freeport-McMoRan Inc           | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     82300 | NS      | $3227806.00   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                           | Halliburton Co                 | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     16200 | NS      | $398520.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Gold Inc                          | Lundin Gold Inc                | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |     47200 | NS      | $3058147.59   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                        | Suncor Energy Inc              | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     10500 | NS      | $439005.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                        | EOG Resources Inc              | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      9900 | NS      | $1109988.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | FREEPORT-MCMORAN INC           | CUSIP: 000000000<br>LEI: 5WUVMA08EYG4KEUPW589 | N/A              | DE               | CORP              | US        |      -227 | NC      | $-16310.52    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SCOTIA CAPITAL (USA) INC.                | ELDORADO GOLD CORP             | CUSIP: 000000000<br>LEI: 549300BLWPABP1VNME36 | N/A              | DE               | CORP              | US        |      -307 | NC      | $-205229.47   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | AGCO CORP                      | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |       -20 | NC      | $-7473.10     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| IAMGOLD Corp                             | IAMGOLD Corp                   | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |     92600 | NS      | $1197318.00   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | MOWI ASA                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |      -130 | NC      | $-20169.96    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Deere & Co                               | Deere & Co                     | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      7800 | NS      | $3566628.00   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS SECURITIES LLC                       | CONOCOPHILLIPS                 | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DE               | CORP              | US        |       -31 | NC      | $-6231.02     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | OCEANAGOLD CORP                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -307 | NC      | $-183756.70   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | AGCO CORP                      | CUSIP: 000000000<br>LEI: 5WUVMA08EYG4KEUPW589 | N/A              | DE               | CORP              | US        |       -26 | NC      | $-30025.92    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Gold Fields Ltd                          | Gold Fields Ltd                | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     10400 | NS      | $436384.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                   | Agnico Eagle Mines Ltd         | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      5200 | NS      | $876512.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CIBC WORLD MARKETS CORP.                 | AGNICO EAGLE MINES LTD         | CUSIP: 000000000<br>LEI: 549300445CON3DBMU275 | N/A              | DE               | CORP              | US        |       -30 | NC      | $-142120.54   | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| CIBC WORLD MARKETS CORP.                 | AGNICO EAGLE MINES LTD         | CUSIP: 000000000<br>LEI: 549300445CON3DBMU275 | N/A              | DE               | CORP              | US        |       -22 | NC      | $-47411.60    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Targa Resources Corp                     | Targa Resources Corp           | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      4200 | NS      | $703668.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                           | ConocoPhillips                 | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     11200 | NS      | $1059408.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL              | HALLIBURTON CO                 | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               | CORP              | GB        |       -52 | NC      | $-2209.81     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Zoetis Inc                               | Zoetis Inc                     | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     18200 | NS      | $2663024.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                     | Williams Cos Inc/The           | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     22000 | NS      | $1393700.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill    | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4935000 | PA      | $4911392.19   | 3.90%             | 2025-11-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | ENDEAVOUR MINING PLC           | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -150 | NC      | $-152989.60   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | EXPAND ENERGY CORP             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |       -22 | NC      | $-585.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RAYMOND JAMES & ASSOCIATES, INC.         | BAKER HUGHES CO                | CUSIP: 000000000<br>LEI: U4ONQX15J3RO8XCKE979 | N/A              | DE               | CORP              | US        |       -60 | NC      | $-48279.93    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Phillips 66                              | Phillips 66                    | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      7500 | NS      | $1020150.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | VALERO ENERGY CORP             | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |       -20 | NC      | $-42924.14    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC                 | EXXON MOBIL CORP               | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | N/A              | DE               | CORP              | US        |      -142 | NC      | $-53734.36    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| STRATEGAS SECURITIES, LLC                | TARGA RESOURCES CORP           | CUSIP: 000000000<br>LEI: 254900D5NQ2O9DJLKH96 | N/A              | DE               | CORP              | US        |       -16 | NC      | $-11639.49    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Perseus Mining Ltd                       | Perseus Mining Ltd             | CUSIP: 000000000<br>LEI: 54930054ZDGKBCW3SM26 | Long             | EC               | CORP              | AU        |    627334 | NS      | $2034023.85   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | BAKER HUGHES CO                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |       -72 | NC      | $-18916.91    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | ENDEAVOUR MINING PLC           | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -305 | NC      | $-277841.78   | -0.22%            |  |  |  | No            |                  2 | On Loan: No      |
