SPROTT INC. Activity Q4 2011-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AEM	Buy	AGNICO EAGLE MINES LTD	$65,249,137	-3.8%	1,412,300	+4.1%	5.87%	-2.3%
PAAS	Buy	PAN AMERN SILVER CORP	$51,890,141	+39.2%	2,938,159	+14.9%	4.67%	+41.4%
	Buy	TRIPLE FLAG PRECIOUS METAL	$46,354,830	+5.8%	3,296,455	+3.6%	4.17%	+7.4%
AGI	Sell	ALAMOS GOLD INC NEW	$44,941,884	-11.1%	4,012,071	-5.4%	4.04%	-9.7%
SILV	Buy	SILVERCREST METALS INC	$44,617,949	-11.7%	9,347,721	+8.4%	4.02%	-10.4%
OR	Buy	OSISKO GOLD ROYALTIES LTD	$40,439,809	-21.9%	3,459,338	+2.7%	3.64%	-20.7%
BIL	Buy	SPDR SER TRbloomberg 1-3 mo	$37,947,162	+47.0%	413,316	+47.0%	3.42%	+49.3%
WPM	Buy	WHEATON PRECIOUS METALS CORP	$37,398,648	+13.4%	799,533	+4.8%	3.37%	+15.2%
MAG	Sell	MAG SILVER CORP	$35,887,251	-2.0%	3,186,441	-3.0%	3.23%	-0.4%
IAUCF	Buy	I-80 GOLD CORP	$35,663,932	-30.4%	23,028,417	+1.4%	3.21%	-29.3%
EQX	Buy	EQUINOX GOLD CORP	$35,440,491	-5.0%	8,405,867	+3.2%	3.19%	-3.6%
SSRM	Buy	SSR MINING IN	$29,188,234	+12.2%	1,931,270	+5.3%	2.63%	+14.0%
GFI	Sell	GOLD FIELDS LTDsponsored adr	$26,527,498	-27.9%	2,451,192	-7.9%	2.39%	-26.8%
FNV	Sell	FRANCO NEV CORP	$24,828,239	-7.8%	187,332	-0.8%	2.24%	-6.3%
CEF	Sell	SPROTT PHYSICAL GOLD & SILVEtr unit	$24,152,811	+47.4%	788,669	-13.2%	2.17%	+49.7%
	Buy	SPROTT ESG GOLD ETFunits ben int	$19,122,674	+77.0%	1,414,399	+398.6%	1.72%	+79.8%
GATO	Buy	GATOS SILVER INC	$18,618,418	+57.7%	3,205,240	+2.6%	1.68%	+60.2%
SA	Buy	SEABRIDGE GOLD INC	$18,456,702	-4.3%	1,728,334	+8.0%	1.66%	-2.8%
	Sell	VIZSLA SILVER CORP	$18,070,462	-1.5%	15,053,155	-0.1%	1.63%	+0.1%
	New	METALS ACQUISITION LIMITED	$17,970,000	–	1,500,000	–	1.62%	–
SAND	Sell	SANDSTORM GOLD LTD	$17,772,782	-9.9%	3,805,801	-1.2%	1.60%	-8.5%
HL	Sell	HECLA MNG CO	$17,411,770	+28.4%	2,622,659	-0.4%	1.57%	+30.5%
XOM	Buy	EXXON MOBIL CORP	$15,760,182	+18.4%	133,481	+7.5%	1.42%	+20.3%
	New	ANGLOGOLD ASHANTI PLC	$14,035,263	–	891,500	–	1.26%	–
RS	Sell	RELIANCE STEEL & ALUMINUM CO	$12,062,580	-7.7%	46,000	-4.4%	1.09%	-6.2%
NUE	Sell	NUCOR CORP	$11,851,330	-7.8%	75,800	-3.3%	1.07%	-6.3%
WLK	Sell	WESTLAKE CORPORATION	$11,843,650	-0.9%	95,000	-5.0%	1.07%	+0.7%
HP	Sell	HELMERICH & PAYNE INC	$11,386,278	+7.0%	270,073	-10.0%	1.02%	+8.7%
KGC	Buy	KINROSS GOLD CORP	$10,931,163	+92.6%	1,866,520	+56.9%	0.98%	+95.6%
BTG	Sell	B2GOLD CORP	$9,787,051	-24.6%	3,205,135	-11.8%	0.88%	-23.4%
NGD	Sell	NEW GOLD INC CDA	$9,406,439	-15.7%	10,335,610	-0.0%	0.85%	-14.4%
NG	Sell	NOVAGOLD RES INC	$9,056,687	-8.3%	2,369,153	-4.3%	0.82%	-7.0%
KW	Sell	KENNEDY-WILSON HOLDINGS INC	$9,028,112	-9.9%	611,815	-0.3%	0.81%	-8.4%
SCHN	Sell	SCHNITZER STEEL INDS INCcl a	$8,970,485	-7.2%	322,100	-0.1%	0.81%	-5.8%
FSM	Buy	FORTUNA SILVER MINES INC	$8,944,496	+46.5%	2,162,034	+15.1%	0.80%	+48.8%
CTGO	Sell	CONTANGO ORE INC	$8,686,339	-29.6%	478,850	-15.0%	0.78%	-28.5%
RGLD	Sell	ROYAL GOLD INC	$7,831,692	-9.5%	75,176	-0.3%	0.70%	-8.1%
NXE	Sell	NEXGEN ENERGY LTD	$7,444,425	+107.2%	741,177	-2.7%	0.67%	+110.7%
FRPH	Buy	FRP HLDGS INC	$7,285,950	+1.2%	135,000	+8.0%	0.66%	+2.8%
AG	Sell	FIRST MAJESTIC SILVER CORP	$6,835,979	+53.8%	783,605	-0.3%	0.62%	+56.1%
THO	Sell	THOR INDS INC	$6,659,100	-14.2%	70,000	-6.7%	0.60%	-12.9%
NEM	Buy	NEWMONT CORP	$6,180,948	-8.1%	171,699	+8.9%	0.56%	-6.7%
ERO	Sell	ERO COPPER CORP	$6,116,778	-43.0%	354,406	-33.2%	0.55%	-42.1%
EMX	Sell	EMX RTY CORP	$6,070,101	-7.8%	3,380,029	-10.9%	0.55%	-6.3%
	Buy	SITIO ROYALTIES CORP	$5,983,005	+48.2%	245,893	+60.0%	0.54%	+50.6%
ASLE	Sell	AERSALE CORPORATION	$4,855,500	-30.5%	325,000	-31.6%	0.44%	-29.4%
SBSW	Sell	SIBANYE STILLWATER LTDsponsored adr	$4,295,520	-10.0%	702,579	-8.2%	0.39%	-8.5%
	Sell	SKEENA RES LTD NEW	$4,264,551	-6.4%	927,091	-1.7%	0.38%	-5.0%
DNN	Sell	DENISON MINES CORP	$4,242,433	+87.7%	1,454,550	-19.4%	0.38%	+91.0%
PHYS	Sell	SPROTT PHYSICAL GOLD TRunit	$4,216,438	-4.7%	294,444	-0.7%	0.38%	-3.1%
CCJ	Sell	CAMECO CORP	$4,083,696	+23.0%	102,234	-3.6%	0.37%	+25.2%
GOLD	Sell	BARRICK GOLD CORP	$3,898,265	-16.0%	267,922	-2.2%	0.35%	-14.6%
SVM	Sell	SILVERCORP METALS INC	$3,807,567	+40.0%	949,691	-0.7%	0.34%	+42.3%
TPL	Sell	TEXAS PACIFIC LAND CORPORATI	$3,498,449	+41.0%	1,875	-0.5%	0.32%	+43.2%
PSLV	Sell	SPROTT PHYSICAL SILVER TRtr unit	$2,962,604	-4.1%	390,791	-1.4%	0.27%	-2.6%
BRY	Sell	BERRY CORP	$2,834,699	+16.0%	345,695	-2.6%	0.26%	+17.5%
CF	Sell	CF INDS HLDGS INC	$2,805,042	+21.9%	32,551	-1.8%	0.25%	+23.5%
IAG	Buy	IAMGOLD CORP	$2,750,710	+708.3%	1,279,400	+888.7%	0.25%	+726.7%
	Buy	OSISKO DEVELOPMENT CORP	$2,640,036	-34.3%	1,611,615	+83.2%	0.24%	-33.1%
	Sell	ORLA MNG LTD NEW	$2,553,407	-74.7%	737,250	-81.2%	0.23%	-74.2%
SLV	Buy	ISHARES SILVER TRishares	$2,454,151	+49.4%	118,654	+50.9%	0.22%	+51.4%
UEC	Sell	URANIUM ENERGY CORP	$2,264,547	+128.2%	272,674	-6.6%	0.20%	+131.8%
NTR	Sell	NUTRIEN LTD	$1,711,765	+6.7%	27,153	-0.0%	0.15%	+8.5%
CDE	Buy	COEUR MNG INC	$1,652,169	+86.4%	432,937	+38.7%	0.15%	+88.6%
USAS	Sell	AMERICAS GOLD AND SILVER COR	$1,508,058	+82.8%	2,347,639	-0.0%	0.14%	+86.3%
BHP	Sell	BHP GROUP LTDsponsored ads	$1,410,908	-13.0%	24,805	-8.8%	0.13%	-11.8%
SII	Sell	SPROTT INC	$1,400,462	-29.0%	45,962	-24.5%	0.13%	-28.0%
	Sell	DAKOTA GOLD CORP	$1,286,274	-21.0%	498,556	-10.6%	0.12%	-19.4%
CTVA	Sell	CORTEVA INC	$1,248,541	-12.8%	24,020	-3.8%	0.11%	-11.8%
EGO	Sell	ELDORADO GOLD CORP NEW	$1,220,183	+33.2%	90,060	-0.5%	0.11%	+35.8%
SQM	Sell	SOCIEDAD QUIMICA Y MINERA DEspon adr ser b	$965,400	-19.2%	16,047	-2.4%	0.09%	-17.9%
LNG	Sell	CHENIERE ENERGY INC	$941,778	+7.0%	5,525	-4.4%	0.08%	+9.0%
VALE	Buy	VALE S Asponsored ads	$924,318	+2.3%	68,577	+1.9%	0.08%	+3.8%
CME	Sell	CME GROUP INC	$888,992	+7.6%	4,387	-1.7%	0.08%	+9.6%
	Sell	URANIUM RTY CORP	$865,687	+19.3%	301,633	-58.2%	0.08%	+21.9%
PEO	Buy	ADAM NAT RES FD INC	$824,508	+27.9%	35,662	+15.2%	0.07%	+29.8%
	New	LIFEZONE METALS LIMITEDw exp 07/05/202	$767,951	–	632,493	–	0.07%	–
	Buy	SPROTT FDS TRuranium miners e	$759,047	+91.1%	13,611	+15.0%	0.07%	+94.3%
TMQ	Sell	TRILOGY METALS INC NEW	$751,778	-18.0%	1,525,255	-1.3%	0.07%	-16.0%
SPPP	Buy	SPROTT PHYSICAL PLAT PALLADunit	$704,358	-0.7%	65,400	+0.8%	0.06%	0.0%
CC	Sell	CHEMOURS CO	$555,380	-26.6%	19,415	-5.3%	0.05%	-25.4%
PWR	Sell	QUANTA SVCS INC	$531,892	-8.4%	2,758	-6.7%	0.05%	-5.9%
	Buy	SPROTT FDS TRnickel miners et	$526,792	+63.4%	19,482	+29.9%	0.05%	+62.1%
RIO	Sell	RIO TINTO PLCsponsored adr	$489,455	-15.8%	7,691	-15.5%	0.04%	-13.7%
GLD	Sell	SPDR GOLD TR	$455,028	-4.0%	2,654	-0.2%	0.04%	-2.4%
PSTG	New	PURE STORAGE INCcl a	$447,922	–	12,575	–	0.04%	–
FMC	Sell	FMC CORP	$373,097	-36.4%	5,460	-2.9%	0.03%	-34.6%
SGDM	Sell	SPROTT ETF TRUSTgold miners etf	$347,927	-14.9%	15,213	-3.7%	0.03%	-13.9%
SGOV	New	ISHARES TR0-3 mnth treasry	$323,855	–	3,217	–	0.03%	–
DAR	Sell	DARLING INGREDIENTS INC	$318,919	-21.2%	5,939	-6.4%	0.03%	-19.4%
UUUU	Buy	ENERGY FUELS INC	$290,619	+49.1%	35,394	+13.3%	0.03%	+52.9%
GDX	Buy	VANECK ETF TRUSTgold miners etf	$275,047	+6.1%	10,221	+18.7%	0.02%	+8.7%
	Sell	INTEGRA RES CORP	$233,496	-28.1%	284,670	-3.5%	0.02%	-27.6%
NVR	Buy	NVR INC	$220,642	-3.5%	37	+2.8%	0.02%	0.0%
SMG	Buy	SCOTTS MIRACLE-GRO COcl a	$225,678	-14.8%	4,272	+1.1%	0.02%	-13.0%
	New	SHELL PLCspon ads	$202,797	–	3,150	–	0.02%	–
URG	Sell	UR-ENERGY INC	$107,620	+45.2%	64,589	-8.5%	0.01%	+42.9%
MTA	Sell	METALLA RTY & STREAMING LTD	$91,448	-49.9%	29,885	-28.9%	0.01%	-50.0%
GLDG	Buy	GOLDMINING INC	$64,804	+69.2%	82,500	+94.1%	0.01%	+100.0%
	Sell	ENCORE ENERGY CORP	$68,766	+29.1%	21,094	-83.9%	0.01%	+20.0%
	New	LARGO INC	$59,266	–	20,900	–	0.01%	–
	New	NEW FOUND GOLD CORP	$52,125	–	12,500	–	0.01%	–
	New	VOX ROYALTY CORP	$42,006	–	20,795	–	0.00%	–
NEWP	Sell	NEW PAC METALS CORP	$47,169	-47.9%	26,331	-36.5%	0.00%	-50.0%
	New	ARIS MNG CORP	$33,199	–	14,625	–	0.00%	–
GROYWS	Buy	GOLD ROYALTY CORP*w exp 99/99/999	$17,103	-48.3%	227,988	+23.9%	0.00%	-33.3%
	Buy	OSISKO DEVELOPMENT CORPw exp 12/01/202	$14,250	+28.6%	333,399	+13.6%	0.00%	0.0%
VGZ	Exit	VISTA GOLD CORP	$0	–	-15,100	–	-0.00%	–
EXK	Exit	ENDEAVOUR SILVER CORP	$0	–	-10,300	–	-0.00%	–
ZROZ	Exit	PIMCO ETF TR25yr+ zero u s	$0	–	-2,330	–	-0.02%	–
TLT	Exit	ISHARES TRcall	$0	–	-10,000	–	-0.09%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-6,500	–	-0.21%	–
DUST	Exit	DIREXION SHS ETF TRdaily gold miner	$0	–	-300,000	–	-0.32%	–
TLT	Exit	ISHARES TRput	$0	–	-95,100	–	-0.87%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-33,900	–	-1.33%	–
AU	Exit	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$0	–	-914,500	–	-1.71%	–

Q2 2023

			Value		Shares		↓ Weighting
AEM	New	AGNICO EAGLE MINES LTD	$67,811,587	–	1,357,268	–	6.01%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$51,795,888	–	3,369,046	–	4.59%	–
IAUCF	New	I-80 GOLD CORP	$51,205,538	–	22,702,606	–	4.54%	–
SILV	New	SILVERCREST METALS INC	$50,545,186	–	8,625,304	–	4.48%	–
AGI	New	ALAMOS GOLD INC NEW	$50,534,494	–	4,239,471	–	4.48%	–
	New	TRIPLE FLAG PRECIOUS METAL	$43,825,172	–	3,182,688	–	3.88%	–
EQX	New	EQUINOX GOLD CORP	$37,319,836	–	8,143,276	–	3.31%	–
PAAS	New	PAN AMERN SILVER CORP	$37,273,337	–	2,556,748	–	3.30%	–
GFI	New	GOLD FIELDS LTDsponsored adr	$36,811,311	–	2,661,700	–	3.26%	–
MAG	New	MAG SILVER CORP	$36,603,656	–	3,285,983	–	3.24%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$32,976,533	–	762,879	–	2.92%	–
FNV	New	FRANCO NEV CORP	$26,916,358	–	188,760	–	2.39%	–
SSRM	New	SSR MINING IN	$26,007,508	–	1,833,333	–	2.30%	–
BIL	New	SPDR SER TRbloomberg 1-3 mo	$25,813,357	–	281,130	–	2.29%	–
SAND	New	SANDSTORM GOLD LTD	$19,727,286	–	3,852,045	–	1.75%	–
SA	New	SEABRIDGE GOLD INC	$19,280,385	–	1,600,011	–	1.71%	–
AU	New	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$19,287,192	–	914,500	–	1.71%	–
	New	VIZSLA SILVER CORP	$18,350,402	–	15,074,007	–	1.63%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$16,386,831	–	908,389	–	1.45%	–
SPY	New	SPDR S&P 500 ETF TRput	$15,027,192	–	33,900	–	1.33%	–
HL	New	HECLA MNG CO	$13,556,190	–	2,632,270	–	1.20%	–
XOM	New	EXXON MOBIL CORP	$13,315,409	–	124,153	–	1.18%	–
RS	New	RELIANCE STEEL & ALUMINUM CO	$13,063,479	–	48,100	–	1.16%	–
BTG	New	B2GOLD CORP	$12,975,562	–	3,635,112	–	1.15%	–
NUE	New	NUCOR CORP	$12,856,032	–	78,400	–	1.14%	–
VSH	New	VISHAY INTERTECHNOLOGY INC	$12,348,000	–	420,000	–	1.09%	–
CTGO	New	CONTANGO ORE INC	$12,330,790	–	563,200	–	1.09%	–
STLD	New	STEEL DYNAMICS INC	$11,982,300	–	110,000	–	1.06%	–
WLK	New	WESTLAKE CORPORATION	$11,947,000	–	100,000	–	1.06%	–
GATO	New	GATOS SILVER INC	$11,804,004	–	3,124,164	–	1.05%	–
APAM	New	ARTISAN PARTNERS ASSET MGMTcl a	$11,793,000	–	300,000	–	1.04%	–
NGD	New	NEW GOLD INC CDA	$11,163,137	–	10,336,238	–	0.99%	–
	New	SPROTT ESG GOLD ETFunits ben int	$10,801,205	–	283,700	–	0.96%	–
