<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000872625</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000006887</seriesId>
        <classId>C000132949</classId>
        <classId>C000018648</classId>
        <classId>C000018649</classId>
        <classId>C000018647</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Franklin Strategic Series</regName>
      <regFileNumber>811-06243</regFileNumber>
      <regCik>0000872625</regCik>
      <regLei>549300NDWC0J6DXVSX36</regLei>
      <regStreet1>One Franklin Parkway</regStreet1>
      <regCity>San Mateo</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94403-1906</regZipOrPostalCode>
      <regPhone>650-312-2000</regPhone>
      <seriesName>Franklin Natural Resources Fund</seriesName>
      <seriesId>S000006887</seriesId>
      <seriesLei>TCWS4YX3L8J5QHI4RW34</seriesLei>
      <repPdEnd>2020-04-30</repPdEnd>
      <repPdDate>2020-04-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>177816944.26</totAssets>
      <totLiabs>2654773.36</totLiabs>
      <netAssets>175162170.90</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>517410.17000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000018649" rtn1="-13.27435100" rtn2="-36.05447000" rtn3="28.98938800"/>
          <monthlyTotReturn classId="C000132949" rtn1="-13.30720300" rtn2="-36.00452400" rtn3="29.01231400"/>
          <monthlyTotReturn classId="C000018647" rtn1="-13.39423600" rtn2="-36.14907000" rtn3="28.98837500"/>
          <monthlyTotReturn classId="C000018648" rtn1="-13.34035000" rtn2="-36.06056600" rtn3="29.00469800"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </optionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </swapCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="0.00000000"/>
            </otherCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="203483.13000000" netUnrealizedAppr="-31371541.78000000"/>
        <othMon2 netRealizedGain="-8469549.63000000" netUnrealizedAppr="-63289828.95000000"/>
        <othMon3 netRealizedGain="-8584552.18000000" netUnrealizedAppr="47051378.07000000"/>
      </returnInfo>
      <mon1Flow redemption="11696620.13000000" reinvestment="0.00000000" sales="3667109.02000000"/>
      <mon2Flow redemption="7392110.14000000" reinvestment="-96.41000000" sales="10014910.61000000"/>
      <mon3Flow redemption="6060340.79000000" reinvestment="0.00000000" sales="13616467.54000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>ROYAL DUTCH SHELL PLC SPONSORED ADR A</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>ROYAL DUTCH SHELL PLC SPONSORED ADR A</title>
        <cusip>780259206</cusip>
        <identifiers>
          <ticker value="RDS/A"/>
          <other otherDesc="Internal Identifier" value="339933"/>
        </identifiers>
        <balance>78521.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2601400.73000000</valUSD>
        <pctVal>1.485138438644</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNIVAR SOLUTIONS INC COM USD.0100</name>
        <lei>549300VSXHFQVR770L55</lei>
        <title>UNIVAR SOLUTIONS INC COM USD.0100</title>
        <cusip>91336L107</cusip>
        <identifiers>
          <ticker value="UNVR"/>
          <other otherDesc="Internal Identifier" value="606499"/>
        </identifiers>
        <balance>32700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>474804.00000000</valUSD>
        <pctVal>0.271065377621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCEANEERING INTERNATIONAL INC COM USD.25</name>
        <lei>549300L6PH74701W0R30</lei>
        <title>OCEANEERING INTERNATIONAL INC COM USD.25</title>
        <cusip>675232102</cusip>
        <identifiers>
          <ticker value="OII"/>
          <other otherDesc="Internal Identifier" value="192483"/>
        </identifiers>
        <balance>143900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>739646.00000000</valUSD>
        <pctVal>0.422263549372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HESS CORP COM USD1</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>HESS CORP COM USD1</title>
        <cusip>42809H107</cusip>
        <identifiers>
          <ticker value="HES"/>
          <other otherDesc="Internal Identifier" value="138"/>
        </identifiers>
        <balance>73100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3555584.00000000</valUSD>
        <pctVal>2.029881213352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ENBRIDGE INC ORD USD NPV</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>ENBRIDGE INC ORD USD NPV</title>
        <cusip>29250N105</cusip>
        <identifiers>
          <ticker value="ENB"/>
          <other otherDesc="Internal Identifier" value="235493"/>
