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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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      <invstOrSec>
        <name>Alkane Resources Ltd.</name>
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          <isin value="AU000000ALK9"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>Agnico Eagle Mines Ltd.</title>
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          <isin value="CA0084741085"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SilverCrest Metals, Inc.</name>
        <lei>549300M4CUMXUHSXYQ10</lei>
        <title>SilverCrest Metals, Inc.</title>
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          <isin value="CA8283636063"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="CADIS_ID" value="2460769"/>
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        <balance>-8000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Canadian Imperial Bank of Commerce</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>B2Gold Corp</issuerName>
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      <invstOrSec>
        <name>Wheaton Precious Metals Corp.</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corp.</title>
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          <isin value="CA9628791027"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Direxion Daily Gold Miners Index Bear 2X Shares</name>
        <lei>549300HIQ2RB0ZCO0820</lei>
        <title>Direxion Daily Gold Miners Index Bear 2X Shares</title>
        <cusip>25460G880</cusip>
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          <isin value="US25460G8805"/>
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        <balance>185000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Premier Gold Mines Ltd.</name>
        <lei>5493000REB6GPZO6YX68</lei>
        <title>Premier Gold Mines Ltd.</title>
        <cusip>74051D104</cusip>
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          <isin value="CA74051D1042"/>
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        <balance>3500000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <identifiers>
          <isin value="AU9002506734"/>
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        <balance>-500.00000000</balance>
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        <assetCat>DE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Morgan Stanley &amp; Co. International PLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Newcrest Mining Ltd</issuerName>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>Ascot Resources Ltd.</name>
        <lei>98450093855CEDA61B27</lei>
        <title>Ascot Resources Ltd.</title>
        <cusip>04364G106</cusip>
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          <isin value="CA04364G1063"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IAMGOLD Corp.</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD Corp.</title>
        <cusip>450913108</cusip>
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          <isin value="CA4509131088"/>
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      <invstOrSec>
        <name>Great Bear Resources Ltd.</name>
        <lei>2549000RUH5SDJMHDI59</lei>
        <title>Great Bear Resources Ltd.</title>
        <cusip>390143709</cusip>
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          <isin value="CA3901437093"/>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="CADIS_ID" value="2412588"/>
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        <balance>-6000.00000000</balance>
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        <valUSD>-2100000.00000000</valUSD>
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        <name>Franco-Nevada Corp.</name>
        <lei>N/A</lei>
        <title>Franco-Nevada Corp.</title>
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      <invstOrSec>
        <name>ERO Copper Corp.</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO Copper Corp.</title>
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      <invstOrSec>
        <name>New Pacific Metals Corp.</name>
        <lei>N/A</lei>
        <title>New Pacific Metals Corp.</title>
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        <name>Osisko Gold Royalties Ltd.</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>Osisko Gold Royalties Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Auryn Resources, Inc.</name>
        <lei>549300J7HGQZCNNOU191</lei>
        <title>Auryn Resources, Inc.</title>
        <cusip>05208W108</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Australian Strategic Materials Ltd.</name>
        <lei>N/A</lei>
        <title>Australian Strategic Materials Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <balance>1010000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <name>N/A</name>
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              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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        <name>AngloGold Ashanti Ltd.</name>
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        <name>Newcrest Mining Ltd.</name>
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        <name>Kinross Gold Corp.</name>
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        <title>Kinross Gold Corp.</title>
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          <isin value="CA4969024047"/>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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              <counterpartyName>Canadian Imperial Bank of Commerce</counterpartyName>
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            <putOrCall>Put</putOrCall>
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                <issuerName>First Quantum Minerals Ltd</issuerName>
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      <invstOrSec>
        <name>N/A</name>
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        <invCountry>N/A</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CITADEL SECURITIES INSTITUTIONAL LLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Sandstorm Gold Ltd</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>310141.62000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SSR MINING INC SSRM US 12/18/20 P19</title>
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          <other otherDesc="CADIS_ID" value="2557619"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <counterparties>