ERO	New	ERO COPPER CORP	$10,725,786	–	530,183	–	0.95%	–
HP	New	HELMERICH & PAYNE INC	$10,637,588	–	300,073	–	0.94%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$10,329,572	–	30,292	–	0.92%	–
THM	New	INTERNATIONAL TOWER HILL MIN	$10,310,351	–	24,769,853	–	0.91%	–
FHI	New	FEDERATED HERMES INCcl b	$10,217,250	–	285,000	–	0.91%	–
	New	ORLA MNG LTD NEW	$10,073,994	–	3,913,800	–	0.89%	–
KW	New	KENNEDY-WILSON HOLDINGS INC	$10,016,104	–	613,356	–	0.89%	–
NG	New	NOVAGOLD RES INC	$9,879,850	–	2,476,153	–	0.88%	–
TLT	New	ISHARES TRput	$9,789,594	–	95,100	–	0.87%	–
SCHN	New	SCHNITZER STEEL INDS INCcl a	$9,665,777	–	322,300	–	0.86%	–
BKE	New	BUCKLE INC	$9,169,000	–	265,000	–	0.81%	–
CALM	New	CAL MAINE FOODS INC	$9,000,000	–	200,000	–	0.80%	–
RGLD	New	ROYAL GOLD INC	$8,653,342	–	75,391	–	0.77%	–
THO	New	THOR INDS INC	$7,762,500	–	75,000	–	0.69%	–
FRPH	New	FRP HLDGS INC	$7,196,250	–	125,000	–	0.64%	–
ASLE	New	AERSALE CORPORATION	$6,982,500	–	475,000	–	0.62%	–
NEM	New	NEWMONT CORP	$6,727,738	–	157,706	–	0.60%	–
EMX	New	EMX RTY CORP	$6,582,225	–	3,793,099	–	0.58%	–
FSM	New	FORTUNA SILVER MINES INC	$6,105,106	–	1,878,225	–	0.54%	–
KGC	New	KINROSS GOLD CORP	$5,674,974	–	1,189,722	–	0.50%	–
MMI	New	MARCUS & MILLICHAP INC	$5,514,250	–	175,000	–	0.49%	–
SBSW	New	SIBANYE STILLWATER LTDsponsored adr	$4,773,712	–	765,018	–	0.42%	–
GOLD	New	BARRICK GOLD CORP	$4,639,446	–	274,037	–	0.41%	–
	New	SKEENA RES LTD NEW	$4,555,330	–	943,135	–	0.40%	–
AG	New	FIRST MAJESTIC SILVER CORP	$4,444,814	–	785,967	–	0.39%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$4,422,512	–	296,415	–	0.39%	–
	New	SITIO ROYALTIES CORP	$4,036,780	–	153,665	–	0.36%	–
	New	OSISKO DEVELOPMENT CORP	$4,020,322	–	879,784	–	0.36%	–
DUST	New	DIREXION SHS ETF TRdaily gold miner	$3,633,000	–	300,000	–	0.32%	–
NXE	New	NEXGEN ENERGY LTD	$3,592,003	–	761,376	–	0.32%	–
CCJ	New	CAMECO CORP	$3,320,980	–	106,000	–	0.29%	–
RY	New	ROYAL BK CDA	$3,236,682	–	322,386	–	0.29%	–
PSLV	New	SPROTT PHYSICAL SILVER TRtr unit	$3,088,467	–	396,461	–	0.27%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$2,746,458	–	36,300	–	0.24%	–
SVM	New	SILVERCORP METALS INC	$2,720,220	–	956,727	–	0.24%	–
TPL	New	TEXAS PACIFIC LAND CORPORATI	$2,481,603	–	1,885	–	0.22%	–
BRY	New	BERRY CORP	$2,442,964	–	355,082	–	0.22%	–
CRUS	New	CIRRUS LOGIC INC	$2,430,300	–	30,000	–	0.22%	–
QQQ	New	INVESCO QQQ TRput	$2,401,230	–	6,500	–	0.21%	–
CF	New	CF INDS HLDGS INC	$2,300,395	–	33,137	–	0.20%	–
DNN	New	DENISON MINES CORP	$2,260,536	–	1,803,550	–	0.20%	–
	New	SPROTT FDS TRenergy transitin	$2,056,268	–	266,100	–	0.18%	–
SII	New	SPROTT INC	$1,971,475	–	60,848	–	0.18%	–
SLV	New	ISHARES SILVER TRishares	$1,642,372	–	78,620	–	0.15%	–
	New	DAKOTA GOLD CORP	$1,628,499	–	557,705	–	0.14%	–
BHP	New	BHP GROUP LTDsponsored ads	$1,622,308	–	27,188	–	0.14%	–
NTR	New	NUTRIEN LTD	$1,603,857	–	27,161	–	0.14%	–
CTVA	New	CORTEVA INC	$1,431,411	–	24,981	–	0.13%	–
SND	New	SMART SAND INC	$1,230,000	–	750,000	–	0.11%	–
SQM	New	SOCIEDAD QUIMICA Y MINERA DEspon adr ser b	$1,194,381	–	16,447	–	0.11%	–
TLT	New	ISHARES TRcall	$1,029,400	–	10,000	–	0.09%	–
UEC	New	URANIUM ENERGY CORP	$992,562	–	291,930	–	0.09%	–
EGO	New	ELDORADO GOLD CORP NEW	$915,730	–	90,519	–	0.08%	–
TMQ	New	TRILOGY METALS INC NEW	$917,328	–	1,545,626	–	0.08%	–
VALE	New	VALE S Asponsored ads	$903,443	–	67,321	–	0.08%	–
CDE	New	COEUR MNG INC	$886,256	–	312,062	–	0.08%	–
FUND	New	SPROTT FOCUS TR INC	$882,118	–	110,958	–	0.08%	–
LNG	New	CHENIERE ENERGY INC	$880,341	–	5,778	–	0.08%	–
USAS	New	AMERICAS GOLD AND SILVER COR	$824,756	–	2,348,690	–	0.07%	–
CME	New	CME GROUP INC	$826,579	–	4,461	–	0.07%	–
CC	New	CHEMOURS CO	$756,208	–	20,499	–	0.07%	–
	New	URANIUM RTY CORP	$725,543	–	721,537	–	0.06%	–
SPPP	New	SPROTT PHYSICAL PLAT PALLADunit	$709,357	–	64,900	–	0.06%	–
PEO	New	ADAM NAT RES FD INC	$644,727	–	30,967	–	0.06%	–
FMC	New	FMC CORP	$586,599	–	5,622	–	0.05%	–
TSLA	New	TESLA INC	$588,983	–	2,250	–	0.05%	–
PWR	New	QUANTA SVCS INC	$580,903	–	2,957	–	0.05%	–
RIO	New	RIO TINTO PLCsponsored adr	$581,008	–	9,101	–	0.05%	–
	New	SIGMA LITHIUM CORPORATION	$483,833	–	12,025	–	0.04%	–
GLD	New	SPDR GOLD TR	$474,198	–	2,660	–	0.04%	–
AAPL	New	APPLE INC	$463,588	–	2,390	–	0.04%	–
SGDM	New	SPROTT ETF TRUSTgold miners etf	$408,791	–	15,798	–	0.04%	–
DAR	New	DARLING INGREDIENTS INC	$404,939	–	6,348	–	0.04%	–
	New	SPROTT FDS TRuranium miners e	$397,167	–	11,831	–	0.04%	–
HBM	New	HUDBAY MINERALS INC	$377,899	–	78,800	–	0.03%	–
OUNZ	New	VANECK MERK GOLD TRgold trust	$362,477	–	19,488	–	0.03%	–
IAG	New	IAMGOLD CORP	$340,322	–	129,400	–	0.03%	–
	New	INTEGRA RES CORP	$324,909	–	294,879	–	0.03%	–
SIVR	New	ABRDN SILVER ETF TRUST	$322,572	–	14,763	–	0.03%	–
	New	SPROTT FDS TRnickel miners et	$322,350	–	15,000	–	0.03%	–
TECK	New	TECK RESOURCES LTDcl b	$332,169	–	7,890	–	0.03%	–
AMZN	New	AMAZON COM INC	$319,382	–	2,450	–	0.03%	–
GDX	New	VANECK ETF TRUSTgold miners etf	$259,277	–	8,611	–	0.02%	–
SMG	New	SCOTTS MIRACLE-GRO COcl a	$264,803	–	4,224	–	0.02%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$232,140	–	5,804	–	0.02%	–
NVR	New	NVR INC	$228,622	–	36	–	0.02%	–
GROY	New	GOLD ROYALTY CORP	$216,586	–	122,365	–	0.02%	–
ZROZ	New	PIMCO ETF TR25yr+ zero u s	$214,430	–	2,330	–	0.02%	–
UUUU	New	ENERGY FUELS INC	$194,869	–	31,229	–	0.02%	–
MTA	New	METALLA RTY & STREAMING LTD	$182,375	–	42,022	–	0.02%	–
FURY	New	FURY GOLD MINES LIMITED	$135,497	–	326,079	–	0.01%	–
WRN	New	WESTERN COPPER & GOLD CORP	$106,335	–	69,500	–	0.01%	–
NEWP	New	NEW PAC METALS CORP	$90,453	–	41,492	–	0.01%	–
URG	New	UR-ENERGY INC	$74,113	–	70,584	–	0.01%	–
	New	ENCORE ENERGY CORP	$53,247	–	130,926	–	0.01%	–
GLDG	New	GOLDMINING INC	$38,297	–	42,500	–	0.00%	–
EXK	New	ENDEAVOUR SILVER CORP	$29,767	–	10,300	–	0.00%	–
GROYWS	New	GOLD ROYALTY CORP*w exp 99/99/999	$33,111	–	183,950	–	0.00%	–
	New	OSISKO DEVELOPMENT CORP*w exp 12/01/202	$11,078	–	293,399	–	0.00%	–
VGZ	New	VISTA GOLD CORP	$7,850	–	15,100	–	0.00%	–
HYMC	New	HYCROFT MINING HOLDING CORP	$4,294	–	14,542	–	0.00%	–
AAU	New	ALMADEN MINERALS LTD	$4,424	–	34,325	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
FURY	Exit	FURY GOLD MINES LIMITED	$0	–	-26,067	–	-0.00%	–
URG	Exit	UR-ENERGY INC	$0	–	-13,379	–	-0.00%	–
AAU	Exit	ALMADEN MINERALS LTD	$0	–	-83,100	–	-0.00%	–
ITI	Exit	ITERIS INC NEW	$0	–	-10,000	–	-0.00%	–
PZG	Exit	PARAMOUNT GOLD NEV CORP	$0	–	-92,024	–	-0.00%	–
GLDG	Exit	GOLDMINING INC	$0	–	-42,500	–	-0.00%	–
EXK	Exit	ENDEAVOUR SILVER CORP	$0	–	-11,781	–	-0.00%	–
GROYWS	Exit	GOLD ROYALTY CORP*w exp 99/99/999	$0	–	-119,940	–	-0.00%	–
NEWP	Exit	NEW PAC METALS CORP	$0	–	-21,739	–	-0.01%	–
AMTX	Exit	AEMETIS INC	$0	–	-11,900	–	-0.01%	–
	Exit	MCEWEN MNG INC	$0	–	-246,058	–	-0.01%	–
WRN	Exit	WESTERN COPPER & GOLD CORP	$0	–	-69,500	–	-0.01%	–
ICAD	Exit	ICAD INC	$0	–	-44,400	–	-0.01%	–
MTA	Exit	METALLA RTY & STREAMING LTD	$0	–	-31,741	–	-0.01%	–
UUUU	Exit	ENERGY FUELS INC	$0	–	-20,078	–	-0.01%	–
APPH	Exit	APPHARVEST INC	$0	–	-70,674	–	-0.01%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-13,696	–	-0.02%	–
EAF	Exit	GRAFTECH INTL LTD	$0	–	-43,105	–	-0.02%	–
	Exit	ELECTRA BATTERY MATERIALS CO	$0	–	-70,659	–	-0.02%	–
CRUS	Exit	CIRRUS LOGIC INC	$0	–	-3,000	–	-0.02%	–
ZROZ	Exit	PIMCO ETF TR25yr+ zero u s	$0	–	-2,330	–	-0.02%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-37,018	–	-0.02%	–
SMG	Exit	SCOTTS MIRACLE-GRO COcl a	$0	–	-5,538	–	-0.02%	–
SGDM	Exit	SPROTT ETF TRUSTgold miners etf	$0	–	-11,763	–	-0.02%	–
MP	Exit	MP MATERIALS CORP	$0	–	-9,325	–	-0.02%	–
AMZN	Exit	AMAZON COM INC	$0	–	-2,400	–	-0.03%	–
ALB	Exit	ALBEMARLE CORP	$0	–	-1,033	–	-0.03%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-78,800	–	-0.03%	–
NMG	Exit	NOUVEAU MONDE GRAPHITE INC	$0	–	-61,700	–	-0.03%	–
AAPL	Exit	APPLE INC	$0	–	-2,440	–	-0.03%	–
	Exit	SPROTT FDS TRuranium miners e	$0	–	-5,708	–	-0.04%	–
DIG	Exit	PROSHARES TR	$0	–	-12,720	–	-0.04%	–
PWR	Exit	QUANTA SVCS INC	$0	–	-3,167	–	-0.04%	–
FCG	Exit	FIRST TR EXCHANGE-TRADED FDnat gas etf	$0	–	-18,280	–	-0.04%	–
DAR	Exit	DARLING INGREDIENTS INC	$0	–	-6,674	–	-0.04%	–
	Exit	SIGMA LITHIUM CORPORATION	$0	–	-18,325	–	-0.05%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-19,544	–	-0.05%	–
CC	Exit	CHEMOURS CO	$0	–	-22,080	–	-0.05%	–
TSLA	Exit	TESLA INC	$0	–	-2,250	–	-0.06%	–
ATCO	Exit	ATLAS CORPshares	$0	–	-43,498	–	-0.06%	–
PEO	Exit	ADAM NAT RES FD INC	$0	–	-33,809	–	-0.06%	–
GDX	Exit	VANECK ETF TRUSTgold miners etf	$0	–	-27,361	–	-0.07%	–
TMQ	Exit	TRILOGY METALS INC NEW	$0	–	-1,153,190	–	-0.07%	–
GLD	Exit	SPDR GOLD TR	$0	–	-4,825	–	-0.07%	–
FUND	Exit	SPROTT FOCUS TR INC	$0	–	-114,196	–	-0.08%	–
CME	Exit	CME GROUP INC	$0	–	-4,728	–	-0.08%	–
VALE	Exit	VALE S Asponsored ads	$0	–	-63,989	–	-0.08%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-9,265	–	-0.09%	–
SPPP	Exit	SPROTT PHYSICAL PLAT PALLADunit	$0	–	-64,035	–	-0.09%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-5,694	–	-0.09%	–
	Exit	ORLA MNG LTD NEW	$0	–	-289,900	–	-0.09%	–
SLV	Exit	ISHARES SILVER TRcall	$0	–	-57,000	–	-0.10%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-64,117	–	-0.10%	–
KGC	Exit	KINROSS GOLD CORPcall	$0	–	-290,000	–	-0.11%	–
ITRG	Exit	INTEGRA RES CORP	$0	–	-2,178,092	–	-0.12%	–
SND	Exit	SMART SAND INC	$0	–	-750,000	–	-0.12%	–
BHP	Exit	BHP GROUP LTDsponsored ads	$0	–	-23,733	–	-0.12%	–
MNRL	Exit	BRIGHAM MINERALS INC	$0	–	-48,566	–	-0.12%	–
SLV	Exit	ISHARES SILVER TRishares	$0	–	-71,179	–	-0.12%	–
USAS	Exit	AMERICAS GOLD AND SILVER COR	$0	–	-3,088,644	–	-0.13%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-37,697	–	-0.14%	–
SQM	Exit	SOCIEDAD QUIMICA Y MINERA DEspon adr ser b	$0	–	-16,436	–	-0.15%	–
	Exit	TRIPLE FLAG PRECIOUS METAL	$0	–	-117,969	–	-0.15%	–
CTVA	Exit	CORTEVA INC	$0	–	-26,715	–	-0.15%	–
IBA	Exit	INDUSTRIAS BACHOCO SABspon adr b	$0	–	-33,943	–	-0.16%	–
CDE	Exit	COEUR MNG INC	$0	–	-464,876	–	-0.16%	–
GROY	Exit	GOLD ROYALTY CORP	$0	–	-655,691	–	-0.17%	–
UEC	Exit	URANIUM ENERGY CORP	$0	–	-477,982	–	-0.17%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-17,615	–	-0.18%	–
SVM	Exit	SILVERCORP METALS INC	$0	–	-922,762	–	-0.21%	–
SII	Exit	SPROTT INC	$0	–	-65,298	–	-0.22%	–
NTR	Exit	NUTRIEN LTD	$0	–	-26,293	–	-0.22%	–
	Exit	URANIUM RTY CORP	$0	–	-1,061,338	–	-0.24%	–
AU	Exit	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$0	–	-184,000	–	-0.25%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-580,402	–	-0.26%	–
BRY	Exit	BERRY CORP	$0	–	-353,708	–	-0.26%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRtr unit	$0	–	-425,251	–	-0.28%	–
CCJ	Exit	CAMECO CORP	$0	–	-106,788	–	-0.28%	–
TPL	Exit	TEXAS PACIFIC LAND CORPORATI	$0	–	-1,641	–	-0.29%	–