        </identifiers>
        <balance>55447.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1701113.96000000</valUSD>
        <pctVal>0.971165150134</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>ANGLO AMERICAN PLC ORD USD.5494</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>ANGLO AMERICAN PLC ORD USD.5494</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B1XZS820"/>
          <other otherDesc="Internal Identifier" value="179277"/>
        </identifiers>
        <balance>98900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80263260"/>
        <valUSD>1762767.49000000</valUSD>
        <pctVal>1.006363121068</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONOCOPHILLIPS COM USD.01</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>CONOCOPHILLIPS COM USD.01</title>
        <cusip>20825C104</cusip>
        <identifiers>
          <ticker value="COP"/>
          <other otherDesc="Internal Identifier" value="258046"/>
        </identifiers>
        <balance>149192.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6280983.20000000</valUSD>
        <pctVal>3.585810319504</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIO TINTO PLC SPONSORED ADR</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>RIO TINTO PLC SPONSORED ADR</title>
        <cusip>767204100</cusip>
        <identifiers>
          <ticker value="RIO"/>
          <other otherDesc="Internal Identifier" value="15985"/>
        </identifiers>
        <balance>59900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2766781.00000000</valUSD>
        <pctVal>1.579553956076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TECHNIPFMC PLC ORD USD1</name>
        <lei>549300D5I93QWCJTCK36</lei>
        <title>TECHNIPFMC PLC ORD USD1</title>
        <cusip>G87110105</cusip>
        <identifiers>
          <ticker value="FTI"/>
          <other otherDesc="Internal Identifier" value="657807"/>
        </identifiers>
        <balance>328800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2929608.00000000</valUSD>
        <pctVal>1.672511812880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>B2GOLD CORP ORD CAD NPV</name>
        <lei>549300F7OK456M5NLM05</lei>
        <title>B2GOLD CORP ORD CAD NPV</title>
        <cusip>11777Q209</cusip>
        <identifiers>
          <ticker value="BTO"/>
          <other otherDesc="Internal Identifier" value="440274"/>
        </identifiers>
        <balance>429900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>2174519.33000000</valUSD>
        <pctVal>1.241432050554</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>AGNICO EAGLE MINES LTD ORD NPV</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
        <title>AGNICO EAGLE MINES LTD ORD NPV</title>
        <cusip>008474108</cusip>
        <identifiers>
          <ticker value="AEM"/>
          <other otherDesc="Internal Identifier" value="194535"/>
        </identifiers>
        <balance>29600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>1729679.55000000</valUSD>
        <pctVal>0.987473231870</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>Nine Energy Service Inc COM USD NPV</name>
        <lei>549300KRLJCZBPZMKT65</lei>
        <title>Nine Energy Service Inc COM USD NPV</title>
        <cusip>65441V101</cusip>
        <identifiers>
          <ticker value="NINE"/>
          <other otherDesc="Internal Identifier" value="821408"/>
        </identifiers>
        <balance>208750.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>302687.50000000</valUSD>
        <pctVal>0.172804149688</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEWMONT CORP COM USD1.6</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>NEWMONT CORP COM USD1.6</title>
        <cusip>651639106</cusip>
        <identifiers>
          <ticker value="NEM"/>
          <other otherDesc="Internal Identifier" value="30097"/>
        </identifiers>
        <balance>68315.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4063376.20000000</valUSD>
        <pctVal>2.319779538653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Liberty Oilfield Services Inc COM USD NPV CL A</name>
        <lei>N/A</lei>
        <title>Liberty Oilfield Services Inc COM USD NPV CL A</title>
        <cusip>53115L104</cusip>
        <identifiers>
          <ticker value="LBRT"/>
          <other otherDesc="Internal Identifier" value="806784"/>
        </identifiers>
        <balance>369100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1742152.00000000</valUSD>
        <pctVal>0.994593747638</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PARSLEY ENERGY INC COM USD.01 CL A</name>
