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        <name>ALAMOS GOLD INC ORD CAD NPV CL A</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RTG MINING INC ORD CAD NPV</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Gascoyne Resources Ltd ORD AUD 1</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>ORLA MINING LTD/CANADA WTS EXP 02/15/2021</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>SolGold PLC ORD CAD 0.01</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>CENTERRA GOLD INC ORD CAD1</name>
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          <ticker value="CG"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PLATINUM GROUP METALS LTD ORD CAD *LEGEND SHR 1933**PHYSICAL CERTIFICATES*</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Ascot Resources Ltd ORD CAD NPV</name>
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          <ticker value="AOT"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ORLA MINING LTD/CANADA ORD CAD NPV</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GUYANA GOLDFIELDS INC ORD CAD NPV</name>
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          <ticker value="GUY"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ALAMOS GOLD INC ORD USD NPV CL A</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ADVENTUS MINING CORP ORD CAD 1 *4 months hold*</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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        <name>EASTERN PLATINUM LTD ORD NPV CAD</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>NEWMONT GOLDCORP CORP COM USD1.6</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ST AUGUSTINE GOLD AND COPPER LTD ORD CAD NPV</name>
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        <name>ST AUGUSTINE GOLD AND COPPER LTD ORD CAD NPV 144A *PHYSICAL CERTIFICATES*</name>
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        <name>PLATINUM GROUP METALS LTD ORD CAD NPV **1933 RESTRICTION**</name>
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        <name>BARRICK GOLD CORP ORD USD NPV</name>
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        <name>Platinum Group Metals Ltd 6.875% 07/01/2022 CNV</name>
        <lei>529900YSNVVJI7YJAG63</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
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        <name>Platinum Group Metals Ltd WTS EXP 11/15/2019</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TOREX GOLD RESOURCES INC ORD CAD NPV 144A</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TOREX GOLD RESOURCES INC ORD CAD *1933 LEGEND SHR* *PHYSICAL CERTIFICATES</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CONTINENTAL GOLD INC ORD CAD NPV</name>
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        <name>OCEANAGOLD CORP ORD CAD NPV</name>
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        <name>DETOUR GOLD CORP ORD CAD1</name>
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          <ticker value="DGC"/>
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        <name>IVANHOE MINES LTD ORD CAD NPV 144A</name>
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        <name>SEMAFO INC ORD CAD1</name>
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      <invstOrSec>
        <name>ST BARBARA LTD ORD AUD NPV</name>
        <lei>2549001WR6XSXNOD1F93</lei>
        <title>ST BARBARA LTD ORD AUD NPV</title>
        <cusip>Q8744Q173</cusip>
        <identifiers>
          <ticker value="SBM"/>
          <other otherDesc="Internal Identifier" value="374132"/>
        </identifiers>
        <balance>9508021.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44990580"/>
        <valUSD>18289301.21000000</valUSD>
        <pctVal>1.975211592982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>IMPALA PLATINUM HOLDINGS LTD ADR</name>
        <lei>N/A</lei>
        <title>IMPALA PLATINUM HOLDINGS LTD ADR</title>
        <cusip>452553308</cusip>
        <identifiers>
          <ticker value="IMPUY"/>
          <other otherDesc="Internal Identifier" value="29906"/>
        </identifiers>
        <balance>1506100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10316785.00000000</valUSD>
        <pctVal>1.114194200222</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>FRESNILLO PLC ORD GBP.500</name>
        <lei>549300JXWH1UV5J0XV81</lei>
        <title>FRESNILLO PLC ORD GBP.500</title>
        <cusip>G371E2108</cusip>
        <identifiers>
          <ticker value="FRES"/>
          <other otherDesc="Internal Identifier" value="419617"/>
        </identifiers>
        <balance>1120000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77528390"/>
