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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FRANCO-NEVADA CORP</name>
        <lei>98450064C1B5D3E94864</lei>
        <title>FRANCO-NEVADA CORP COM</title>
        <cusip>351858105</cusip>
        <identifiers>
          <isin value="CA3518581051"/>
          <ticker value="FNV"/>
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        <balance>7765.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1618536.60000000</valUSD>
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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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      </invstOrSec>
      <invstOrSec>
        <name>ROYAL GOLD INC</name>
        <lei>5493001NGRU6SFL04184</lei>
        <title>ROYAL GOLD INC COM</title>
        <cusip>780287108</cusip>
        <identifiers>
          <isin value="US7802871084"/>
          <ticker value="RGLD"/>
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        <balance>5722.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1142168.42000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</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>
      <invstOrSec>
        <name>TRIPLE FLAG PRECIOUS METALS CORP</name>
        <lei>254900R7NJ1TEYIM4E61</lei>
        <title>TRIPLE FLAG PRECIOUS METALS CORP COM</title>
        <cusip>89679M104</cusip>
        <identifiers>
          <isin value="CA89679M1041"/>
          <ticker value="TFPM"/>
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        <balance>13958.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>418321.26000000</valUSD>
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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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      </invstOrSec>
      <invstOrSec>
        <name>I-80 GOLD CORP</name>
        <lei>549300LFFIWIGUEXPK11</lei>
        <title>I-80 GOLD CORP COM</title>
        <cusip>44955L106</cusip>
        <identifiers>
          <isin value="CA44955L1067"/>
          <ticker value="IAUX"/>
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        <balance>67434.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>97104.96000000</valUSD>
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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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      <invstOrSec>
        <name>NEWMONT CORP</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>NEWMONT CORP COM</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
          <ticker value="NEM"/>
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        <balance>29742.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2777902.80000000</valUSD>
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        <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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      <invstOrSec>
        <name>B2GOLD CORP</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2GOLD CORP COM</title>
        <cusip>11777Q209</cusip>
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          <isin value="CA11777Q2099"/>
          <ticker value="BTG"/>
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        <balance>151467.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>566486.58000000</valUSD>
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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>AVINO SILVER &amp; GOLD MINES LTD</name>
        <lei>549300DZZNDMPML1VJ37</lei>
        <title>AVINO SILVER &amp; GOLD MINES LTD COM</title>
        <cusip>053906103</cusip>
        <identifiers>
          <isin value="CA0539061030"/>
          <ticker value="ASM"/>
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        <balance>44979.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>285166.86000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SEABRIDGE GOLD INC</name>
        <lei>9845003FEO1A66376A92</lei>
        <title>SEABRIDGE GOLD INC COM</title>
        <cusip>811927102</cusip>
        <identifiers>
          <isin value="CA8119271028"/>
          <ticker value="SA"/>
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        <balance>11970.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>308107.80000000</valUSD>
        <pctVal>1.031475621482</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EQUINOX GOLD CORP</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>EQUINOX GOLD CORP COM</title>
        <cusip>29446Y502</cusip>
        <identifiers>
          <isin value="CA29446Y5020"/>
          <ticker value="EQX"/>
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        <balance>75651.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>735327.72000000</valUSD>
        <pctVal>2.461711832613</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ELDORADO GOLD CORP</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>ELDORADO GOLD CORP COM</title>
        <cusip>284902509</cusip>
        <identifiers>
          <isin value="CA2849025093"/>
          <ticker value="EGO"/>
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        <balance>25877.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>804515.93000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>HECLA MINING COMPANY</name>
        <lei>5493009Y6HOBZD1QD537</lei>
        <title>HECLA MINING COMPANY COM</title>
        <cusip>422704106</cusip>
        <identifiers>
          <isin value="US4227041062"/>
          <ticker value="HL"/>
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        <balance>59386.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>916325.98000000</valUSD>
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        <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>HYCROFT MINING HOLDING CORP</name>
        <lei>254900T7FYMGS29WIF55</lei>
        <title>HYCROFT MINING HOLDING CORP CL A NEW</title>
        <cusip>44862P208</cusip>
        <identifiers>
          <isin value="US44862P2083"/>
          <ticker value="HYMC"/>
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        <balance>12926.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>302468.40000000</valUSD>
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        <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>IAMGOLD CORP</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD CORP COM</title>
        <cusip>450913108</cusip>
        <identifiers>
          <isin value="CA4509131088"/>
          <ticker value="IAG"/>
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        <balance>51197.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>810960.48000000</valUSD>
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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>COEUR MINING INC</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>COEUR MINING INC COM NEW</title>
        <cusip>192108504</cusip>
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          <isin value="US1921085049"/>
          <ticker value="CDE"/>
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        <balance>69712.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1137699.84000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</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>FREEPORT-MCMORAN INC</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>FREEPORT-MCMORAN INC CL B</title>
        <cusip>35671D857</cusip>
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          <isin value="US35671D8570"/>
          <ticker value="FCX"/>
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        <balance>40991.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2577923.99000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HARMONY GOLD MINING COMPANY LTD</name>
        <lei>378900986D05F0C29811</lei>
        <title>HARMONY GOLD MINING COMPANY LTD SPONSORED ADR</title>
        <cusip>413216300</cusip>
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          <isin value="US4132163001"/>
          <ticker value="HMY"/>
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        <balance>53374.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>811818.54000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIRST MAJESTIC SILVER CORP</name>
        <lei>529900PWCU5DUH1DYR51</lei>
        <title>FIRST MAJESTIC SILVER CORP COM</title>
        <cusip>32076V103</cusip>
