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        <name>Filo Mining Corp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>POSCO</name>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ProShares UltraShort Basic Mat</name>
        <lei>R66OW8FNZ14X9NKKN662</lei>
        <title>ProShares UltraShort Basic Materials</title>
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          <isin value="US74347B1778"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cia Paranaense de Energia</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Impala Platinum Holdings Ltd</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MMC Norilsk Nickel PJSC</name>
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        <title>MMC Norilsk Nickel PJSC</title>
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          <isin value="US55315J1025"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WAI Capital Investment Corp.</name>
        <lei>N/A</lei>
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          <isin value="BRBRGEACNPA9"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GoldMoney Inc</name>
        <lei>529900FVFMKB4KL6F148</lei>
        <title>GoldMoney, Inc.</title>
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          <isin value="CA38149A1093"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United States Oil Fund LP</name>
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        <title>U.S. Oil Fund LP</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Smurfit Kappa Group PLC</name>
        <lei>635400CPLP8H5ITDVT56</lei>
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        <invCountry>IE</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>LUKOIL PJSC</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>LUKOIL PJSC</title>
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        <assetCat>EC</assetCat>
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        <invCountry>RU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Barrick Gold Corp.</name>
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        <title>Barrick Gold Corp.</title>
        <cusip>20S99NPK9</cusip>
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          <ticker value="GOLD 1 C17"/>
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        <balance>800.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Ivanhoe Mines Ltd</name>
        <lei>5299006XZISURYIA4G32</lei>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Desert Mountain Energy Corp</name>
        <lei>875500ICD6M7IQNXNF62</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>First Cobalt Corp</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Nutrien Ltd</name>
        <lei>5493002QQ7GD21OWF963</lei>
        <title>Nutrien, Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Orora Ltd</name>
        <lei>549300WFEQJK35VDF789</lei>
        <title>Orora, Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Anglo American PLC</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>Anglo American PLC</title>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Lundin Mining Corp</name>
        <lei>549300FQDIM6C8HTN269</lei>
        <title>Lundin Mining Corp.</title>
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          <isin value="CA5503721063"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Atlantica Sustainable Infrastr</name>
        <lei>549300ITBBGKJ651R879</lei>
        <title>Atlantica Sustainable Infrastructure PLC</title>
        <cusip>G0751N103</cusip>
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          <isin value="GB00BLP5YB54"/>
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        <balance>30000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Revival Gold Inc</name>
        <lei>529900X2G2T7XSIDUH63</lei>
        <title>Revival Gold, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA76151P1018"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ingredion Inc</name>
        <lei>PKSTQ48QDN0XSVS7YK88</lei>
        <title>Ingredion, Inc.</title>
        <cusip>457187102</cusip>
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          <isin value="US4571871023"/>
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        <balance>7000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mako Mining Corp</name>
        <lei>N/A</lei>
        <title>Mako Mining Corp.</title>
        <cusip>N/A</cusip>
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          <isin value="CA56089A1030"/>
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        <balance>1250000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mene Inc</name>
        <lei>N/A</lei>
        <title>Mene, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA58680T1012"/>
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        <balance>350000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35760005"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chalice Gold Mines Ltd</name>
        <lei>5299008IXHWMQDOE1437</lei>
        <title>Chalice Gold Mines, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CHN7"/>
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        <balance>250000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44906502"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CopperBank Resources Corp.</name>
        <lei>529900BNJJ4FLFL93V78</lei>
        <title>CopperBank Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA2176211019"/>
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        <balance>13200000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wheaton Precious Metals Corp</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corp.</title>
        <cusip>962879102</cusip>
        <identifiers>
          <isin value="CA9628791027"/>
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        <balance>20000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>881000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>San Juan Basin Royalty Trust</name>
        <lei>N/A</lei>
        <title>San Juan Basin Royalty Trust</title>
        <cusip>798241105</cusip>
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          <isin value="US7982411057"/>
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        <balance>2000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4560.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Direxion Daily Gold Miners Ind</name>