        <valUSD>10301418.84000000</valUSD>
        <pctVal>1.112534682616</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>
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      </invstOrSec>
      <invstOrSec>
        <name>BELO SUN MINING CORP ORD CAD NPV</name>
        <lei>529900ULB9RX8NM2PN76</lei>
        <title>BELO SUN MINING CORP ORD CAD NPV</title>
        <cusip>080558109</cusip>
        <identifiers>
          <ticker value="BSX"/>
          <other otherDesc="Internal Identifier" value="518473"/>
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        <balance>3500000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.31605000"/>
        <valUSD>1302696.54000000</valUSD>
        <pctVal>0.140688880258</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>
      <invstOrSec>
        <name>AGNICO EAGLE MINES LTD ORD USD NPV</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>AGNICO EAGLE MINES LTD ORD USD NPV</title>
        <cusip>008474108</cusip>
        <identifiers>
          <ticker value="AEM"/>
          <other otherDesc="Internal Identifier" value="203976"/>
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        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9220500.00000000</valUSD>
        <pctVal>0.995797394552</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>
      <invstOrSec>
        <name>IMPERIAL METALS CORP ORD CAD NPV</name>
        <lei>549300WQSPLDYCC4Z755</lei>
        <title>IMPERIAL METALS CORP ORD CAD NPV</title>
        <cusip>452892102</cusip>
        <identifiers>
          <ticker value="III"/>
          <other otherDesc="Internal Identifier" value="315726"/>
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        <balance>1950300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.31605000"/>
        <valUSD>2696199.01000000</valUSD>
        <pctVal>0.291184637422</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>
      <invstOrSec>
        <name>CHALICE GOLD MINES LTD ORD AUD NPV</name>
        <lei>5299008IXHWMQDOE1437</lei>
        <title>CHALICE GOLD MINES LTD ORD AUD NPV</title>
        <cusip>Q2261V103</cusip>
        <identifiers>
          <ticker value="CHN"/>
          <other otherDesc="Internal Identifier" value="464711"/>
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        <balance>31072008.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44990580"/>
        <valUSD>3963180.25000000</valUSD>
        <pctVal>0.428016329601</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>Shandong Gold Mining Co Ltd ORD HKD 1 144A REGS</name>
        <lei>300300KC2K8BC07OSV77</lei>
        <title>Shandong Gold Mining Co Ltd ORD HKD 1 144A REGS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CNE1000036N7"/>
          <other otherDesc="Internal Identifier" value="933006"/>
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        <balance>2500000.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.83960000"/>
        <valUSD>5882503.06000000</valUSD>
        <pctVal>0.635299736521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>PERSEUS MINING LTD ORD AUD NPV</name>
        <lei>54930054ZDGKBCW3SM26</lei>
        <title>PERSEUS MINING LTD ORD AUD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000PRU3"/>
          <other otherDesc="Internal Identifier" value="431960"/>
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        <balance>68459901.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.44990580"/>
        <valUSD>40355725.42000000</valUSD>
        <pctVal>4.358345667643</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
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      </invstOrSec>
      <invstOrSec>
        <name>LIBERTY GOLD CORP ORD CAD NPV *RESTRICTED 4 MONTH HOLD*</name>
        <lei>549300DY25855R7ZV117</lei>
        <title>LIBERTY GOLD CORP ORD CAD NPV *RESTRICTED 4 MONTH HOLD*</title>
        <cusip>53056H500</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="1006974"/>
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        <balance>9090000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.31605000"/>
        <valUSD>5729703.53000000</valUSD>
        <pctVal>0.618797662462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TOREX GOLD RESOURCES INC ORD CAD NPV 144A</name>
        <lei>549300QL07027186GQ85</lei>
        <title>TOREX GOLD RESOURCES INC ORD CAD NPV 144A</title>
        <cusip>891054207</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="533604"/>
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        <balance>180000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.31605000"/>
        <valUSD>2634713.25000000</valUSD>
