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        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DENISON MINES CORP.</name>
        <lei>529900JWGSW17LJK6586</lei>
        <title>DENISON MINES CORP COMMON STOCK</title>
        <cusip>248356107</cusip>
        <identifiers>
          <isin value="CA2483561072"/>
        </identifiers>
        <balance>5131308.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>5510577.68000000</valUSD>
        <pctVal>0.286899111114</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>PAN AMER SILVER-CVR CONTINGENT VALUE RIGHTS</title>
        <cusip>697900132</cusip>
        <identifiers>
          <isin value="CA6979001329"/>
        </identifiers>
        <balance>2532384.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>2228497.92000000</valUSD>
        <pctVal>0.116023057743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KERNEL HOLDING S.A.</name>
        <lei>5493003GR6L4DZOS2U12</lei>
        <title>KERNEL HOLDING SA COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU0327357389"/>
        </identifiers>
        <balance>1420844.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.79220000"/>
        <valUSD>19108444.70000000</valUSD>
        <pctVal>0.994849563432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>PL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Uranium Participation Corporation</name>
        <lei>549300IAI8LB50XC3H75</lei>
        <title>URANIUM PARTICIPATION CORP COMMON STOCK</title>
        <cusip>917017105</cusip>
        <identifiers>
          <isin value="CA9170171057"/>
        </identifiers>
        <balance>5455017.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>23832275.39000000</valUSD>
        <pctVal>1.240787993977</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ROYAL GOLD, INC.</name>
        <lei>5493001NGRU6SFL04184</lei>
        <title>ROYAL GOLD INC COMMON STOCK</title>
        <cusip>780287108</cusip>
        <identifiers>
          <isin value="US7802871084"/>
        </identifiers>
        <balance>79772.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8923295.92000000</valUSD>
        <pctVal>0.464576640839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KOREA ELECTRIC POWER CORPORATION</name>
        <lei>988400QG33WS7JEIV602</lei>
        <title>KOREA ELEC POWER CORP-SP ADR DEPOSITARY RECEIPT</title>
        <cusip>500631106</cusip>
        <identifiers>
          <isin value="US5006311063"/>
        </identifiers>
        <balance>230374.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2437356.92000000</valUSD>
        <pctVal>0.126896956076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IVANHOE MINES LTD</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>IVANHOE MINES LTD-CL A COMMON STOCK</title>
        <cusip>46579R104</cusip>
        <identifiers>
          <isin value="CA46579R1047"/>
        </identifiers>
        <balance>4362985.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>30774990.81000000</valUSD>
        <pctVal>1.602248987431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cenovus Energy Inc.</name>
        <lei>N/A</lei>
        <title>CENOVUS ENERGY INC COMMON STOCK</title>
        <cusip>15135U109</cusip>
        <identifiers>
          <isin value="CA15135U1093"/>
        </identifiers>
        <balance>3342734.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>26026086.63000000</valUSD>
        <pctVal>1.355005147107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Impala Platinum Holdings Limited</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>IMPALA PLATINUM HOLDINGS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000083648"/>
        </identifiers>
        <balance>182378.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.50250000"/>
        <valUSD>3414659.43000000</valUSD>
        <pctVal>0.177778594571</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Dynasty Minerals Ltd.</name>
        <lei>N/A</lei>
        <title>NORTHERN DYNASTY MINERALS COMMON STOCK</title>
        <cusip>66510M204</cusip>
        <identifiers>
          <isin value="CA66510M2040"/>
        </identifiers>
        <balance>2873848.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>1683415.82000000</valUSD>
        <pctVal>0.087644259901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centerra Gold Inc.</name>
        <lei>549300K0HXTMP5JJ0E62</lei>
        <title>CENTERRA GOLD INC COMMON STOCK</title>
        <cusip>152006102</cusip>
        <identifiers>
          <isin value="CA1520061021"/>
        </identifiers>
        <balance>5701148.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>52598151.83000000</valUSD>
        <pctVal>2.738435765284</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gold Fields Limited</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>GOLD FIELDS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000018123"/>
        </identifiers>
        <balance>1993932.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="14.50250000"/>
        <valUSD>18863469.77000000</valUSD>
        <pctVal>0.982095348948</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gabriel Resources Ltd.</name>
        <lei>529900SJTRA2V9AI4361</lei>
        <title>GABRIEL RESOURCES LTD COMMON STOCK</title>
