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        <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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ENDEAVOUR SILVER CORP.</name>
        <lei>549300IF2E29780PPV02</lei>
        <title>ENDEAVOUR SILVER CORP COMMON STOCK</title>
        <cusip>29258Y103</cusip>
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          <isin value="CA29258Y1034"/>
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        <balance>8730032.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Triple Flag Precious Metals Corp.</name>
        <lei>254900R7NJ1TEYIM4E61</lei>
        <title>TRIPLE FLAG PRECIOUS MET COMMON STOCK</title>
        <cusip>89679M104</cusip>
        <identifiers>
          <isin value="CA89679M1041"/>
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        <balance>2057046.00000000</balance>
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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>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FRESNILLO PLC</name>
        <lei>549300JXWH1UV5J0XV81</lei>
        <title>FRESNILLO PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B2QPKJ12"/>
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        <balance>5096430.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.74308000"/>
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        <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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Unico Silver Ltd</name>
        <lei>529900XDJQXMOQ7MT398</lei>
        <title>UNICO SILVER LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000269821"/>
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        <balance>14230601.00000000</balance>
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        <currencyConditional curCd="AUD" exchangeRt="1.42379000"/>
        <valUSD>6946437.12000000</valUSD>
        <pctVal>0.175966208025</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>
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      <invstOrSec>
        <name>COEUR MINING, INC.</name>
        <lei>5493003AVK173D48DR70</lei>
        <title>COEUR MINING INC COMMON STOCK</title>
        <cusip>192108504</cusip>
        <identifiers>
          <isin value="US1921085049"/>
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        <balance>28034723.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>417997719.90000000</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>Guanajuato Silver Company Ltd</name>
        <lei>549300C1VGZKX7N1GH74</lei>
        <title>GUANAJUATO SILVER CO LTD COMMON STOCK</title>
        <cusip>40066W106</cusip>
        <identifiers>
          <isin value="CA40066W1068"/>
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        <balance>21101668.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
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        <pctVal>0.165753219503</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>
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      <invstOrSec>
        <name>Silver Tiger Metals Inc</name>
        <lei>2549009QDIU00MWT6U57</lei>
        <title>SILVER TIGER METALS INC COMMON STOCK</title>
        <cusip>82831T109</cusip>
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          <isin value="CA82831T1093"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Santacruz Silver Mining Ltd</name>
        <lei>549300KR50UPLTF0XY61</lei>
        <title>SANTACRUZ SILVER MINING LTD COMMON STOCK</title>
        <cusip>826599102</cusip>
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          <isin value="CA80280U2056"/>
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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>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SSR MINING INC.</name>
        <lei>549300JD2KR7AB9DYJ38</lei>
        <title>SSR MINING INC COMMON STOCK</title>
        <cusip>784730103</cusip>
        <identifiers>
          <isin value="CA7847301032"/>
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        <balance>5935289.00000000</balance>
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        <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>OR Royalties Inc.</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>OR ROYALTIES INC COMMON STOCK</title>
        <cusip>68390D106</cusip>
        <identifiers>
          <isin value="CA68390D1069"/>
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        <balance>5523588.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
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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>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <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"/>
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        <balance>11486315.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>495175039.70000000</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>Avino Silver &amp; Gold Mines Ltd</name>
        <lei>549300DZZNDMPML1VJ37</lei>
        <title>AVINO SILVER &amp; GOLD MINES COMMON STOCK</title>
        <cusip>053906103</cusip>
        <identifiers>
          <isin value="CA0539061030"/>
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        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
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        <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>Andean Precious Metals Corp</name>
