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        <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>IVANHOE MINES LTD</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>IVANHOE MINES LTD-CL A COMMON STOCK</title>
        <cusip>46579R104</cusip>
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          <isin value="CA46579R1047"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>
      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168281"/>
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        <balance>1.00000000</balance>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ANTOFAGASTA PLC</name>
        <lei>213800MY6QVH4FVLD628</lei>
        <title>ANTOFAGASTA PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0000456144"/>
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        <balance>6631208.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168287"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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      <invstOrSec>
        <name>Lundin Mining Corporation</name>
        <lei>549300FQDIM6C8HTN269</lei>
        <title>LUNDIN MINING CORP COMMON STOCK</title>
        <cusip>550372106</cusip>
        <identifiers>
          <isin value="CA5503721063"/>
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        <balance>15566231.00000000</balance>
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        <valUSD>394860270.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Luca Mining Corp</name>
        <lei>875500QZ1JRZS7VYL982</lei>
        <title>LUCA MINING CORP COMMON STOCK</title>
        <cusip>54929M106</cusip>
        <identifiers>
          <isin value="CA54929M1068"/>
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        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168325"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
        <valUSD>-1428.03000000</valUSD>
        <pctVal>-0.00001966256</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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            <unrealizedAppr>-1428.03000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BHP GROUP LIMITED</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP GROUP LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000BHP4"/>
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        <balance>8364199.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42745000"/>
        <valUSD>296316889.20000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168321"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
        <valUSD>-89.65000000</valUSD>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168327"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
        <valUSD>-428.57000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168333"/>
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        <balance>1.00000000</balance>
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        <valUSD>-268.67000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>GLENCORE PLC</name>
        <lei>2138002658CPO9NBH955</lei>
        <title>GLENCORE PLC COMMON STOCK</title>
        <cusip>G39420107</cusip>
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          <isin value="JE00B4T3BW64"/>
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        <balance>51067153.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
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          <other otherDesc="FX Forwards" value="CCTHKD__00168309"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>BANK OF NEW YORK (THE)</name>
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          <other otherDesc="FX Forwards" value="CCTHKD__00168275"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
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          <other otherDesc="FX Forwards" value="CCTHKD__00168323"/>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168273"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Metal Mining Co., Ltd.</name>
        <lei>353800CF81IXL9974H84</lei>
        <title>SUMITOMO METAL MINING CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
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          <isin value="JP3402600005"/>
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        <balance>6530086.00000000</balance>
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        <pctVal>5.455623174125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</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>FREEPORT-MCMORAN INC.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>FREEPORT-MCMORAN INC COMMON STOCK</title>
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          <isin value="US35671D8570"/>
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        <curCd>USD</curCd>
        <valUSD>345867823.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>Zijin Mining Group Company Limited</name>
        <lei>836800JRNL2393Z2I561</lei>
        <title>ZIJIN MINING GROUP CO LTD-H COMMON STOCK</title>
        <cusip>N/A</cusip>
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          <isin value="CNE100000502"/>
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        <balance>56394635.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MITSUBISHI MATERIALS CORPORATION</name>
        <lei>35380076QOBOSOUBRT89</lei>
        <title>MITSUBISHI MATERIALS CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
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          <isin value="JP3903000002"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="FX Forwards" value="CCTHKD__00168339"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="FX Forwards" value="CCTHKD__00168285"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="FX Forwards" value="CCTHKD__00168313"/>
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        <balance>1.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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      <invstOrSec>
        <name>Collective Mining Ltd</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Wanguo Gold Group Ltd</name>
        <lei>984500A4815DA9DE4623</lei>
        <title>WANGUO GOLD GROUP LTD COMMON STOCK</title>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Taseko Mines Limited</name>
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        <title>TASEKO MINES LTD COMMON STOCK</title>
        <cusip>876511106</cusip>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Solaris Resources Inc</name>
        <lei>5299009LFMB5N4PVVZ93</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>MMG Limited</name>
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        <title>MMG LTD COMMON STOCK</title>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>NGEx Minerals Ltd</name>
        <lei>549300M2DU5ORAGOIG27</lei>
        <title>NGEX MINERALS LTD COMMON STOCK</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>SOUTHERN COPPER CORPORATION</name>
        <lei>2549007U6NAP46Q9TU15</lei>
        <title>SOUTHERN COPPER CORP COMMON STOCK</title>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="FX Forwards" value="CCTHKD__00168343"/>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168303"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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      <invstOrSec>
        <name>Jiangxi Copper Company Limited</name>
        <lei>3003002E74YFQ6MEZY56</lei>
        <title>JIANGXI COPPER CO LTD-H COMMON STOCK</title>
        <cusip>N/A</cusip>
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          <isin value="CNE1000003K3"/>
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        <balance>37680401.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
        <valUSD>228985983.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>Nittetsu Mining Co., Ltd.</name>
        <lei>213800HBRWZK44PCU381</lei>
        <title>NITTETSU MINING CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
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          <isin value="JP3680800004"/>
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        <balance>1977518.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168279"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
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        <assetCat>DFE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="FX Forwards" value="CCTHKD__00168289"/>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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      <invstOrSec>