        <lei>549300DMRA8DSL66G562</lei>
        <title>PARSLEY ENERGY INC COM USD.01 CL A</title>
        <cusip>701877102</cusip>
        <identifiers>
          <ticker value="PE"/>
          <other otherDesc="Internal Identifier" value="576977"/>
        </identifiers>
        <balance>187410.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1771024.50000000</valUSD>
        <pctVal>1.011077044147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHEVRON CORP COM USD.75</name>
        <lei>N/A</lei>
        <title>CHEVRON CORP COM USD.75</title>
        <cusip>166764100</cusip>
        <identifiers>
          <ticker value="CVX"/>
          <other otherDesc="Internal Identifier" value="14093"/>
        </identifiers>
        <balance>72900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6706800.00000000</valUSD>
        <pctVal>3.828908927960</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LUNDIN MINING CORP ORD CAD NPV</name>
        <lei>549300FQDIM6C8HTN269</lei>
        <title>LUNDIN MINING CORP ORD CAD NPV</title>
        <cusip>550372106</cusip>
        <identifiers>
          <ticker value="LUN"/>
          <other otherDesc="Internal Identifier" value="349454"/>
        </identifiers>
        <balance>406400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>1991412.56000000</valUSD>
        <pctVal>1.136896482709</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>NexTier Oilfield Solutions Inc COM USD 0.01</name>
        <lei>529900L27H2D4QT0IT24</lei>
        <title>NexTier Oilfield Solutions Inc COM USD 0.01</title>
        <cusip>65290C105</cusip>
        <identifiers>
          <ticker value="NEX"/>
          <other otherDesc="Internal Identifier" value="800232"/>
        </identifiers>
        <balance>170560.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>395699.20000000</valUSD>
        <pctVal>0.225904484950</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PATTERSON-UTI ENERGY INC COM USD.01</name>
        <lei>254900XGFBKIXD6G0697</lei>
        <title>PATTERSON-UTI ENERGY INC COM USD.01</title>
        <cusip>703481101</cusip>
        <identifiers>
          <ticker value="PTEN"/>
          <other otherDesc="Internal Identifier" value="40503"/>
        </identifiers>
        <balance>324500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1197405.00000000</valUSD>
        <pctVal>0.683597944606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DRIL-QUIP INC COM USD.01</name>
        <lei>5299007REICYIJNMW197</lei>
        <title>DRIL-QUIP INC COM USD.01</title>
        <cusip>262037104</cusip>
        <identifiers>
          <ticker value="DRQ"/>
          <other otherDesc="Internal Identifier" value="49675"/>
        </identifiers>
        <balance>27100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>897823.00000000</valUSD>
        <pctVal>0.512566723389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EXXON MOBIL CORP COM NPV</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>EXXON MOBIL CORP COM NPV</title>
        <cusip>30231G102</cusip>
        <identifiers>
          <ticker value="XOM"/>
          <other otherDesc="Internal Identifier" value="29743"/>
        </identifiers>
        <balance>128000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5948160.00000000</valUSD>
        <pctVal>3.395801713028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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>35700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.52741710"/>
        <valUSD>618121.96000000</valUSD>
        <pctVal>0.352885532774</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>
      <invstOrSec>
        <name>TECK RESOURCES LTD ORD USD NPV</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
        <title>TECK RESOURCES LTD ORD USD NPV</title>
        <cusip>878742204</cusip>
        <identifiers>
          <ticker value="TECK"/>
          <other otherDesc="Internal Identifier" value="365281"/>
        </identifiers>
        <balance>263100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2317911.00000000</valUSD>
        <pctVal>1.323294286711</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>Linde PLC ORD USD 0.001</name>
        <lei>8945002PAZHZLBGKGF02</lei>
        <title>Linde PLC ORD USD 0.001</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE00BZ12WP82"/>
          <other otherDesc="Internal Identifier" value="939976"/>
        </identifiers>
        <balance>3900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>717561.00000000</valUSD>
        <pctVal>0.409655233383</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PIONEER NATURAL RESOURCES CO COM USD.01</name>