              <counterpartyName>Citadel Securities Institutional LLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
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                <issuerName>SSR Mining Inc</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2431527"/>
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              <counterpartyName>CITADEL SECURITIES INSTITUTIONAL LLC</counterpartyName>
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                <issuerName>Osisko Gold Royalties Ltd</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2556425"/>
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      <invstOrSec>
        <name>Ramelius Resources Ltd.</name>
        <lei>254900E44AIGW7KKNR98</lei>
        <title>Ramelius Resources Ltd.</title>
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          <isin value="AU000000RMS4"/>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>FREEPORT-MCMORAN INC FCX US 11/20/20 P11</title>
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          <other otherDesc="CADIS_ID" value="2481899"/>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Lundin Gold, Inc.</name>
        <lei>549300ZOV16K515FC525</lei>
        <title>Lundin Gold, Inc.</title>
        <cusip>550371108</cusip>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Novagold Resources, Inc.</name>
        <lei>529900587LVZTJ2BHS60</lei>
        <title>Novagold Resources, Inc.</title>
        <cusip>66987E206</cusip>
        <identifiers>
          <isin value="CA66987E2069"/>
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        <balance>280000.00000000</balance>
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        <pctVal>0.104491257817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Kinross Gold Corp. Option</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CADIS_ID" value="2422407"/>
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        <balance>-3000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-9000.00000000</valUSD>
        <pctVal>-0.00036827276</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>Kinross Gold Corp</issuerName>
                <issueTitle>Kinross Gold Corp.</issueTitle>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>162329.74000000</unrealizedAppr>
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      <invstOrSec>
        <name>Maverix Metals, Inc.</name>
        <lei>549300CPYYBEBU8HQN80</lei>
        <title>Maverix Metals, Inc.</title>
        <cusip>57776F405</cusip>
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          <isin value="CA57776F4050"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Saracen Mineral Holdings Ltd.</name>
        <lei>254900SQ035N7AB62C07</lei>
        <title>Saracen Mineral Holdings Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SAR9"/>
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        <balance>9610000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Endeavour Mining Corp.</name>
        <lei>529900R1F0JCJDI3A443</lei>
        <title>Endeavour Mining Corp.</title>
        <cusip>G3040R158</cusip>
        <identifiers>
          <isin value="KYG3040R1589"/>
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        <balance>990822.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33945000"/>
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        <pctVal>1.092403552462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Freeport-McMoRan, Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan, Inc.</title>
        <cusip>35671D857</cusip>
        <identifiers>
          <isin value="US35671D8570"/>
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        <balance>2820000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36434400.00000000</valUSD>
        <pctVal>1.490866339220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SPDR Gold Trust ETF</name>
        <lei>N/A</lei>
        <title>SPDR Gold Trust ETF</title>
        <cusip>78463V107</cusip>
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          <isin value="US78463V1070"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3708600.00000000</valUSD>
        <pctVal>0.151752928705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>GOLD FIELDS LTD GFI US 10/16/20 C13</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2551426"/>
        </identifiers>
        <balance>-5000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-812500.00000000</valUSD>
        <pctVal>-0.03324684640</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS Securities LLC</counterpartyName>
              <counterpartyLei>T6FIZBDPKLYJKFCRVK44</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>Gold Fields Ltd</issuerName>
                <issueTitle>Gold Fields Ltd.</issueTitle>
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                  <cusip value="38059T106"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>13.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-10-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-65620.86000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Talisker Resources Ltd.</name>
        <lei>N/A</lei>
        <title>Talisker Resources Ltd.</title>
        <cusip>87425A101</cusip>
        <identifiers>
          <isin value="CA87425A1012"/>
        </identifiers>
        <balance>2596500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33945000"/>
        <valUSD>775392.89000000</valUSD>
        <pctVal>0.031728453312</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>Novo Resources Corp.</name>
        <lei>N/A</lei>
        <title>Novo Resources Corp.</title>
        <cusip>67010B102</cusip>
        <identifiers>
          <isin value="CA67010B1022"/>
        </identifiers>
        <balance>1030000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33945000"/>
        <valUSD>2937474.34000000</valUSD>
        <pctVal>0.120199087012</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>N/A</name>
        <lei>N/A</lei>
        <title>ALAMOS GOLD INC AGI CN 10/16/20 C11</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2457594"/>
        </identifiers>
        <balance>-5000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33945000"/>
        <valUSD>-1306506.40000000</valUSD>
        <pctVal>-0.05346119090</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Canadian Imperial Bank of Commerce</counterpartyName>