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          <isin value="CA32076V1031"/>
          <ticker value="AG"/>
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        <balance>47536.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>806210.56000000</valUSD>
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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>J.P. MORGAN SECURITIES LLC</name>
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        <title>J.P. MORGAN SECURITIES LLC TRI PARTY</title>
        <cusip>000000000</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GOLD FIELDS LTD</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>GOLD FIELDS LTD SPONSORED ADR</title>
        <cusip>38059T106</cusip>
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          <isin value="US38059T1060"/>
          <ticker value="GFI"/>
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        <curCd>USD</curCd>
        <valUSD>1465330.16000000</valUSD>
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        <invCountry>ZA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>OR ROYALTIES INC</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>OR ROYALTIES INC COM SHS</title>
        <cusip>68390D106</cusip>
        <identifiers>
          <isin value="CA68390D1069"/>
          <ticker value="OR"/>
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        <valUSD>667962.34000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>PAN AMERICAN SILVER CORP</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>PAN AMERICAN SILVER CORP COM</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
          <ticker value="PAAS"/>
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        <balance>26678.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1194907.62000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SSR MINING INC</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR MINING INC COM</title>
        <cusip>784730103</cusip>
        <identifiers>
          <isin value="CA7847301032"/>
          <ticker value="SSRM"/>
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        <balance>24440.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>691163.20000000</valUSD>
        <pctVal>2.313858952178</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ANGLOGOLD ASHANTI PLC</name>
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        <title>ANGLOGOLD ASHANTI PLC COM SHS</title>
        <cusip>000000000</cusip>
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        <curCd>USD</curCd>
        <valUSD>1552117.32000000</valUSD>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED</name>
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        <title>MERRILL LYNCH, PIERCE, FENNER &amp; SMITH INCORPORATED TRI PARTY</title>
        <cusip>000000000</cusip>
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        <balance>194132.40000000</balance>
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        <valUSD>194132.40000000</valUSD>
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        <assetCat>RA</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.63000000</repurchaseRt>
          <maturityDt>2026-07-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>198004.60000000</principalAmt>
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              <invstCat>UST</invstCat>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BARRICK MINING CORP</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>BARRICK MINING CORP COM SHS</title>
        <cusip>06849F108</cusip>
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          <ticker value="B"/>
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        <valUSD>2117778.34000000</valUSD>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AGNICO EAGLE MINES LTD</name>
        <lei>254900BFJ2DOHPMEXN45</lei>
        <title>AGNICO EAGLE MINES LTD COM</title>
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          <isin value="CA0084741085"/>
          <ticker value="AEM"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FORTUNA MINING CORP</name>
        <lei>5493003Q88RVK7CW4735</lei>
        <title>FORTUNA MINING CORP COM NEW</title>
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          <ticker value="FSM"/>
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        <balance>52367.00000000</balance>
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        <curCd>USD</curCd>
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        <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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      </invstOrSec>
      <invstOrSec>
        <name>AURA MINERALS INC</name>
        <lei>549300YIRI8PSDM2FV20</lei>
        <title>AURA MINERALS INC COM NPV (POST REV SPLIT)</title>
        <cusip>000000000</cusip>
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          <isin value="VGG069731120"/>
          <ticker value="AUGO"/>
          <other otherDesc="SEDOL" value="BJ1JSK4"/>
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        <balance>4194.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>264012.30000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KINROSS GOLD CORP</name>
        <lei>254900O9KHF2A1ZXPT47</lei>
        <title>KINROSS GOLD CORP COM</title>
        <cusip>496902404</cusip>
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          <isin value="CA4969024047"/>
          <ticker value="KGC"/>
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        <balance>61266.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1447102.92000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENDEAVOUR SILVER CORP</name>
        <lei>549300IF2E29780PPV02</lei>
        <title>ENDEAVOUR SILVER CORP COM</title>
        <cusip>29258Y103</cusip>
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          <isin value="CA29258Y1034"/>
          <ticker value="EXK"/>
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        <balance>53370.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>441903.60000000</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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALAMOS GOLD INC</name>
        <lei>894500GIHFJZW7YS9660</lei>
        <title>ALAMOS GOLD INC COM CL A</title>
        <cusip>011532108</cusip>
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          <ticker value="AGI"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SIBANYE-STILLWATER LTD</name>
        <lei>378900F238434B74D281</lei>
        <title>SIBANYE-STILLWATER LTD SPONSORED ADR</title>
        <cusip>82575P107</cusip>
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          <ticker value="SBSW"/>
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        <balance>75532.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOVAGOLD RESOURCES INC</name>
        <lei>529900587LVZTJ2BHS60</lei>
        <title>NOVAGOLD RESOURCES INC COM NEW</title>
        <cusip>66987E206</cusip>
        <identifiers>
          <isin value="CA66987E2069"/>
          <ticker value="NG"/>
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        <balance>62892.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>375465.24000000</valUSD>
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        <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>ARIS MINING CORP</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>ARIS MINING CORP COM</title>
        <cusip>04040Y109</cusip>
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          <ticker value="ARIS"/>
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        <balance>32273.00000000</balance>
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        <curCd>USD</curCd>
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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>
      <invstOrSec>
        <name>SILVERCORP METALS INC</name>
        <lei>52990092RT3UCQ7G3177</lei>
        <title>SILVERCORP METALS INC COM</title>
        <cusip>82835P103</cusip>
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          <ticker value="SVM"/>
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        <balance>39321.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>397142.10000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>James Howley</ncom:signature>
      <ncom:signerName>James Howley</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