        <lei>FY8JBF7CCL2VE4F1B628</lei>
        <title>PIONEER NATURAL RESOURCES CO COM USD.01</title>
        <cusip>723787107</cusip>
        <identifiers>
          <ticker value="PXD"/>
          <other otherDesc="Internal Identifier" value="48070"/>
        </identifiers>
        <balance>62224.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5557225.44000000</valUSD>
        <pctVal>3.172617358786</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLENCORE PLC ORD GBP.01</name>
        <lei>2138002658CPO9NBH955</lei>
        <title>GLENCORE PLC ORD GBP.01</title>
        <cusip>G39420107</cusip>
        <identifiers>
          <ticker value="GLEN"/>
          <other otherDesc="Internal Identifier" value="493755"/>
        </identifiers>
        <balance>915300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80263260"/>
        <valUSD>1695731.37000000</valUSD>
        <pctVal>0.968092232065</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>US Ecology Inc COM USD 0.01</name>
        <lei>N/A</lei>
        <title>US Ecology Inc COM USD 0.01</title>
        <cusip>91734M103</cusip>
        <identifiers>
          <ticker value="ECOL"/>
          <other otherDesc="Internal Identifier" value="1019570"/>
        </identifiers>
        <balance>17700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>580206.00000000</valUSD>
        <pctVal>0.331239329256</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARTIN MARIETTA MATERIALS INC COM USD.01</name>
        <lei>5299005MZ4WZECVATV08</lei>
        <title>MARTIN MARIETTA MATERIALS INC COM USD.01</title>
        <cusip>573284106</cusip>
        <identifiers>
          <ticker value="MLM"/>
          <other otherDesc="Internal Identifier" value="40975"/>
        </identifiers>
        <balance>4400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>837012.00000000</valUSD>
        <pctVal>0.477849752431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ranger Energy Services Inc COM USD NPV</name>
        <lei>549300J7RIVGVAN0RE23</lei>
        <title>Ranger Energy Services Inc COM USD NPV</title>
        <cusip>75282U104</cusip>
        <identifiers>
          <ticker value="RNGR"/>
          <other otherDesc="Internal Identifier" value="812663"/>
        </identifiers>
        <balance>154157.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>649000.97000000</valUSD>
        <pctVal>0.370514344887</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Select Energy Services Inc COM USD 0.01</name>
        <lei>54930094OK8LA3QDW486</lei>
        <title>Select Energy Services Inc COM USD 0.01</title>
        <cusip>81617J301</cusip>
        <identifiers>
          <ticker value="WTTR"/>
          <other otherDesc="Internal Identifier" value="805920"/>
        </identifiers>
        <balance>260342.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1249641.60000000</valUSD>
        <pctVal>0.713419794684</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAIRN ENERGY PLC ORD GBP0.0136</name>
        <lei>213800ZJEUQ8ZOC9AL24</lei>
        <title>CAIRN ENERGY PLC ORD GBP0.0136</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B74CDH82"/>
          <other otherDesc="Internal Identifier" value="319157"/>
        </identifiers>
        <balance>1123593.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80263260"/>
        <valUSD>1584922.27000000</valUSD>
        <pctVal>0.904831369613</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elanco Animal Health Inc COM USD 1</name>
        <lei>549300SHPNDCE059M934</lei>
        <title>Elanco Animal Health Inc COM USD 1</title>
        <cusip>28414H103</cusip>
        <identifiers>
          <ticker value="ELAN"/>
          <other otherDesc="Internal Identifier" value="932250"/>
        </identifiers>
        <balance>17400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>429954.00000000</valUSD>
        <pctVal>0.245460533967</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BHP Group PLC SPONSORED ADR</name>
        <lei>549300C116EOWV835768</lei>
        <title>BHP Group PLC SPONSORED ADR</title>
        <cusip>05545E209</cusip>
        <identifiers>
          <ticker value="BBL"/>
          <other otherDesc="Internal Identifier" value="212927"/>
        </identifiers>
        <balance>148200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4955808.00000000</valUSD>
        <pctVal>2.829268428529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG ORD EUR NPV</name>
        <lei>549300ZD9ED8GSG3JW36</lei>
        <title>SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG ORD EUR NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="AT0000946652"/>