NXE	Exit	NEXGEN ENERGY LTD	$0	–	-815,306	–	-0.30%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-44,800	–	-0.33%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRunit	$0	–	-270,895	–	-0.34%	–
TLT	Exit	ISHARES TRput	$0	–	-37,100	–	-0.38%	–
DNN	Exit	DENISON MINES CORP	$0	–	-3,301,180	–	-0.38%	–
GATO	Exit	GATOS SILVER INC	$0	–	-1,445,269	–	-0.38%	–
	Exit	DAKOTA GOLD CORP	$0	–	-1,433,856	–	-0.44%	–
	Exit	OSISKO DEVELOPMENT CORP	$0	–	-1,349,485	–	-0.48%	–
MMI	Exit	MARCUS & MILLICHAP INC	$0	–	-160,000	–	-0.52%	–
	Exit	SKEENA RES LTD NEW	$0	–	-1,172,182	–	-0.55%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-170,000	–	-0.55%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-358,911	–	-0.55%	–
	Exit	VIZSLA SILVER CORP	$0	–	-5,067,824	–	-0.58%	–
AG	Exit	FIRST MAJESTIC SILVER CORP	$0	–	-784,312	–	-0.60%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-71,433	–	-0.62%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-120,000	–	-0.65%	–
EMX	Exit	EMX RTY CORP	$0	–	-3,781,609	–	-0.70%	–
BTG	Exit	B2GOLD CORP	$0	–	-2,207,714	–	-0.71%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-2,989,698	–	-0.75%	–
SCHN	Exit	SCHNITZER STEEL INDS INCcl a	$0	–	-264,600	–	-0.75%	–
CTGO	Exit	CONTANGO ORE INC	$0	–	-263,200	–	-0.78%	–
ERO	Exit	ERO COPPER CORP	$0	–	-728,772	–	-0.80%	–
BIL	Exit	SPDR SER TRbloomberg 1-3 mo	$0	–	-87,740	–	-0.80%	–
APAM	Exit	ARTISAN PARTNERS ASSET MGMTcl a	$0	–	-305,000	–	-0.82%	–
VSH	Exit	VISHAY INTERTECHNOLOGY INC	$0	–	-480,000	–	-0.85%	–
BKE	Exit	BUCKLE INC	$0	–	-280,000	–	-0.88%	–
STLD	Exit	STEEL DYNAMICS INC	$0	–	-126,300	–	-0.89%	–
KW	Exit	KENNEDY-WILSON HOLDINGS INC	$0	–	-587,848	–	-0.90%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-96,811	–	-0.90%	–
WLK	Exit	WESTLAKE CORPORATION	$0	–	-105,000	–	-0.91%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-250,628	–	-0.92%	–
	Exit	SPROTT ESG GOLD ETFunits ben int	$0	–	-282,201	–	-0.93%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-35,292	–	-0.94%	–
THO	Exit	THOR INDS INC	$0	–	-135,000	–	-0.94%	–
CALM	Exit	CAL MAINE FOODS INC	$0	–	-175,000	–	-0.97%	–
NUE	Exit	NUCOR CORP	$0	–	-91,500	–	-0.97%	–
HL	Exit	HECLA MNG CO	$0	–	-2,582,925	–	-1.01%	–
ASLE	Exit	AERSALE CORPORATION	$0	–	-555,000	–	-1.02%	–
FHI	Exit	FEDERATED HERMES INCcl b	$0	–	-325,000	–	-1.07%	–
RS	Exit	RELIANCE STEEL & ALUMINUM CO	$0	–	-63,600	–	-1.10%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-13,648,591	–	-1.20%	–
NG	Exit	NOVAGOLD RES INC	$0	–	-2,689,653	–	-1.26%	–
THM	Exit	INTERNATIONAL TOWER HILL MIN	$0	–	-26,789,591	–	-1.37%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-39,600	–	-1.41%	–
MMX	Exit	MAVERIX METALS INC	$0	–	-4,692,409	–	-1.55%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-4,377,078	–	-1.59%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-1,448,465	–	-1.71%	–
EQX	Exit	EQUINOX GOLD CORP	$0	–	-5,832,406	–	-2.11%	–
SBSW	Exit	SIBANYE STILLWATER LTDsponsored adr	$0	–	-2,651,386	–	-2.46%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-211,956	–	-2.52%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-804,478	–	-2.59%	–
NEM	Exit	NEWMONT CORP	$0	–	-655,657	–	-2.74%	–
GFI	Exit	GOLD FIELDS LTDsponsored adr	$0	–	-3,532,532	–	-2.84%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-5,907,947	–	-3.04%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-3,570,964	–	-3.62%	–
IAUCF	Exit	I-80 GOLD CORP	$0	–	-21,604,774	–	-3.79%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-5,169,159	–	-3.81%	–
SSRM	Exit	SSR MNG INC	$0	–	-2,735,787	–	-4.00%	–
PAAS	Exit	PAN AMERN SILVER CORP	$0	–	-2,635,880	–	-4.16%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-8,428,365	–	-4.65%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-1,307,114	–	-5.49%	–
MAG	Exit	MAG SILVER CORP	$0	–	-5,137,903	–	-6.38%	–

Q3 2022

			Value		Shares		↓ Weighting
MAG	Buy	MAG SILVER CORP	$64,163,000	+3.2%	5,137,903	+0.6%	6.38%	+13.3%
AEM	Buy	AGNICO EAGLE MINES LTD	$55,172,000	-5.4%	1,307,114	+2.6%	5.49%	+3.9%
SILV	Buy	SILVERCREST METALS INC	$46,713,000	-5.7%	8,428,365	+4.0%	4.65%	+3.6%
PAAS	Sell	PAN AMERN SILVER CORP	$41,858,000	-23.8%	2,635,880	-5.7%	4.16%	-16.3%
SSRM	Sell	SSR MNG INC	$40,197,000	-12.4%	2,735,787	-0.4%	4.00%	-3.8%
AGI	Buy	ALAMOS GOLD INC NEW	$38,303,000	+7.3%	5,169,159	+1.7%	3.81%	+17.8%
IAUCF	Sell	I-80 GOLD CORP	$38,055,000	-6.2%	21,604,774	-3.9%	3.79%	+3.0%
OR	Sell	OSISKO GOLD ROYALTIES LTD	$36,337,000	-1.5%	3,570,964	-2.4%	3.62%	+8.2%
SAND	Buy	SANDSTORM GOLD LTD	$30,568,000	-9.2%	5,907,947	+4.6%	3.04%	-0.3%
GFI	Sell	GOLD FIELDS LTDsponsored adr	$28,578,000	-14.5%	3,532,532	-3.6%	2.84%	-6.0%
NEM	Sell	NEWMONT CORP	$27,557,000	-39.9%	655,657	-14.7%	2.74%	-34.0%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$26,032,000	-13.2%	804,478	-3.3%	2.59%	-4.6%
FNV	Sell	FRANCO NEV CORP	$25,312,000	-14.2%	211,956	-5.5%	2.52%	-5.8%
SBSW	Sell	SIBANYE STILLWATER LTDsponsored adr	$24,711,000	-19.5%	2,651,386	-13.9%	2.46%	-11.6%
EQX	Sell	EQUINOX GOLD CORP	$21,192,000	-21.3%	5,832,406	-3.7%	2.11%	-13.6%
SA	Sell	SEABRIDGE GOLD INC	$17,194,000	-12.3%	1,448,465	-8.2%	1.71%	-3.7%
KGC	Sell	KINROSS GOLD CORP	$15,980,000	-47.3%	4,377,078	-48.3%	1.59%	-42.1%
MMX	Sell	MAVERIX METALS INC	$15,616,000	-23.6%	4,692,409	-0.4%	1.55%	-16.1%
SPY	Buy	SPDR S&P 500 ETF TRput	$14,144,000	+7.1%	39,600	+13.1%	1.41%	+17.6%
NGD	Sell	NEW GOLD INC CDA	$12,011,000	-27.1%	13,648,591	-11.4%	1.20%	-19.9%
RS	Sell	RELIANCE STEEL & ALUMINUM CO	$11,092,000	+0.5%	63,600	-2.2%	1.10%	+10.3%
FHI	Sell	FEDERATED HERMES INCcl b	$10,764,000	-5.9%	325,000	-9.7%	1.07%	+3.4%
ASLE	Sell	AERSALE CORPORATION	$10,290,000	+1.3%	555,000	-20.7%	1.02%	+11.3%
HL	Buy	HECLA MNG CO	$10,177,000	+7.4%	2,582,925	+6.9%	1.01%	+17.9%
NUE	Buy	NUCOR CORP	$9,790,000	+3.8%	91,500	+1.3%	0.97%	+14.1%
CALM	Sell	CAL MAINE FOODS INC	$9,728,000	-14.4%	175,000	-23.9%	0.97%	-5.9%
THO	Sell	THOR INDS INC	$9,447,000	-14.3%	135,000	-8.5%	0.94%	-5.8%
	New	SPROTT ESG GOLD ETFunits ben int	$9,369,000	–	282,201	–	0.93%	–
HP	Buy	HELMERICH & PAYNE INC	$9,266,000	-14.0%	250,628	+0.1%	0.92%	-5.5%
WLK	Buy	WESTLAKE CORPORATION	$9,122,000	-6.9%	105,000	+5.0%	0.91%	+2.1%
KW	Buy	KENNEDY-WILSON HOLDINGS INC	$9,088,000	-18.2%	587,848	+0.2%	0.90%	-10.1%
RGLD	Sell	ROYAL GOLD INC	$9,083,000	-16.8%	96,811	-5.3%	0.90%	-8.6%
STLD	Buy	STEEL DYNAMICS INC	$8,961,000	+79.3%	126,300	+67.2%	0.89%	+96.7%
APAM	Sell	ARTISAN PARTNERS ASSET MGMTcl a	$8,214,000	-27.8%	305,000	-4.7%	0.82%	-20.8%
BIL	Sell	SPDR SER TRbloomberg 1-3 mo	$8,037,000	-10.4%	87,740	-10.5%	0.80%	-1.5%
ERO	Buy	ERO COPPER CORP	$8,017,000	+139.0%	728,772	+83.1%	0.80%	+162.5%
SCHN	Buy	SCHNITZER STEEL INDS INCcl a	$7,531,000	-0.7%	264,600	+14.5%	0.75%	+9.0%
FSM	Buy	FORTUNA SILVER MINES INC	$7,506,000	-11.4%	2,989,698	+0.3%	0.75%	-2.6%
BTG	Buy	B2GOLD CORP	$7,109,000	+0.7%	2,207,714	+6.0%	0.71%	+10.5%
EMX	Sell	EMX RTY CORP	$7,042,000	-3.0%	3,781,609	-3.6%	0.70%	+6.5%
XOM	Buy	EXXON MOBIL CORP	$6,237,000	+81.2%	71,433	+77.7%	0.62%	+98.7%
AG	Buy	FIRST MAJESTIC SILVER CORP	$5,987,000	+55.0%	784,312	+45.6%	0.60%	+70.3%
	Buy	VIZSLA SILVER CORP	$5,797,000	+13.0%	5,067,824	+2.3%	0.58%	+24.1%
GOLD	Sell	BARRICK GOLD CORP	$5,563,000	-21.1%	358,911	-10.0%	0.55%	-13.5%
	Buy	SKEENA RES LTD NEW	$5,484,000	-11.1%	1,172,182	+0.5%	0.55%	-2.3%
MMI	Buy	MARCUS & MILLICHAP INC	$5,245,000	-2.2%	160,000	+10.3%	0.52%	+7.4%
	Buy	OSISKO DEVELOPMENT CORP	$4,778,000	-25.6%	1,349,485	+1.0%	0.48%	-18.4%
	Buy	DAKOTA GOLD CORP	$4,373,000	-7.4%	1,433,856	+1.8%	0.44%	+1.9%
GATO	Sell	GATOS SILVER INC	$3,873,000	-13.2%	1,445,269	-7.0%	0.38%	-4.7%
DNN	Sell	DENISON MINES CORP	$3,846,000	+16.3%	3,301,180	-1.6%	0.38%	+28.1%
PHYS	Sell	SPROTT PHYSICAL GOLD TRunit	$3,467,000	-13.5%	270,895	-4.2%	0.34%	-5.0%
NXE	Buy	NEXGEN ENERGY LTD	$2,965,000	+2.6%	815,306	+1.2%	0.30%	+12.6%
TPL	Sell	TEXAS PACIFIC LAND CORPORATI	$2,916,000	+15.9%	1,641	-3.0%	0.29%	+27.2%
CCJ	Buy	CAMECO CORP	$2,831,000	+49.6%	106,788	+18.6%	0.28%	+64.9%
PSLV	Sell	SPROTT PHYSICAL SILVER TRtr unit	$2,815,000	-8.2%	425,251	-4.4%	0.28%	+0.7%
BRY	Sell	BERRY CORP	$2,653,000	-3.3%	353,708	-1.7%	0.26%	+6.5%
AUY	Sell	YAMANA GOLD INC	$2,629,000	-4.2%	580,402	-1.7%	0.26%	+5.2%
AU	Sell	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$2,543,000	-7.1%	184,000	-0.5%	0.25%	+2.0%
	Buy	URANIUM RTY CORP	$2,377,000	-0.6%	1,061,338	+0.7%	0.24%	+8.8%
NTR	Sell	NUTRIEN LTD	$2,192,000	+0.1%	26,293	-4.3%	0.22%	+10.1%
SII	Sell	SPROTT INC	$2,188,000	-13.0%	65,298	-10.0%	0.22%	-4.4%
SVM	Buy	SILVERCORP METALS INC	$2,155,000	-4.6%	922,762	+1.2%	0.21%	+4.4%
TLT	Buy	ISHARES TR20 yr tr bd etf	$1,805,000	+27.4%	17,615	+42.7%	0.18%	+40.6%
UEC	Buy	URANIUM ENERGY CORP	$1,673,000	+1061.8%	477,982	+925.8%	0.17%	+1176.9%
GROY	Sell	GOLD ROYALTY CORP	$1,665,000	-16.9%	655,691	-26.3%	0.17%	-8.3%
CDE	Buy	COEUR MNG INC	$1,590,000	+12.5%	464,876	+0.0%	0.16%	+23.4%
IBA	Sell	INDUSTRIAS BACHOCO SABspon adr b	$1,563,000	-44.5%	33,943	-47.8%	0.16%	-39.2%
CTVA	Buy	CORTEVA INC	$1,527,000	+10.2%	26,715	+4.4%	0.15%	+20.6%
SQM	Buy	SOCIEDAD QUIMICA Y MINERA DEspon adr ser b	$1,492,000	+31.8%	16,436	+21.3%	0.15%	+43.7%
	New	TRIPLE FLAG PRECIOUS METAL	$1,490,000	–	117,969	–	0.15%	–
SLB	Sell	SCHLUMBERGER LTD	$1,353,000	-3.4%	37,697	-3.8%	0.14%	+6.3%
USAS	Buy	AMERICAS GOLD AND SILVER COR	$1,295,000	-39.9%	3,088,644	+0.2%	0.13%	-33.8%
SLV	Buy	ISHARES SILVER TRishares	$1,246,000	-4.1%	71,179	+2.1%	0.12%	+5.1%
MNRL	Sell	BRIGHAM MINERALS INC	$1,198,000	-2.8%	48,566	-3.0%	0.12%	+6.2%
BHP	Sell	BHP GROUP LTDsponsored ads	$1,188,000	-12.7%	23,733	-2.0%	0.12%	-4.1%
ITRG	Sell	INTEGRA RES CORP	$1,162,000	-49.7%	2,178,092	-2.7%	0.12%	-44.5%
KGC	Sell	KINROSS GOLD CORPcall	$1,090,000	-0.2%	290,000	-4.9%	0.11%	+9.1%
SLV	Buy	ISHARES SILVER TRcall	$998,000	+1230.7%	57,000	+1325.0%	0.10%	+1314.3%
	Buy	ORLA MNG LTD NEW	$945,000	+135.1%	289,900	+98.6%	0.09%	+161.1%
LNG	Sell	CHENIERE ENERGY INC	$945,000	+16.0%	5,694	-7.0%	0.09%	+27.0%
SPPP	Buy	SPROTT PHYSICAL PLAT PALLADunit	$916,000	+8.3%	64,035	+0.1%	0.09%	+18.2%
CF	Sell	CF INDS HLDGS INC	$892,000	+10.4%	9,265	-1.7%	0.09%	+21.9%
VALE	Buy	VALE S Asponsored ads	$852,000	+2.7%	63,989	+12.8%	0.08%	+13.3%
CME	Sell	CME GROUP INC	$837,000	-16.4%	4,728	-3.4%	0.08%	-8.8%
FUND	Sell	SPROTT FOCUS TR INC	$786,000	-12.1%	114,196	-3.4%	0.08%	-3.7%
GLD	Sell	SPDR GOLD TR	$746,000	-11.9%	4,825	-4.1%	0.07%	-3.9%
TMQ	Sell	TRILOGY METALS INC NEW	$700,000	-28.8%	1,153,190	-11.3%	0.07%	-21.3%
GDX	Buy	VANECK ETF TRUSTgold miners etf	$660,000	+19.8%	27,361	+36.0%	0.07%	+32.0%
PEO	Sell	ADAM NAT RES FD INC	$658,000	-7.5%	33,809	-7.5%	0.06%	+1.6%
ATCO	Sell	ATLAS CORPshares	$605,000	+24.0%	43,498	-4.5%	0.06%	+36.4%
TSLA	Buy	TESLA INC	$597,000	+18.2%	2,250	+200.0%	0.06%	+28.3%