        <lei>549300MB9DTLS8R65137</lei>
        <title>Direxion Daily Gold Miners Index Bull 2X Shares</title>
        <cusip>25460G781</cusip>
        <identifiers>
          <isin value="US25460G7815"/>
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        <balance>1100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>85998.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>GoviEx Uranium Inc</name>
        <lei>5299001I7FX6JUNIPU44</lei>
        <title>GoviEx Uranium, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA3837981057"/>
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        <balance>58000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TOTAL SA</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>TOTAL SA</title>
        <cusip>89151E109</cusip>
        <identifiers>
          <isin value="US89151E1091"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>769200.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lumina Gold Corp</name>
        <lei>529900MJ2JKN291RB335</lei>
        <title>Lumina Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA55026L3056"/>
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        <balance>500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Galway Metals Inc</name>
        <lei>N/A</lei>
        <title>Galway Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA3645852086"/>
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        <balance>450000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Rockwell Diamonds Inc</name>
        <lei>N/A</lei>
        <title>Rockwell Diamonds, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA77434W2022"/>
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        <balance>63333.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35760001"/>
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        <pctVal>0.000000</pctVal>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Barksdale Resources Corp.</name>
        <lei>549300JSC30UXM5OSU40</lei>
        <title>Barksdale Resources Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA06766T1075"/>
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        <balance>750000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PotlatchDeltic Corp</name>
        <lei>54930084YA8UJOTXDM59</lei>
        <title>PotlatchDeltic Corp.</title>
        <cusip>737630103</cusip>
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          <isin value="US7376301039"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>380300.00000000</valUSD>
        <pctVal>0.828272258784</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sterling Group Ventures Inc</name>
        <lei>N/A</lei>
        <title>Sterling Group Ventures, Inc.</title>
        <cusip>85932R104</cusip>
        <identifiers>
          <isin value="US85932R1041"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.01000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cia de Saneamento Basico do Es</name>
        <lei>254900UOXRZRS2TNWP19</lei>
        <title>Cia de Saneamento Basico do Estado de Sao Paulo</title>
        <cusip>20441A102</cusip>
        <identifiers>
          <isin value="US20441A1025"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>420400.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sun Metals Corp</name>
        <lei>N/A</lei>
        <title>Sun Metals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA86681L1085"/>
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        <balance>1500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.35760002"/>
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        <pctVal>0.397054533171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sandstorm Gold Ltd</name>
        <lei>549300QWJPV45VQF1B33</lei>
        <title>Sandstorm Gold, Ltd.</title>
        <cusip>80013R206</cusip>
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          <isin value="CA80013R2063"/>
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        <balance>90000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>865800.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>African Medical Investments PL</name>
        <lei>N/A</lei>
        <title>African Medical Investments PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IM00B39HQT38"/>
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        <balance>2507500.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75000000"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CNOOC Ltd</name>
        <lei>549300XIVJCBIGMRUD48</lei>
        <title>CNOOC, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0883013259"/>
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        <balance>400000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CNOOC Ltd</name>
        <lei>549300XIVJCBIGMRUD48</lei>
        <title>CNOOC, Ltd.</title>
        <cusip>126132109</cusip>
        <identifiers>
          <isin value="US1261321095"/>
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        <balance>4000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>451360.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SPDR Gold Shares</name>
        <lei>N/A</lei>
        <title>SPDR Gold Shares</title>
        <cusip>78463V107</cusip>
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          <isin value="US78463V1070"/>
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        <balance>2300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>384951.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Halliburton Co</name>
        <lei>ENYF8GB5SMQZ25S06U51</lei>
        <title>Halliburton Co.</title>
        <cusip>406216101</cusip>
        <identifiers>
          <isin value="US4062161017"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>259600.00000000</valUSD>
        <pctVal>0.565394368605</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>LUK FOOK HOLD</name>
        <lei>529900U7PECBLERIIX44</lei>
        <title>Luk Fook Holdings International, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG5695X1258"/>
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        <balance>18000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.75049906"/>
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        <pctVal>0.085230021268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Canfor Pulp Products Inc</name>
        <lei>N/A</lei>