          <other otherDesc="Internal Identifier" value="330688"/>
        </identifiers>
        <balance>30600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91945570"/>
        <valUSD>905267.31000000</valUSD>
        <pctVal>0.516816676425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HELMERICH &amp; PAYNE INC COM USD.1</name>
        <lei>254900NAOGHJ88RZ4C73</lei>
        <title>HELMERICH &amp; PAYNE INC COM USD.1</title>
        <cusip>423452101</cusip>
        <identifiers>
          <ticker value="HP"/>
          <other otherDesc="Internal Identifier" value="662"/>
        </identifiers>
        <balance>45300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>895581.00000000</valUSD>
        <pctVal>0.511286766656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baker Hughes Co COM USD 0.0001 CL A </name>
        <lei>N/A</lei>
        <title>Baker Hughes Co COM USD 0.0001 CL A </title>
        <cusip>05722G100</cusip>
        <identifiers>
          <ticker value="BKR"/>
          <other otherDesc="Internal Identifier" value="810540"/>
        </identifiers>
        <balance>232500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3243375.00000000</valUSD>
        <pctVal>1.851641243845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TARGA RESOURCES CORP COM USD.001</name>
        <lei>5493003QENHHS261UR94</lei>
        <title>TARGA RESOURCES CORP COM USD.001</title>
        <cusip>87612G101</cusip>
        <identifiers>
          <ticker value="TRGP"/>
          <other otherDesc="Internal Identifier" value="482900"/>
        </identifiers>
        <balance>110700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1434672.00000000</valUSD>
        <pctVal>0.819053561981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nutrien Ltd ORD USD NPV</name>
        <lei>5493002QQ7GD21OWF963</lei>
        <title>Nutrien Ltd ORD USD NPV</title>
        <cusip>67077M108</cusip>
        <identifiers>
          <ticker value="NTR"/>
          <other otherDesc="Internal Identifier" value="820632"/>
        </identifiers>
        <balance>24800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>885608.00000000</valUSD>
        <pctVal>0.505593185703</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>CALLON PETROLEUM CO COM USD.01</name>
        <lei>549300EFOWPEB0WLZW21</lei>
        <title>CALLON PETROLEUM CO COM USD.01</title>
        <cusip>13123X102</cusip>
        <identifiers>
          <ticker value="CPE"/>
          <other otherDesc="Internal Identifier" value="184434"/>
        </identifiers>
        <balance>1078400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1013372.48000000</valUSD>
        <pctVal>0.578533866526</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TC Energy Corp ORD NPV</name>
        <lei>549300UGKOFV2IWJJG27</lei>
        <title>TC Energy Corp ORD NPV</title>
        <cusip>87807B107</cusip>
        <identifiers>
          <ticker value="TRP"/>
          <other otherDesc="Internal Identifier" value="277362"/>
        </identifiers>
        <balance>53000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2457080.00000000</valUSD>
        <pctVal>1.402745802575</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>OIL STATES INTERNATIONAL INC COM USD.01</name>
        <lei>5493004TF4KQJGMYL777</lei>
        <title>OIL STATES INTERNATIONAL INC COM USD.01</title>
        <cusip>678026105</cusip>
        <identifiers>
          <ticker value="OIS"/>
          <other otherDesc="Internal Identifier" value="202266"/>
        </identifiers>
        <balance>176766.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>608075.04000000</valUSD>
        <pctVal>0.347149750928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOTAL SA SPONSORED ADR B</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>TOTAL SA SPONSORED ADR B</title>
        <cusip>89151E109</cusip>
        <identifiers>
          <ticker value="TOT"/>
          <other otherDesc="Internal Identifier" value="21335"/>
        </identifiers>
        <balance>46410.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1631311.50000000</valUSD>
        <pctVal>0.931314958942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIAMONDBACK ENERGY INC COM USD.01</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>DIAMONDBACK ENERGY INC COM USD.01</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <ticker value="FANG"/>
          <other otherDesc="Internal Identifier" value="532849"/>
        </identifiers>
        <balance>134800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5869192.00000000</valUSD>
        <pctVal>3.350718919412</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VALERO ENERGY CORP COM USD.01</name>