CC	Buy	CHEMOURS CO	$544,000	-18.9%	22,080	+5.4%	0.05%	-11.5%
FCX	Sell	FREEPORT-MCMORAN INCcl b	$534,000	-8.6%	19,544	-2.0%	0.05%	0.0%
	New	SIGMA LITHIUM CORPORATION	$495,000	–	18,325	–	0.05%	–
DAR	New	DARLING INGREDIENTS INC	$441,000	–	6,674	–	0.04%	–
FCG	New	FIRST TR EXCHANGE-TRADED FDnat gas etf	$418,000	–	18,280	–	0.04%	–
PWR	Sell	QUANTA SVCS INC	$403,000	-1.0%	3,167	-2.5%	0.04%	+8.1%
	Buy	SPROTT FDS TRuranium miners e	$371,000	+14.2%	5,708	+0.3%	0.04%	+27.6%
NMG	New	NOUVEAU MONDE GRAPHITE INC	$333,000	–	61,700	–	0.03%	–
HBM	Buy	HUDBAY MINERALS INC	$317,000	+637.2%	78,800	+643.4%	0.03%	+700.0%
ALB	New	ALBEMARLE CORP	$273,000	–	1,033	–	0.03%	–
SGDM	Buy	SPROTT ETF TRUSTgold miners etf	$251,000	+8.2%	11,763	+23.0%	0.02%	+19.0%
MP	New	MP MATERIALS CORP	$255,000	–	9,325	–	0.02%	–
SMG	Sell	SCOTTS MIRACLE-GRO COcl a	$237,000	-54.7%	5,538	-16.4%	0.02%	-48.9%
EGO	Sell	ELDORADO GOLD CORP NEW	$223,000	-60.9%	37,018	-59.1%	0.02%	-57.7%
EAF	Sell	GRAFTECH INTL LTD	$186,000	-41.3%	43,105	-4.0%	0.02%	-34.5%
	New	ELECTRA BATTERY MATERIALS CO	$196,000	–	70,659	–	0.02%	–
CLB	Sell	CORE LABORATORIES N V	$185,000	-33.9%	13,696	-3.2%	0.02%	-28.0%
APPH	Buy	APPHARVEST INC	$139,000	-27.6%	70,674	+28.3%	0.01%	-17.6%
MTA	Sell	METALLA RTY & STREAMING LTD	$123,000	-21.2%	31,741	-1.7%	0.01%	-14.3%
WRN	New	WESTERN COPPER & GOLD CORP	$88,000	–	69,500	–	0.01%	–
	New	MCEWEN MNG INC	$75,000	–	246,058	–	0.01%	–
NEWP	New	NEW PAC METALS CORP	$46,000	–	21,739	–	0.01%	–
GROYWS	Buy	GOLD ROYALTY CORP*w exp 99/99/999	$45,000	-13.5%	119,940	+2.8%	0.00%	-20.0%
EXK	Buy	ENDEAVOUR SILVER CORP	$36,000	+2.9%	11,781	+4.5%	0.00%	+33.3%
GLDG	Sell	GOLDMINING INC	$35,000	-36.4%	42,500	-26.1%	0.00%	-40.0%
PZG	New	PARAMOUNT GOLD NEV CORP	$28,000	–	92,024	–	0.00%	–
AAU	Buy	ALMADEN MINERALS LTD	$18,000	+5.9%	83,100	+10.7%	0.00%	0.0%
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-11,500	–	-0.00%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-99,130	–	-0.00%	–
SOI	Exit	SOLARIS OILFIELD INFRASTRUCT	$0	–	-11,425	–	-0.01%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-500	–	-0.02%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-3,732	–	-0.02%	–
TMF	Exit	DIREXION SHS ETF TR20yr tres bull	$0	–	-18,700	–	-0.02%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-586,592	–	-0.02%	–
ARNC	Exit	ARCONIC CORPORATION	$0	–	-9,402	–	-0.02%	–
UBR	Exit	PROSHARES TRultra msci brazi	$0	–	-12,800	–	-0.02%	–
INGR	Exit	INGREDION INC	$0	–	-3,753	–	-0.03%	–
PPTA	Exit	PERPETUA RESOURCES CORP	$0	–	-103,085	–	-0.03%	–
USCI	Exit	UNITED STS COMMODITY INDEX F	$0	–	-8,000	–	-0.04%	–
GSV	Exit	GOLD STD VENTURES CORP	$0	–	-3,000,000	–	-0.09%	–
EMB	Exit	ISHARES TRput	$0	–	-86,600	–	-0.67%	–

Q2 2022

			Value		Shares		↓ Weighting
MAG	New	MAG SILVER CORP	$62,188,000	–	5,105,250	–	5.63%	–
AEM	New	AGNICO EAGLE MINES LTD	$58,326,000	–	1,274,470	–	5.28%	–
PAAS	New	PAN AMERN SILVER CORP	$54,934,000	–	2,793,763	–	4.98%	–
SILV	New	SILVERCREST METALS INC	$49,533,000	–	8,103,611	–	4.49%	–
SSRM	New	SSR MNG INC	$45,880,000	–	2,747,246	–	4.16%	–
NEM	New	NEWMONT CORP	$45,875,000	–	768,807	–	4.16%	–
IAUCF	New	I-80 GOLD CORP	$40,567,000	–	22,492,477	–	3.67%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$36,898,000	–	3,658,113	–	3.34%	–
AGI	New	ALAMOS GOLD INC NEW	$35,694,000	–	5,084,559	–	3.23%	–
SAND	New	SANDSTORM GOLD LTD	$33,668,000	–	5,649,641	–	3.05%	–
GFI	New	GOLD FIELDS LTDsponsored adr	$33,412,000	–	3,663,597	–	3.03%	–
SBSW	New	SIBANYE STILLWATER LTDsponsored adr	$30,700,000	–	3,079,253	–	2.78%	–
KGC	New	KINROSS GOLD CORP	$30,300,000	–	8,463,759	–	2.74%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$29,984,000	–	832,199	–	2.72%	–
FNV	New	FRANCO NEV CORP	$29,517,000	–	224,364	–	2.67%	–
EQX	New	EQUINOX GOLD CORP	$26,942,000	–	6,058,999	–	2.44%	–
MMX	New	MAVERIX METALS INC	$20,436,000	–	4,710,100	–	1.85%	–
SA	New	SEABRIDGE GOLD INC	$19,613,000	–	1,577,924	–	1.78%	–
NGD	New	NEW GOLD INC CDA	$16,479,000	–	15,401,091	–	1.49%	–
THM	New	INTERNATIONAL TOWER HILL MIN	$13,872,000	–	26,789,591	–	1.26%	–
SPY	New	SPDR S&P 500 ETF TRput	$13,204,000	–	35,000	–	1.20%	–
NG	New	NOVAGOLD RES INC	$12,937,000	–	2,689,653	–	1.17%	–
FHI	New	FEDERATED HERMES INCcl b	$11,444,000	–	360,000	–	1.04%	–
APAM	New	ARTISAN PARTNERS ASSET MGMTcl a	$11,382,000	–	320,000	–	1.03%	–
CALM	New	CAL MAINE FOODS INC	$11,364,000	–	230,000	–	1.03%	–
KW	New	KENNEDY-WILSON HOLDINGS INC	$11,113,000	–	586,773	–	1.01%	–
RS	New	RELIANCE STEEL & ALUMINUM CO	$11,041,000	–	65,000	–	1.00%	–
THO	New	THOR INDS INC	$11,023,000	–	147,500	–	1.00%	–
RGLD	New	ROYAL GOLD INC	$10,920,000	–	102,269	–	0.99%	–
HP	New	HELMERICH & PAYNE INC	$10,776,000	–	250,253	–	0.98%	–
ASLE	New	AERSALE CORPORATION	$10,157,000	–	700,000	–	0.92%	–
WLK	New	WESTLAKE CORPORATION	$9,802,000	–	100,000	–	0.89%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$9,635,000	–	35,292	–	0.87%	–
HL	New	HECLA MNG CO	$9,474,000	–	2,416,736	–	0.86%	–
NUE	New	NUCOR CORP	$9,431,000	–	90,325	–	0.85%	–
BIL	New	SPDR SER TRbloomberg 1-3 mo	$8,966,000	–	98,000	–	0.81%	–
VSH	New	VISHAY INTERTECHNOLOGY INC	$8,554,000	–	480,000	–	0.78%	–
FSM	New	FORTUNA SILVER MINES INC	$8,468,000	–	2,980,024	–	0.77%	–
BKE	New	BUCKLE INC	$7,753,000	–	280,000	–	0.70%	–
WDC	New	WESTERN DIGITAL CORP.	$7,621,000	–	170,000	–	0.69%	–
SCHN	New	SCHNITZER STEEL INDS INCcl a	$7,586,000	–	231,000	–	0.69%	–
EMB	New	ISHARES TRput	$7,389,000	–	86,600	–	0.67%	–
EMX	New	EMX RTY CORP	$7,262,000	–	3,923,778	–	0.66%	–
FRPH	New	FRP HLDGS INC	$7,242,000	–	120,000	–	0.66%	–
BTG	New	B2GOLD CORP	$7,063,000	–	2,083,402	–	0.64%	–
GOLD	New	BARRICK GOLD CORP	$7,052,000	–	398,623	–	0.64%	–
	New	OSISKO DEVELOPMENT CORP	$6,426,000	–	1,336,548	–	0.58%	–
CTGO	New	CONTANGO ORE INC	$6,317,000	–	263,200	–	0.57%	–
	New	SKEENA RES LTD NEW	$6,167,000	–	1,165,999	–	0.56%	–
MMI	New	MARCUS & MILLICHAP INC	$5,364,000	–	145,000	–	0.49%	–
	New	VIZSLA SILVER CORP	$5,129,000	–	4,952,039	–	0.46%	–
STLD	New	STEEL DYNAMICS INC	$4,998,000	–	75,550	–	0.45%	–
	New	DAKOTA GOLD CORP	$4,720,000	–	1,409,056	–	0.43%	–
GATO	New	GATOS SILVER INC	$4,460,000	–	1,553,856	–	0.40%	–
TLT	New	ISHARES TRput	$4,262,000	–	37,100	–	0.39%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$4,010,000	–	282,817	–	0.36%	–
AG	New	FIRST MAJESTIC SILVER CORP	$3,862,000	–	538,546	–	0.35%	–
XOM	New	EXXON MOBIL CORP	$3,442,000	–	40,190	–	0.31%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$3,416,000	–	44,800	–	0.31%	–
ERO	New	ERO COPPER CORP	$3,355,000	–	398,003	–	0.30%	–
DNN	New	DENISON MINES CORP	$3,306,000	–	3,353,186	–	0.30%	–
PSLV	New	SPROTT PHYSICAL SILVER TRtr unit	$3,068,000	–	444,663	–	0.28%	–
NXE	New	NEXGEN ENERGY LTD	$2,890,000	–	805,380	–	0.26%	–
IBA	New	INDUSTRIAS BACHOCO SABspon adr b	$2,818,000	–	65,000	–	0.26%	–
AUY	New	YAMANA GOLD INC	$2,744,000	–	590,145	–	0.25%	–
AU	New	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$2,736,000	–	185,000	–	0.25%	–
BRY	New	BERRY CORP	$2,743,000	–	359,978	–	0.25%	–
TPL	New	TEXAS PACIFIC LAND CORPORATI	$2,516,000	–	1,691	–	0.23%	–
SII	New	SPROTT INC	$2,515,000	–	72,561	–	0.23%	–
	New	URANIUM RTY CORP	$2,392,000	–	1,053,647	–	0.22%	–
ITRG	New	INTEGRA RES CORP	$2,311,000	–	2,239,075	–	0.21%	–
SVM	New	SILVERCORP METALS INC	$2,259,000	–	911,505	–	0.20%	–
NTR	New	NUTRIEN LTD	$2,190,000	–	27,480	–	0.20%	–
USAS	New	AMERICAS GOLD AND SILVER COR	$2,156,000	–	3,083,908	–	0.20%	–
GROY	New	GOLD ROYALTY CORP	$2,003,000	–	890,191	–	0.18%	–
CCJ	New	CAMECO CORP	$1,893,000	–	90,071	–	0.17%	–
SND	New	SMART SAND INC	$1,500,000	–	750,000	–	0.14%	–
CDE	New	COEUR MNG INC	$1,413,000	–	464,797	–	0.13%	–
TLT	New	ISHARES TR20 yr tr bd etf	$1,417,000	–	12,340	–	0.13%	–
SLB	New	SCHLUMBERGER LTD	$1,401,000	–	39,185	–	0.13%	–
CTVA	New	CORTEVA INC	$1,386,000	–	25,592	–	0.13%	–
BHP	New	BHP GROUP LTDsponsored ads	$1,361,000	–	24,228	–	0.12%	–
SLV	New	ISHARES SILVER TRishares	$1,299,000	–	69,708	–	0.12%	–
MNRL	New	BRIGHAM MINERALS INC	$1,233,000	–	50,043	–	0.11%	–
SQM	New	SOCIEDAD QUIMICA Y MINERA DEspon adr ser b	$1,132,000	–	13,550	–	0.10%	–
KGC	New	KINROSS GOLD CORPcall	$1,092,000	–	305,000	–	0.10%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$1,078,000	–	64,117	–	0.10%	–
CME	New	CME GROUP INC	$1,001,000	–	4,892	–	0.09%	–
TMQ	New	TRILOGY METALS INC NEW	$983,000	–	1,299,607	–	0.09%	–
GSV	New	GOLD STD VENTURES CORP	$955,000	–	3,000,000	–	0.09%	–
FUND	New	SPROTT FOCUS TR INC	$894,000	–	118,216	–	0.08%	–
GLD	New	SPDR GOLD TR	$847,000	–	5,030	–	0.08%	–
SPPP	New	SPROTT PHYSICAL PLAT PALLADunit	$846,000	–	63,970	–	0.08%	–
VALE	New	VALE S Asponsored ads	$830,000	–	56,703	–	0.08%	–
LNG	New	CHENIERE ENERGY INC	$815,000	–	6,124	–	0.07%	–
CF	New	CF INDS HLDGS INC	$808,000	–	9,426	–	0.07%	–
PEO	New	ADAM NAT RES FD INC	$711,000	–	36,538	–	0.06%	–
CC	New	CHEMOURS CO	$671,000	–	20,946	–	0.06%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$584,000	–	19,953	–	0.05%	–
EGO	New	ELDORADO GOLD CORP NEW	$571,000	–	90,553	–	0.05%	–
GDX	New	VANECK ETF TRUSTgold miners etf	$551,000	–	20,111	–	0.05%	–
SMG	New	SCOTTS MIRACLE-GRO COcl a	$523,000	–	6,621	–	0.05%	–
TSLA	New	TESLA INC	$505,000	–	750	–	0.05%	–
ATCO	New	ATLAS CORPshares	$488,000	–	45,565	–	0.04%	–
USCI	New	UNITED STS COMMODITY INDEX F	$438,000	–	8,000	–	0.04%	–
PWR	New	QUANTA SVCS INC	$407,000	–	3,248	–	0.04%	–
	New	ORLA MNG LTD NEW	$402,000	–	146,000	–	0.04%	–
DIG	New	PROSHARES TR	$378,000	–	12,720	–	0.03%	–
PPTA	New	PERPETUA RESOURCES CORP	$341,000	–	103,085	–	0.03%	–
INGR	New	INGREDION INC	$331,000	–	3,753	–	0.03%	–
AAPL	New	APPLE INC	$334,000	–	2,440	–	0.03%	–
EAF	New	GRAFTECH INTL LTD	$317,000	–	44,902	–	0.03%	–
	New	SPROTT FDS TRuranium miners e	$325,000	–	5,693	–	0.03%	–
UBR	New	PROSHARES TRultra msci brazi	$273,000	–	12,800	–	0.02%	–
CLB	New	CORE LABORATORIES N V	$280,000	–	14,153	–	0.02%	–
ARNC	New	ARCONIC CORPORATION	$264,000	–	9,402	–	0.02%	–
AMZN	New	AMAZON COM INC	$255,000	–	2,400	–	0.02%	–
ZROZ	New	PIMCO ETF TR25yr+ zero u s	$252,000	–	2,330	–	0.02%	–
MUX	New	MCEWEN MNG INC	$246,000	–	586,592	–	0.02%	–
TMF	New	DIREXION SHS ETF TR20yr tres bull	$234,000	–	18,700	–	0.02%	–
RIO	New	RIO TINTO PLCsponsored adr	$228,000	–	3,732	–	0.02%	–
SGDM	New	SPROTT ETF TRUSTgold miners etf	$232,000	–	9,563	–	0.02%	–
CRUS	New	CIRRUS LOGIC INC	$218,000	–	3,000	–	0.02%	–
LRCX	New	LAM RESEARCH CORP	$213,000	–	500	–	0.02%	–
APPH	New	APPHARVEST INC	$192,000	–	55,067	–	0.02%	–
ICAD	New	ICAD INC	$178,000	–	44,400	–	0.02%	–
MTA	New	METALLA RTY & STREAMING LTD	$156,000	–	32,287	–	0.01%	–
UEC	New	URANIUM ENERGY CORP	$144,000	–	46,597	–	0.01%	–
SOI	New	SOLARIS OILFIELD INFRASTRUCT	$124,000	–	11,425	–	0.01%	–