        <cusip>361970106</cusip>
        <identifiers>
          <isin value="CA3619701061"/>
        </identifiers>
        <balance>5631603.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>1191243.36000000</valUSD>
        <pctVal>0.062020114941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centrais Eletricas Brasileiras S.A.</name>
        <lei>254900I8KYDELP4B4Z08</lei>
        <title>CENTRAIS ELETRICAS BRASILIER COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRELETACNOR6"/>
        </identifiers>
        <balance>4433211.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.43205000"/>
        <valUSD>30139354.80000000</valUSD>
        <pctVal>1.569155650062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CARREFOUR SA</name>
        <lei>549300B8P6MUJ1YWTS08</lei>
        <title>CARREFOUR SA COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000120172"/>
        </identifiers>
        <balance>465495.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177000"/>
        <valUSD>9013064.89000000</valUSD>
        <pctVal>0.469250313763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>FR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HYUNDAI MOTOR COMPANY</name>
        <lei>9884004RQX8PRBXQ8S60</lei>
        <title>Hyundai Motor Co PREFERRED STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7005382007"/>
        </identifiers>
        <balance>217375.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1112.35000000"/>
        <valUSD>20714478.36000000</valUSD>
        <pctVal>1.078465049182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>West Japan Railway Company</name>
        <lei>353800QGUXHZ7EBCR121</lei>
        <title>WEST JAPAN RAILWAY CO COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3659000008"/>
        </identifiers>
        <balance>124800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="109.29000000"/>
        <valUSD>6888037.33000000</valUSD>
        <pctVal>0.358614269148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KYORIN Holdings, Inc.</name>
        <lei>N/A</lei>
        <title>KYORIN HOLDINGS INC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3247090008"/>
        </identifiers>
        <balance>274400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="109.29000000"/>
        <valUSD>4803067.07000000</valUSD>
        <pctVal>0.250063741594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST RESOURCES LIMITED</name>
        <lei>5493007RRD817HUP4O49</lei>
        <title>FIRST RESOURCES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SG1W35938974"/>
        </identifiers>
        <balance>12453400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.33075000"/>
        <valUSD>14318017.66000000</valUSD>
        <pctVal>0.745443904090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MITSUI &amp; CO., LTD.</name>
        <lei>2NRSB4GOU9DD6CNW5R48</lei>
        <title>MITSUI &amp; CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3893600001"/>
        </identifiers>
        <balance>1296500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="109.29000000"/>
        <valUSD>27326267.27000000</valUSD>
        <pctVal>1.422696901323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HEMAS HOLDINGS PLC</name>
        <lei>254900TV1ZINS66XKY23</lei>
        <title>HEMAS HOLDINGS PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LK0337N00002"/>
        </identifiers>
        <balance>16019905.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="LKR" exchangeRt="197.50000000"/>
        <valUSD>6529632.16000000</valUSD>
        <pctVal>0.339954496859</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>LK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pan American Silver Corp.</name>
        <lei>549300MKTF5851TYIB83</lei>
        <title>PAN AMERICAN SILVER CORP COMMON STOCK</title>
        <cusip>697900108</cusip>
        <identifiers>
          <isin value="CA6979001089"/>
        </identifiers>
        <balance>317450.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>10093109.87000000</valUSD>
        <pctVal>0.525481068998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRESNILLO PLC</name>
        <lei>549300JXWH1UV5J0XV81</lei>
        <title>FRESNILLO PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B2QPKJ12"/>
        </identifiers>
        <balance>1367890.00000000</balance>
        <units>NS</units>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GABRIEL RESOURCES LIMITED</name>
        <lei>N/A</lei>
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          <other otherDesc="All Others" value="WTS"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>DEFAULT</counterpartyName>
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                <issuerName>N/A</issuerName>
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      <invstOrSec>
        <name>KT CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CRESCENT POINT ENERGY CORP.</name>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DIANA SHIPPING INC.</name>
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          <isin value="MHY2066G1044"/>
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        <payoffProfile>Long</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FEDERAL HYDRO-GENERATING COMPANY RUSHYDRO PAO</name>