              <counterpartyLei>2IGI19DL77OX0HC3ZE78</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Alamos Gold Inc</issuerName>
                <issueTitle>Alamos Gold, Inc.</issueTitle>
                <identifiers>
                  <cusip value="011532108"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>11.00000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-10-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-615037.98000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Harmony Gold Mining Co. Ltd.</name>
        <lei>378900986D05F0C29811</lei>
        <title>Harmony Gold Mining Co. Ltd., ADR</title>
        <cusip>413216300</cusip>
        <identifiers>
          <isin value="US4132163001"/>
        </identifiers>
        <balance>6124700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>39504315.00000000</valUSD>
        <pctVal>1.616484791501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp., Rts. Expiring 02/22/2029</title>
        <cusip>697900132</cusip>
        <identifiers>
          <isin value="CA6979001329"/>
        </identifiers>
        <balance>2300100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1920583.50000000</valUSD>
        <pctVal>0.078588731852</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>N/A</name>
        <lei>N/A</lei>
        <title>SANDSTORM GOLD LTD SSL CN 10/16/20 C12</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2458532"/>
        </identifiers>
        <balance>-9000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33945000"/>
        <valUSD>-1125461.94000000</valUSD>
        <pctVal>-0.04605299723</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Canadian Imperial Bank of Commerce</counterpartyName>
              <counterpartyLei>2IGI19DL77OX0HC3ZE78</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Sandstorm Gold Ltd</issuerName>
                <issueTitle>Sandstorm Gold Ltd.</issueTitle>
                <identifiers>
                  <cusip value="80013R206"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>12.00000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-10-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-107855.88000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SilverCrest Metals, Inc.</name>
        <lei>549300M4CUMXUHSXYQ10</lei>
        <title>SilverCrest Metals, Inc.</title>
        <cusip>828363101</cusip>
        <identifiers>
          <isin value="CA8283631015"/>
        </identifiers>
        <balance>2330000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33945000"/>
        <valUSD>23205196.16000000</valUSD>
        <pctVal>0.949537960003</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Greatland Gold PLC</name>
        <lei>213800KMN7LDF4VRPQ10</lei>
        <title>Greatland Gold PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B15XDH89"/>
        </identifiers>
        <balance>11800000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.76394200"/>
        <valUSD>2089608.11000000</valUSD>
        <pctVal>0.085505082926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>B2Gold Corp. Option</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2418697"/>
        </identifiers>
        <balance>-4000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-820000.00000000</valUSD>
        <pctVal>-0.03355374037</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>UBS Securities LLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>B2Gold Corp</issuerName>
                <issueTitle>B2Gold Corp.</issueTitle>
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                  <cusip value="11777Q209"/>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>5.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-10-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-714475.20000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sandstorm Gold Ltd.</name>
        <lei>549300QWJPV45VQF1B33</lei>
        <title>Sandstorm Gold Ltd.</title>
        <cusip>80013R206</cusip>
        <identifiers>
          <isin value="CA80013R2063"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33945000"/>
        <valUSD>8667736.76000000</valUSD>
        <pctVal>0.354676815666</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Liberty Gold Corp.</name>
        <lei>549300DY25855R7ZV117</lei>
        <title>Liberty Gold Corp.</title>
        <cusip>53056H104</cusip>
        <identifiers>
          <isin value="CA53056H1047"/>
        </identifiers>
        <balance>6738000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33945000"/>
        <valUSD>11066930.46000000</valUSD>
        <pctVal>0.452849891896</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Marathon Gold Corp.</name>
        <lei>52990063E8H31CA3UR10</lei>
        <title>Marathon Gold Corp.</title>
        <cusip>56580Q102</cusip>
        <identifiers>
          <isin value="CA56580Q1028"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33945000"/>
        <valUSD>1030273.62000000</valUSD>
        <pctVal>0.042157967751</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>
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        <name>Tudor Gold Corp.</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Torex Gold Resources, Inc.</name>
        <lei>549300QL07027186GQ85</lei>
        <title>Torex Gold Resources, Inc.</title>
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          <isin value="CA8910546032"/>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="CADIS_ID" value="2409608"/>
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        <curCd>USD</curCd>
        <valUSD>-967500.00000000</valUSD>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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                <issuerName>Newmont Corp</issuerName>
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      <invstOrSec>
        <name>SolGold PLC</name>
        <lei>213800HGFADQBMIEVI76</lei>
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          <isin value="GB00B0WD0R35"/>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Capricorn Metals Ltd.</name>
        <lei>529900CRG304NUYMOV23</lei>
        <title>Capricorn Metals Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000CMM9"/>
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        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Battle North Gold Corp.</name>
        <lei>N/A</lei>
        <title>Battle North Gold Corp.</title>
        <cusip>07160B106</cusip>
