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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clarkson PLC</name>
        <lei>2138007G6BGTEHI3OT22</lei>
        <title>Clarkson PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0002018363"/>
          <ticker value="CKN"/>
        </identifiers>
        <balance>110921.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".742800000000"/>
        <valUSD>5480345.580000000000</valUSD>
        <pctVal>0.4108876685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CME Group Inc</name>
        <lei>LCZ7XYGSLJUHFXXNXD88</lei>
        <title>CME Group Inc</title>
        <cusip>12572Q105</cusip>
        <identifiers>
          <isin value="US12572Q1058"/>
          <ticker value="CME"/>
        </identifiers>
        <balance>146754.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39651463.260000000000</valUSD>
        <pctVal>2.9728594763</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>Cameco Corp</name>
        <lei>N4BHALMXL3GMZKCUON55</lei>
        <title>Cameco Corp</title>
        <cusip>13321L108</cusip>
        <identifiers>
          <isin value="CA13321L1085"/>
          <ticker value="CCJ"/>
        </identifiers>
        <balance>595237.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49916574.820000000000</valUSD>
        <pctVal>3.7424838904</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>Cheniere Energy Inc</name>
        <lei>MIHC87W9WTYSYZWV1J40</lei>
        <title>Cheniere Energy Inc</title>
        <cusip>16411R208</cusip>
        <identifiers>
          <isin value="US16411R2085"/>
          <ticker value="LNG"/>
        </identifiers>
        <balance>177898.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41802472.040000000000</valUSD>
        <pctVal>3.1341308724</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>DigitalBridge Group Inc</name>
        <lei>549300XG87L902AGBO89</lei>
        <title>DigitalBridge Group Inc</title>
        <cusip>25401T603</cusip>
        <identifiers>
          <isin value="US25401T6038"/>
          <ticker value="DBRG"/>
        </identifiers>
        <balance>2829801.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>33108671.700000000000</valUSD>
        <pctVal>2.4823151612</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>Dorchester Minerals LP</name>
        <lei>529900J537JTEZOMXG05</lei>
        <title>Dorchester Minerals LP</title>
        <cusip>25820R105</cusip>
        <identifiers>
          <isin value="US25820R1059"/>
          <ticker value="DMLP"/>
        </identifiers>
        <balance>187324.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4849818.360000000000</valUSD>
        <pctVal>0.3636140330</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>Franco-Nevada Corp</name>
        <lei>98450064C1B5D3E94864</lei>
        <title>Franco-Nevada Corp</title>
        <cusip>351858105</cusip>
        <identifiers>
          <isin value="CA3518581051"/>
          <ticker value="FNV"/>
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        <balance>327464.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>72995000.240000000000</valUSD>
        <pctVal>5.4727836087</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>Hawaiian Electric Industries I</name>
        <lei>JJ8FWOCWCV22X7GUPJ23</lei>
        <title>Hawaiian Electric Industries Inc</title>
        <cusip>419870100</cusip>
        <identifiers>
          <isin value="US4198701009"/>
          <ticker value="HE"/>
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        <balance>3398048.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37514449.920000000000</valUSD>
        <pctVal>2.8126373852</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>Intercontinental Exchange Inc</name>
        <lei>5493000F4ZO33MV32P92</lei>
        <title>Intercontinental Exchange Inc</title>
        <cusip>45866F104</cusip>
        <identifiers>
          <isin value="US45866F1049"/>
          <ticker value="ICE"/>
        </identifiers>
        <balance>338072.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>56958370.560000000000</valUSD>
        <pctVal>4.2704409309</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>Landbridge Co LLC</name>
        <lei>N/A</lei>
        <title>Landbridge Co LLC</title>
        <cusip>514952100</cusip>
        <identifiers>
          <isin value="US5149521008"/>
          <ticker value="LB"/>
        </identifiers>
        <balance>1251189.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>66750933.150000000000</valUSD>
        <pctVal>5.0046360930</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="47273435.000000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Marsh &amp; McLennan Cos Inc</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>Marsh &amp; McLennan Cos Inc</title>
        <cusip>571748102</cusip>
        <identifiers>
          <isin value="US5717481023"/>
          <ticker value="MMC"/>
        </identifiers>
        <balance>152653.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30764159.090000000000</valUSD>
        <pctVal>2.3065358593</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>Mesabi Trust</name>
        <lei>N/A</lei>
        <title>Mesabi Trust</title>
        <cusip>590672101</cusip>
        <identifiers>
          <isin value="US5906721015"/>
          <ticker value="MSB"/>
        </identifiers>
        <balance>393971.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11531531.170000000000</valUSD>
        <pctVal>0.8645739374</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>Metalla Royalty &amp; Streaming Lt</name>
        <lei>549300RPR0O774QEKV20</lei>
        <title>Metalla Royalty &amp; Streaming Ltd</title>
        <cusip>59124U605</cusip>
        <identifiers>
          <isin value="CA59124U6051"/>
          <ticker value="MTA"/>
        </identifiers>
        <balance>390000.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2476500.000000000000</valUSD>
        <pctVal>0.1856750265</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>Miami International Holdings I</name>
        <lei>254900TREUDBWGLAP788</lei>
        <title>Miami International Holdings Inc</title>
        <cusip>59356Q108</cusip>
        <identifiers>
          <isin value="US59356Q1085"/>
          <ticker value="MIAX"/>
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        <balance>355665.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14319072.900000000000</valUSD>
        <pctVal>1.0735692472</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1407167.520000000000"/>
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      <invstOrSec>
        <name>Japan Exchange Group Inc</name>
        <lei>353800578ADEGIJTVW07</lei>
        <title>Japan Exchange Group Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3183200009"/>
          <ticker value="8697"/>