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          <isin value="US7821834048"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>YOMA STRATEGIC HOLDINGS LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IAMGOLD CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GOLDEN AGRI-RESOURCES LTD</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>REI AGRO LTD</name>
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        <assetCat>DBT</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SUZUKEN CO.,LTD.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>China Shenhua Energy Company Limited</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>EMBRAER S.A.</name>
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        <name>INPEX CORPORATION</name>
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        <name>MHP SE</name>
        <lei>213800D7DXFXGA292757</lei>
        <title>MHP SE - GDR 144A DEPOSITARY RECEIPT</title>
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        <name>ELECTRICITE DE FRANCE SA</name>
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        <name>Wheaton Precious Metals Corp.</name>
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        <name>FSK YEES PAO</name>
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        <title>FEDERAL GRID CO UNIFIED ENER COMMON STOCK</title>
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        <name>GAZPROM PAO</name>
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        <title>GAZPROM PJSC COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Yellow Cake PLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>

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        <name>Joint stock company National atomic company Kazatomprom</name>
        <lei>5493008JG5TXJP2JSY44</lei>
        <title>NAC KAZATOMPROM JSC-GDR DEPOSITARY RECEIPT</title>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>INTERNATIONAL TOWER HILL MINES LTD.</name>
        <lei>529900QWPB33AJTGMU33</lei>
        <title>INTL TOWER HILL MINES LTD COMMON STOCK</title>
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        <isRestrictedSec>N</isRestrictedSec>

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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Japan Petroleum Exploration Co., Ltd.</name>
        <lei>549300WXUNBZ356DMN17</lei>
        <title>JAPAN PETROLEUM EXPLORATION COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3421100003"/>
        </identifiers>
        <balance>245800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="109.29000000"/>
        <valUSD>4565596.12000000</valUSD>
        <pctVal>0.237700209415</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEABRIDGE GOLD INC.</name>
        <lei>N/A</lei>
        <title>SEABRIDGE GOLD INC COMMON STOCK</title>
        <cusip>811916105</cusip>
        <identifiers>
          <isin value="CA8119161054"/>
        </identifiers>
        <balance>679996.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11519132.24000000</valUSD>
        <pctVal>0.599724564714</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GS Holdings Corp.</name>
        <lei>N/A</lei>
        <title>GS HOLDINGS COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7078930005"/>
        </identifiers>
        <balance>88992.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1112.35000000"/>
        <valUSD>3444154.81000000</valUSD>
        <pctVal>0.179314222738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Joint stock company National atomic company Kazatomprom</name>
        <lei>5493008JG5TXJP2JSY44</lei>
        <title>NAC KAZATOMPROM JSC-144A DEPOSITARY RECEIPT</title>
        <cusip>63253R102</cusip>
        <identifiers>
          <isin value="US63253R1023"/>
        </identifiers>
        <balance>1110803.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30158301.45000000</valUSD>
        <pctVal>1.570142076052</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STOLT-NIELSEN LIMITED</name>
        <lei>213800VZX4LWJSGRLR94</lei>
        <title>STOLT-NIELSEN LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG850801025"/>
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        <balance>1030915.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.32400000"/>
        <valUSD>15505833.49000000</valUSD>
        <pctVal>0.807285570352</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI ANONIM SIRKETI</name>
        <lei>789000IA5R88NAGSC462</lei>
        <title>EMLAK KONUT GAYRIMENKUL YATI REIT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREEGYO00017"/>
        </identifiers>
        <balance>20826230.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="8.27875000"/>
        <valUSD>4578437.40000000</valUSD>
        <pctVal>0.238368769416</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ETALON GROUP PLC</name>
        <lei>213800U2O9SKHOYSDY32</lei>
        <title>ETALON GROUP-GDR REG S DEPOSITARY RECEIPT</title>
        <cusip>29760G103</cusip>
        <identifiers>
          <isin value="US29760G1031"/>
        </identifiers>
        <balance>7541111.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12261846.49000000</valUSD>