| RAYMOND JAMES & ASSOCIATES, INC.         | TARGA RESOURCES CORP           | CUSIP: 000000000<br>LEI: U4ONQX15J3RO8XCKE979 | N/A              | DE               | CORP              | US        |       -13 | NC      | $-6106.18     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC               | RIO TINTO PLC                  | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | US        |      -150 | NC      | $-31970.21    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| K92 Mining Inc                           | K92 Mining Inc                 | CUSIP: 499113108<br>LEI: 254900EA8H0X9FEVZU11 | Long             | EC               | CORP              | CA        |    156200 | NS      | $1887823.53   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.          | ENERGY SELECT SECTOR SPDR FUND | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |      -290 | NC      | $-34800.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS SECURITIES LLC                       | TYSON FOODS INC                | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DE               | CORP              | US        |      -106 | NC      | $-10619.12    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Wesdome Gold Mines Ltd                   | Wesdome Gold Mines Ltd         | CUSIP: 95083R100<br>LEI: 254900D63U62QS84H719 | Long             | EC               | CORP              | CA        |     58500 | NS      | $911317.09    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC               | KINDER MORGAN INC              | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | US        |      -137 | NC      | $-4424.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                | FRANCO-NEVADA CORP             | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |       -37 | NC      | $-197210.00   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Aya Gold & Silver Inc                    | Aya Gold & Silver Inc          | CUSIP: 05466C109<br>LEI: 549300BWX8KJOTUL4M51 | Long             | EC               | CORP              | CA        |     24000 | NS      | $277646.04    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                   | BP PLC                         | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     24400 | NS      | $840824.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC              | CONOCOPHILLIPS                 | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DE               | CORP              | US        |       -41 | NC      | $-9563.25     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.          | IAMGOLD CORP                   | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |      -320 | NC      | $-108800.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| PIPER SANDLER COMPANIES                  | CNH INDUSTRIAL NV              | CUSIP: 000000000<br>LEI: QUQDBTUSOAKFEVMRMF78 | N/A              | DE               | CORP              | US        |      -400 | NC      | $-2867.32     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | EOG RESOURCES INC              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |       -33 | NC      | $-6854.11     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                     | Freeport-McMoRan Inc           | CUSIP: 35671DCE3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    750000 | PA      | $745833.26    | 0.59%             | 2028-03-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CIBC WORLD MARKETS CORP.                 | ROYAL GOLD INC                 | CUSIP: 000000000<br>LEI: 549300445CON3DBMU275 | N/A              | DE               | CORP              | US        |       -25 | NC      | $-40817.87    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC               | PAN AMERICAN SILVER CORP       | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | US        |       -54 | NC      | $-35652.48    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | ONEOK INC                      | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -47 | NC      | $-3598.99     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp                         | Exxon Mobil Corp               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     44407 | NS      | $5006889.25   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | KINROSS GOLD CORP              | CUSIP: 000000000<br>LEI: 5WUVMA08EYG4KEUPW589 | N/A              | DE               | CORP              | US        |      -457 | NC      | $-118813.83   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill    | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2255000 | PA      | $2251195.43   | 1.79%             | 2025-10-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NASDAQ, INC.                             | DARLING INGREDIENTS INC        | CUSIP: 000000000<br>LEI: 549300L8X1Q78ERXFD06 | N/A              | DE               | CORP              | US        |       -70 | NC      | $-11200.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC               | BP PLC                         | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | US        |       -35 | NC      | $-9144.75     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | BUNGE GLOBAL SA                | CUSIP: 000000000<br>LEI: 5WUVMA08EYG4KEUPW589 | N/A              | DE               | CORP              | US        |       -50 | NC      | $-6455.95     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chevron Corp                             | Chevron Corp                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20054 | NS      | $3114185.66   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC                 | EOG RESOURCES INC              | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | N/A              | DE               | CORP              | US        |       -30 | NC      | $-245.27      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL              | EQUINOX GOLD CORP              | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               | CORP              | GB        |      -285 | NC      | $-110628.65   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Mowi ASA                                 | Mowi ASA                       | CUSIP: 000000000<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |     63000 | NS      | $1330761.41   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Discovery Silver Corp                    | Discovery Silver Corp          | CUSIP: 254677107<br>LEI: 98450041CCB3E8QD3F53 | Long             | EC               | CORP              | CA        |    199000 | NS      | $737831.43    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | K92 MINING INC                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |      -542 | NC      | $-86745.43    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Occidental Petroleum Corp                | Occidental Petroleum Corp      | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      6700 | NS      | $316575.00    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Artemis Gold Inc                         | Artemis Gold Inc               | CUSIP: 04302L100<br>LEI: 529900GXBX7DGL5YMO49 | Long             | EC               | CORP              | CA        |     70000 | NS      | $1835381.19   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                            | BHP Group Ltd                  | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     53300 | NS      | $2971475.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC               | NEWMONT CORP                   | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | US        |      -275 | NC      | $-555651.77   | -0.44%            |  |  |  | No            |                  2 | On Loan: No      |