        <name>BNYREPOS</name>
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        <title>BNYREPOS</title>
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        <invCountry>US</invCountry>
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            <repurchaseCollateral>
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        <securityLending>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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          <other otherDesc="FX Forwards" value="CCTHKD__00168277"/>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Hudbay Minerals Inc.</name>
        <lei>894500LX3TMESP27BE29</lei>
        <title>HUDBAY MINERALS INC COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FIRST QUANTUM MINERALS LTD.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>FIRST QUANTUM MINERALS LTD COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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      <invstOrSec>
        <name>SOLGOLD PLC</name>
        <lei>213800HGFADQBMIEVI76</lei>
        <title>SOLGOLD PLC COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Ressources Teck Limitee</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
        <title>TECK RESOURCES LTD-CLS B COMMON STOCK</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

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        <name>Ivanhoe Electric Inc</name>
        <lei>N/A</lei>
        <title>IVANHOE ELECTRIC INC / US COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SANDFIRE RESOURCES LIMITED</name>
        <lei>213800ZW52P23FVH1V47</lei>
        <title>SANDFIRE RESOURCES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
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        <invCountry>AU</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>LunR Royalties Corp</name>
        <lei>529900Q168TQRO7FZ844</lei>
        <title>LUNR ROYALTIES CORP COMMON STOCK</title>
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          <isin value="CA5504281067"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="FX Forwards" value="CCTHKD__00168295"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="FX Forwards" value="CCTHKD__00168299"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168329"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168335"/>
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        <balance>1.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
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        <securityLending>
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      <invstOrSec>
        <name>WA1 Resources Ltd</name>
        <lei>529900DH6OUWPF9CMW60</lei>
        <title>WA1 RESOURCES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000196594"/>
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        <balance>1230470.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42745000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ALTIUS MINERALS CORPORATION</name>
        <lei>54930083UJGDUCMJMU61</lei>
        <title>ALTIUS MINERALS CORPORATION COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CA0209361009"/>
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        <balance>1374892.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
        <valUSD>43760178.12000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>Foran Mining Corp</name>
        <lei>529900LRYPIWB6RISB58</lei>
        <title>FORAN MINING CORPORATION COMMON STOCK</title>
        <cusip>344911201</cusip>
        <identifiers>
          <isin value="CA3449112018"/>
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        <balance>9086824.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.35415000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>Central Asia Metals PLC</name>
        <lei>213800EYQBJZIT64NH43</lei>
        <title>CENTRAL ASIA METALS PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B67KBV28"/>
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        <balance>6310153.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.72873000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168331"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
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          <other otherDesc="FX Forwards" value="CCTHKD__00168301"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>China Nonferrous Mining Corp Ltd</name>
        <lei>N/A</lei>
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        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Atalaya Mining Copper, S.A.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
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        <name>Boliden AB</name>
        <lei>21380059QU7IM1ONDJ56</lei>
        <title>BOLIDEN AB COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ERO COPPER CORP.</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO COPPER CORP COMMON STOCK</title>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Al Masane Al Kobra Mining Company SJSC</name>
        <lei>N/A</lei>
        <title>AL MASANE AL KOBRA MINING CO COMMON STOCK</title>
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        <invCountry>SA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
              <counterpartyLei>HPFHU0OQ28E4N0NFVK49</counterpartyLei>
            </counterparties>
            <amtCurSold>1103556.46000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>8611834.35000000</amtCurPur>
            <curPur>HKD</curPur>
            <settlementDt>2026-02-02</settlementDt>
            <unrealizedAppr>-729.78000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168293"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
        <valUSD>-558.24000000</valUSD>
        <pctVal>-0.00000768641</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
              <counterpartyLei>HPFHU0OQ28E4N0NFVK49</counterpartyLei>
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            <amtCurSold>844145.29000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>6587464.86000000</amtCurPur>
            <curPur>HKD</curPur>
            <settlementDt>2026-02-02</settlementDt>
            <unrealizedAppr>-558.24000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168307"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
        <valUSD>-509.24000000</valUSD>
        <pctVal>-0.00000701173</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
              <counterpartyLei>HPFHU0OQ28E4N0NFVK49</counterpartyLei>
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            <amtCurSold>770056.98000000</amtCurSold>
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            <amtCurPur>6009301.17000000</amtCurPur>
            <curPur>HKD</curPur>
            <settlementDt>2026-02-02</settlementDt>
            <unrealizedAppr>-509.24000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aurubis AG</name>
        <lei>5299005SHIN9ZK7GW242</lei>
        <title>AURUBIS AG COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0006766504"/>
        </identifiers>
        <balance>1118014.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.84058000"/>
        <valUSD>213340129.00000000</valUSD>
        <pctVal>2.937483908620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="15276777.03"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>FX Forward Contract: HKD/USD SETTLE 2026-02-02</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="FX Forwards" value="CCTHKD__00168305"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.80970000"/>
        <valUSD>-588.23000000</valUSD>
        <pctVal>-0.00000809934</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DFE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>BANK OF NEW YORK (THE)</counterpartyName>
              <counterpartyLei>HPFHU0OQ28E4N0NFVK49</counterpartyLei>
            </counterparties>
            <amtCurSold>889516.25000000</amtCurSold>
            <curSold>USD</curSold>
            <amtCurPur>6941526.71000000</amtCurPur>
            <curPur>HKD</curPur>
            <settlementDt>2026-02-02</settlementDt>
            <unrealizedAppr>-588.23000000</unrealizedAppr>
          </fwdDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-01-31</ncom:dateSigned>
      <ncom:nameOfApplicant>GLOBAL X FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joe Costello</ncom:signature>
      <ncom:signerName>Joe Costello</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