        <pctVal>0.638392753516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lebanese Company for Development and Reconstruction of Beirut Central District S</name>
        <lei>N/A</lei>
        <title>SOLIDERE-UNSPON ADR DEPOSITARY RECEIPT</title>
        <cusip>522386507</cusip>
        <identifiers>
          <isin value="US5223865073"/>
        </identifiers>
        <balance>174732.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>652624.02000000</valUSD>
        <pctVal>0.033977790007</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW GOLD INC.</name>
        <lei>5493005G0GNCHP0H6L96</lei>
        <title>NEW GOLD INC COMMON STOCK</title>
        <cusip>644535106</cusip>
        <identifiers>
          <isin value="CA6445351068"/>
        </identifiers>
        <balance>4422870.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7341964.20000000</valUSD>
        <pctVal>0.382247220733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHA Co., Ltd.</name>
        <lei>N/A</lei>
        <title>PHA Co Ltd COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7043370006"/>
        </identifiers>
        <balance>297194.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1112.35000000"/>
        <valUSD>2623675.17000000</valUSD>
        <pctVal>0.136597307548</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GABRIEL RIGHTS  6/30/21</name>
        <lei>N/A</lei>
        <title>GABRIEL RIGHTS  6/30/21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="3619709B4"/>
        </identifiers>
        <balance>15950.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="WAR">
            <counterparties>
              <counterpartyName>UNKNOWN</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>N/A</issueTitle>
                <identifiers>
                  <other otherDesc="Other" value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>15950.00000000</shareNo>
            <exercisePrice>1.00000000</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2021-06-30</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0.00000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>KOREA ELECTRIC POWER CORPORATION</name>
        <lei>988400QG33WS7JEIV602</lei>
        <title>KOREA ELECTRIC POWER CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7015760002"/>
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        <balance>511590.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1112.35000000"/>
        <valUSD>10877065.22000000</valUSD>
        <pctVal>0.566296407448</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guangshen Railway Company Limited</name>
        <lei>529900YIR2NSEPF1UU41</lei>
        <title>GUANGSHEN RAILWAY CO LTD-H COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000379"/>
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        <balance>42448679.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.76775000"/>
        <valUSD>8523960.33000000</valUSD>
        <pctVal>0.443785893941</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Dynasty Minerals Ltd.</name>
        <lei>N/A</lei>
        <title>NORTHERN DYNASTY MINERALS COMMON STOCK</title>
        <cusip>66510M204</cusip>
        <identifiers>
          <isin value="CA66510M2040"/>
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        <balance>11239386.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6631237.74000000</valUSD>
        <pctVal>0.345244423302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TACHI-S CO.,LTD.</name>
        <lei>N/A</lei>
        <title>TACHI-S CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3465400004"/>
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        <balance>152100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="109.29000000"/>
        <valUSD>1578199.29000000</valUSD>
        <pctVal>0.082166335320</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Draegerwerk AG &amp; Co. KGaA</name>
        <lei>5493005UFVHY0PPNKD75</lei>
        <title>Draegerwerk AG &amp; Co KGaA PREFERRED STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0005550636"/>
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        <balance>36160.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.83177000"/>
        <valUSD>3375721.65000000</valUSD>
        <pctVal>0.175751363467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MOSKOVSKAYA BIRZHA MMVB-RTS PAO</name>
        <lei>253400M5M1222KPNWE87</lei>
        <title>MOSCOW EXCHANGE MICEX-RTS PJ COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU000A0JR4A1"/>
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        <balance>3258045.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="75.20750000"/>
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        <pctVal>0.399119649511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Kasikornbank Public Company Limited</name>
        <lei>5493004COSQ54937AW41</lei>
        <title>KASIKORNBANK PCL-FOREIGN COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TH0016010017"/>
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        <balance>814100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="THB" exchangeRt="31.13750000"/>
        <valUSD>3451182.66000000</valUSD>