| PIPER SANDLER COMPANIES                  | BARRICK MINING CORP            | CUSIP: 000000000<br>LEI: QUQDBTUSOAKFEVMRMF78 | N/A              | DE               | CORP              | US        |      -330 | NC      | $-264811.70   | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| Archer-Daniels-Midland Co                | Archer-Daniels-Midland Co      | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     42300 | NS      | $2527002.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BMO NESBITT BURNS INC.                   | ORLA MINING LTD                | CUSIP: 000000000<br>LEI: M3LKFDNSJGJ7TMLH6Z15 | N/A              | DE               | CORP              | CA        |      -333 | NC      | $-11687.50    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | MARATHON PETROLEUM CORP        | CUSIP: 000000000<br>LEI: 5WUVMA08EYG4KEUPW589 | N/A              | DE               | CORP              | US        |       -21 | NC      | $-39515.11    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | TYSON FOODS INC                | CUSIP: 000000000<br>LEI: 5WUVMA08EYG4KEUPW589 | N/A              | DE               | CORP              | US        |      -106 | NC      | $-327.26      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | DEVON ENERGY CORP              | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -50 | NC      | $-3778.47     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | K92 MINING INC                 | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -480 | NC      | $-17244.23    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| PIPER SANDLER COMPANIES                  | EXXON MOBIL CORP               | CUSIP: 000000000<br>LEI: QUQDBTUSOAKFEVMRMF78 | N/A              | DE               | CORP              | US        |      -120 | NC      | $-30361.47    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | EXXON MOBIL CORP               | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -90 | NC      | $-50139.14    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | ZOETIS INC                     | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |       -61 | NC      | $-12865.59    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Diamondback Energy Inc                   | Diamondback Energy Inc         | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      3500 | NS      | $500850.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | EXXON MOBIL CORP               | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -30 | NC      | $-11054.91    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| EVERCORE GROUP L.L.C.                    | OCCIDENTAL PETROLEUM CORP      | CUSIP: 000000000<br>LEI: 5493008F0LRLS5N8LZ81 | N/A              | DE               | CORP              | US        |       -20 | NC      | $-5926.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kinder Morgan Inc                        | Kinder Morgan Inc              | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     40600 | NS      | $1149386.00   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS SECURITIES LLC                       | EOG RESOURCES INC              | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DE               | CORP              | US        |       -36 | NC      | $-3479.98     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PIPER SANDLER COMPANIES                  | PAN AMERICAN SILVER CORP       | CUSIP: 000000000<br>LEI: QUQDBTUSOAKFEVMRMF78 | N/A              | DE               | CORP              | US        |       -52 | NC      | $-34332.02    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| ANGLOGOLD HOLDINGS PLC                   | AngloGold Ashanti Holdings PLC | CUSIP: 03512TAE1<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |    750000 | PA      | $715874.81    | 0.57%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.          | ZOETIS INC                     | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |       -61 | NC      | $-12139.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC              | HALLIBURTON CO                 | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DE               | CORP              | US        |       -50 | NC      | $-13880.03    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| EVERCORE GROUP L.L.C.                    | OCCIDENTAL PETROLEUM CORP      | CUSIP: 000000000<br>LEI: 5493008F0LRLS5N8LZ81 | N/A              | DE               | CORP              | US        |       -27 | NC      | $-3674.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Equinox Gold Corp                        | Equinox Gold Corp              | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |     98245 | NS      | $1100552.96   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                 | Elanco Animal Health Inc       | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |     27000 | NS      | $543780.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | BP PLC                         | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -93 | NC      | $-6417.00     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | NUTRIEN LTD                    | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |      -140 | NC      | $-52244.75    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | ONEOK INC                      | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -38 | NC      | $-1742.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | TOTALENERGIES SE               | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |       -71 | NC      | $-5598.41     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EVERCORE GROUP L.L.C.                    | EQT CORP                       | CUSIP: 000000000<br>LEI: 5493008F0LRLS5N8LZ81 | N/A              | DE               | CORP              | US        |       -40 | NC      | $-7235.93     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | NEWMONT CORP                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |      -261 | NC      | $-520798.56   | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | DUNDEE PRECIOUS METALS INC     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -450 | NC      | $-390673.01   | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | APA CORP                       | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |       -68 | NC      | $-21982.54    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| PIPER SANDLER COMPANIES                  | NEWMONT CORP                   | CUSIP: 000000000<br>LEI: QUQDBTUSOAKFEVMRMF78 | N/A              | DE               | CORP              | US        |       -81 | NC      | $-77776.45    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | MOWI ASA                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |       -30 | NC      | $-3659.12     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.          | IAMGOLD CORP                   | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |      -184 | NC      | $-99360.00    | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                | Shell PLC                      | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     29400 | NS      | $2102982.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC                 | CHEVRON CORP                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | N/A              | DE               | CORP              | US        |       -55 | NC      | $-40197.81    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | ENI SPA                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |       -21 | NC      | $-4128.46     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CIBC WORLD MARKETS CORP.                 | PAN AMERICAN SILVER CORP       | CUSIP: 000000000<br>LEI: 549300445CON3DBMU275 | N/A              | DE               | CORP              | US        |      -100 | NC      | $-49655.93    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| STRATEGAS SECURITIES, LLC                | EXPAND ENERGY CORP             | CUSIP: 000000000<br>LEI: 254900D5NQ2O9DJLKH96 | N/A              | DE               | CORP              | US        |       -22 | NC      | $-11780.02    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Ramelius Resources Ltd                   | Ramelius Resources Ltd         | CUSIP: 000000000<br>LEI: 254900E44AIGW7KKNR98 | Long             | EC               | CORP              | AU        |    118300 | NS      | $303722.95    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CIBC WORLD MARKETS CORP.                 | ROYAL GOLD INC                 | CUSIP: 000000000<br>LEI: 549300445CON3DBMU275 | N/A              | DE               | CORP              | US        |       -20 | NC      | $-30036.32    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| PIPER SANDLER COMPANIES                  | CORTEVA INC                    | CUSIP: 000000000<br>LEI: QUQDBTUSOAKFEVMRMF78 | N/A              | DE               | CORP              | US        |      -135 | NC      | $-24577.09    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Expand Energy Corp                       | Expand Energy Corp             | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      4400 | NS      | $467456.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | ENERGY SELECT SECTOR SPDR FUND | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |      -275 | NC      | $-48790.42    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Franco-Nevada Corp                       | Franco-Nevada Corp             | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     10900 | NS      | $2429719.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                  | Marathon Petroleum Corp        | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      4200 | NS      | $809508.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                          | Baker Hughes Co                | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17900 | NS      | $872088.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | G MINING VENTURES CORP         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -285 | NC      | $-172083.99   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                | CORTEVA INC                    | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |      -145 | NC      | $-36250.00    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC               | SUNCOR ENERGY INC              | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | US        |       -35 | NC      | $-7450.25     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC              | ORLA MINING LTD                | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DE               | CORP              | US        |      -295 | NC      | $-21484.94    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.          | ELDORADO GOLD CORP             | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |      -227 | NC      | $-62425.00    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| RAYMOND JAMES & ASSOCIATES, INC.         | DEERE & CO                     | CUSIP: 000000000<br>LEI: U4ONQX15J3RO8XCKE979 | N/A              | DE               | CORP              | US        |       -26 | NC      | $-16634.77    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL              | BHP GROUP LTD                  | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               | CORP              | GB        |      -170 | NC      | $-28730.00    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                | ALAMOS GOLD INC                | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |      -188 | NC      | $-73320.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                                 | APA Corp                       | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      6800 | NS      | $165104.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                                 | FMC Corp                       | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     13000 | NS      | $437190.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp             | Wheaton Precious Metals Corp   | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     36150 | NS      | $4043016.00   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | WHEATON PRECIOUS METALS CORP   | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |      -131 | NC      | $-250486.79   | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp                      | Barrick Mining Corp            | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     48800 | NS      | $1599176.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | KINDER MORGAN INC              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |      -132 | NC      | $-9186.41     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC                 | CHEVRON CORP                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | N/A              | DE               | CORP              | US        |       -10 | NC      | $-15574.56    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | ENI SPA                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |       -18 | NC      | $-1881.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Devon Energy Corp                        | Devon Energy Corp              | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |     10000 | NS      | $350600.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                          | Alamos Gold Inc                | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |     95900 | NS      | $3343074.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bellevue Gold Ltd                        | Bellevue Gold Ltd              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    636965 | NS      | $482594.30    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | DARLING INGREDIENTS INC        | CUSIP: 000000000<br>LEI: 5WUVMA08EYG4KEUPW589 | N/A              | DE               | CORP              | US        |       -70 | NC      | $-2124.24     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | VANECK GOLD MINERS ETF/USA     | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |      -605 | NC      | $-108.96      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Orla Mining Ltd                          | Orla Mining Ltd                | CUSIP: 68634K106<br>LEI: 529900DU63EUQ1UZKL30 | Long             | EC               | CORP              | CA        |     62800 | NS      | $678240.