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          <isin value="CA07160B1067"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Perseus Mining Ltd.</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>Perseus Mining Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000PRU3"/>
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        <balance>3270000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Legend Mining Ltd.</name>
        <lei>N/A</lei>
        <title>Legend Mining Ltd.</title>
        <cusip>N/A</cusip>
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          <isin value="AU000000LEG9"/>
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        <balance>41840095.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>ROYAL GOLD INC RGLD US 10/16/20 P100</title>
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          <other otherDesc="CADIS_ID" value="2450085"/>
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        <valUSD>-95000.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>CITADEL SECURITIES INSTITUTIONAL LLC</counterpartyName>
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      <invstOrSec>
        <name>Osino Resources Corp.</name>
        <lei>549300S6BIXSU8JYBB24</lei>
        <title>Osino Resources Corp.</title>
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      <invstOrSec>
        <name>Musgrave Minerals Ltd.</name>
        <lei>5299001RYHV722EQ4I17</lei>
        <title>Musgrave Minerals Ltd.</title>
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      <invstOrSec>
        <name>Progress Minerals, Inc.</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Sibanye Stillwater Ltd.</name>
        <lei>378900F238434B74D281</lei>
        <title>Sibanye Stillwater Ltd., ADR</title>
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      <invstOrSec>
        <name>N/A</name>
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        <title>WHEATON PRECIOUS METALS CORP WPM US 09/18/20 C50</title>
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                <issuerName>Wheaton Precious Metals Corp</issuerName>
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        <name>Silver Lake Resources Ltd.</name>
        <lei>254900Z1BWS584OIKJ61</lei>
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        <name>First Quantum Minerals Ltd.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd.</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Roxgold, Inc.</name>
        <lei>529900PUOD77B2C12763</lei>
        <title>Roxgold, Inc.</title>
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        <name>Franco-Nevada Corp.</name>
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        <name>Pantoro Ltd.</name>
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        <name>Regis Resources Ltd.</name>
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        <name>Newmont Goldcorp Corp.</name>
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        <name>N/A</name>
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        <name>Resolute Mining Ltd.</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Gold Fields Ltd.</name>
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        <name>N/A</name>
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        <name>Wallbridge Mining Co. Ltd.</name>
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        <name>N/A</name>
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        <name>B2Gold Corp.</name>
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        <name>SSR Mining, Inc.</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
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        <name>N/A</name>
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        <name>Rupert Resources Ltd.</name>
        <lei>529900EEVS5CSPMXKZ88</lei>
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        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>Pan American Silver Corp.</title>
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        <name>N/A</name>
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        <name>Turquoise Hill Resources Ltd.</name>
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        <name>Kirkland Lake Gold Ltd.</name>
        <lei>529900G32H6145TBDT30</lei>
        <title>Kirkland Lake Gold Ltd.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Zhaojin Mining Industry Co. Ltd.</name>
        <lei>3003007KU2DRDX06PN04</lei>
        <title>Zhaojin Mining Industry Co. Ltd., H Shares</title>
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        <name>N/A</name>
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              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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        <name>Midas Gold Corp.</name>
        <lei>529900BQBMS383SEPY05</lei>
        <title>Midas Gold Corp.</title>
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        <name>Wesdome Gold Mines Ltd.</name>
        <lei>529900DCBALMLHZPLR10</lei>
        <title>Wesdome Gold Mines Ltd.</title>
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        <name>Dacian Gold Ltd.</name>
        <lei>213800ENTL8AJ6YPZX87</lei>
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        <name>Royal Gold, Inc.</name>
        <lei>5493001NGRU6SFL04184</lei>
        <title>Royal Gold, Inc.</title>
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        <name>Centerra Gold, Inc.</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
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        <name>N/A</name>
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        <name>N/A</name>
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        <title>Osino Resources Corp.</title>
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        <name>N/A</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
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              <counterpartyName>BOFA SECURITIES, INC.</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Agnico Eagle Mines Ltd</issuerName>
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      <invstOrSec>
        <name>RTG Mining, Inc.</name>
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          <isin value="AU000000RTG4"/>
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        <name>Petropavlovsk PLC</name>
        <lei>213800ZZOU5P76L8XB92</lei>
        <title>Petropavlovsk PLC</title>
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          <isin value="GB0031544546"/>