        <title>Canfor Pulp Products, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA1375842079"/>
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        <balance>45000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35760000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Consolidated Growth Holdings L</name>
        <lei>N/A</lei>
        <title>Consolidated Growth Holdings, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VGG7762V1076"/>
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        <balance>19859173.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.80000000"/>
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        <pctVal>0.000000544486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Filo Mining Corp</name>
        <lei>54930049JO3VWJU1B514</lei>
        <title>Filo Mining Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA31730E1016"/>
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        <balance>200000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.35760002"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Petroleo Brasileiro SA</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>Petroleo Brasileiro SA</title>
        <cusip>71654V408</cusip>
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          <isin value="US71654V4086"/>
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        <balance>25000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>206750.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Western Atlas Resources Inc</name>
        <lei>5493004W43GXYETF2896</lei>
        <title>Western Atlas Resources, Inc.</title>
        <cusip>N/A</cusip>
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          <isin value="CA95770E1079"/>
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        <balance>3000000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BHP Group Ltd</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP Group, Ltd.</title>
        <cusip>088606108</cusip>
        <identifiers>
          <isin value="US0886061086"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>497300.00000000</valUSD>
        <pctVal>1.083091754650</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Impala Platinum Holdings Ltd</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>Impala Platinum Holdings, Ltd.</title>
        <cusip>452553308</cusip>
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          <isin value="US4525533083"/>
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        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>262400.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Phillips 66</name>
        <lei>5493005JBO5YSIGK1814</lei>
        <title>Phillips 66</title>
        <cusip>718546104</cusip>
        <identifiers>
          <isin value="US7185461040"/>
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        <balance>6500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>467350.00000000</valUSD>
        <pctVal>1.017862319597</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Defense Metals Corp</name>
        <lei>54930072WL7JZREIPD69</lei>
        <title>Defense Metals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA2446331035"/>
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        <balance>1500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35760002"/>
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        <pctVal>0.372990621409</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AGL Energy Ltd</name>
        <lei>549300QAZ8A74DEDXO80</lei>
        <title>AGL Energy, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000AGL7"/>
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        <balance>40000.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44906500"/>
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        <pctVal>1.030617908397</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Dundee Precious Metals Inc</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>Dundee Precious Metals, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA2652692096"/>
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        <balance>115000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35760000"/>
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        <pctVal>1.649340487288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VR Resources, Ltd.</name>
        <lei>529900RR5LC80PRJF571</lei>
        <title>VR Resources, Ltd.</title>
        <cusip>91831M105</cusip>
        <identifiers>
          <isin value="CA91831M1059"/>
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        <balance>1150000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35760001"/>
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        <pctVal>0.562694458038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Champion Iron Ltd</name>
        <lei>894500WQI96G4T75O202</lei>
        <title>Champion Iron, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CIA2"/>
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        <balance>500000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35759999"/>
        <valUSD>975987.04000000</valUSD>
        <pctVal>2.125645517132</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Walter Energy, Inc.</name>
        <lei>N/A</lei>
        <title>Walter Energy, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="WLT CN"/>
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        <balance>4293.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35760001"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>International Paper Co</name>
        <lei>824LMFJDH41EY779Q875</lei>
        <title>International Paper Co.</title>
        <cusip>460146103</cusip>
        <identifiers>
          <isin value="US4601461035"/>
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        <balance>6500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>228865.00000000</valUSD>
        <pctVal>0.498455247191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Global X Silver Miners ETF</name>
        <lei>549300W0XPL6JJ7JYT05</lei>
        <title>Global X Silver Miners ETF</title>
        <cusip>37954Y848</cusip>
        <identifiers>
          <isin value="US37954Y8488"/>
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        <balance>2000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>74040.00000000</valUSD>
        <pctVal>0.161255004050</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Norbord Inc</name>