        <pctVal>0.284544286073</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>
      <invstOrSec>
        <name>OSISKO GOLD ROYALTIES LTD ORD CAD NPV</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>OSISKO GOLD ROYALTIES LTD ORD CAD NPV</title>
        <cusip>68827L101</cusip>
        <identifiers>
          <ticker value="OR"/>
          <other otherDesc="Internal Identifier" value="578440"/>
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        <balance>275000.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.31605000"/>
        <valUSD>2707178.12000000</valUSD>
        <pctVal>0.292370361529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>PAN AMERICAN SILVER CORP ORD 1</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>PAN AMERICAN SILVER CORP ORD 1</title>
        <cusip>697900108</cusip>
        <identifiers>
          <ticker value="PAAS"/>
          <other otherDesc="Internal Identifier" value="315715"/>
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        <balance>305021.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.31605000"/>
        <valUSD>5182924.25000000</valUSD>
        <pctVal>0.559746484931</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CONTINENTAL GOLD INC ORD CAD NPV *144A ONLY*</name>
        <lei>5493008JZGSMC21N8505</lei>
        <title>CONTINENTAL GOLD INC ORD CAD NPV *144A ONLY*</title>
        <cusip>21146A108</cusip>
        <identifiers>
          <ticker value="CNL"/>
          <other otherDesc="Internal Identifier" value="633272"/>
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        <balance>1000000.00000000</balance>
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        <pctVal>0.344544197543</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LION ONE METALS LTD ORD CAD NPV</name>
        <lei>5299006ERIP38PI1WO61</lei>
        <title>LION ONE METALS LTD ORD CAD NPV</title>
        <cusip>536216104</cusip>
        <identifiers>
          <ticker value="LIO"/>
          <other otherDesc="Internal Identifier" value="491672"/>
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        <balance>4500000.00000000</balance>
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        <pctVal>0.343313682262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GUYANA GOLDFIELDS INC ORD CAD NPV 144A</name>
        <lei>5493007QZPNKIEVLEC28</lei>
        <title>GUYANA GOLDFIELDS INC ORD CAD NPV 144A</title>
        <cusip>403530207</cusip>
        <identifiers>
          <ticker value="3519418Z"/>
          <other otherDesc="Internal Identifier" value="480422"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IVANHOE MINES LTD ORD CAD NPV CL A</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>IVANHOE MINES LTD ORD CAD NPV CL A</title>
        <cusip>46579R104</cusip>
        <identifiers>
          <ticker value="IVN"/>
          <other otherDesc="Internal Identifier" value="533519"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>INV METALS INC ORD CAD NPV 144A *PHYSICAL CERTIFICATES*</name>
        <lei>549300875GVCOK0CDT29</lei>
        <title>INV METALS INC ORD CAD NPV 144A *PHYSICAL CERTIFICATES*</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="529841"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ELDORADO GOLD CORP ORD CAD1</name>
        <lei>5493004PWQ01YDD1IH62</lei>
        <title>ELDORADO GOLD CORP ORD CAD1</title>
        <cusip>284902509</cusip>
        <identifiers>
          <ticker value="ELD"/>
          <other otherDesc="Internal Identifier" value="278213"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>IAMGOLD CORP ORD NPV USD</name>
        <lei>254900E7II30XAB9LA72</lei>
        <title>IAMGOLD CORP ORD NPV USD</title>
        <cusip>450913108</cusip>
        <identifiers>
          <ticker value="IAG"/>
          <other otherDesc="Internal Identifier" value="292340"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bluestone Resources Inc/Canada ORD CAD NPV 144A</name>
        <lei>254900YRZ65V11ZKNC05</lei>
        <title>Bluestone Resources Inc/Canada ORD CAD NPV 144A</title>
        <cusip>09626M304</cusip>
        <identifiers>
          <ticker value="BSR"/>
          <other otherDesc="Internal Identifier" value="803558"/>
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        <pctVal>0.229696131695</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NAUTILUS MINERALS INC ORD NPV*144A* (R1933) (LEGEND SHR)PHYSICAL CERTS</name>
        <lei>529900GCHKAJYEL0FW61</lei>
        <title>NAUTILUS MINERALS INC ORD NPV*144A* (R1933) (LEGEND SHR)PHYSICAL CERTS</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal Sec ID" value="396624"/>
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        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