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        <isRestrictedSec>N</isRestrictedSec>

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          <isCashCollateral>N</isCashCollateral>
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        <name>Pretium Resources, Inc.</name>
        <lei>N/A</lei>
        <title>Pretium Resources, Inc.</title>
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          <isin value="CA74139C1023"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>K92 Mining, Inc.</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2558183"/>
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        <valUSD>-140000.00000000</valUSD>
        <pctVal>-0.00572868738</pctVal>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Citadel Securities Institutional LLC</counterpartyName>
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            <putOrCall>Put</putOrCall>
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                <issuerName>Agnico Eagle Mines Ltd</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2431543"/>
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        <balance>-2975.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>CITADEL SECURITIES INSTITUTIONAL LLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
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            <shareNo>100.00000000</shareNo>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="CADIS_ID" value="2424223"/>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>RBC Capital Markets, LLC</counterpartyName>
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                <issuerName>Kirkland Lake Gold Ltd</issuerName>
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      <invstOrSec>
        <name>De Grey Mining Ltd.</name>
        <lei>529900MOX6JOKGFAYY28</lei>
        <title>De Grey Mining Ltd.</title>
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        <identifiers>
          <isin value="AU000000DEG6"/>
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        <invCountry>AU</invCountry>
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      <invstOrSec>
        <name>Dundee Precious Metals, Inc.</name>
        <lei>549300LATVTU0EIUMD45</lei>
        <title>Dundee Precious Metals, Inc.</title>
        <cusip>265269209</cusip>
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          <isin value="CA2652692096"/>
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        <balance>2220000.00000000</balance>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bushveld Minerals Ltd.</name>
        <lei>213800GX3IGYRET8ZE57</lei>
        <title>Bushveld Minerals Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GG00B4TM3943"/>
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        <balance>8000000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>GG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ivanhoe Mines Ltd.</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>Ivanhoe Mines Ltd., Class A</title>
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        <identifiers>
          <isin value="CA46579R1047"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <balance>-2000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-25000.00000000</valUSD>
        <pctVal>-0.00102297988</pctVal>
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        <isRestrictedSec>N</isRestrictedSec>

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                <issuerName>B2Gold Corp</issuerName>
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      <invstOrSec>
        <name>B2Gold Corp.</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>KINROSS GOLD CORP K CN 11/20/20 C11</title>
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          <other otherDesc="CADIS_ID" value="2456922"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <derivativeInfo>
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                <issuerName>Kinross Gold Corp</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>Artemis Gold, Inc.</name>
        <lei>N/A</lei>
        <title>Artemis Gold, Inc.</title>
        <cusip>04302L118</cusip>
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          <isin value="CA04302L1186"/>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>Alamos Gold, Inc.</name>
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        <name>Karora Resources, Inc.</name>
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        <name>OceanaGold Corp.</name>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="WAR">
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Equinox Gold Corp.</name>
        <lei>5493005IN4V1SNP9PN75</lei>
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      <invstOrSec>
        <name>Alamos Gold, Inc.</name>
        <lei>549300TDOX73YGYXE959</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Alacer Gold Corp.</name>
        <lei>529900Z8EMNJMHWKNV66</lei>
        <title>Alacer Gold Corp.</title>
        <cusip>010679108</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Real Gold Mining Ltd</name>
        <lei>N/A</lei>
        <title>Real Gold Mining Ltd</title>
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        <balance>10400000.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Auteco Minerals Ltd.</name>
        <lei>N/A</lei>
        <title>Auteco Minerals Ltd.</title>
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        <balance>4500000.00000000</balance>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Eldorado Gold Corp.</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>Eldorado Gold Corp.</title>
        <cusip>284902509</cusip>
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        <balance>2431502.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <valUSD>-575000.00000000</valUSD>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Adventus Mining Corp.</name>
        <lei>N/A</lei>
        <title>Adventus Mining Corp.</title>
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          <isin value="CA00791E1025"/>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Teranga Gold Corp.</name>
        <lei>549300GNFZCBV9864W15</lei>
        <title>Teranga Gold Corp.</title>
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        <name>N/A</name>
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        <title>SIBANYE STILLWATER LTD SBSW US 10/16/20 C12.5</title>