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        <balance>1674208.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="147.685000000000"/>
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        <pctVal>1.4045255892</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>OR Royalties Inc</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>OR Royalties Inc</title>
        <cusip>68390D106</cusip>
        <identifiers>
          <isin value="CA68390D1069"/>
          <ticker value="OR"/>
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        <balance>1611448.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>64586835.840000000000</valUSD>
        <pctVal>4.8423833874</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>Deutsche Boerse AG</name>
        <lei>529900G3SW56SHYNPR95</lei>
        <title>Deutsche Boerse AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0005810055"/>
          <ticker value="DB1"/>
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        <balance>154527.000000000000</balance>
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        <valUSD>41416126.600000000000</valUSD>
        <pctVal>3.1051647105</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Permian Basin Royalty Trust</name>
        <lei>N/A</lei>
        <title>Permian Basin Royalty Trust</title>
        <cusip>714236106</cusip>
        <identifiers>
          <isin value="US7142361069"/>
          <ticker value="PBT"/>
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        <balance>1665275.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30391268.750000000000</valUSD>
        <pctVal>2.2785784905</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>Sabine Royalty Trust</name>
        <lei>N/A</lei>
        <title>Sabine Royalty Trust</title>
        <cusip>785688102</cusip>
        <identifiers>
          <isin value="US7856881021"/>
          <ticker value="SBR"/>
        </identifiers>
        <balance>85201.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6770071.460000000000</valUSD>
        <pctVal>0.5075845742</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>Evolve Strategic Element Royalties Ltd</name>
        <lei>N/A</lei>
        <title>Evolve Strategic Element Royalties Ltd</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="999EVOLVE"/>
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        <balance>6250000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.391400000000"/>
        <valUSD>3593502.950000000000</valUSD>
        <pctVal>0.2694220697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IG Port Inc</name>
        <lei>N/A</lei>
        <title>IG Port Inc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3833770005"/>
          <ticker value="3791"/>
        </identifiers>
        <balance>202000.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="147.685000000000"/>
        <valUSD>2099536.170000000000</valUSD>
        <pctVal>0.1574122488</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>London Stock Exchange Group PL</name>
        <lei>213800QAUUUP6I445N30</lei>
        <title>London Stock Exchange Group PLC</title>
        <cusip>G5689U103</cusip>
        <identifiers>
          <isin value="GB00B0SWJX34"/>
          <ticker value="LSEG"/>
        </identifiers>
        <balance>54327.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".742800000000"/>
        <valUSD>6228442.810000000000</valUSD>
        <pctVal>0.4669760889</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Glencore PLC</name>
        <lei>2138002658CPO9NBH955</lei>
        <title>Glencore PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00B4T3BW64"/>
          <ticker value="GLEN"/>
        </identifiers>
        <balance>4722527.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt=".742800000000"/>
        <valUSD>21718029.390000000000</valUSD>
        <pctVal>1.6283043341</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Labrador Iron Ore Royalty Corp</name>
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        <title>Labrador Iron Ore Royalty Corp</title>
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          <isin value="CA5054401073"/>
          <ticker value="LIF"/>
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        <balance>290456.000000000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.391400000000"/>
        <valUSD>5861725.230000000000</valUSD>
        <pctVal>0.4394815214</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="5378730.660000000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deterra Royalties Ltd</name>
        <lei>N/A</lei>
        <title>Deterra Royalties Ltd</title>
        <cusip>N/A</cusip>
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          <isin value="AU0000107484"/>
          <ticker value="DRR"/>
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        <balance>5712942.000000000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.508860000000"/>
        <valUSD>15069329.930000000000</valUSD>
        <pctVal>1.1298195981</pctVal>
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        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lithium Royalty Corp</name>
        <lei>549300PNTZ1SGOX9FY92</lei>
        <title>Lithium Royalty Corp</title>
        <cusip>53680W105</cusip>
        <identifiers>
          <isin value="CA53680W1059"/>
          <ticker value="LIRC"/>
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        <balance>100000.000000000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.391400000000"/>
        <valUSD>442719.560000000000</valUSD>
        <pctVal>0.0331927987</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="341628.980000000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>PrairieSky Royalty Ltd</name>
        <lei>529900AXG582AP7CV733</lei>
        <title>PrairieSky Royalty Ltd</title>
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          <isin value="CA7397211086"/>
          <ticker value="PSK"/>
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        <currencyConditional curCd="CAD" exchangeRt="1.391400000000"/>
        <valUSD>59325671.680000000000</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royalty Pharma PLC</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>Royalty Pharma PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMVP7Y09"/>
          <ticker value="RPRX"/>
        </identifiers>
        <balance>343271.000000000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12110600.880000000000</valUSD>
        <pctVal>0.9079895578</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>2025-11-24</ncom:dateSigned>
      <ncom:nameOfApplicant>Listed Funds Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/Travis Babich</ncom:signature>
      <ncom:signerName>Listed Funds Trust</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