        <lei>25490076LWWYRKS2CX91</lei>
        <title>ANDEAN PRECIOUS METALS CORP SPECIAL PURPOSE ACQUISITION COMPANIES</title>
        <cusip>03349X101</cusip>
        <identifiers>
          <isin value="CA03349X1015"/>
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        <balance>1652149.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Aftermath Silver Ltd</name>
        <lei>529900FSCUB83APG5666</lei>
        <title>AFTERMATH SILVER LTD COMMON STOCK</title>
        <cusip>00831V205</cusip>
        <identifiers>
          <isin value="CA00831V2057"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>MCEWEN INC.</name>
        <lei>5493000FX50GEWAF3U70</lei>
        <title>MCEWEN INC COMMON STOCK</title>
        <cusip>58039P305</cusip>
        <identifiers>
          <isin value="US58039P3055"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>FIRST MAJESTIC SILVER CORP.</name>
        <lei>529900PWCU5DUH1DYR51</lei>
        <title>FIRST MAJESTIC SILVER CORP COMMON STOCK</title>
        <cusip>32076V103</cusip>
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          <isin value="CA32076V1031"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Blackrock Silver Corp</name>
        <lei>529900EI75MCI5GL7914</lei>
        <title>BLACKROCK SILVER CORP COMMON STOCK</title>
        <cusip>09261Q107</cusip>
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        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NATWEST MARKETS SECURITIES INC</name>
        <lei>ZE2ZWJ5BTIQJ8M0C6K34</lei>
        <title>NATWEST MARKETS SECURITIES INC. SLRPD 3.650% 08/03/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NWST"/>
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        <balance>3530220</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3530220</valUSD>
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        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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      <invstOrSec>
        <name>HOCHSCHILD MINING PLC</name>
        <lei>549300JK10TVQ3CCJQ89</lei>
        <title>HOCHSCHILD MINING PLC COMMON STOCK</title>
        <cusip>N/A</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>Spot FX Contract: USD/CAD SETTLE 2026-08-05</title>
        <cusip>N/A</cusip>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
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        <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>KOREA ZINC INC</name>
        <lei>988400D0HSQUB1I1VO41</lei>
        <title>KOREA ZINC CO LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7010130003"/>
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        <balance>136711.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GoGold Resources Inc</name>
        <lei>549300PNCGJ26Y676N19</lei>
        <title>GOGOLD RESOURCES INC COMMON STOCK</title>
        <cusip>38045Y102</cusip>
        <identifiers>
          <isin value="CA38045Y1025"/>
        </identifiers>
        <balance>12039818.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
        <valUSD>24888956.20000000</valUSD>
        <pctVal>0.630483680850</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>AbraSilver Resource Corp</name>
        <lei>254900WR30BQ8MPSYU80</lei>
        <title>ABRASILVER RESOURCE CORP COMMON STOCK</title>
        <cusip>00379L304</cusip>
        <identifiers>
          <isin value="CA00379L3048"/>
        </identifiers>
        <balance>4162590.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
        <valUSD>40295093.70000000</valUSD>
        <pctVal>1.020749877658</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>NOMURA SECURITIES INTERNATIONAL INC</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>Nomura Securities Intl, Inc. SLRPD 3.650% 08/03/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="NMRA"/>
        </identifiers>
        <balance>4601148</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4601148</valUSD>
        <pctVal>0.116555660424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="OXTKY6Q8X53C9ILVV871" name="NOMURA SECURITIES INTERNATIONAL INC"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.65</repurchaseRt>
          <maturityDt>2026-08-03</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>4601148</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>4601148</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="4601148" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES INC</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>BOFA SECURITIES INC. SLRPD 3.650% 08/03/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BOAS"/>
        </identifiers>
        <balance>1292671</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1292671</valUSD>
        <pctVal>0.032745767386</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300HN4UKV1E2R3U73" name="BOFA SECURITIES INC"/>
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          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.65</repurchaseRt>
          <maturityDt>2026-08-03</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1292671</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1292671</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1292671" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DEUTSCHE BANK SECURITIES INC</name>
        <lei>9J6MBOOO7BECTDTUZW19</lei>
        <title>Deutsche Bank Securities Inc. SLRPA 3.620% 08/03/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DEUS"/>