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                <issuerName>Sibanye Stillwater Ltd</issuerName>
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      <invstOrSec>
        <name>Gran Colombia Gold Corp.</name>
        <lei>5493001GJ5TILX6L1F82</lei>
        <title>Gran Colombia Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Evolution Mining Ltd.</name>
        <lei>254900BCFW5QO5LW8F27</lei>
        <title>Evolution Mining Ltd.</title>
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          <isin value="AU000000EVN4"/>
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        <balance>22898806.00000000</balance>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Lion One Metals Ltd.</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>Lion One Metals Ltd.</title>
        <cusip>536216104</cusip>
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        <balance>5525391.00000000</balance>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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        <name>MAG Silver Corp.</name>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>Barrick Gold Corp</issuerName>
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      </invstOrSec>
      <invstOrSec>
        <name>Bellevue Gold Ltd.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Red 5 Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>GT Gold Corp.</name>
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        <title>GT Gold Corp.</title>
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          <isin value="CA36251Y1051"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="CADIS_ID" value="2457628"/>
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        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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                <issuerName>Royal Gold Inc</issuerName>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>Sandstorm Gold Ltd.</name>
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        <title>Sandstorm Gold Ltd.</title>
        <cusip>80013R206</cusip>
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          <isin value="CA80013R2063"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Artemis Gold, Inc.</name>
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        <title>Artemis Gold, Inc.</title>
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          <isin value="CA04302L1004"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Americas Gold &amp; Silver Corp.</name>
        <lei>5493005AKGOT669Z4P51</lei>
        <title>Americas Gold &amp; Silver Corp.</title>
        <cusip>03062D100</cusip>
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          <isin value="CA03062D1006"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Barrick Gold Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Gold Corp.</title>
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          <isin value="CA0679011084"/>
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        <valUSD>99262457.54000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>AGNICO EAGLE MINES LTD AEM US 11/20/20 C100</title>
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        <identifiers>
          <other otherDesc="CADIS_ID" value="2558184"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Citadel Securities Institutional LLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Agnico Eagle Mines Ltd</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-100542.12000000</unrealizedAppr>
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      <invstOrSec>
        <name>Freegold Ventures Ltd.</name>
        <lei>5493007YVOKHJP7J0X86</lei>
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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>N/A</name>
        <lei>N/A</lei>
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          <isin value="AU9002736620"/>
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        <balance>-2000.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>Newcrest Mining Ltd</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-15567.03000000</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>Nickel Mines Ltd.</name>
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        <title>Nickel Mines Ltd.</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>WESDOME GOLD MINES LTD WDO CN 10/16/20 C14</title>
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        <identifiers>
          <other otherDesc="CADIS_ID" value="2377001"/>
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        <balance>-3000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.33945000"/>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>RBC Capital Markets, LLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Wesdome Gold Mines Ltd</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2020-10-16</expDt>
            <delta>XXXX</delta>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>KIRKLAND LAKE GOLD LTD KL CN 10/16/20 P44</title>
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        <fairValLevel>1</fairValLevel>
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            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>Kirkland Lake Gold Ltd</issuerName>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>44.00000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-10-16</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>306508.68000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Invesco Liquid Assets Portfolio</name>
        <lei>549300DC1W0JSX3QRC47</lei>
        <title>Invesco Liquid Assets Portfolio, Institutional Class</title>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Perenti Global Ltd.</name>
        <lei>25490044GUNE4S2E6K11</lei>
        <title>Perenti Global Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000061897"/>
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        <balance>1795634.00000000</balance>
        <units>NS</units>
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        <valUSD>1531648.44000000</valUSD>
        <pctVal>0.062673822066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-09-14</ncom:dateSigned>
      <ncom:nameOfApplicant>AIM Sector Funds (Invesco Sector Funds)</ncom:nameOfApplicant>
      <ncom:signature>Sheri Morris</ncom:signature>
      <ncom:signerName>Sheri Morris</ncom:signerName>
      <ncom:title>President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