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| PIPER SANDLER COMPANIES                  | CF INDUSTRIES HOLDINGS INC     | CUSIP: 000000000<br>LEI: QUQDBTUSOAKFEVMRMF78 | N/A              | DE               | CORP              | US        |       -60 | NC      | $-34232.41    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill    | CUSIP: 912797RP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4525000 | PA      | $4500950.53   | 3.57%             | 2025-11-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Glencore PLC                             | Glencore PLC                   | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | CH        |     71000 | NS      | $326186.67    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ROTH CAPITAL PARTNERS, LLC               | ARCHER-DANIELS-MIDLAND CO      | CUSIP: 000000000<br>LEI: 549300FMF3TPT1HFRF48 | N/A              | DE               | CORP              | US        |      -112 | NC      | $-82421.10    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Yara International ASA                   | Yara International ASA         | CUSIP: 000000000<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |      8900 | NS      | $325158.95    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | RIO TINTO PLC                  | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |      -158 | NC      | $-93561.14    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | MOSAIC CO/THE                  | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |      -125 | NC      | $-26501.59    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| RAYMOND JAMES & ASSOCIATES, INC.         | TORO CO/THE                    | CUSIP: 000000000<br>LEI: U4ONQX15J3RO8XCKE979 | N/A              | DE               | CORP              | US        |       -45 | NC      | $-9430.45     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Toro Co/The                              | Toro Co/The                    | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |      9000 | NS      | $685800.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC              | RIO TINTO PLC                  | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DE               | CORP              | US        |      -170 | NC      | $-66325.76    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| KINROSS GOLD CORP                        | Kinross Gold Corp              | CUSIP: 496902AR8<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | DBT              | CORP              | CA        |   1300000 | PA      | $1419510.03   | 1.13%             | 2033-07-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL              | BP PLC                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               | CORP              | GB        |       -41 | NC      | $-5497.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC                 | CHEVRON CORP                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | N/A              | DE               | CORP              | US        |       -10 | NC      | $-14403.34    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | WESDOME GOLD MINES LTD         | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -300 | NC      | $-55233.63    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                              | Nutrien Ltd                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     43400 | NS      | $2548014.00   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                           | Royal Gold Inc                 | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      7415 | NS      | $1487300.70   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | EQUINOX GOLD CORP              | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |      -480 | NC      | $-179159.95   | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| Evolution Mining Ltd                     | Evolution Mining Ltd           | CUSIP: 000000000<br>LEI: 254900BCFW5QO5LW8F27 | Long             | EC               | CORP              | AU        |    275582 | NS      | $1974878.76   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | VALERO ENERGY CORP             | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |       -23 | NC      | $-47781.23    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Gold Road Resources Ltd                  | Gold Road Resources Ltd        | CUSIP: 000000000<br>LEI: 213800HJWH96TDEMNY83 | Long             | EC               | CORP              | AU        |    307206 | NS      | $622885.09    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | NEWMONT CORP                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |       -82 | NC      | $-78736.65    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | K92 MINING INC                 | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -540 | NC      | $-82272.92    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Tyson Foods Inc                          | Tyson Foods Inc                | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     35600 | NS      | $1933080.00   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| PIPER SANDLER COMPANIES                  | DEERE & CO                     | CUSIP: 000000000<br>LEI: QUQDBTUSOAKFEVMRMF78 | N/A              | DE               | CORP              | US        |       -22 | NC      | $-22019.87    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CIBC WORLD MARKETS CORP.                 | BHP GROUP LTD                  | CUSIP: 000000000<br>LEI: 549300445CON3DBMU275 | N/A              | DE               | CORP              | US        |      -203 | NC      | $-84554.05    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| EVERCORE GROUP L.L.C.                    | OCCIDENTAL PETROLEUM CORP      | CUSIP: 000000000<br>LEI: 5493008F0LRLS5N8LZ81 | N/A              | DE               | CORP              | US        |       -20 | NC      | $-4360.91     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AGCO Corp                                | AGCO Corp                      | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |      6600 | NS      | $706662.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PIPER SANDLER COMPANIES                  | NUTRIEN LTD                    | CUSIP: 000000000<br>LEI: QUQDBTUSOAKFEVMRMF78 | N/A              | DE               | CORP              | US        |      -140 | NC      | $-35106.88    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | SHELL PLC                      | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |       -71 | NC      | $-20529.07    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Pan American Silver Corp                 | Pan American Silver Corp       | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     30000 | NS      | $1161900.00   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CNH Industrial NV                        | CNH Industrial NV              | CUSIP: 000000000<br>LEI: 549300WGC2HZ5J67V817 | Long             | EC               | CORP              | GB        |     80500 | NS      | $873425.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill    | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2400000 | PA      | $2358003.50   | 1.87%             | 2026-03-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Equinox Gold Corp                        | Equinox Gold Corp              | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |     85100 | NS      | $954822.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                | CORTEVA INC                    | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |      -160 | NC      | $-15200.