        <pctVal>0.179680116123</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>TH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TURKIYE HALK BANKASI ANONIM SIRKETI</name>
        <lei>78900012HXPJ1YQGTH03</lei>
        <title>TURKIYE HALK BANKASI COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRETHAL00019"/>
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        <balance>11009922.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="8.27875000"/>
        <valUSD>5705277.41000000</valUSD>
        <pctVal>0.297035830477</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>TR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FUKUDA CORPORATION</name>
        <lei>N/A</lei>
        <title>FUKUDA CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3805600008"/>
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        <balance>71500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="109.29000000"/>
        <valUSD>3074846.74000000</valUSD>
        <pctVal>0.160086808996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>POLYUS PAO</name>
        <lei>549300FUXVT7TF6ZKV71</lei>
        <title>POLYUS PJSC-REG S-GDR DEPOSITARY RECEIPT</title>
        <cusip>73181M117</cusip>
        <identifiers>
          <isin value="US73181M1172"/>
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        <balance>390614.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36190387.10000000</valUSD>
        <pctVal>1.884192636928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NVC International Holdings Limited</name>
        <lei>N/A</lei>
        <title>NVC INTERNATIONAL HOLDINGS L COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG6700A1004"/>
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        <balance>7032203.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.76775000"/>
        <valUSD>175487.58000000</valUSD>
        <pctVal>0.009136470554</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK VTB PAO</name>
        <lei>253400V1H6ART1UQ0N98</lei>
        <title>VTB BANK PJSC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU000A0JP5V6"/>
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        <balance>13971270000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="75.20750000"/>
        <valUSD>9552274.75000000</valUSD>
        <pctVal>0.497323383144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kamigumi Co.,Ltd.</name>
        <lei>N/A</lei>
        <title>KAMIGUMI CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3219000001"/>
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        <balance>389950.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="109.29000000"/>
        <valUSD>7582063.78000000</valUSD>
        <pctVal>0.394747608184</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mitsubishi Corporation</name>
        <lei>KVIPTY4PULAPGC1VVD26</lei>
        <title>MITSUBISHI CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3898400001"/>
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        <balance>1100500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="109.29000000"/>
        <valUSD>30410010.06000000</valUSD>
        <pctVal>1.583246868447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEXGEN ENERGY LTD.</name>
        <lei>529900N0IXNXB3IP7F06</lei>
        <title>NEXGEN ENERGY LTD COMMON STOCK</title>
        <cusip>65340P106</cusip>
        <identifiers>
          <isin value="CA65340P1062"/>
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        <balance>9791565.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>36962829.27000000</valUSD>
        <pctVal>1.924408560707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>CORPORATION CAMECO</name>
        <lei>N4BHALMXL3GMZKCUON55</lei>
        <title>CAMECO CORP COMMON STOCK</title>
        <cusip>13321L108</cusip>
        <identifiers>
          <isin value="CA13321L1085"/>
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        <balance>4262630.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>71654810.30000000</valUSD>
        <pctVal>3.730589164318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEABRIDGE GOLD INC.</name>
        <lei>N/A</lei>
        <title>SEABRIDGE GOLD INC COMMON STOCK</title>
        <cusip>811916105</cusip>
        <identifiers>
          <isin value="CA8119161054"/>
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        <balance>1531284.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
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        <pctVal>1.348457994470</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>THE JAPAN STEEL WORKS,LTD.</name>
        <lei>529900AWFTILIHHO0936</lei>
        <title>JAPAN STEEL WORKS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3721400004"/>
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        <balance>264363.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="109.29000000"/>
        <valUSD>6414957.23000000</valUSD>
        <pctVal>0.333984136328</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GAZPROM PAO</name>
        <lei>213800FD9J2IHTA7YX78</lei>
        <title>GAZPROM PJSC-SPON ADR DEPOSITARY RECEIPT</title>
        <cusip>368287207</cusip>
        <identifiers>
          <isin value="US3682872078"/>