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        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</name>
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        <cusip>457756500</cusip>
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          <ticker value="INFXX"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ST AUGUSTINE GOLD AND COPPER LTD ORD CAD NPV 144A</name>
        <lei>N/A</lei>
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        <cusip>000000000</cusip>
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          <other otherDesc="Internal Sec ID" value="483304"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MIDAS GOLD CORP ORD CAD NPV 144A *PHYSICAL CERTIFICATES*</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="Internal Sec ID" value="603078"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ENDEAVOUR MINING CORP ORD CAD.1</name>
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          <ticker value="EDV"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NORTHAM PLATINUM LTD ORD ZAR.0001</name>
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          <ticker value="NHM"/>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TERANGA GOLD CORP ORD CAD NPV</name>
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          <ticker value="TGZ"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NAUTILUS MINERALS INC ORD CAD NPV</name>
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          <ticker value="NUS"/>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>LYDIAN INTERNATIONAL LTD ORD CAD NPV 144A QIB</name>
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        <cusip>000000000</cusip>
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          <isin value="JE00B29LFF73"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>OCEANAGOLD CORP ORD CAD NPV **PHYSICAL SHARES**</name>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PAN AMERICAN SILVER CORP RTS EXP 2/20/2049 *Contingent Value Right*</name>
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          <ticker value="1700359D"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MAG SILVER CORP ORD CAD NPV 144A *PHYSICAL CERTIFICATES*</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LION ONE METALS LTD ORD CAD NPV 144A *PHYSICAL CERTIFICATES*</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ST AUGUSTINE GOLD AND COPPER LTD ORD USD NPV 144A *PHYSICAL CERTIFICATES*</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>NAUTILUS MINERALS INC ORD NPV*144A* (R1933) (LEGEND SHR)</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Adventus Mining Corp ORD CAD 1</name>
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        <name>AGNICO EAGLE MINES LTD ORD NPV</name>
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          <ticker value="AEM"/>
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      <invstOrSec>
        <name>PRETIUM RESOURCES INC ORD CAD NPV</name>
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        <name>PLATINUM GROUP METALS LTD ORD CAD NPV</name>
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        <name>ROYAL BAFOKENG PLATINUM LTD ORD ZAR NPV</name>
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        <isRestrictedSec>N</isRestrictedSec>

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        <isRestrictedSec>Y</isRestrictedSec>

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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANDFIRE RESOURCES NL ORD AUD NPV</name>
        <lei>213800ZW52P23FVH1V47</lei>
        <title>SANDFIRE RESOURCES NL ORD AUD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000SFR8"/>
          <other otherDesc="Internal Identifier" value="454241"/>
        </identifiers>
        <balance>370309.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44990580"/>
        <valUSD>1483348.43000000</valUSD>
        <pctVal>0.160198959037</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>ALACER GOLD CORP ORD CAD NPV</name>
        <lei>529900Z8EMNJMHWKNV66</lei>
        <title>ALACER GOLD CORP ORD CAD NPV</title>
        <cusip>010679108</cusip>
        <identifiers>
          <ticker value="ASR"/>
          <other otherDesc="Internal Identifier" value="372445"/>
        </identifiers>
        <balance>4572500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.31605000"/>
        <valUSD>22645423.47000000</valUSD>
        <pctVal>2.445664952004</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>TOREX GOLD RESOURCES INC ORD CAD NPV</name>
        <lei>549300QL07027186GQ85</lei>
        <title>TOREX GOLD RESOURCES INC ORD CAD NPV</title>
