The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| COLUMN 1 | COLUMN 2 | COLUMN 3 | COLUMN 4 | COLUMN 5 | COLUMN 6 | COLUMN 7 | COLUMN 8 | ||||
| VALUE | SHRS OR | SH/ | PUT/ | INVESTMENT | OTHER | VOTING AUTHORITY | |||||
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| ALMADEN MINERALS LTD | COM CL B | 020283305 | 1,800,851 | 3,669,413 | SH | SOLE | 3,642,803 | 0 | 26,610 | ||
| AMBEV SA | SPONSORED ADR | 02319V103 | 7,658,644 | 2,916,022 | SH | SOLE | 892,785 | 0 | 2,023,237 | ||
| AGNICO EAGLE MINES LTD | A | 008474108 | 11,788,922 | 179,835 | SH | SOLE | 167,316 | 0 | 12,519 | ||
| FIRST MAJESTIC SILVER CORP | A | 32076V103 | 440,332 | 34,161 | SH | SOLE | 0 | 0 | 34,161 | ||
| ALAMOS GOLD INC | A | 011532108 | 180,671 | 17,431 | SH | SOLE | 0 | 0 | 17,431 | ||
| ALCON INC | ORD SHS | H01301128 | 210,909 | 3,442 | SH | SOLE | 0 | 0 | 3,442 | ||
| YAMANA GOLD INC | COM | 98462Y100 | 17,227,458 | 2,931,484 | SH | SOLE | 1,615,926 | 0 | 1,315,558 | ||
| Bce Inc | COM | 05534B760 | 6,301,228 | 150,387 | SH | SOLE | 44,454 | 0 | 105,933 | ||
| Baidu Inc | SPON ADR REP A | 056752108 | 3,030,601 | 25,305 | SH | SOLE | 10,027 | 0 | 15,278 | ||
| Bank Of Nova Scotia | COM | 064149107 | 1,369,698 | 33,106 | SH | SOLE | 33,106 | 0 | 0 | ||
| B2Gold Corp | COM | 11777Q209 | 10,693,133 | 1,858,363 | SH | SOLE | 1,781,859 | 0 | 76,504 | ||
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 | 13,485,656 | 379,371 | SH | SOLE | 152,248 | 0 | 227,123 | ||
| COMPANIA DE MINAS BUENAVENTU | SPONSORED ADR | 204448104 | 1,596,670 | 163,847 | SH | SOLE | 141,243 | 0 | 22,604 | ||
| SPROTT PHYSICAL GOLD & SILVER | TR UNIT | 85208R101 | 15,026,713 | 763,170 | SH | SOLE | 1,381 | 0 | 761,789 | ||
| Canadian Natl Railway Co | COM | 136375102 | 269,786 | 2,777 | SH | SOLE | 0 | 0 | 2,777 | ||
| DIAGEO PLC | SPONSORED ADR | 25243Q205 | 431,919 | 2,905 | SH | SOLE | 255 | 0 | 2,650 | ||
| Emx Royalty Corp | COM | 26873J107 | 3,724,057 | 1,643,556 | SH | SOLE | 1,511,724 | 0 | 131,832 | ||
| Equinor ASA | SPONSORED ADR | 29446M102 | 5,449,763 | 362,870 | SH | SOLE | 61,592 | 0 | 301,278 | ||
| Equinox Gold Corp | COM | 29446Y502 | 5,172,889 | 459,541 | SH | SOLE | 437,695 | 0 | 21,846 | ||
| Franco-Nevada Corp | COM | 351858105 | 12,299,232 | 87,144 | SH | SOLE | 83,211 | 0 | 3,933 | ||
| Fortuna Silver Mines Inc | COM | 349915108 | 16,073,988 | 3,109,593 | SH | SOLE | 3,014,553 | 0 | 95,040 | ||
| VANECK VECTORS ETF TR | GOLD MINERS ETF | 92189F106 | 205,628 | 4,826 | SH | SOLE | 2,800 | 0 | 2,026 | ||