        <lei>549300XTO5VR8SKV1V74</lei>
        <title>VALERO ENERGY CORP COM USD.01</title>
        <cusip>91913Y100</cusip>
        <identifiers>
          <ticker value="VLO"/>
          <other otherDesc="Internal Identifier" value="47959"/>
        </identifiers>
        <balance>57800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3661630.00000000</valUSD>
        <pctVal>2.090422824281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Corteva Inc COM USD 0.01</name>
        <lei>549300WZN9I2QKLS0O94</lei>
        <title>Corteva Inc COM USD 0.01</title>
        <cusip>22052L104</cusip>
        <identifiers>
          <ticker value="CTVA"/>
          <other otherDesc="Internal Identifier" value="986705"/>
        </identifiers>
        <balance>35900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>940221.00000000</valUSD>
        <pctVal>0.536771721410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONEOK INC COM USD.01</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>ONEOK INC COM USD.01</title>
        <cusip>682680103</cusip>
        <identifiers>
          <ticker value="OKE"/>
          <other otherDesc="Internal Identifier" value="5043"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>897900.00000000</valUSD>
        <pctVal>0.512610682652</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MARATHON PETROLEUM CORP COM USD 0.01</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
        <title>MARATHON PETROLEUM CORP COM USD 0.01</title>
        <cusip>56585A102</cusip>
        <identifiers>
          <ticker value="MPC"/>
          <other otherDesc="Internal Identifier" value="497138"/>
        </identifiers>
        <balance>91100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2922488.00000000</valUSD>
        <pctVal>1.668447008268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KINDER MORGAN INC COM USD NPV</name>
        <lei>549300WR7IX8XE0TBO16</lei>
        <title>KINDER MORGAN INC COM USD NPV</title>
        <cusip>49456B101</cusip>
        <identifiers>
          <ticker value="KMI"/>
          <other otherDesc="Internal Identifier" value="487783"/>
        </identifiers>
        <balance>120500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1835215.00000000</valUSD>
        <pctVal>1.047723370046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANTOFAGASTA PLC ORD GBP.05</name>
        <lei>213800MY6QVH4FVLD628</lei>
        <title>ANTOFAGASTA PLC ORD GBP.05</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB0000456144"/>
          <other otherDesc="Internal Identifier" value="185"/>
        </identifiers>
        <balance>336400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.80263260"/>
        <valUSD>3444510.02000000</valUSD>
        <pctVal>1.966469131035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CABOT OIL &amp; GAS CORP COM A USD.1</name>
        <lei>FCNMH6O7VWU7LHXMK351</lei>
        <title>CABOT OIL &amp; GAS CORP COM A USD.1</title>
        <cusip>127097103</cusip>
        <identifiers>
          <ticker value="COG"/>
          <other otherDesc="Internal Identifier" value="187319"/>
        </identifiers>
        <balance>263900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5705518.00000000</valUSD>
        <pctVal>3.257277510711</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAUTILUS MINERALS INC ORD CAD NPV</name>
        <lei>529900GCHKAJYEL0FW61</lei>
        <title>NAUTILUS MINERALS INC ORD CAD NPV</title>
        <cusip>639097104</cusip>
        <identifiers>
          <ticker value="NUS"/>
          <other otherDesc="Internal Identifier" value="380751"/>
        </identifiers>
        <balance>3895831.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARRICK GOLD CORP ORD USD NPV</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>BARRICK GOLD CORP ORD USD NPV</title>
        <cusip>067901108</cusip>
        <identifiers>
          <ticker value="GOLD"/>
          <other otherDesc="Internal Identifier" value="23285"/>
        </identifiers>
        <balance>176491.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4539348.52000000</valUSD>
        <pctVal>2.591511909607</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>HALLIBURTON CO COM USD2.5</name>
        <lei>ENYF8GB5SMQZ25S06U51</lei>
        <title>HALLIBURTON CO COM USD2.5</title>
        <cusip>406216101</cusip>
        <identifiers>
          <ticker value="HAL"/>
          <other otherDesc="Internal Identifier" value="628"/>
        </identifiers>
        <balance>274035.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2877367.50000000</valUSD>