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC               | EXXON MOBIL CORP               | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | N/A              | DE               | CORP              | US        |       -62 | NC      | $-43224.41    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC                 | CHEVRON CORP                   | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | N/A              | DE               | CORP              | US        |       -34 | NC      | $-40274.93    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| DPM Metals Inc                           | DPM Metals Inc                 | CUSIP: 26139R109<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |     97500 | NS      | $2161295.54   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                             | Newmont Corp                   | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     94600 | NS      | $7975726.00   | 6.33%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS SECURITIES LLC                       | CF INDUSTRIES HOLDINGS INC     | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DE               | CORP              | US        |       -65 | NC      | $-10182.91    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC              | SCHLUMBERGER NV                | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DE               | CORP              | US        |       -84 | NC      | $-5655.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | DUNDEE PRECIOUS METALS INC     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -315 | NC      | $-192789.48   | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| ROTH CAPITAL PARTNERS, LLC               | MARATHON PETROLEUM CORP        | CUSIP: 000000000<br>LEI: 549300FMF3TPT1HFRF48 | N/A              | DE               | CORP              | US        |       -21 | NC      | $-52217.26    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Darling Ingredients Inc                  | Darling Ingredients Inc        | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |     21000 | NS      | $648270.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | FMC CORP                       | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |       -65 | NC      | $-112.72      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PIPER SANDLER COMPANIES                  | KINROSS GOLD CORP              | CUSIP: 000000000<br>LEI: QUQDBTUSOAKFEVMRMF78 | N/A              | DE               | CORP              | US        |      -458 | NC      | $-393148.57   | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| STRATEGAS SECURITIES, LLC                | PHILLIPS 66                    | CUSIP: 000000000<br>LEI: 254900D5NQ2O9DJLKH96 | N/A              | DE               | CORP              | US        |       -28 | NC      | $-21696.79    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | CF INDUSTRIES HOLDINGS INC     | CUSIP: 000000000<br>LEI: 5WUVMA08EYG4KEUPW589 | N/A              | DE               | CORP              | US        |       -71 | NC      | $-17631.43    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ROTH CAPITAL PARTNERS, LLC               | WILLIAMS COS INC/THE           | CUSIP: 000000000<br>LEI: 549300FMF3TPT1HFRF48 | N/A              | DE               | CORP              | US        |       -80 | NC      | $-38771.58    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL              | SHELL PLC                      | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               | CORP              | GB        |       -90 | NC      | $-21011.56    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | SHELL PLC                      | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |       -31 | NC      | $-13286.81    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| CIBC WORLD MARKETS CORP.                 | EQT CORP                       | CUSIP: 000000000<br>LEI: 549300445CON3DBMU275 | N/A              | DE               | CORP              | US        |       -47 | NC      | $-22407.10    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| PIPER SANDLER COMPANIES                  | AGCO CORP                      | CUSIP: 000000000<br>LEI: QUQDBTUSOAKFEVMRMF78 | N/A              | DE               | CORP              | US        |       -20 | NC      | $-8253.77     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | ARCHER-DANIELS-MIDLAND CO      | CUSIP: 000000000<br>LEI: 5WUVMA08EYG4KEUPW589 | N/A              | DE               | CORP              | US        |      -150 | NC      | $-67790.33    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| Coterra Energy Inc                       | Coterra Energy Inc             | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     12900 | NS      | $305085.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | GLENCORE PLC                   | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |       -36 | NC      | $-8379.91     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | OCEANAGOLD CORP                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -323 | NC      | $-204612.29   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| Aris Mining Corp                         | Aris Mining Corp               | CUSIP: 04040Y109<br>LEI: 5493001GJ5TILX6L1F82 | Long             | EC               | CORP              | CA        |     27500 | NS      | $269526.48    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | TARGA RESOURCES CORP           | CUSIP: 000000000<br>LEI: 5WUVMA08EYG4KEUPW589 | N/A              | DE               | CORP              | US        |       -13 | NC      | $-670.24      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | LUNDIN GOLD INC                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -170 | NC      | $-197215.16   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| RAYMOND JAMES & ASSOCIATES, INC.         | GOLD FIELDS LTD                | CUSIP: 000000000<br>LEI: U4ONQX15J3RO8XCKE979 | N/A              | DE               | CORP              | US        |       -90 | NC      | $-145231.08   | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| ALLIED GOLD CORP                         | Allied Gold Corp               | CUSIP: 01921DAA3<br>LEI: 894500S5G4JFSRGK8L37 | Long             | DBT              | CORP              | CA        |    750000 | PA      | $675000.00    | 0.54%             | 2028-09-07      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Mosaic Co/The                            | Mosaic Co/The                  | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     37500 | NS      | $1300500.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | WHEATON PRECIOUS METALS CORP   | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |      -118 | NC      | $-231801.16   | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | NORTHERN STAR RESOURCES LTD    | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |     -1232 | NC      | $-340506.98   | -0.27%            |  |  |  | No            |                  2 | On Loan: No      |