        </identifiers>
        <balance>1727634</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1727634</valUSD>
        <pctVal>0.043764191424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="9J6MBOOO7BECTDTUZW19" name="DEUTSCHE BANK SECURITIES INC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.62</repurchaseRt>
          <maturityDt>2026-08-03</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1727634</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1727634</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1727634" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Aya Gold &amp; Silver Inc.</name>
        <lei>549300BWX8KJOTUL4M51</lei>
        <title>AYA GOLD &amp; SILVER INC COMMON STOCK</title>
        <cusip>05466C109</cusip>
        <identifiers>
          <isin value="CA05466C1095"/>
        </identifiers>
        <balance>4048115.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
        <valUSD>79470425.99000000</valUSD>
        <pctVal>2.013134110338</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="6478844.22"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vizsla Silver Corp.</name>
        <lei>549300ADJF7HWIEDL366</lei>
        <title>VIZSLA SILVER CORP COMMON STOCK</title>
        <cusip>92859G608</cusip>
        <identifiers>
          <isin value="CA92859G6085"/>
        </identifiers>
        <balance>9780937.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
        <valUSD>30538193.01000000</valUSD>
        <pctVal>0.773589385619</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>New Pacific Metals Corp</name>
        <lei>549300TC0CSHP59S8103</lei>
        <title>NEW PACIFIC METALS CORP COMMON STOCK</title>
        <cusip>64782A107</cusip>
        <identifiers>
          <isin value="CA64782A1075"/>
        </identifiers>
        <balance>2909568.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
        <valUSD>13460524.16000000</valUSD>
        <pctVal>0.340980182149</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="2993471.98"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States of America</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>TREASURY BILL 0.000000% 09/01/2026</title>
        <cusip>912797UW5</cusip>
        <identifiers>
          <isin value="US912797UW50"/>
        </identifiers>
        <balance>280000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>279182360.80000000</valUSD>
        <pctVal>7.072209901103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORTUNA MINING CORP.</name>
        <lei>5493003Q88RVK7CW4735</lei>
        <title>FORTUNA MINING CORP COMMON STOCK</title>
        <cusip>349942102</cusip>
        <identifiers>
          <isin value="CA3499421020"/>
        </identifiers>
        <balance>8997840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
        <valUSD>75749004.10000000</valUSD>
        <pctVal>1.918863553054</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>HYCROFT MINING HOLDING CORPORATION</name>
        <lei>254900T7FYMGS29WIF55</lei>
        <title>HYCROFT MINING HOLDING CO-A COMMON STOCK</title>
        <cusip>44862P208</cusip>
        <identifiers>
          <isin value="US44862P2083"/>
        </identifiers>
        <balance>1331958.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26013139.74000000</valUSD>
        <pctVal>0.658961346629</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="336493.62"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SILVERCORP METALS INC.</name>
        <lei>52990092RT3UCQ7G3177</lei>
        <title>SILVERCORP METALS INC COMMON STOCK</title>
        <cusip>82835P103</cusip>
        <identifiers>
          <isin value="CA82835P1036"/>
        </identifiers>
        <balance>6251600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
        <valUSD>58066327.83000000</valUSD>
        <pctVal>1.470928383237</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>Silver Mines Ltd</name>
        <lei>529900TQJSJASG5XNA13</lei>
        <title>SILVER MINES LTD COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SVL8"/>
        </identifiers>
        <balance>61176592.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.42379000"/>
        <valUSD>5800602.56000000</valUSD>
        <pctVal>0.146940081528</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="2849783.85"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wheaton Precious Metals Corp.</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>WHEATON PRECIOUS METALS CORP COMMON STOCK</title>
        <cusip>962879102</cusip>
        <identifiers>
          <isin value="CA9628791027"/>
        </identifiers>
        <balance>8102186.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>883381339.60000000</valUSD>
        <pctVal>22.37769692349</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="34524210"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DISCOVERY MINING LTD.</name>
        <lei>N/A</lei>
        <title>DISCOVERY MINING LTD COMMON STOCK</title>
        <cusip>254677107</cusip>
        <identifiers>
          <isin value="CA25466C1077"/>
        </identifiers>
        <balance>19004549.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
        <valUSD>118537123.50000000</valUSD>
        <pctVal>3.002766421427</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>Sotkamo Silver AB</name>
        <lei>213800R2TQW1OZGYDX93</lei>
        <title>SOTKAMO SILVER AB COMMON STOCK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0001057910"/>