        <pctVal>1.642687736293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOBLE ENERGY INC COM USD0.01</name>
        <lei>02VFQXG2D1LR5ZH3K186</lei>
        <title>NOBLE ENERGY INC COM USD0.01</title>
        <cusip>655044105</cusip>
        <identifiers>
          <ticker value="NBL"/>
          <other otherDesc="Internal Identifier" value="27285"/>
        </identifiers>
        <balance>401300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3936753.00000000</valUSD>
        <pctVal>2.247490414038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHILLIPS 66 COM USD NPV</name>
        <lei>5493005JBO5YSIGK1814</lei>
        <title>PHILLIPS 66 COM USD NPV</title>
        <cusip>718546104</cusip>
        <identifiers>
          <ticker value="PSX"/>
          <other otherDesc="Internal Identifier" value="518551"/>
        </identifiers>
        <balance>44300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3241431.00000000</valUSD>
        <pctVal>1.850531415170</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE WILLIAMS COS INC COM USD1</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>THE WILLIAMS COS INC COM USD1</title>
        <cusip>969457100</cusip>
        <identifiers>
          <ticker value="WMB"/>
          <other otherDesc="Internal Identifier" value="26547"/>
        </identifiers>
        <balance>152500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2953925.00000000</valUSD>
        <pctVal>1.686394376606</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WPX ENERGY INC COM USD 0.01</name>
        <lei>ZXZE9GCS2BB547GJW219</lei>
        <title>WPX ENERGY INC COM USD 0.01</title>
        <cusip>98212B103</cusip>
        <identifiers>
          <ticker value="WPX"/>
          <other otherDesc="Internal Identifier" value="508734"/>
        </identifiers>
        <balance>362400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2221512.00000000</valUSD>
        <pctVal>1.268260143491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASPEN TECHNOLOGY INC COM USD.1</name>
        <lei>529900B0MZWTVFG7CB96</lei>
        <title>ASPEN TECHNOLOGY INC COM USD.1</title>
        <cusip>045327103</cusip>
        <identifiers>
          <ticker value="AZPN"/>
          <other otherDesc="Internal Identifier" value="49772"/>
        </identifiers>
        <balance>5800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>593050.00000000</valUSD>
        <pctVal>0.338571962743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNCOR ENERGY INC ORD CAD NPV</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>SUNCOR ENERGY INC ORD CAD NPV</title>
        <cusip>867224107</cusip>
        <identifiers>
          <ticker value="SU"/>
          <other otherDesc="Internal Identifier" value="450635"/>
        </identifiers>
        <balance>227400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>4055229.20000000</valUSD>
        <pctVal>2.315128420231</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>Apergy Corp COM USD 0.01</name>
        <lei>549300EP2909K6DYYP38</lei>
        <title>Apergy Corp COM USD 0.01</title>
        <cusip>03755L104</cusip>
        <identifiers>
          <ticker value="APY"/>
          <other otherDesc="Internal Identifier" value="872165"/>
        </identifiers>
        <balance>39000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>359190.00000000</valUSD>
        <pctVal>0.205061400046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cactus Inc COM USD 0.01</name>
        <lei>549300J3T8C9F8QFKV08</lei>
        <title>Cactus Inc COM USD 0.01</title>
        <cusip>127203107</cusip>
        <identifiers>
          <ticker value="WHD"/>
          <other otherDesc="Internal Identifier" value="822705"/>
        </identifiers>
        <balance>64100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1139698.00000000</valUSD>
        <pctVal>0.650653045771</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCCIDENTAL PETROLEUM CORP COM USD.2</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>OCCIDENTAL PETROLEUM CORP COM USD.2</title>
        <cusip>674599105</cusip>
        <identifiers>
          <ticker value="OXY"/>
          <other otherDesc="Internal Identifier" value="18979"/>
        </identifiers>
        <balance>242300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4022180.00000000</valUSD>
        <pctVal>2.296260647680</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>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"/>
        </identifiers>
        <balance>364500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>460928.29000000</valUSD>