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        <balance>2411391.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14603383.90000000</valUSD>
        <pctVal>0.760301025313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>Artemis Gold Inc</name>
        <lei>N/A</lei>
        <title>ARTEMIS GOLD INC COMMON STOCK</title>
        <cusip>04302L100</cusip>
        <identifiers>
          <isin value="CA04302L1004"/>
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        <balance>2439262.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
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        <pctVal>0.600290915517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <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>LUKS GROUP (VIETNAM HOLDINGS) COMPANY LIMITED</name>
        <lei>5299004B24AHX4THUB34</lei>
        <title>LUKS GROUP VIETNAM HOLDINGS COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BMG5700D1065"/>
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        <balance>9255000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.76775000"/>
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        <pctVal>0.079946475043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NEWCREST MINING LIMITED</name>
        <lei>5299006MN50OZJUJI655</lei>
        <title>NEWCREST MINING LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000NCM7"/>
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        <balance>3858354.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.29811000"/>
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        <pctVal>4.103894325798</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Bear Creek Mining Corp</name>
        <lei>549300C9IY653M7KMK88</lei>
        <title>BEAR CREEK MINING CORP COMMON STOCK</title>
        <cusip>07380N104</cusip>
        <identifiers>
          <isin value="CA07380N1042"/>
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        <balance>3344634.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>5414979.18000000</valUSD>
        <pctVal>0.281921933354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CK HUTCHISON HOLDINGS LIMITED</name>
        <lei>254900Z8HM1VEPOQ2G79</lei>
        <title>CK HUTCHISON HOLDINGS LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG217651051"/>
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        <balance>470500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.76775000"/>
        <valUSD>3855070.63000000</valUSD>
        <pctVal>0.200707875155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>TSAKOS ENERGY NAVIGATION LIMITED</name>
        <lei>549300IFUTS62LRRCU54</lei>
        <title>TSAKOS ENERGY NAVIGATION LTD COMMON STOCK</title>
        <cusip>G9108L173</cusip>
        <identifiers>
          <isin value="BMG9108L1735"/>
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        <balance>428350.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ORGANO CORPORATION</name>
        <lei>N/A</lei>
        <title>ORGANO CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3201600008"/>
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        <balance>165000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>GABRIEL CONVERTIBLE 06/30/2021</title>
        <cusip>N/A</cusip>
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          <other otherDesc="All Others" value="PPQ80C3B0"/>
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        <balance>15950000.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>DUNDEE CORPORATION</name>
        <lei>549300LX18ZNW1LEMU13</lei>
        <title>DUNDEE CORP -CL A COMMON STOCK</title>
        <cusip>264901109</cusip>
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          <isin value="CA2649011095"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>BROWN BROTHERS HARRIMAN SWEEP INTEREST</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="All Others" value="BBHMM"/>
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        <balance>321905040.93000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>321905040.93000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>RANGE RESOURCES CORPORATION</name>
        <lei>H3Y3WLYCX0BTO1TRW162</lei>
        <title>RANGE RESOURCES CORP COMMON STOCK</title>
        <cusip>75281A109</cusip>
        <identifiers>
          <isin value="US75281A1097"/>
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        <balance>3763768.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36960201.76000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>SBERBANK ROSSII PAO</name>
        <lei>549300WE6TAF5EEWQS81</lei>
        <title>SBERBANK OF RUSSIA PJSC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU0009029540"/>
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        <balance>5733595.00000000</balance>
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        <currencyConditional curCd="RUB" exchangeRt="75.20750000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Korean Reinsurance Company</name>
        <lei>988400GFST66YNV5UF89</lei>
        <title>KOREAN REINSURANCE CO COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7003690005"/>
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        <balance>718002.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1112.35000000"/>