| VANECK VECTORS ETF TR | JR GOLD MINERS ETF | 92189F791 | 1,705,098 | 33,781 | SH | SOLE | 31,600 | 0 | 2,181 | ||
| Gold Fields Ltd | SPONSORED ADR | 38059T106 | 9,383,300 | 993,026 | SH | SOLE | 985,393 | 0 | 7,633 | ||
| Barrick Gold Corp | COM | 067901108 | 35,629,204 | 1,288,236 | SH | SOLE | 746,063 | 0 | 542,173 | ||
| Glaxosmithkline Plc | SPONSORED ADR | 37733W105 | 7,964,716 | 194,003 | SH | SOLE | 86,501 | 0 | 107,502 | ||
| Kinross Gold Corp | COM | 496902404 | 12,135,567 | 1,432,331 | SH | SOLE | 526,295 | 0 | 906,036 | ||
| Maverix Metals Inc | COM | 57776F405 | 1,514,862 | 340,358 | SH | SOLE | 338,358 | 0 | 2,000 | ||
| Metalla Royalty & Streaming | COM | 59124U605 | 10,878,201 | 1,976,276 | SH | SOLE | 1,916,984 | 0 | 59,292 | ||
| Newmont Corp | COM | 651639106 | 40,687,629 | 627,645 | SH | SOLE | 319,213 | 0 | 308,432 | ||
| Nutrien Ltd | COM | 67077M108 | 3,563,152 | 108,587 | SH | SOLE | 33,400 | 0 | 75,187 | ||
| Novo-Nordisk A S | ADR | 670100205 | 8,375,274 | 127,754 | SH | SOLE | 37,259 | 0 | 90,495 | ||
| Novartis AG | SPONSORED ADR | 66987V109 | 7,046,974 | 82,707 | SH | SOLE | 29,706 | 0 | 53,001 | ||
| Osisko Gold Royalties Ltd | COM | 68827L101 | 9,100,190 | 899,974 | SH | SOLE | 859,375 | 0 | 40,599 | ||
| Vaneck Merk Gold Trust | GOLD TRUST | 921078101 | 242,928 | 12,600 | SH | SOLE | 12,600 | 0 | 0 | ||
| Pan American Silver Corp | COM | 697900108 | 9,037,442 | 291,081 | SH | SOLE | 273,988 | 0 | 17,093 | ||
| Philip Morris International | COM | 718172109 | 11,550,547 | 155,430 | SH | SOLE | 58,244 | 0 | 97,186 | ||
| Sprott Physical Silver Trust | TR UNIT | 85207K107 | 139,175 | 16,013 | SH | SOLE | 6,184 | 0 | 9,829 | ||
| Pretium Resources Inc | COM | 74139C102 | 6,339,545 | 749,502 | SH | SOLE | 722,920 | 0 | 26,582 | ||
| Royal Dutch Shell PLC | SPON ADR A | 780259206 | 6,656,528 | 215,187 | SH | SOLE | 61,141 | 0 | 154,046 | ||
| Royal Gold Inc | COM | 780287108 | 10,167,700 | 81,161 | SH | SOLE | 77,704 | 0 | 3,457 | ||
| Sandstorm Gold Ltd | COM | 80013R206 | 5,211,436 | 542,403 | SH | SOLE | 519,663 | 0 | 22,740 | ||
| SK Telecom Co Ltd | SPONSORED ADR | 78440P108 | 1,185,828 | 61,208 | SH | SOLE | 57,553 | 0 | 3,655 | ||
| Total SA | SPONSORED ADS | 89151E109 | 6,783,411 | 176,833 | SH | SOLE | 27,069 | 0 | 149,764 | ||
| Unilever N V | N Y SHS | 904784709 | 8,636,235 | 150,150 | SH | SOLE | 54,435 | 0 | 95,715 | ||
| Vista Gold Corp | COM | 927926303 | 4,557,439 | 5,299,601 | SH | SOLE | 5,115,089 | 0 | 184,512 | ||
| Wheaton Precious Metals Corp | COM | 962879102 | 5,553,502 | 122,321 | SH | SOLE | 109,281 | 0 | 13,040 | ||