        <lei>549300VL705RQ5PHI407</lei>
        <title>Norbord, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA65548P4033"/>
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        <balance>10000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35759998"/>
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        <pctVal>0.497160415680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Infrastructure Ventures, Inc.</name>
        <lei>N/A</lei>
        <title>Infrastructure Ventures, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="155611"/>
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        <balance>4700000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>178600.00000000</valUSD>
        <pctVal>0.388980871467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Corona Minerals, Ltd.</name>
        <lei>N/A</lei>
        <title>Corona Minerals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="33NKDS"/>
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        <balance>5000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44906501"/>
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        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Teucrium Soybean Fund</name>
        <lei>N/A</lei>
        <title>Teucrium Soybean Fund</title>
        <cusip>88166A607</cusip>
        <identifiers>
          <isin value="US88166A6073"/>
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        <balance>55000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>768350.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Other-Partnership"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Royal Road Minerals Ltd</name>
        <lei>54930033JDODZL6J2G22</lei>
        <title>Royal Road Minerals, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BWH5YF45"/>
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        <balance>5750000.00000000</balance>
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        <pctVal>2.352247347439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mondi PLC</name>
        <lei>213800LOZA69QFDC9N34</lei>
        <title>Mondi PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B1CRLC47"/>
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        <balance>25000.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.80703700"/>
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        <pctVal>1.018460230676</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Troilus Gold Corp</name>
        <lei>529900ROF3ICFG84XJ17</lei>
        <title>Troilus Gold Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA8968871068"/>
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        <balance>294000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.35760001"/>
        <valUSD>223055.39000000</valUSD>
        <pctVal>0.485802239572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Schlumberger Ltd</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>Schlumberger, Ltd.</title>
        <cusip>806857108</cusip>
        <identifiers>
          <isin value="AN8068571086"/>
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        <balance>12000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>220680.00000000</valUSD>
        <pctVal>0.480628772202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CF Industries Holdings Inc</name>
        <lei>529900CG8YAQFZ2JMV97</lei>
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        <name>Metalla Royalty &amp; Streaming Lt</name>
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        <name>Royal Gold Inc</name>
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        <name>Caribbean Resources Corp.</name>
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        <name>ProShares UltraShort Silver</name>
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        <name>CruzSur Energy Corp.</name>
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        <name>Red Pine Exploration Inc</name>
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        <name>Salazar Resources Ltd</name>
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        <name>Orsu Metals Corp.</name>
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        <name>CruzSur Energy Corp.</name>
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        <name>Talon Metals Corp</name>
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        <name>Resolute Forest Products Inc</name>
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        <name>Luminex Res Corp</name>
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        <name>Newmont Corp</name>
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        <name>Novolipetsk Steel PJSC</name>
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        <name>Barclays Bank PLC</name>
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        <title>iPath Bloomberg Coffee Subindex Total Return ETN</title>
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        <name>Troilus Gold Corp.</name>
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        <name>Josemaria Resources Inc</name>
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        <name>Abaxx Technologies, Inc.</name>
        <lei>N/A</lei>
        <title>Abaxx Technologies, Inc.</title>
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        <name>Libero Copper &amp; Gold Corp</name>
        <lei>984500QF6T151GA85E18</lei>
        <title>Libero Copper &amp; Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Encanto Potash Corp</name>
        <lei>N/A</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Centerra Gold Inc</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>Centerra Gold, Inc.</title>
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          <isin value="CA1520061021"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Fortescue Metals Group Ltd</name>
        <lei>529900VEJFORCO6I4826</lei>
        <title>Fortescue Metals Group, Ltd.</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>InZinc Mining Ltd</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Surgutneftegas PJSC</name>
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        <title>Surgutneftegas PJSC</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Siemens Gamesa Renewable Energ</name>
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        <title>Siemens Gamesa Renewable Energy SA</title>