        <cusip>891054603</cusip>
        <identifiers>
          <ticker value="TXG"/>
          <other otherDesc="Internal Identifier" value="456566"/>
        </identifiers>
        <balance>372000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.31605000"/>
        <valUSD>5445074.06000000</valUSD>
        <pctVal>0.588058192298</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>West African Resources Ltd ORD AUD 1</name>
        <lei>N/A</lei>
        <title>West African Resources Ltd ORD AUD 1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000WAF6"/>
          <other otherDesc="Internal Identifier" value="872539"/>
        </identifiers>
        <balance>9450000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44990580"/>
        <valUSD>2997039.16000000</valUSD>
        <pctVal>0.323674831831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>LYDIAN INTERNATIONAL LTD ORD CAD NPV 144A</name>
        <lei>529900QZ2LMYKR8DSG53</lei>
        <title>LYDIAN INTERNATIONAL LTD ORD CAD NPV 144A</title>
        <cusip>550844104</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="515062"/>
        </identifiers>
        <balance>4250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.31605000"/>
        <valUSD>242119.26000000</valUSD>
        <pctVal>0.026148444040</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GUYANA GOLDFIELDS INC ORD CAD 144A *LEGEND SHR* *PHYSICAL CERTIFICATES</name>
        <lei>5493007QZPNKIEVLEC28</lei>
        <title>GUYANA GOLDFIELDS INC ORD CAD 144A *LEGEND SHR* *PHYSICAL CERTIFICATES</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="461387"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.31605000"/>
        <valUSD>503228.26000000</valUSD>
        <pctVal>0.054347745802</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>Gold Standard Ventures Corp ORD CAD 1</name>
        <lei>549300HW4846RNAG1764</lei>
        <title>Gold Standard Ventures Corp ORD CAD 1</title>
        <cusip>380738104</cusip>
        <identifiers>
          <ticker value="GSV"/>
          <other otherDesc="Internal Identifier" value="934412"/>
        </identifiers>
        <balance>1870000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.31605000"/>
        <valUSD>1420432.97000000</valUSD>
        <pctVal>0.153404202663</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>CENTAMIN PLC ORD GBP NPV</name>
        <lei>213800PDI9G7OUKLPV84</lei>
        <title>CENTAMIN PLC ORD GBP NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JE00B5TT1872"/>
          <other otherDesc="Internal Identifier" value="470748"/>
        </identifiers>
        <balance>15015200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77528390"/>
        <valUSD>22573398.06000000</valUSD>
        <pctVal>2.437886337437</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDEN STAR RESOURCES LTD ORD USD NPV</name>
        <lei>549300NSWNLPBZ2XTO69</lei>
        <title>GOLDEN STAR RESOURCES LTD ORD USD NPV</title>
        <cusip>38119T807</cusip>
        <identifiers>
          <ticker value="GSS"/>
          <other otherDesc="Internal Identifier" value="278215"/>
        </identifiers>
        <balance>4129533.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14040412.20000000</valUSD>
        <pctVal>1.516339231842</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>GUYANA GOLDFIELDS INC EXP 10/25/14 144A *PHYSICAL CERTIFICATE*</name>
        <lei>5493007QZPNKIEVLEC28</lei>
        <title>GUYANA GOLDFIELDS INC EXP 10/25/14 144A *PHYSICAL CERTIFICATE*</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Sec ID" value="579498"/>
        </identifiers>
        <balance>2550000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.31605000"/>
        <valUSD>1026585.64000000</valUSD>
        <pctVal>0.110869400314</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>NEWCREST MINING LTD ORD AUD NPV</name>
        <lei>5299006MN50OZJUJI655</lei>
        <title>NEWCREST MINING LTD ORD AUD NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AU000000NCM7"/>
          <other otherDesc="Internal Identifier" value="30113"/>
        </identifiers>
        <balance>2061439.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.44990580"/>
        <valUSD>44485410.51000000</valUSD>
        <pctVal>4.804344220101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2019-11-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Robert Kubilis</ncom:nameOfApplicant>
      <ncom:signature>Robert Kubilis</ncom:signature>
      <ncom:signerName>Robert Kubilis</ncom:signerName>
      <ncom:title>Chief Financial Officer, Chief Accounting Officer and Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