UUUU	New	ENERGY FUELS INC	$99,000	–	20,078	–	0.01%	–
SLV	New	ISHARES SILVER TRcall	$75,000	–	4,000	–	0.01%	–
GLDG	New	GOLDMINING INC	$55,000	–	57,500	–	0.01%	–
GROYWS	New	GOLD ROYALTY CORP*w exp 99/99/999	$52,000	–	116,700	–	0.01%	–
AMTX	New	AEMETIS INC	$58,000	–	11,900	–	0.01%	–
HBM	New	HUDBAY MINERALS INC	$43,000	–	10,600	–	0.00%	–
AXU	New	ALEXCO RESOURCE CORP	$40,000	–	99,130	–	0.00%	–
ITI	New	ITERIS INC NEW	$29,000	–	10,000	–	0.00%	–
EXK	New	ENDEAVOUR SILVER CORP	$35,000	–	11,270	–	0.00%	–
AAU	New	ALMADEN MINERALS LTD	$17,000	–	75,100	–	0.00%	–
URG	New	UR-ENERGY INC	$14,000	–	13,379	–	0.00%	–
FURY	New	FURY GOLD MINES LIMITED	$14,000	–	26,067	–	0.00%	–
PLG	New	PLATINUM GROUP METALS LTD	$15,000	–	11,500	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
HYMCZ	Exit	HYCROFT MINING HOLDING CORP*w exp 10/12/202	$0	–	-36,878	–	-0.00%	–
VGZ	Exit	VISTA GOLD CORP	$0	–	-10,600	–	-0.00%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-10,325	–	-0.00%	–
GAU	Exit	GALIANO GOLD INC	$0	–	-40,200	–	-0.00%	–
URG	Exit	UR-ENERGY INC	$0	–	-16,522	–	-0.00%	–
FURY	Exit	FURY GOLD MINES LIMITED	$0	–	-75,398	–	-0.00%	–
GLDG	Exit	GOLDMINING INC	$0	–	-42,000	–	-0.00%	–
ITI	Exit	ITERIS INC NEW	$0	–	-10,000	–	-0.00%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-40,285	–	-0.00%	–
AAU	Exit	ALMADEN MINERALS LTD	$0	–	-170,725	–	-0.01%	–
UUUU	Exit	ENERGY FUELS INC	$0	–	-22,309	–	-0.01%	–
MTA	Exit	METALLA RTY & STREAMING LTD	$0	–	-29,124	–	-0.01%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-25,528	–	-0.01%	–
GROYWS	Exit	GOLD ROYALTY CORP*w exp 99/99/999	$0	–	-207,000	–	-0.01%	–
PEO	Exit	ADAM NAT RES FD INC	$0	–	-15,007	–	-0.02%	–
SOI	Exit	SOLARIS OILFIELD INFRASTRUCT	$0	–	-30,030	–	-0.02%	–
ARNC	Exit	ARCONIC CORPORATION	$0	–	-7,981	–	-0.02%	–
INGR	Exit	INGREDION INC	$0	–	-3,305	–	-0.02%	–
	Exit	KRANESHARES TRquadratic defla	$0	–	-12,000	–	-0.02%	–
PWR	Exit	QUANTA SVCS INC	$0	–	-2,824	–	-0.02%	–
SMG	Exit	SCOTTS MIRACLE-GRO COcl a	$0	–	-2,324	–	-0.02%	–
CLB	Exit	CORE LABORATORIES N V	$0	–	-12,782	–	-0.02%	–
AAPL	Exit	APPLE INC	$0	–	-2,440	–	-0.02%	–
APPH	Exit	APPHARVEST INC	$0	–	-54,490	–	-0.02%	–
	Exit	ORLA MNG LTD NEW	$0	–	-109,500	–	-0.02%	–
GDX	Exit	VANECK ETF TRUSTgold miners etf	$0	–	-13,383	–	-0.03%	–
JDST	Exit	DIREXION SHS ETF TRdly jr gold 2x	$0	–	-28,000	–	-0.03%	–
AMZN	Exit	AMAZON COM INC	$0	–	-120	–	-0.03%	–
GLD	Exit	SPDR GOLD TR	$0	–	-2,410	–	-0.03%	–
TMF	Exit	DIREXION SHS ETF TR20yr tres bull	$0	–	-15,200	–	-0.03%	–
UPW	Exit	PROSHARES TR	$0	–	-6,850	–	-0.03%	–
TSLA	Exit	TESLA INC	$0	–	-525	–	-0.03%	–
XPP	Exit	PROSHARES TRult ftse chin 50	$0	–	-8,265	–	-0.03%	–
EAF	Exit	GRAFTECH INTL LTD	$0	–	-41,262	–	-0.03%	–
UYG	Exit	PROSHARES TRultra fncls new	$0	–	-6,750	–	-0.03%	–
ITB	Exit	ISHARES TRus home cons etf	$0	–	-6,960	–	-0.03%	–
ERO	Exit	ERO COPPER CORP	$0	–	-26,038	–	-0.03%	–
USD	Exit	PROSHARES TR	$0	–	-13,355	–	-0.03%	–
RXL	Exit	PROSHARES TR	$0	–	-4,735	–	-0.03%	–
CC	Exit	CHEMOURS CO	$0	–	-16,286	–	-0.03%	–
PXJ	Exit	INVESCO EXCHANGE TRADED FD Tdynmc oil gas	$0	–	-132,500	–	-0.03%	–
RSX	Exit	VANECK ETF TRUSTvaneck russia et	$0	–	-15,940	–	-0.03%	–
SQM	Exit	SOCIEDAD QUIMICA Y MINERA DEspon adr ser b	$0	–	-9,236	–	-0.03%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-5,369	–	-0.03%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-9,896	–	-0.04%	–
GDXJ	Exit	VANECK ETF TRUSTput	$0	–	-14,600	–	-0.04%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-9,000	–	-0.04%	–
USCI	Exit	UNITED STS COMMODITY INDEX F	$0	–	-14,565	–	-0.04%	–
ATCO	Exit	ATLAS CORPshares	$0	–	-40,326	–	-0.04%	–
HYMC	Exit	HYCROFT MINING HOLDING CORP	$0	–	-434,874	–	-0.04%	–
MNRL	Exit	BRIGHAM MINERALS INC	$0	–	-35,168	–	-0.04%	–
PPTA	Exit	PERPETUA RESOURCES CORP	$0	–	-150,500	–	-0.05%	–
FUND	Exit	SPROTT FOCUS TR INC	$0	–	-97,368	–	-0.05%	–
CME	Exit	CME GROUP INC	$0	–	-4,370	–	-0.06%	–
BHP	Exit	BHP GROUP LTDsponsored ads	$0	–	-17,568	–	-0.06%	–
CTVA	Exit	CORTEVA INC	$0	–	-22,854	–	-0.06%	–
SPPP	Exit	SPROTT PHYSICAL PLAT PALLADunit	$0	–	-71,575	–	-0.07%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-7,201	–	-0.07%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-62,382	–	-0.07%	–
SLV	Exit	ISHARES SILVER TRishares	$0	–	-54,626	–	-0.07%	–
SLV	Exit	ISHARES SILVER TRcall	$0	–	-55,500	–	-0.08%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-40,407	–	-0.08%	–
UEC	Exit	URANIUM ENERGY CORP	$0	–	-434,058	–	-0.09%	–
GSV	Exit	GOLD STD VENTURES CORP	$0	–	-3,000,000	–	-0.09%	–
KGC	Exit	KINROSS GOLD CORPcall	$0	–	-310,000	–	-0.11%	–
TPL	Exit	TEXAS PACIFIC LAND CORPORATI	$0	–	-1,389	–	-0.11%	–
NTR	Exit	NUTRIEN LTD	$0	–	-26,459	–	-0.11%	–
CCJ	Exit	CAMECO CORP	$0	–	-79,504	–	-0.11%	–
GSS	Exit	GOLDEN STAR RES LTD CDA	$0	–	-770,766	–	-0.12%	–
GROY	Exit	GOLD ROYALTY CORP	$0	–	-413,665	–	-0.14%	–
SND	Exit	SMART SAND INC	$0	–	-900,000	–	-0.14%	–
TMQ	Exit	TRILOGY METALS INC NEW	$0	–	-1,258,629	–	-0.15%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-2,370,688	–	-0.16%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-123,217	–	-0.17%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRtr unit	$0	–	-344,479	–	-0.17%	–
SII	Exit	SPROTT INC	$0	–	-79,196	–	-0.19%	–
IBA	Exit	INDUSTRIAS BACHOCO SABspon adr b	$0	–	-75,000	–	-0.22%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-902,539	–	-0.24%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRunit	$0	–	-262,222	–	-0.24%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-44,800	–	-0.24%	–
BRY	Exit	BERRY CORP	$0	–	-539,938	–	-0.26%	–
SVM	Exit	SILVERCORP METALS INC	$0	–	-1,041,432	–	-0.26%	–
MMI	Exit	MARCUS & MILLICHAP INC	$0	–	-100,000	–	-0.27%	–
	Exit	URANIUM RTY CORP	$0	–	-1,215,958	–	-0.29%	–
NXE	Exit	NEXGEN ENERGY LTD	$0	–	-945,480	–	-0.30%	–
NUE	Exit	NUCOR CORP	$0	–	-50,000	–	-0.32%	–
VSH	Exit	VISHAY INTERTECHNOLOGY INC	$0	–	-260,000	–	-0.34%	–
DNN	Exit	DENISON MINES CORP	$0	–	-3,892,713	–	-0.37%	–
SCHN	Exit	SCHNITZER STEEL INDS INCcl a	$0	–	-130,000	–	-0.37%	–
TLT	Exit	ISHARES TRput	$0	–	-40,600	–	-0.38%	–
CDE	Exit	COEUR MNG INC	$0	–	-1,031,919	–	-0.42%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-120,000	–	-0.44%	–
BIIB	Exit	BIOGEN INC	$0	–	-25,000	–	-0.46%	–
AG	Exit	FIRST MAJESTIC SILVER CORP	$0	–	-636,049	–	-0.47%	–
BTG	Exit	B2GOLD CORP	$0	–	-2,112,907	–	-0.48%	–
BEN	Exit	FRANKLIN RESOURCES INC	$0	–	-260,000	–	-0.51%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-2,089,464	–	-0.54%	–
EMX	Exit	EMX RTY CORP	$0	–	-3,313,614	–	-0.55%	–
RS	Exit	RELIANCE STEEL & ALUMINUM CO	$0	–	-60,000	–	-0.56%	–
DUST	Exit	DIREXION SHS ETF TRdaily gold miner	$0	–	-366,350	–	-0.58%	–
CALM	Exit	CAL MAINE FOODS INC	$0	–	-265,000	–	-0.63%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-170,000	–	-0.63%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-106,686	–	-0.67%	–
ITRG	Exit	INTEGRA RES CORP	$0	–	-4,483,303	–	-0.67%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-115,000	–	-0.69%	–
BKE	Exit	BUCKLE INC	$0	–	-280,000	–	-0.73%	–
APAM	Exit	ARTISAN PARTNERS ASSET MGMTcl a	$0	–	-230,000	–	-0.74%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-422,106	–	-0.76%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-27,200	–	-0.77%	–
THO	Exit	THOR INDS INC	$0	–	-100,000	–	-0.81%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-45,292	–	-0.81%	–
HL	Exit	HECLA MNG CO	$0	–	-2,257,395	–	-0.82%	–
FHI	Exit	FEDERATED HERMES INCcl b	$0	–	-385,000	–	-0.82%	–
KW	Exit	KENNEDY-WILSON HOLDINGS INC	$0	–	-622,814	–	-0.86%	–
AU	Exit	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$0	–	-838,695	–	-0.88%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-922,961	–	-1.09%	–
GATO	Exit	GATOS SILVER INC	$0	–	-1,438,181	–	-1.10%	–
ASLE	Exit	AERSALE CORPORATION	$0	–	-1,023,813	–	-1.14%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-3,264,522	–	-1.24%	–
NG	Exit	NOVAGOLD RES INC	$0	–	-2,865,297	–	-1.30%	–
THM	Exit	INTERNATIONAL TOWER HILL MIN	$0	–	-27,216,520	–	-1.33%	–
BIL	Exit	SPDR SER TRspdr bloomberg	$0	–	-235,491	–	-1.42%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-1,498,320	–	-1.52%	–
MMX	Exit	MAVERIX METALS INC	$0	–	-5,264,847	–	-1.55%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-539,332	–	-1.84%	–
EQX	Exit	EQUINOX GOLD CORP	$0	–	-4,682,618	–	-2.03%	–
GFI	Exit	GOLD FIELDS LTDsponsored adr	$0	–	-4,677,851	–	-2.50%	–
EMB	Exit	ISHARES TRput	$0	–	-347,500	–	-2.51%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-298,421	–	-2.55%	–
SSRM	Exit	SSR MNG INC	$0	–	-2,686,103	–	-2.56%	–
SBSW	Exit	SIBANYE STILLWATER LTDsponsored adr	$0	–	-3,287,656	–	-2.66%	–
NEM	Exit	NEWMONT CORP	$0	–	-779,954	–	-2.78%	–
PVG	Exit	PRETIUM RES INC	$0	–	-4,461,780	–	-2.83%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-6,503,046	–	-3.08%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-6,884,094	–	-3.16%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-9,005,319	–	-3.17%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-1,298,288	–	-3.20%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-5,187,206	–	-3.82%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-1,438,386	–	-3.93%	–
PAAS	Exit	PAN AMERN SILVER CORP	$0	–	-3,099,981	–	-4.74%	–
KOR	Exit	CORVUS GOLD INC	$0	–	-22,882,631	–	-4.78%	–
MAG	Exit	MAG SILVER CORP	$0	–	-4,769,103	–	-5.07%	–
FXE	Exit	INVESCO CURRENCYSHARES EUROput	$0	–	-988,200	–	-7.01%	–

Q3 2021

			Value		Shares		↓ Weighting
FXE	Buy	INVESCO CURRENCYSHARES EUROput	$106,696,000	+2.2%	988,200	+4.9%	7.01%	+15.0%
MAG	Sell	MAG SILVER CORP	$77,210,000	-23.4%	4,769,103	-1.0%	5.07%	-13.8%
KOR	Sell	CORVUS GOLD INC	$72,839,000	+14.6%	22,882,631	-1.0%	4.78%	+29.0%
PAAS	Sell	PAN AMERN SILVER CORP	$72,122,000	-19.6%	3,099,981	-1.2%	4.74%	-9.5%
KL	Sell	KIRKLAND LAKE GOLD LTD	$59,833,000	+3.6%	1,438,386	-4.1%	3.93%	+16.6%
OR	Buy	OSISKO GOLD ROYALTIES LTD	$58,213,000	-17.1%	5,187,206	+1.3%	3.82%	-6.6%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$48,792,000	-26.0%	1,298,288	-13.2%	3.20%	-16.7%
KGC	Buy	KINROSS GOLD CORP	$48,260,000	-13.7%	9,005,319	+2.3%	3.17%	-2.8%
SILV	Buy	SILVERCREST METALS INC	$48,039,000	-19.7%	6,884,094	+0.8%	3.16%	-9.6%
AGI	Buy	ALAMOS GOLD INC NEW	$46,815,000	-5.4%	6,503,046	+0.5%	3.08%	+6.4%
PVG	Buy	PRETIUM RES INC	$43,089,000	+2.8%	4,461,780	+1.8%	2.83%	+15.8%
NEM	Buy	NEWMONT CORP	$42,352,000	-13.6%	779,954	+0.8%	2.78%	-2.8%
SBSW	Sell	SIBANYE STILLWATER LTDsponsored adr	$40,570,000	-29.9%	3,287,656	-4.9%	2.66%	-21.1%
SSRM	Sell	SSR MNG INC	$39,028,000	-7.0%	2,686,103	-0.1%	2.56%	+4.7%
FNV	Buy	FRANCO NEV CORP	$38,751,000	+10.9%	298,421	+23.8%	2.55%	+24.8%
EMB	Buy	ISHARES TRput	$38,246,000	+5.6%	347,500	+7.9%	2.51%	+18.9%
GFI	Buy	GOLD FIELDS LTDsponsored adr	$37,984,000	-7.7%	4,677,851	+1.2%	2.50%	+3.9%