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        <name>Pacific Green Energy Corp.</name>
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        <name>Direxion Daily S&amp;P Oil &amp; Gas E</name>
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        <title>Direxion Daily S&amp;P Oil &amp; Gas Exp. &amp; Prod. Bear 2X Shares</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Direxion Daily Junior Gold Min</name>
        <lei>549300ZCVTX7WZ06QV11</lei>
        <title>Direxion Daily Junior Gold Miners Index Bull 2X Shares</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mosaic Co/The</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>The Mosaic Co.</title>
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        <name>Invesco DB Base Metals Fund</name>
        <lei>549300I8WTPB4O7RVF32</lei>
        <title>Invesco DB Base Metals Fund</title>
        <cusip>46140H700</cusip>
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      <invstOrSec>
        <name>Niocan Inc</name>
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        <name>Kirkland Lake Gold Ltd</name>
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        <name>Valero Energy Corp</name>
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        <title>Valero Energy Corp.</title>
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        <name>Interfor Corp</name>
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        <name>Ascendant Resources Inc</name>
        <lei>25490091W4JE4KXPLQ30</lei>
        <title>Ascendant Resources, Inc.</title>
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        <name>Maverix Metals Inc</name>
        <lei>549300CPYYBEBU8HQN80</lei>
        <title>Maverix Metals, Inc.</title>
        <cusip>57776F405</cusip>
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        <name>Canadian Solar Inc</name>
        <lei>5493001XSC6TKMBVOM15</lei>
        <title>Canadian Solar, Inc.</title>
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        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
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        <name>Range Energy Resources Inc</name>
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        <name>Invesco Solar ETF</name>
        <lei>549300Q2OQ2U87KJR762</lei>
        <title>Invesco Solar ETF</title>
        <cusip>46138G706</cusip>
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        <name>GRAN COLOMBIA GOLD CORP</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>Gran Colombia Gold Corp.</title>
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        <name>Direxion Daily Energy Bear 2X</name>
        <lei>7CGLL92I97RWQVY01719</lei>
        <title>Direxion Daily Energy Bear 2X Shares</title>
        <cusip>25460E554</cusip>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Severstal PAO</name>
        <lei>213800OKDPTV6K4ONO53</lei>
        <title>Severstal PAO</title>
        <cusip>818150302</cusip>
        <identifiers>
          <isin value="US8181503025"/>
        </identifiers>
        <balance>40000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>484062.92000000</valUSD>
        <pctVal>1.054262130271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>I-Pulse, Inc.</name>
        <lei>N/A</lei>
        <title>I-Pulse, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Primary Identifier" value="887585"/>
        </identifiers>
        <balance>15971.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>120740.76000000</valUSD>
        <pctVal>0.262966663193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Polarx, Ltd.</name>
        <lei>N/A</lei>
        <title>Polarx, Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PXX5"/>
        </identifiers>
        <balance>10000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44906499"/>
        <valUSD>236780.27000000</valUSD>
        <pctVal>0.515694265234</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lundin Gold Inc</name>
        <lei>549300ZOV16K515FC525</lei>
        <title>Lundin Gold, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA5503711080"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35760000"/>
        <valUSD>938420.74000000</valUSD>
        <pctVal>2.043828204076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rayonier Inc</name>
        <lei>HGV8VDVNL0W6SF2U9C50</lei>
        <title>Rayonier, Inc.</title>
        <cusip>754907103</cusip>
        <identifiers>
          <isin value="US7549071030"/>
        </identifiers>
        <balance>5000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>123950.00000000</valUSD>
        <pctVal>0.269956209509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brixton Metals Corp</name>
        <lei>254900N5DFREO3U52485</lei>
        <title>Brixton Metals Corp.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA11120Q3026"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35759998"/>
        <valUSD>169416.62000000</valUSD>
        <pctVal>0.368979980339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Louisiana-Pacific Corp</name>
        <lei>549300C7E2UAO5BVRR75</lei>
        <title>Louisiana-Pacific Corp.</title>
        <cusip>546347105</cusip>
        <identifiers>
          <isin value="US5463471053"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>256500.00000000</valUSD>
        <pctVal>0.558642740936</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vestas Wind Systems A/S</name>
        <lei>549300DYMC8BGZZC8844</lei>
        <title>Vestas Wind Systems A/S</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DK0010268606"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.63249999"/>
        <valUSD>1024028.09000000</valUSD>
        <pctVal>2.230276253387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ball Corp</name>
        <lei>0BGI85ALH27ZJP15DY16</lei>
        <title>Ball Corp.</title>
        <cusip>058498106</cusip>
        <identifiers>
          <isin value="US0584981064"/>
        </identifiers>
        <balance>3500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>243215.00000000</valUSD>
        <pctVal>0.529708749461</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-08-26</ncom:dateSigned>
      <ncom:nameOfApplicant>US Global Investors Funds</ncom:nameOfApplicant>
      <ncom:signature>/s/ Karen Shaw</ncom:signature>
      <ncom:signerName>Karen Shaw</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