        <pctVal>0.263143741386</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>FREEPORT-MCMORAN INC COM USD 0.10</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>FREEPORT-MCMORAN INC COM USD 0.10</title>
        <cusip>35671D857</cusip>
        <identifiers>
          <ticker value="FCX"/>
          <other otherDesc="Internal Identifier" value="34284"/>
        </identifiers>
        <balance>175500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1549665.00000000</valUSD>
        <pctVal>0.884703010951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALAMOS GOLD INC ORD CAD NPV CL A</name>
        <lei>549300TDOX73YGYXE959</lei>
        <title>ALAMOS GOLD INC ORD CAD NPV CL A</title>
        <cusip>011532108</cusip>
        <identifiers>
          <ticker value="AGI"/>
          <other otherDesc="Internal Identifier" value="607952"/>
        </identifiers>
        <balance>291000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>2343806.58000000</valUSD>
        <pctVal>1.338078061009</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>EOG RESOURCES INC COM USD.01</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG RESOURCES INC COM USD.01</title>
        <cusip>26875P101</cusip>
        <identifiers>
          <ticker value="EOG"/>
          <other otherDesc="Internal Identifier" value="29725"/>
        </identifiers>
        <balance>126300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6000513.00000000</valUSD>
        <pctVal>3.425690015811</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PACKAGING CORP OF AMERICA COM USD.01</name>
        <lei>549300XZP8MFZFY8TJ84</lei>
        <title>PACKAGING CORP OF AMERICA COM USD.01</title>
        <cusip>695156109</cusip>
        <identifiers>
          <ticker value="PKG"/>
          <other otherDesc="Internal Identifier" value="182106"/>
        </identifiers>
        <balance>8900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>860185.00000000</valUSD>
        <pctVal>0.491079207102</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONCHO RESOURCES INC COM USD NPV</name>
        <lei>SYHS7HRDXLL4I0IQ8776</lei>
        <title>CONCHO RESOURCES INC COM USD NPV</title>
        <cusip>20605P101</cusip>
        <identifiers>
          <ticker value="CXO"/>
          <other otherDesc="Internal Identifier" value="394608"/>
        </identifiers>
        <balance>120200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6817744.00000000</valUSD>
        <pctVal>3.892246804758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCHLUMBERGER LTD ORD USD0.01</name>
        <lei>213800ZUA17OK3QLGM62</lei>
        <title>SCHLUMBERGER LTD ORD USD0.01</title>
        <cusip>806857108</cusip>
        <identifiers>
          <ticker value="SLB"/>
          <other otherDesc="Internal Identifier" value="1110"/>
        </identifiers>
        <balance>287447.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4834858.54000000</valUSD>
        <pctVal>2.760218439379</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST QUANTUM MINERALS LTD ORD 1</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>FIRST QUANTUM MINERALS LTD ORD 1</title>
        <cusip>335934105</cusip>
        <identifiers>
          <ticker value="FM"/>
          <other otherDesc="Internal Identifier" value="315710"/>
        </identifiers>
        <balance>121600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>742635.44000000</valUSD>
        <pctVal>0.423970219245</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>CANADIAN NATURAL RESOURCES LTD ORD NPV</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>CANADIAN NATURAL RESOURCES LTD ORD NPV</title>
        <cusip>136385101</cusip>
        <identifiers>
          <ticker value="CNQ"/>
          <other otherDesc="Internal Identifier" value="191013"/>
        </identifiers>
        <balance>217800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38820000"/>
        <valUSD>3647735.31000000</valUSD>
        <pctVal>2.082490352373</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>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</name>
        <lei>N/A</lei>
        <title>IFT MONEY MARKET PORTFOLIO OEMF-SWEEP MONEY MARKET PORTFOLIO</title>
        <cusip>457756500</cusip>
        <identifiers>
          <ticker value="INFXX"/>
          <other otherDesc="Internal Identifier" value="170875"/>
        </identifiers>
        <balance>7621963.64300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7621963.64000000</valUSD>
        <pctVal>4.351375414473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</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>2020-05-30</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>
</edgarSubmission>