EQX	Buy	EQUINOX GOLD CORP	$30,878,000	-3.8%	4,682,618	+1.3%	2.03%	+8.3%
AEM	Sell	AGNICO EAGLE MINES LTD	$27,952,000	-29.6%	539,332	-17.9%	1.84%	-20.7%
MMX	Sell	MAVERIX METALS INC	$23,536,000	-17.2%	5,264,847	-0.0%	1.55%	-6.8%
SA	Sell	SEABRIDGE GOLD INC	$23,147,000	-21.7%	1,498,320	-11.1%	1.52%	-11.9%
BIL	Buy	SPDR SER TRspdr bloomberg	$21,538,000	+36.8%	235,491	+36.8%	1.42%	+54.0%
THM	Sell	INTERNATIONAL TOWER HILL MIN	$20,203,000	-30.3%	27,216,520	-2.2%	1.33%	-21.6%
NG	Buy	NOVAGOLD RES INC	$19,713,000	-14.0%	2,865,297	+0.1%	1.30%	-3.2%
SAND	Buy	SANDSTORM GOLD LTD	$18,806,000	-26.8%	3,264,522	+0.3%	1.24%	-17.6%
ASLE	Sell	AERSALE CORPORATION	$17,405,000	+8.2%	1,023,813	-20.7%	1.14%	+21.7%
GATO	Buy	GATOS SILVER INC	$16,726,000	-21.7%	1,438,181	+17.8%	1.10%	-11.8%
GOLD	Sell	BARRICK GOLD CORP	$16,659,000	-47.9%	922,961	-40.3%	1.09%	-41.4%
AU	Buy	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$13,403,000	-13.0%	838,695	+1.1%	0.88%	-2.1%
KW	Sell	KENNEDY-WILSON HOLDINGS INC	$13,029,000	+2.2%	622,814	-2.9%	0.86%	+15.1%
FHI	Sell	FEDERATED HERMES INCcl b	$12,513,000	-5.4%	385,000	-1.3%	0.82%	+6.5%
HL	Buy	HECLA MNG CO	$12,416,000	-11.4%	2,257,395	+19.8%	0.82%	-0.2%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$12,362,000	-6.9%	45,292	-5.2%	0.81%	+4.8%
SPY	Buy	SPDR S&P 500 ETF TRput	$11,673,000	+4.5%	27,200	+4.2%	0.77%	+17.6%
HP	Sell	HELMERICH & PAYNE INC	$11,570,000	-16.1%	422,106	-0.2%	0.76%	-5.6%
BKE	Buy	BUCKLE INC	$11,085,000	-19.0%	280,000	+1.8%	0.73%	-8.8%
ITRG	Buy	INTEGRA RES CORP	$10,235,000	-14.3%	4,483,303	+9.9%	0.67%	-3.6%
RGLD	Sell	ROYAL GOLD INC	$10,187,000	-16.5%	106,686	-0.2%	0.67%	-6.0%
DUST	New	DIREXION SHS ETF TRdaily gold miner	$8,866,000	–	366,350	–	0.58%	–
EMX	Buy	EMX RTY CORP	$8,439,000	-1.4%	3,313,614	+15.4%	0.55%	+11.0%
FSM	Buy	FORTUNA SILVER MINES INC	$8,208,000	+82.1%	2,089,464	+158.2%	0.54%	+104.9%
BEN	Sell	FRANKLIN RESOURCES INC	$7,727,000	-12.2%	260,000	-5.5%	0.51%	-1.0%
BTG	Sell	B2GOLD CORP	$7,226,000	-56.8%	2,112,907	-46.8%	0.48%	-51.3%
AG	Buy	FIRST MAJESTIC SILVER CORP	$7,191,000	-28.2%	636,049	+0.3%	0.47%	-19.2%
CDE	Buy	COEUR MNG INC	$6,367,000	-30.3%	1,031,919	+0.3%	0.42%	-21.6%
SCHN	New	SCHNITZER STEEL INDS INCcl a	$5,695,000	–	130,000	–	0.37%	–
DNN	Buy	DENISON MINES CORP	$5,652,000	+20.0%	3,892,713	+0.2%	0.37%	+34.9%
VSH	Buy	VISHAY INTERTECHNOLOGY INC	$5,223,000	+21.9%	260,000	+36.8%	0.34%	+37.2%
NUE	Buy	NUCOR CORP	$4,925,000	+926.0%	50,000	+900.0%	0.32%	+1057.1%
NXE	Sell	NEXGEN ENERGY LTD	$4,486,000	+15.0%	945,480	-0.3%	0.30%	+29.4%
	Buy	URANIUM RTY CORP	$4,390,000	+28.0%	1,215,958	+6.3%	0.29%	+44.0%
SVM	Buy	SILVERCORP METALS INC	$3,966,000	-30.4%	1,041,432	+0.3%	0.26%	-21.4%
BRY	Buy	BERRY CORP	$3,893,000	+31.3%	539,938	+22.4%	0.26%	+48.0%
PHYS	Buy	SPROTT PHYSICAL GOLD TRunit	$3,619,000	+3.0%	262,222	+4.7%	0.24%	+16.1%
AUY	Buy	YAMANA GOLD INC	$3,574,000	-3.4%	902,539	+3.0%	0.24%	+8.8%
SII	Buy	SPROTT INC	$2,906,000	-0.8%	79,196	+6.4%	0.19%	+11.7%
PSLV	Buy	SPROTT PHYSICAL SILVER TRtr unit	$2,646,000	-7.7%	344,479	+11.5%	0.17%	+4.2%
SU	Sell	SUNCOR ENERGY INC NEW	$2,556,000	-15.0%	123,217	-1.7%	0.17%	-4.0%
NGD	Buy	NEW GOLD INC CDA	$2,505,000	-41.1%	2,370,688	+0.3%	0.16%	-33.5%
TMQ	Buy	TRILOGY METALS INC NEW	$2,328,000	-26.0%	1,258,629	+0.3%	0.15%	-16.8%
GROY	Sell	GOLD ROYALTY CORP	$2,068,000	-7.5%	413,665	-1.0%	0.14%	+4.6%
GSS	Sell	GOLDEN STAR RES LTD CDA	$1,826,000	-75.0%	770,766	-70.1%	0.12%	-71.8%
CCJ	Buy	CAMECO CORP	$1,728,000	+15.4%	79,504	+1.9%	0.11%	+31.0%
NTR	Sell	NUTRIEN LTD	$1,715,000	+5.0%	26,459	-1.8%	0.11%	+18.9%
TPL	Buy	TEXAS PACIFIC LAND CORPORATI	$1,680,000	-18.1%	1,389	+8.3%	0.11%	-8.3%
KGC	Buy	KINROSS GOLD CORPcall	$1,662,000	-9.0%	310,000	+7.6%	0.11%	+1.9%
UEC	Sell	URANIUM ENERGY CORP	$1,324,000	+14.2%	434,058	-0.3%	0.09%	+27.9%
SLB	Sell	SCHLUMBERGER LTD	$1,198,000	-9.7%	40,407	-2.5%	0.08%	+2.6%
SLV	Buy	ISHARES SILVER TRcall	$1,139,000	-10.9%	55,500	+5.1%	0.08%	0.0%
SLV	Buy	ISHARES SILVER TRishares	$1,121,000	-13.7%	54,626	+1.9%	0.07%	-2.6%
CEF	Sell	SPROTT PHYSICAL GOLD & SILVEtr unit	$1,069,000	-18.0%	62,382	-10.5%	0.07%	-7.9%
TLT	Sell	ISHARES TR20 yr tr bd etf	$1,039,000	-13.4%	7,201	-13.4%	0.07%	-2.9%
SPPP	Buy	SPROTT PHYSICAL PLAT PALLADunit	$1,025,000	-22.8%	71,575	+1.4%	0.07%	-13.0%
CTVA	Buy	CORTEVA INC	$962,000	-2.6%	22,854	+2.6%	0.06%	+8.6%
BHP	Buy	BHP GROUP LTDsponsored ads	$940,000	+46.4%	17,568	+97.0%	0.06%	+67.6%
CME	Buy	CME GROUP INC	$845,000	+21.6%	4,370	+33.7%	0.06%	+36.6%
FUND	Sell	SPROTT FOCUS TR INC	$807,000	-3.4%	97,368	-0.8%	0.05%	+8.2%
PPTA	New	PERPETUA RESOURCES CORP	$749,000	–	150,500	–	0.05%	–
MNRL	Buy	BRIGHAM MINERALS INC	$674,000	+2.4%	35,168	+13.8%	0.04%	+15.8%
ATCO	Buy	ATLAS CORPshares	$613,000	+10.1%	40,326	+3.2%	0.04%	+21.2%
XLU	Sell	SELECT SECTOR SPDR TRsbi int-utils	$575,000	-12.6%	9,000	-13.5%	0.04%	0.0%
GDXJ	Sell	VANECK ETF TRUSTput	$560,000	-20.7%	14,600	-3.3%	0.04%	-9.8%
CF	Buy	CF INDS HLDGS INC	$552,000	+11.3%	9,896	+2.6%	0.04%	+24.1%
LNG	Buy	CHENIERE ENERGY INC	$524,000	+16.7%	5,369	+3.7%	0.03%	+30.8%
SQM	Buy	SOCIEDAD QUIMICA Y MINERA DEspon adr ser b	$496,000	+16.4%	9,236	+2.7%	0.03%	+32.0%
RSX	Sell	VANECK ETF TRUSTvaneck russia et	$483,000	-18.1%	15,940	-21.7%	0.03%	-5.9%
CC	Buy	CHEMOURS CO	$473,000	-14.2%	16,286	+3.0%	0.03%	-3.1%
ITB	Sell	ISHARES TRus home cons etf	$461,000	-26.5%	6,960	-23.2%	0.03%	-18.9%
USD	Sell	PROSHARES TR	$457,000	-28.7%	13,355	-24.7%	0.03%	-18.9%
RXL	New	PROSHARES TR	$450,000	–	4,735	–	0.03%	–
ERO	Sell	ERO COPPER CORP	$462,000	-21.8%	26,038	-7.4%	0.03%	-11.8%
UYG	New	PROSHARES TRultra fncls new	$428,000	–	6,750	–	0.03%	–
EAF	Buy	GRAFTECH INTL LTD	$426,000	-9.7%	41,262	+1.5%	0.03%	0.0%
UPW	New	PROSHARES TR	$405,000	–	6,850	–	0.03%	–
GDX	Sell	VANECK ETF TRUSTgold miners etf	$394,000	-31.2%	13,383	-20.7%	0.03%	-21.2%
	Buy	ORLA MNG LTD NEW	$359,000	+99.4%	109,500	+150.3%	0.02%	+118.2%
APPH	New	APPHARVEST INC	$355,000	–	54,490	–	0.02%	–
CLB	Buy	CORE LABORATORIES N V	$355,000	-27.6%	12,782	+1.5%	0.02%	-20.7%
SMG	Buy	SCOTTS MIRACLE-GRO COcl a	$340,000	-10.1%	2,324	+18.1%	0.02%	0.0%
PWR	Buy	QUANTA SVCS INC	$321,000	+30.5%	2,824	+4.0%	0.02%	+50.0%
INGR	Buy	INGREDION INC	$294,000	+2.4%	3,305	+4.1%	0.02%	+11.8%
	New	KRANESHARES TRquadratic defla	$287,000	–	12,000	–	0.02%	–
ARNC	Buy	ARCONIC CORPORATION	$252,000	-8.0%	7,981	+3.8%	0.02%	+6.2%
SOI	Buy	SOLARIS OILFIELD INFRASTRUCT	$250,000	-12.6%	30,030	+2.3%	0.02%	-5.9%
GROYWS	Sell	GOLD ROYALTY CORP*w exp 99/99/999	$207,000	-5.5%	207,000	-1.0%	0.01%	+7.7%
MTA	Buy	METALLA RTY & STREAMING LTD	$198,000	-4.3%	29,124	+20.7%	0.01%	+8.3%
EGO	Sell	ELDORADO GOLD CORP NEW	$197,000	-92.7%	25,528	-90.6%	0.01%	-91.7%
UUUU	Sell	ENERGY FUELS INC	$157,000	-4.3%	22,309	-17.7%	0.01%	0.0%
AXU	Buy	ALEXCO RESOURCE CORP	$60,000	-37.5%	40,285	+5.2%	0.00%	-33.3%
FURY	Sell	FURY GOLD MINES LIMITED	$47,000	-51.5%	75,398	-7.1%	0.00%	-50.0%
GLDG	Sell	GOLDMINING INC	$49,000	-31.0%	42,000	-15.2%	0.00%	-25.0%
URG	Buy	UR-ENERGY INC	$28,000	+47.4%	16,522	+22.2%	0.00%	+100.0%
GAU	Buy	GALIANO GOLD INC	$29,000	-14.7%	40,200	+30.1%	0.00%	0.0%
HYMCZ	New	HYCROFT MINING HOLDING CORP*w exp 10/12/202	$13,000	–	36,878	–	0.00%	–
MUX	New	MCEWEN MNG INC	$11,000	–	10,325	–	0.00%	–
VGZ	New	VISTA GOLD CORP	$8,000	–	10,600	–	0.00%	–
UEC	Exit	URANIUM ENERGY CORPput	$0	–	-15,000	–	-0.00%	–
FSM	Exit	FORTUNA SILVER MINES INCcall	$0	–	-7,500	–	-0.00%	–
NEWP	Exit	NEW PAC METALS CORP	$0	–	-11,295	–	-0.00%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-3,264	–	-0.01%	–
RAVN	Exit	RAVEN INDS INC	$0	–	-3,749	–	-0.01%	–
SGDM	Exit	SPROTT ETF TRUSTgold miners etf	$0	–	-8,234	–	-0.01%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-2,931	–	-0.01%	–
IEI	Exit	ISHARES TR3 7 yr treas bd	$0	–	-2,554	–	-0.02%	–
SHY	Exit	ISHARES TR1 3 yr treas bd	$0	–	-4,039	–	-0.02%	–
EWH	Exit	ISHARES INCmsci hong kg etf	$0	–	-18,200	–	-0.03%	–
IAU	Exit	ISHARES GOLD TRishares new	$0	–	-15,911	–	-0.03%	–
EET	Exit	PROSHARES TRmsci emrg etf	$0	–	-5,720	–	-0.04%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-19,413	–	-0.04%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-204,880	–	-0.04%	–
SAFM	Exit	SANDERSON FARMS INC	$0	–	-45,000	–	-0.49%	–

Q2 2021

			Value		Shares		↓ Weighting
FXE	New	INVESCO CURRENCYSHARES EUROput	$104,427,000	–	942,400	–	6.09%	–
MAG	New	MAG SILVER CORP	$100,770,000	–	4,816,511	–	5.88%	–
PAAS	New	PAN AMERN SILVER CORP	$89,668,000	–	3,139,090	–	5.23%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$70,181,000	–	5,121,953	–	4.10%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$65,930,000	–	1,496,031	–	3.85%	–
KOR	New	CORVUS GOLD INC	$63,570,000	–	23,123,381	–	3.71%	–
SILV	New	SILVERCREST METALS INC	$59,811,000	–	6,830,021	–	3.49%	–
SBSW	New	SIBANYE STILLWATER LTDsponsored adr	$57,860,000	–	3,458,434	–	3.38%	–
KL	New	KIRKLAND LAKE GOLD LTD	$57,764,000	–	1,499,271	–	3.37%	–
KGC	New	KINROSS GOLD CORP	$55,894,000	–	8,804,493	–	3.26%	–
AGI	New	ALAMOS GOLD INC NEW	$49,500,000	–	6,471,167	–	2.89%	–
NEM	New	NEWMONT CORP	$49,022,000	–	773,465	–	2.86%	–
SSRM	New	SSR MNG INC	$41,979,000	–	2,689,538	–	2.45%	–
PVG	New	PRETIUM RES INC	$41,903,000	–	4,380,808	–	2.44%	–
GFI	New	GOLD FIELDS LTDsponsored adr	$41,159,000	–	4,624,604	–	2.40%	–
AEM	New	AGNICO EAGLE MINES LTD	$39,691,000	–	656,552	–	2.32%	–
EMB	New	ISHARES TRput	$36,223,000	–	322,100	–	2.11%	–
FNV	New	FRANCO NEV CORP	$34,958,000	–	240,966	–	2.04%	–
EQX	New	EQUINOX GOLD CORP	$32,094,000	–	4,620,389	–	1.87%	–
GOLD	New	BARRICK GOLD CORP	$31,991,000	–	1,546,931	–	1.87%	–
SA	New	SEABRIDGE GOLD INC	$29,568,000	–	1,685,137	–	1.73%	–
THM	New	INTERNATIONAL TOWER HILL MIN	$29,004,000	–	27,821,530	–	1.69%	–
MMX	New	MAVERIX METALS INC	$28,423,000	–	5,265,879	–	1.66%	–
SAND	New	SANDSTORM GOLD LTD	$25,686,000	–	3,255,208	–	1.50%	–
NG	New	NOVAGOLD RES INC	$22,931,000	–	2,862,797	–	1.34%	–
GATO	New	GATOS SILVER INC	$21,357,000	–	1,221,080	–	1.25%	–
BTG	New	B2GOLD CORP	$16,714,000	–	3,969,959	–	0.98%	–
ASLE	New	AERSALE CORPORATION	$16,091,000	–	1,291,400	–	0.94%	–
BIL	New	SPDR SER TRspdr bloomberg	$15,748,000	–	172,163	–	0.92%	–
AU	New	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$15,406,000	–	829,175	–	0.90%	–
HL	New	HECLA MNG CO	$14,020,000	–	1,884,423	–	0.82%	–
HP	New	HELMERICH & PAYNE INC	$13,794,000	–	422,754	–	0.80%	–
BKE	New	BUCKLE INC	$13,681,000	–	275,000	–	0.80%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$13,282,000	–	47,792	–	0.78%	–
FHI	New	FEDERATED HERMES INCcl b	$13,225,000	–	390,000	–	0.77%	–
KW	New	KENNEDY-WILSON HOLDINGS INC	$12,751,000	–	641,720	–	0.74%	–
RGLD	New	ROYAL GOLD INC	$12,197,000	–	106,894	–	0.71%	–
WDC	New	WESTERN DIGITAL CORP.	$12,099,000	–	170,000	–	0.71%	–