| STRATEGAS SECURITIES, LLC                | WHEATON PRECIOUS METALS CORP   | CUSIP: 000000000<br>LEI: 254900D5NQ2O9DJLKH96 | N/A              | DE               | CORP              | US        |      -112 | NC      | $-127144.00   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| SCOTIA CAPITAL (USA) INC.                | ANGLOGOLD ASHANTI PLC          | CUSIP: 000000000<br>LEI: 549300BLWPABP1VNME36 | N/A              | DE               | CORP              | US        |      -134 | NC      | $-270148.92   | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | LUNDIN GOLD INC                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -180 | NC      | $-289753.59   | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | PHILLIPS 66                    | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -25 | NC      | $-27228.65    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | TORO CO/THE                    | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -45 | NC      | $-4291.19     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                        | Kinross Gold Corp              | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |    225000 | NS      | $5591250.00   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                       | Valero Energy Corp             | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      6200 | NS      | $1055612.00   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | ONEOK INC                      | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -30 | NC      | $-146.98      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ROTH CAPITAL PARTNERS, LLC               | MOSAIC CO/THE                  | CUSIP: 000000000<br>LEI: 549300FMF3TPT1HFRF48 | N/A              | DE               | CORP              | US        |      -125 | NC      | $-4212.85     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PIPER SANDLER COMPANIES                  | ELDORADO GOLD CORP             | CUSIP: 000000000<br>LEI: QUQDBTUSOAKFEVMRMF78 | N/A              | DE               | CORP              | US        |      -155 | NC      | $-106782.74   | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Corteva Inc                              | Corteva Inc                    | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     45000 | NS      | $3043350.00   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill    | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2575000 | PA      | $2553465.35   | 2.03%             | 2025-12-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | TYSON FOODS INC                | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |      -120 | NC      | $-10901.77    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| RAYMOND JAMES & ASSOCIATES, INC.         | CHEVRON CORP                   | CUSIP: 000000000<br>LEI: U4ONQX15J3RO8XCKE979 | N/A              | DE               | CORP              | US        |       -40 | NC      | $-4777.89     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| RAYMOND JAMES & ASSOCIATES, INC.         | DEERE & CO                     | CUSIP: 000000000<br>LEI: U4ONQX15J3RO8XCKE979 | N/A              | DE               | CORP              | US        |       -26 | NC      | $-38929.46    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| DEVON ENERGY CORPORATION                 | Devon Energy Corp              | CUSIP: 25179MBF9<br>LEI: 54930042348RKR3ZPN35 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80147.57     | 0.06%             | 2030-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SCOTIA CAPITAL (USA) INC.                | VANECK GOLD MINERS ETF/USA     | CUSIP: 000000000<br>LEI: 549300BLWPABP1VNME36 | N/A              | DE               | CORP              | US        |      -600 | NC      | $-334.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                | ALAMOS GOLD INC                | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |      -291 | NC      | $-206610.00   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                | FRANCO-NEVADA CORP             | CUSIP: 000000000<br>LEI: 529900RLNSGA90UPEH54 | N/A              | DE               | CORP              | US        |       -42 | NC      | $-209160.00   | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC              | WILLIAMS COS INC/THE           | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DE               | CORP              | US        |       -66 | NC      | $-33025.65    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS SECURITIES LLC                       | DIAMONDBACK ENERGY INC         | CUSIP: 000000000<br>LEI: T6FIZBDPKLYJKFCRVK44 | N/A              | DE               | CORP              | US        |       -11 | NC      | $-704.16      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | MOWI ASA                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |      -250 | NC      | $-30591.55    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| RAYMOND JAMES & ASSOCIATES, INC.         | DEERE & CO                     | CUSIP: 000000000<br>LEI: U4ONQX15J3RO8XCKE979 | N/A              | DE               | CORP              | US        |        -4 | NC      | $-4003.61     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                            | Rio Tinto PLC                  | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     46300 | NS      | $3056263.00   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | SHELL PLC                      | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |       -90 | NC      | $-13622.02    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | VALERO ENERGY CORP             | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -19 | NC      | $-50089.54    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| HECLA MINING CO                          | Hecla Mining Co                | CUSIP: 422704AH9<br>LEI: 5493009Y6HOBZD1QD537 | Long             | DBT              | CORP              | US        |    374000 | PA      | $377682.78    | 0.30%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| IAMGOLD CORP                             | IAMGOLD Corp                   | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |    500000 | PA      | $499809.80    | 0.40%             | 2028-10-15      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Eldorado Gold Corp                       | Eldorado Gold Corp             | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |     85100 | NS      | $2458539.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC                 | TOTALENERGIES SE               | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | N/A              | DE               | CORP              | US        |       -71 | NC      | $-6566.04     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC              | DIAMONDBACK ENERGY INC         | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DE               | CORP              | US        |       -13 | NC      | $-5403.29     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CIBC WORLD MARKETS CORP.                 | PAN AMERICAN SILVER CORP       | CUSIP: 000000000<br>LEI: 549300445CON3DBMU275 | N/A              | DE               | CORP              | US        |       -94 | NC      | $-58127.49    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL              | CONOCOPHILLIPS                 | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               | CORP              | GB        |       -40 | NC      | $-13513.13    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd              | Northern Star Resources Ltd    | CUSIP: 000000000<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |    369716 | NS      | $5805332.76   | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                          | Bunge Global SA                | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | US        |     15000 | NS      | $1218750.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | ENI SPA                        | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |       -20 | NC      | $-10681.12    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ONEOK Inc                                | ONEOK Inc                      | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     11500 | NS      | $839155.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Americas Gold & Silver Corp              | Americas Gold & Silver Corp    | CUSIP: 03062D803<br>LEI: 5493005AKGOT669Z4P51 | Long             | EC               | CORP              | CA        |    248000 | NS      | $924854.49    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYMOND JAMES & ASSOCIATES, INC.         | SUNCOR ENERGY INC              | CUSIP: 000000000<br>LEI: U4ONQX15J3RO8XCKE979 | N/A              | DE               | CORP              | US        |       -35 | NC      | $-10783.42    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Eni SpA                                  | Eni SpA                        | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |     29500 | NS      | $514876.11    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.            | SCHLUMBERGER NV                | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DE               | CORP              | US        |       -79 | NC      | $-1462.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill    | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5215000 | PA      | $5186272.23   | 4.12%             | 2025-11-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                            | United States Treasury Bill    | CUSIP: 912797QG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2050000 | PA      | $2044959.32   | 1.62%             | 2025-10-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO SECURITIES, LLC              | KINDER MORGAN INC              | CUSIP: 000000000<br>LEI: VYVVCKR63DVZZN70PB21 | N/A              | DE               | CORP              | US        |      -137 | NC      | $-25365.63    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CANTOR FITZGERALD & CO.                  | MOSAIC CO/THE                  | CUSIP: 000000000<br>LEI: 5493004J7H4GCPG6OB62 | N/A              | DE               | CORP              | US        |      -125 | NC      | $-34975.63    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| FBN SECURITIES, INC.                     | FREEPORT-MCMORAN INC           | CUSIP: 000000000<br>LEI: 549300IZFVXL9ZPJFM37 | N/A              | DE               | CORP              | US        |      -268 | NC      | $-37304.55    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.          | KINROSS GOLD CORP /OLD         | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DE               | CORP              | US        |      -790 | NC      | $-361820.00   | -0.29%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | ALAMOS GOLD INC                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |      -141 | NC      | $-124716.93   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | LUNDIN GOLD INC                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |      -130 | NC      | $-125362.66   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger NV                          | Schlumberger NV                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     24700 | NS      | $848939.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYMOND JAMES & ASSOCIATES, INC.         | BUNGE GLOBAL SA                | CUSIP: 000000000<br>LEI: U4ONQX15J3RO8XCKE979 | N/A              | DE               | CORP              | US        |       -50 | NC      | $-8572.08     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | DARLING INGREDIENTS INC        | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -70 | NC      | $-5852.25     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                         | TotalEnergies SE               | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     20800 | NS      | $1241552.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Mining PLC                     | Endeavour Mining PLC           | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |     76585 | NS      | $3217043.26   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc                    | Anglogold Ashanti Plc          | CUSIP: 000000000<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     33056 | NS      | $2324828.48   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Montage Gold Corp                        | Montage Gold Corp              | CUSIP: 61178L101<br>LEI: 9845004C6BCE77ACA795 | Long             | EC               | CORP              | CA        |     60000 | NS      | $291873.25    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL              | SCHLUMBERGER NV                | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               | CORP              | GB        |       -85 | NC      | $-10410.24    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| NORTHERN STAR RESOU                      | Northern Star Resources Ltd    | CUSIP: 66573RAA6<br>LEI: 254900XFXCRYYZAX6M78 | Long             | DBT              | CORP              | AU        |   1750000 | PA      | $1853340.11   | 1.47%             | 2033-04-11      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | COTERRA ENERGY INC             | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -60 | NC      | $-209.93      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| EQT Corp                                 | EQT Corp                       | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     12900 | NS      | $702147.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Victoria Gold Corp/Vancouver             | Victoria Gold Corp/Vancouver   | CUSIP: 92625W507<br>LEI: 9845005Q1367V3D4N057 | Long             | EC               | CORP              | CA        |     73000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| RBC CAPITAL MARKETS, LLC                 | FREEPORT-MCMORAN INC           | CUSIP: 000000000<br>LEI: 549300LCO2FLSSVFFR64 | N/A              | DE               | CORP              | US        |      -317 | NC      | $-41047.19    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                 | Bayer AG                       | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |     60000 | NS      | $1988605.89   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CIBC WORLD MARKETS CORP.                 | BHP GROUP LTD                  | CUSIP: 000000000<br>LEI: 549300445CON3DBMU275 | N/A              | DE               | CORP              | US        |      -160 | NC      | $-54389.26    | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | ANGLOGOLD ASHANTI PLC          | CUSIP: 000000000<br>LEI: 5WUVMA08EYG4KEUPW589 | N/A              | DE               | CORP              | US        |      -103 | NC      | $-239927.30   | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | SUNCOR ENERGY INC              | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |       -35 | NC      | $-10215.73    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| OPPENHEIMER & CO. INC.                   | CNH INDUSTRIAL NV              | CUSIP: 000000000<br>LEI: 254900VH02JQR2L8XD64 | N/A              | DE               | CORP              | US        |      -400 | NC      | $-10609.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                  | BAKER HUGHES CO                | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DE               | CORP              | US        |       -47 | NC      | $-37122.97    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| G Mining Ventures Corp                   | G Mining Ventures Corp         | CUSIP: 36270K102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     68250 | NS      | $1355976.50   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. LLC                 | MOWI ASA                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               | CORP              | US        |      -220 | NC      | $-34280.54    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** GAMCO Natural Resources, Gold & Income Trust

**Signature:** John C. Ball

**Name of Signer:** John C. Ball

**Title:** Treasurer