        <valUSD>5919070.74000000</valUSD>
        <pctVal>0.308166626539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NOVAGOLD RESOURCES INC.</name>
        <lei>529900587LVZTJ2BHS60</lei>
        <title>NOVAGOLD RESOURCES INC COMMON STOCK</title>
        <cusip>66987E206</cusip>
        <identifiers>
          <isin value="CA66987E2069"/>
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        <balance>1520150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13666148.50000000</valUSD>
        <pctVal>0.711505414620</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Western Copper and Gold Corp</name>
        <lei>529900DF4NXAM6X99014</lei>
        <title>WESTERN COPPER AND GOLD CORP COMMON STOCK</title>
        <cusip>95805V108</cusip>
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          <isin value="CA95805V1085"/>
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        <balance>1335363.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>1933812.91000000</valUSD>
        <pctVal>0.100680770176</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTHWESTERN ENERGY COMPANY</name>
        <lei>EFWMP121W54QV9MGOP87</lei>
        <title>SOUTHWESTERN ENERGY CO COMMON STOCK</title>
        <cusip>845467109</cusip>
        <identifiers>
          <isin value="US8454671095"/>
        </identifiers>
        <balance>8835028.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>37725569.56000000</valUSD>
        <pctVal>1.964119372154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FEDERAL HYDRO-GENERATING COMPANY RUSHYDRO PAO</name>
        <lei>2534005TJN9DX4YWVT97</lei>
        <title>RUSHYDRO PJSC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU000A0JPKH7"/>
        </identifiers>
        <balance>4560487688.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="75.20750000"/>
        <valUSD>49735890.72000000</valUSD>
        <pctVal>2.589416875446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>RU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LG Uplus Corp</name>
        <lei>N/A</lei>
        <title>LG UPLUS CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7032640005"/>
        </identifiers>
        <balance>3245257.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1112.35000000"/>
        <valUSD>38510713.71000000</valUSD>
        <pctVal>2.004996603510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equinox Gold Corp.</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>EQUINOX GOLD CORP COMMON STOCK</title>
        <cusip>29446Y502</cusip>
        <identifiers>
          <isin value="CA29446Y5020"/>
        </identifiers>
        <balance>1659173.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>13417548.40000000</valUSD>
        <pctVal>0.698562461657</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HANKOOK &amp; COMPANY CO., LTD.</name>
        <lei>N/A</lei>
        <title>HANKOOK &amp; CO COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7000240002"/>
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        <balance>581645.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1112.35000000"/>
        <valUSD>9725892.93000000</valUSD>
        <pctVal>0.506362526480</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEG Energy Corp.</name>
        <lei>5493002WXPTG5ZC1T326</lei>
        <title>MEG ENERGY CORP COMMON STOCK</title>
        <cusip>552704108</cusip>
        <identifiers>
          <isin value="CA5527041084"/>
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        <balance>5198781.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>28718808.11000000</valUSD>
        <pctVal>1.495197236567</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KT CORPORATION</name>
        <lei>9884005ACF8449EANY26</lei>
        <title>KT CORP-SP ADR DEPOSITARY RECEIPT</title>
        <cusip>48268K101</cusip>
        <identifiers>
          <isin value="US48268K1016"/>
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        <balance>742473.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9355159.80000000</valUSD>
        <pctVal>0.487060919346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LG Corp.</name>
        <lei>N/A</lei>
        <title>LG CORP COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7003550001"/>
        </identifiers>
        <balance>82769.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1112.35000000"/>
        <valUSD>9412755.43000000</valUSD>
        <pctVal>0.490059540546</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPROTT INC.</name>
        <lei>254900QHJAD5TP2JNM15</lei>
        <title>SPROTT INC COMMON STOCK</title>
        <cusip>852066208</cusip>
        <identifiers>
          <isin value="CA8520662088"/>
        </identifiers>
        <balance>562695.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.22915000"/>
        <valUSD>25370830.98000000</valUSD>
        <pctVal>1.320890345637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-04-30</ncom:dateSigned>
      <ncom:nameOfApplicant>THE ADVISORS' INNER CIRCLE FUND II</ncom:nameOfApplicant>
      <ncom:signature>Andy Metzger</ncom:signature>
      <ncom:signerName>Andy Metzger</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