ITRG	New	INTEGRA RES CORP	$11,940,000	–	4,080,122	–	0.70%	–
APAM	New	ARTISAN PARTNERS ASSET MGMTcl a	$11,689,000	–	230,000	–	0.68%	–
THO	New	THOR INDS INC	$11,300,000	–	100,000	–	0.66%	–
SPY	New	SPDR S&P 500 ETF TRput	$11,172,000	–	26,100	–	0.65%	–
WLK	New	WESTLAKE CHEM CORP	$10,360,000	–	115,000	–	0.60%	–
AG	New	FIRST MAJESTIC SILVER CORP	$10,015,000	–	634,064	–	0.58%	–
CALM	New	CAL MAINE FOODS INC	$9,596,000	–	265,000	–	0.56%	–
CDE	New	COEUR MNG INC	$9,135,000	–	1,028,697	–	0.53%	–
RS	New	RELIANCE STEEL & ALUMINUM CO	$9,054,000	–	60,000	–	0.53%	–
BEN	New	FRANKLIN RESOURCES INC	$8,797,000	–	275,000	–	0.51%	–
BIIB	New	BIOGEN INC	$8,657,000	–	25,000	–	0.50%	–
EMX	New	EMX RTY CORP	$8,558,000	–	2,871,950	–	0.50%	–
SAFM	New	SANDERSON FARMS INC	$8,459,000	–	45,000	–	0.49%	–
GSS	New	GOLDEN STAR RES LTD CDA	$7,299,000	–	2,580,587	–	0.43%	–
FRPH	New	FRP HLDGS INC	$6,682,000	–	120,000	–	0.39%	–
TLT	New	ISHARES TRput	$5,861,000	–	40,600	–	0.34%	–
SVM	New	SILVERCORP METALS INC	$5,696,000	–	1,038,465	–	0.33%	–
DNN	New	DENISON MINES CORP	$4,710,000	–	3,883,696	–	0.28%	–
FSM	New	FORTUNA SILVER MINES INC	$4,507,000	–	809,317	–	0.26%	–
VSH	New	VISHAY INTERTECHNOLOGY INC	$4,285,000	–	190,000	–	0.25%	–
NGD	New	NEW GOLD INC CDA	$4,252,000	–	2,363,485	–	0.25%	–
NXE	New	NEXGEN ENERGY LTD	$3,901,000	–	948,720	–	0.23%	–
MMI	New	MARCUS & MILLICHAP INC	$3,887,000	–	100,000	–	0.23%	–
AUY	New	YAMANA GOLD INC	$3,698,000	–	876,339	–	0.22%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$3,705,000	–	44,800	–	0.22%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$3,515,000	–	250,529	–	0.20%	–
IBA	New	INDUSTRIAS BACHOCO SABspon adr b	$3,474,000	–	75,000	–	0.20%	–
	New	URANIUM RTY CORP	$3,431,000	–	1,143,723	–	0.20%	–
TMQ	New	TRILOGY METALS INC NEW	$3,148,000	–	1,254,264	–	0.18%	–
SU	New	SUNCOR ENERGY INC NEW	$3,006,000	–	125,391	–	0.18%	–
SND	New	SMART SAND INC	$2,997,000	–	900,000	–	0.18%	–
BRY	New	BERRY CORP	$2,965,000	–	441,267	–	0.17%	–
SII	New	SPROTT INC	$2,928,000	–	74,436	–	0.17%	–
PSLV	New	SPROTT PHYSICAL SILVER TRtr unit	$2,866,000	–	308,834	–	0.17%	–
EGO	New	ELDORADO GOLD CORP NEW	$2,698,000	–	271,656	–	0.16%	–
GROY	New	GOLD ROYALTY CORP	$2,236,000	–	418,000	–	0.13%	–
TPL	New	TEXAS PACIFIC LAND CORPORATI	$2,051,000	–	1,282	–	0.12%	–
KGC	New	KINROSS GOLD CORPcall	$1,826,000	–	288,000	–	0.11%	–
GSV	New	GOLD STD VENTURES CORP	$1,718,000	–	3,000,000	–	0.10%	–
NTR	New	NUTRIEN LTD	$1,633,000	–	26,948	–	0.10%	–
CCJ	New	CAMECO CORP	$1,497,000	–	78,031	–	0.09%	–
HYMC	New	HYCROFT MINING HOLDING CORP	$1,331,000	–	434,874	–	0.08%	–
SLB	New	SCHLUMBERGER LTD	$1,326,000	–	41,436	–	0.08%	–
SPPP	New	SPROTT PHYSICAL PLAT PALLADunit	$1,328,000	–	70,575	–	0.08%	–
SLV	New	ISHARES SILVER TRishares	$1,299,000	–	53,623	–	0.08%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$1,303,000	–	69,739	–	0.08%	–
SLV	New	ISHARES SILVER TRcall	$1,279,000	–	52,800	–	0.08%	–
TLT	New	ISHARES TR20 yr tr bd etf	$1,200,000	–	8,316	–	0.07%	–
UEC	New	URANIUM ENERGY CORP	$1,159,000	–	435,575	–	0.07%	–
CTVA	New	CORTEVA INC	$988,000	–	22,271	–	0.06%	–
FUND	New	SPROTT FOCUS TR INC	$835,000	–	98,171	–	0.05%	–
PLG	New	PLATINUM GROUP METALS LTD	$742,000	–	204,880	–	0.04%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$720,000	–	19,413	–	0.04%	–
CME	New	CME GROUP INC	$695,000	–	3,269	–	0.04%	–
GDXJ	New	VANECK VECTORS ETF TRput	$706,000	–	15,100	–	0.04%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$658,000	–	10,400	–	0.04%	–
MNRL	New	BRIGHAM MINERALS INC	$658,000	–	30,911	–	0.04%	–
BHP	New	BHP GROUP LTDsponsored ads	$642,000	–	8,917	–	0.04%	–
ITB	New	ISHARES TRus home cons etf	$627,000	–	9,060	–	0.04%	–
USD	New	PROSHARES TR	$641,000	–	17,740	–	0.04%	–
EET	New	PROSHARES TRmsci emrg etf	$616,000	–	5,720	–	0.04%	–
RSX	New	VANECK VECTORS ETF TRrussia etf	$590,000	–	20,355	–	0.03%	–
XPP	New	PROSHARES TRult ftse chin 50	$585,000	–	8,265	–	0.03%	–
USCI	New	UNITED STS COMMODITY INDEX F	$588,000	–	14,565	–	0.03%	–
ERO	New	ERO COPPER CORP	$591,000	–	28,110	–	0.03%	–
ATCO	New	ATLAS CORPshares	$557,000	–	39,062	–	0.03%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$573,000	–	16,868	–	0.03%	–
CC	New	CHEMOURS CO	$551,000	–	15,819	–	0.03%	–
IAU	New	ISHARES GOLD TRishares new	$536,000	–	15,911	–	0.03%	–
PXJ	New	INVESCO EXCHANGE TRADED FD Tdynmc oil gas	$515,000	–	132,500	–	0.03%	–
CF	New	CF INDS HLDGS INC	$496,000	–	9,642	–	0.03%	–
CLB	New	CORE LABORATORIES N V	$490,000	–	12,591	–	0.03%	–
NUE	New	NUCOR CORP	$480,000	–	5,000	–	0.03%	–
EAF	New	GRAFTECH INTL LTD	$472,000	–	40,640	–	0.03%	–
EWH	New	ISHARES INCmsci hong kg etf	$486,000	–	18,200	–	0.03%	–
LNG	New	CHENIERE ENERGY INC	$449,000	–	5,178	–	0.03%	–
SQM	New	SOCIEDAD QUIMICA Y MINERA DEspon adr ser b	$426,000	–	8,993	–	0.02%	–
AMZN	New	AMAZON COM INC	$413,000	–	120	–	0.02%	–
GLD	New	SPDR GOLD TR	$399,000	–	2,410	–	0.02%	–
TMF	New	DIREXION SHS ETF TR20yr tres bull	$402,000	–	15,200	–	0.02%	–
SMG	New	SCOTTS MIRACLE-GRO COcl a	$378,000	–	1,968	–	0.02%	–
TSLA	New	TESLA INC	$357,000	–	525	–	0.02%	–
SHY	New	ISHARES TR1 3 yr treas bd	$348,000	–	4,039	–	0.02%	–
AAPL	New	APPLE INC	$334,000	–	2,440	–	0.02%	–
IEI	New	ISHARES TR3 7 yr treas bd	$333,000	–	2,554	–	0.02%	–
SOI	New	SOLARIS OILFIELD INFRASTRUCT	$286,000	–	29,356	–	0.02%	–
JDST	New	DIREXION SHS ETF TRdly jr gold 2x	$291,000	–	28,000	–	0.02%	–
INGR	New	INGREDION INC	$287,000	–	3,176	–	0.02%	–
ARNC	New	ARCONIC CORPORATION	$274,000	–	7,689	–	0.02%	–
PWR	New	QUANTA SVCS INC	$246,000	–	2,715	–	0.01%	–
PEO	New	ADAM NAT RES FD INC	$243,000	–	15,007	–	0.01%	–
RIO	New	RIO TINTO PLCsponsored adr	$246,000	–	2,931	–	0.01%	–
SGDM	New	SPROTT ETF TRUSTgold miners etf	$233,000	–	8,234	–	0.01%	–
RAVN	New	RAVEN INDS INC	$217,000	–	3,749	–	0.01%	–
GROYWS	New	GOLD ROYALTY CORP*w exp 99/99/999	$219,000	–	209,000	–	0.01%	–
XOM	New	EXXON MOBIL CORP	$206,000	–	3,264	–	0.01%	–
MTA	New	METALLA RTY & STREAMING LTD	$207,000	–	24,124	–	0.01%	–
	New	ORLA MNG LTD NEW	$180,000	–	43,741	–	0.01%	–
UUUU	New	ENERGY FUELS INC	$164,000	–	27,109	–	0.01%	–
AXU	New	ALEXCO RESOURCE CORP	$96,000	–	38,285	–	0.01%	–
FURY	New	FURY GOLD MINES LIMITED	$97,000	–	81,141	–	0.01%	–
AAU	New	ALMADEN MINERALS LTD	$86,000	–	170,725	–	0.01%	–
ITI	New	ITERIS INC NEW	$67,000	–	10,000	–	0.00%	–
GLDG	New	GOLDMINING INC	$71,000	–	49,500	–	0.00%	–
NEWP	New	NEW PAC METALS CORP	$55,000	–	11,295	–	0.00%	–
FSM	New	FORTUNA SILVER MINES INCcall	$42,000	–	7,500	–	0.00%	–
UEC	New	URANIUM ENERGY CORPput	$40,000	–	15,000	–	0.00%	–
GAU	New	GALIANO GOLD INC	$34,000	–	30,900	–	0.00%	–
URG	New	UR-ENERGY INC	$19,000	–	13,522	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
GPL	Exit	GREAT PANTHER MNG LTD	$0	–	-88,167	–	-0.01%	–
PZG	Exit	PARAMOUNT GOLD NEV CORP	$0	–	-1,062,915	–	-0.01%	–
SOI	Exit	SOLARIS OILFIELD INFRSTR INC	$0	–	-17,728	–	-0.01%	–
AUG	Exit	AURYN RES INC	$0	–	-90,000	–	-0.01%	–
EAF	Exit	GRAFTECH INTL LTD	$0	–	-29,234	–	-0.02%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-12,819	–	-0.02%	–
DBA	Exit	INVESCO DB MULTI-SECTOR COMMagriculture fd	$0	–	-13,750	–	-0.02%	–
FUND	Exit	SPROTT FOCUS TR INC	$0	–	-37,383	–	-0.02%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-5,996	–	-0.02%	–
ATCO	Exit	ATLAS CORP	$0	–	-26,806	–	-0.02%	–
SQM	Exit	SOCIEDAD QUIMICA Y MINERA DEspon adr ser b	$0	–	-8,088	–	-0.02%	–
AAPL	Exit	APPLE INC	$0	–	-2,440	–	-0.02%	–
VXX	Exit	BARCLAYS BANK PLCipth sr b s&p	$0	–	-12,250	–	-0.02%	–
IEI	Exit	ISHARES TR3 7 yr treas bd	$0	–	-2,692	–	-0.03%	–
CME	Exit	CME GROUP INC	$0	–	-2,158	–	-0.03%	–
SHY	Exit	ISHARES TR1 3 yr treas bd	$0	–	-4,303	–	-0.03%	–
DNN	Exit	DENISON MINES CORP	$0	–	-920,619	–	-0.03%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-211,080	–	-0.03%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-76,600	–	-0.03%	–
CTVA	Exit	CORTEVA INC	$0	–	-15,443	–	-0.03%	–
SLV	Exit	ISHARES SILVER TRishares	$0	–	-21,867	–	-0.04%	–
CCJ	Exit	CAMECO CORP	$0	–	-46,877	–	-0.04%	–
IAU	Exit	ISHARES GOLD TRUSTishares	$0	–	-29,270	–	-0.04%	–
TECK	Exit	TECK RESOURCES LTDcl b	$0	–	-51,657	–	-0.06%	–
GSS	Exit	GOLDEN STAR RES LTD CDA	$0	–	-173,300	–	-0.06%	–
EXN	Exit	EXCELLON RES INC	$0	–	-278,143	–	-0.06%	–
AAU	Exit	ALMADEN MINERALS LTD	$0	–	-1,028,850	–	-0.07%	–
NTR	Exit	NUTRIEN LTD	$0	–	-23,012	–	-0.07%	–
TMQ	Exit	TRILOGY METALS INC NEW	$0	–	-565,756	–	-0.08%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-32,317	–	-0.08%	–
WRN	Exit	WESTERN COPPER & GOLD CORP	$0	–	-943,000	–	-0.09%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRtr unit	$0	–	-141,558	–	-0.09%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-1,234,350	–	-0.10%	–
SND	Exit	SMART SAND INC	$0	–	-1,000,000	–	-0.10%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-74,064	–	-0.10%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRunit	$0	–	-96,321	–	-0.11%	–
GNTX	Exit	GENTEX CORP	$0	–	-60,000	–	-0.12%	–
USAS	Exit	AMERICAS GOLD AND SILVER COR	$0	–	-795,358	–	-0.14%	–
THO	Exit	THOR INDS INC	$0	–	-20,000	–	-0.15%	–
EGO	Exit	ELDORADO GOLD CORP NEW	$0	–	-201,230	–	-0.15%	–
NXE	Exit	NEXGEN ENERGY LTD	$0	–	-1,217,234	–	-0.16%	–
GSV	Exit	GOLD STD VENTURES CORP	$0	–	-3,003,500	–	-0.18%	–
IBA	Exit	INDUSTRIAS BACHOCO S A B DEspon adr b	$0	–	-70,000	–	-0.21%	–
MMI	Exit	MARCUS & MILLICHAP INC	$0	–	-110,000	–	-0.23%	–
SVM	Exit	SILVERCORP METALS INC	$0	–	-504,167	–	-0.28%	–
CRUS	Exit	CIRRUS LOGIC INC	$0	–	-55,000	–	-0.28%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-48,600	–	-0.31%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-100,000	–	-0.32%	–
HL	Exit	HECLA MNG CO	$0	–	-903,975	–	-0.35%	–
ACA	Exit	ARCOSA INC	$0	–	-110,000	–	-0.37%	–
EQX	Exit	EQUINOX GOLD CORP	$0	–	-477,671	–	-0.38%	–
DUST	Exit	DIREXION SHS ETF TRdaily gold miner	$0	–	-289,000	–	-0.42%	–
EMX	Exit	EMX RTY CORP	$0	–	-2,312,812	–	-0.47%	–
CALM	Exit	CAL MAINE FOODS INC	$0	–	-160,000	–	-0.47%	–
BKE	Exit	BUCKLE INC	$0	–	-320,000	–	-0.50%	–
SAFM	Exit	SANDERSON FARMS INC	$0	–	-60,000	–	-0.54%	–
AG	Exit	FIRST MAJESTIC SILVER CORP	$0	–	-768,837	–	-0.56%	–
BEN	Exit	FRANKLIN RESOURCES INC	$0	–	-360,000	–	-0.56%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-524,510	–	-0.59%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-415,190	–	-0.60%	–
FHI	Exit	FEDERATED HERMES INCcl b	$0	–	-370,000	–	-0.61%	–
RS	Exit	RELIANCE STEEL & ALUMINUM CO	$0	–	-80,000	–	-0.63%	–
WDC	Exit	WESTERN DIGITAL CORP.	$0	–	-240,000	–	-0.67%	–
BIIB	Exit	BIOGEN INC	$0	–	-32,000	–	-0.70%	–
KW	Exit	KENNEDY-WILSON HOLDINGS INC	$0	–	-625,529	–	-0.70%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-45,292	–	-0.74%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-155,000	–	-0.75%	–