        </identifiers>
        <balance>8076872.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.54000000"/>
        <valUSD>3471192.37000000</valUSD>
        <pctVal>0.087931776840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Americas Gold and Silver Corporation</name>
        <lei>5493005AKGOT669Z4P51</lei>
        <title>AMERICAS GOLD AND SILVER CORP COMMON STOCK</title>
        <cusip>03062D100</cusip>
        <identifiers>
          <isin value="CA03062D8035"/>
        </identifiers>
        <balance>6429081.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
        <valUSD>24426704.02000000</valUSD>
        <pctVal>0.618773970986</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>Highlander Silver Corp</name>
        <lei>875500NW47V6ALTUO315</lei>
        <title>HIGHLANDER SILVER CORP COMMON STOCK</title>
        <cusip>43087N204</cusip>
        <identifiers>
          <isin value="CA43087N2041"/>
        </identifiers>
        <balance>4072551.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
        <valUSD>17331239.60000000</valUSD>
        <pctVal>0.439032623502</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>INTEGRA RESOURCES CORP.</name>
        <lei>N/A</lei>
        <title>INTEGRA RESOURCES CORP COMMON STOCK</title>
        <cusip>45826T509</cusip>
        <identifiers>
          <isin value="CA45826T5098"/>
        </identifiers>
        <balance>5509576.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
        <valUSD>11468055.69000000</valUSD>
        <pctVal>0.290507239658</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="95458.92"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NEW YORK (THE)</name>
        <lei>HPFHU0OQ28E4N0NFVK49</lei>
        <title>Spot FX Contract: USD/CAD SETTLE 2026-08-05</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Spot FX" value="CCTUSD__00117673"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-22.73000000</valUSD>
        <pctVal>-0.00000057579</pctVal>
        <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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CANTOR FITZGERALD SECURITIES</name>
        <lei>549300DWZ3YOKJO5X179</lei>
        <title>CANTOR FITZGERALD SECURITIES SLRPD 3.650% 08/03/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CANS"/>
        </identifiers>
        <balance>1240131</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1240131</valUSD>
        <pctVal>0.031414831193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300DWZ3YOKJO5X179" name="CANTOR FITZGERALD SECURITIES"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.65</repurchaseRt>
          <maturityDt>2026-08-03</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1240131</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1240131</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1240131" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITADEL SECURITIES LLC</name>
        <lei>12UUJYTN7D3SW8KCSG25</lei>
        <title>CITADEL SECURITIES LLC SLRPA 3.700% 08/03/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CITA"/>
        </identifiers>
        <balance>6763919</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6763919</valUSD>
        <pctVal>0.171342683631</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="12UUJYTN7D3SW8KCSG25" name="CITADEL SECURITIES LLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.70</repurchaseRt>
          <maturityDt>2026-08-03</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>6763919</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>6763919</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="6763919" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DAIWA CAPITAL MARKETS AMERICA INC</name>
        <lei>M67H5PRC0NQKM73ZAS82</lei>
        <title>DAIWA CAPITAL MARKETS AMERICA INC. SLRPD 3.650% 08/03/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="DAIW"/>
        </identifiers>
        <balance>6148753</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6148753</valUSD>
        <pctVal>0.155759381507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="M67H5PRC0NQKM73ZAS82" name="DAIWA CAPITAL MARKETS AMERICA INC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.65</repurchaseRt>
          <maturityDt>2026-08-03</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>6148753</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>6148753</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="6148753" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CF SECURED LLC</name>
        <lei>254900OXTV81I73FAT50</lei>
        <title>CF SECURED, LLC SLRPD 3.600% 08/03/2026</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="CFSL"/>
        </identifiers>
        <balance>3478158</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3478158</valUSD>
        <pctVal>0.088108229240</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="254900OXTV81I73FAT50" name="CF SECURED LLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.60</repurchaseRt>
          <maturityDt>2026-08-03</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>3478158</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>3478158</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="3478158" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-31</ncom:dateSigned>
      <ncom:nameOfApplicant>GLOBAL X FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joe Costello</ncom:signature>
      <ncom:signerName>Joe Costello</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