APAM	Exit	ARTISAN PARTNERS ASSET MGMTcl a	$0	–	-260,000	–	-0.78%	–
ITRG	Exit	INTEGRA RES CORP	$0	–	-3,061,590	–	-0.84%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-1,718,771	–	-0.84%	–
CDE	Exit	COEUR MNG INC	$0	–	-2,144,452	–	-1.22%	–
BIL	Exit	SPDR SER TRspdr bloomberg	$0	–	-213,680	–	-1.50%	–
SBSW	Exit	SIBANYE STILLWATER LTDsponsored adr	$0	–	-1,844,209	–	-1.58%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-2,753,068	–	-1.78%	–
PVG	Exit	PRETIUM RES INC	$0	–	-2,191,480	–	-2.15%	–
MMX	Exit	MAVERIX METALS INC	$0	–	-6,254,301	–	-2.39%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-271,654	–	-2.51%	–
SSRM	Exit	SSR MNG INC	$0	–	-1,829,419	–	-2.62%	–
THM	Exit	INTERNATIONAL TOWER HILL MIN	$0	–	-29,295,862	–	-2.93%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-484,911	–	-2.96%	–
FNV	Exit	FRANCO NEV CORP	$0	–	-338,810	–	-3.63%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-4,698,099	–	-4.02%	–
GFI	Exit	GOLD FIELDS LTDsponsored adr	$0	–	-4,272,463	–	-4.03%	–
NEM	Exit	NEWMONT CORP	$0	–	-853,355	–	-4.16%	–
BTG	Exit	B2GOLD CORP	$0	–	-8,605,933	–	-4.31%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-6,444,792	–	-4.36%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-6,842,836	–	-4.64%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-2,175,486	–	-4.70%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-1,305,683	–	-4.92%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-7,688,934	–	-5.01%	–
KOR	Exit	CORVUS GOLD INC	$0	–	-23,441,459	–	-5.30%	–
NG	Exit	NOVAGOLD RES INC	$0	–	-6,264,720	–	-5.61%	–
MAG	Exit	MAG SILVER CORP	$0	–	-5,188,891	–	-6.48%	–

Q3 2020

			Value		Shares		↓ Weighting
MAG	Buy	MAG SILVER CORP	$84,360,000	+20.3%	5,188,891	+5.4%	6.48%	+47.6%
NG	Buy	NOVAGOLD RES INC	$72,999,000	+154.9%	6,264,720	+97.6%	5.61%	+212.8%
KOR	New	CORVUS GOLD INC	$68,957,000	–	23,441,459	–	5.30%	–
SILV	Sell	SILVERCREST METALS INC	$65,186,000	-11.5%	7,688,934	-4.4%	5.01%	+8.6%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$64,066,000	-24.3%	1,305,683	-26.5%	4.92%	-7.1%
GOLD	Buy	BARRICK GOLD CORP	$61,153,000	+24.2%	2,175,486	+17.6%	4.70%	+52.4%
KGC	Sell	KINROSS GOLD CORP	$60,355,000	-4.8%	6,842,836	-18.8%	4.64%	+16.8%
AGI	Sell	ALAMOS GOLD INC NEW	$56,777,000	-13.0%	6,444,792	-7.0%	4.36%	+6.7%
BTG	Sell	B2GOLD CORP	$56,106,000	-15.4%	8,605,933	-25.4%	4.31%	+3.9%
NEM	Sell	NEWMONT CORP	$54,145,000	-13.2%	853,355	-16.6%	4.16%	+6.5%
GFI	Sell	GOLD FIELDS LTDsponsored adr	$52,509,000	-16.1%	4,272,463	-34.0%	4.03%	+2.9%
OR	Buy	OSISKO GOLD ROYALTIES LTD	$52,386,000	+17.1%	4,698,099	+6.1%	4.02%	+43.7%
FNV	Sell	FRANCO NEV CORP	$47,317,000	-23.5%	338,810	-24.2%	3.63%	-6.1%
AEM	Buy	AGNICO EAGLE MINES LTD	$38,611,000	+31.8%	484,911	+3.6%	2.96%	+61.8%
THM	Buy	INTERNATIONAL TOWER HILL MIN	$38,176,000	-26.1%	29,295,862	+1.1%	2.93%	-9.3%
SSRM	Buy	SSR MNG INC	$34,135,000	+38.1%	1,829,419	+80.7%	2.62%	+69.4%
RGLD	Sell	ROYAL GOLD INC	$32,645,000	-16.7%	271,654	-13.8%	2.51%	+2.2%
MMX	Buy	MAVERIX METALS INC	$31,154,000	+22.7%	6,254,301	+12.2%	2.39%	+50.6%
PVG	Buy	PRETIUM RES INC	$28,040,000	+977.2%	2,191,480	+798.8%	2.15%	+1220.9%
SAND	Sell	SANDSTORM GOLD LTD	$23,236,000	-12.8%	2,753,068	-0.6%	1.78%	+7.0%
SBSW	Buy	SIBANYE STILLWATER LTDsponsored adr	$20,544,000	+216.3%	1,844,209	+190.4%	1.58%	+288.7%
BIL	Buy	SPDR SER TRspdr bloomberg	$19,556,000	-90.3%	213,680	+21.8%	1.50%	-88.1%
CDE	Buy	COEUR MNG INC	$15,826,000	+37.9%	2,144,452	+13.6%	1.22%	+69.2%
FSM	Sell	FORTUNA SILVER MINES INC	$10,930,000	-36.9%	1,718,771	-33.2%	0.84%	-22.6%
ITRG	New	INTEGRA RES CORP	$10,878,000	–	3,061,590	–	0.84%	–
APAM	Sell	ARTISAN PARTNERS ASSET MGMTcl a	$10,137,000	+11.4%	260,000	-7.1%	0.78%	+36.7%
WLK	Sell	WESTLAKE CHEM CORP	$9,799,000	+7.4%	155,000	-8.8%	0.75%	+31.7%
KW	Buy	KENNEDY-WILSON HOLDINGS INC	$9,083,000	-0.8%	625,529	+4.0%	0.70%	+21.8%
WDC	Buy	WESTERN DIGITAL CORP.	$8,772,000	+1.9%	240,000	+23.1%	0.67%	+25.0%
FHI	Buy	FEDERATED HERMES INCcl b	$7,959,000	+11.9%	370,000	+23.3%	0.61%	+37.3%
SA	Sell	SEABRIDGE GOLD INC	$7,799,000	-39.8%	415,190	-34.5%	0.60%	-26.0%
HP	Buy	HELMERICH & PAYNE INC	$7,684,000	-1.7%	524,510	+30.9%	0.59%	+20.7%
BEN	Sell	FRANKLIN RESOURCES INC	$7,326,000	-8.1%	360,000	-5.3%	0.56%	+12.8%
AG	Buy	FIRST MAJESTIC SILVER CORP	$7,308,000	+93.7%	768,837	+172.1%	0.56%	+137.7%
SAFM	Buy	SANDERSON FARMS INC	$7,078,000	+11.0%	60,000	+9.1%	0.54%	+36.3%
BKE	Buy	BUCKLE INC	$6,525,000	+48.6%	320,000	+14.3%	0.50%	+82.2%
CALM	Buy	CAL MAINE FOODS INC	$6,139,000	+6.2%	160,000	+23.1%	0.47%	+30.1%
EMX	Buy	EMX RTY CORP	$6,083,000	+26.0%	2,312,812	+3.5%	0.47%	+54.6%
DUST	New	DIREXION SHS ETF TRdaily gold miner	$5,494,000	–	289,000	–	0.42%	–
EQX	Buy	EQUINOX GOLD CORP	$5,013,000	-6.0%	477,671	+10.3%	0.38%	+15.3%
HL	Sell	HECLA MNG CO	$4,592,000	-40.0%	903,975	-47.6%	0.35%	-26.3%
FRPH	Buy	FRP HLDGS INC	$4,167,000	+14.1%	100,000	+11.1%	0.32%	+39.7%
VCSH	Buy	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$4,027,000	-3.5%	48,600	+30.6%	0.31%	+18.4%
SVM	Buy	SILVERCORP METALS INC	$3,638,000	+68.3%	504,167	+69.0%	0.28%	+106.7%
GSV	Buy	GOLD STD VENTURES CORP	$2,368,000	-5.2%	3,003,500	+0.0%	0.18%	+16.7%
NXE	Buy	NEXGEN ENERGY LTD	$2,111,000	+0.4%	1,217,234	+1.0%	0.16%	+22.7%
EGO	Buy	ELDORADO GOLD CORP NEW	$1,974,000	+17.4%	201,230	+56.6%	0.15%	+44.8%
THO	Sell	THOR INDS INC	$1,905,000	-28.5%	20,000	-20.0%	0.15%	-12.6%
USAS	Sell	AMERICAS GOLD AND SILVER COR	$1,787,000	-49.2%	795,358	-20.0%	0.14%	-37.7%
GNTX	Sell	GENTEX CORP	$1,545,000	-40.0%	60,000	-40.0%	0.12%	-26.1%
PHYS	Sell	SPROTT PHYSICAL GOLD TRunit	$1,450,000	-8.1%	96,321	-12.6%	0.11%	+12.1%
CEF	Buy	SPROTT PHYSICAL GOLD & SILVEtr unit	$1,358,000	+27.2%	74,064	+17.2%	0.10%	+55.2%
MUX	New	MCEWEN MNG INC	$1,235,000	–	1,234,350	–	0.10%	–
PSLV	Buy	SPROTT PHYSICAL SILVER TRtr unit	$1,171,000	+32.2%	141,558	+5.6%	0.09%	+63.6%
WRN	New	WESTERN COPPER & GOLD CORP	$1,145,000	–	943,000	–	0.09%	–
XOM	Sell	EXXON MOBIL CORP	$1,109,000	+780.2%	32,317	-75.4%	0.08%	+962.5%
TMQ	Buy	TRILOGY METALS INC NEW	$1,013,000	+5.7%	565,756	+18.2%	0.08%	+30.0%
NTR	Buy	NUTRIEN LTD	$903,000	+162.5%	23,012	+114.8%	0.07%	+213.6%
AAU	Sell	ALMADEN MINERALS LTD	$864,000	-71.4%	1,028,850	-83.5%	0.07%	-65.1%
EXN	New	EXCELLON RES INC	$806,000	–	278,143	–	0.06%	–
TECK	Buy	TECK RESOURCES LTDcl b	$719,000	+133.4%	51,657	+74.5%	0.06%	+189.5%
IAU	Sell	ISHARES GOLD TRUSTishares	$527,000	+3.7%	29,270	-2.0%	0.04%	+25.0%
CCJ	Buy	CAMECO CORP	$473,000	+21.3%	46,877	+23.1%	0.04%	+50.0%
SLV	Sell	ISHARES SILVER TRishares	$473,000	-35.5%	21,867	-49.2%	0.04%	-21.7%
CTVA	Buy	CORTEVA INC	$445,000	+37.3%	15,443	+27.6%	0.03%	+70.0%
AUY	Sell	YAMANA GOLD INC	$435,000	-92.8%	76,600	-90.8%	0.03%	-91.2%
PLG	Sell	PLATINUM GROUP METALS LTD	$425,000	-86.2%	211,080	-89.7%	0.03%	-82.8%
DNN	Sell	DENISON MINES CORP	$387,000	-20.2%	920,619	-9.4%	0.03%	0.0%
SHY	Sell	ISHARES TR1 3 yr treas bd	$372,000	-3.9%	4,303	-3.6%	0.03%	+20.8%
CME	Buy	CME GROUP INC	$361,000	+16.8%	2,158	+13.5%	0.03%	+47.4%
IEI	Buy	ISHARES TR3 7 yr treas bd	$360,000	+11.1%	2,692	+11.1%	0.03%	+40.0%
VXX	Buy	BARCLAYS BANK PLCipth sr b s&p	$305,000	-5.6%	12,250	+28.9%	0.02%	+15.0%
AAPL	Buy	APPLE INC	$283,000	+27.5%	2,440	+301.3%	0.02%	+57.1%
SQM	New	SOCIEDAD QUIMICA Y MINERA DEspon adr ser b	$262,000	–	8,088	–	0.02%	–
ATCO	Buy	ATLAS CORP	$240,000	+35.6%	26,806	+15.3%	0.02%	+63.6%
GDX	Sell	VANECK VECTORS ETF TRgold miners etf	$235,000	-88.1%	5,996	-88.9%	0.02%	-85.4%
FUND	Buy	SPROTT FOCUS TR INC	$222,000	+56.3%	37,383	+55.6%	0.02%	+88.9%
EAF	Sell	GRAFTECH INTL LTD	$200,000	-20.3%	29,234	-7.1%	0.02%	-6.2%
FCX	Buy	FREEPORT-MCMORAN INCcl b	$200,000	+70.9%	12,819	+27.0%	0.02%	+114.3%
SOI	Buy	SOLARIS OILFIELD INFRSTR INC	$112,000	+6.7%	17,728	+24.7%	0.01%	+28.6%
PZG	New	PARAMOUNT GOLD NEV CORP	$101,000	–	1,062,915	–	0.01%	–
GPL	New	GREAT PANTHER MNG LTD	$77,000	–	88,167	–	0.01%	–
UUUU	Exit	ENERGY FUELS INC	$0	–	-21,898	–	-0.00%	–
GAU	Exit	GALIANO GOLD INC	$0	–	-40,000	–	-0.00%	–
DSLVF	Exit	CREDIT SUISSE AG NASSAU BRH3x invers silv	$0	–	-11,000	–	-0.01%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-275,415	–	-0.01%	–
TMF	Exit	DIREXION SHS ETF TR20yr tres bull	$0	–	-5,500	–	-0.01%	–
JDST	Exit	DIREXION SHS ETF TRdly jr gold 2x	$0	–	-10,550	–	-0.02%	–
MTA	Exit	METALLA RTY & STREAMING LTD	$0	–	-57,656	–	-0.02%	–
AMZN	Exit	AMAZON COM INC	$0	–	-120	–	-0.02%	–
TPL	Exit	TEXAS PAC LD TRsub ctf prop i t	$0	–	-669	–	-0.02%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-303,643	–	-0.03%	–
UEC	Exit	URANIUM ENERGY CORP	$0	–	-563,913	–	-0.03%	–
ASM	Exit	AVINO SILVER & GOLD MINES LT	$0	–	-700,000	–	-0.05%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-268,100	–	-0.05%	–
SII	Exit	SPROTT INC	$0	–	-58,172	–	-0.13%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-10,000	–	-0.20%	–
HMY	Exit	HARMONY GOLD MINING CO LTDsponsored adr	$0	–	-671,700	–	-0.24%	–
AU	Exit	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$0	–	-990,275	–	-1.88%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-1,693,918	–	-4.34%	–
PAAS	Exit	PAN AMERN SILVER CORP	$0	–	-3,650,566	–	-7.25%	–

Q2 2020

			Value		Shares		↓ Weighting
BIL	New	SPDR SER TRspdr bloomberg	$202,500,000	–	175,500	–	12.67%	–
PAAS	New	PAN AMERN SILVER CORP	$115,923,000	–	3,650,566	–	7.25%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$84,605,000	–	1,776,859	–	5.29%	–
SILV	New	SILVERCREST METALS INC	$73,682,000	–	8,043,861	–	4.61%	–
MAG	New	MAG SILVER CORP	$70,141,000	–	4,923,505	–	4.39%	–
KL	New	KIRKLAND LAKE GOLD LTD	$69,349,000	–	1,693,918	–	4.34%	–
BTG	New	B2GOLD CORP	$66,283,000	–	11,542,829	–	4.15%	–
AGI	New	ALAMOS GOLD INC CL A	$65,293,000	–	6,930,963	–	4.09%	–
KGC	New	KINROSS GOLD CORP	$63,419,000	–	8,430,626	–	3.97%	–
GFI	New	GOLD FIELDS LTDsponsored adr	$62,611,000	–	6,472,503	–	3.92%	–
NEM	New	NEWMONT CORP	$62,392,000	–	1,023,812	–	3.90%	–
FNV	New	FRANCO NEVADA CORP	$61,828,000	–	447,117	–	3.87%	–
THM	New	INTERNATIONAL TOWER HILL MIN	$51,629,000	–	28,968,469	–	3.23%	–
GOLD	New	BARRICK GOLD CORPORATION	$49,229,000	–	1,850,499	–	3.08%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$44,742,000	–	4,429,849	–	2.80%	–
RGLD	New	ROYAL GOLD INC	$39,177,000	–	315,130	–	2.45%	–
AU	New	ANGLOGOLD ASHANTI LIMITEDsponsored adr	$30,109,000	–	990,275	–	1.88%	–
AEM	New	AGNICO EAGLE MINES LTD	$29,297,000	–	467,923	–	1.83%	–
NG	New	NOVAGOLD RES INC	$28,643,000	–	3,169,655	–	1.79%	–
SAND	New	SANDSTORM GOLD LTD	$26,638,000	–	2,769,043	–	1.67%	–
MMX	New	MAVERIX METALS INC	$25,381,000	–	5,572,886	–	1.59%	–
SSRM	New	SSR MNG INC	$24,716,000	–	1,012,593	–	1.55%	–
FSM	New	FORTUNA SILVER MINES INC	$17,324,000	–	2,572,647	–	1.08%	–
SA	New	SEABRIDGE GOLD INC	$12,951,000	–	634,255	–	0.81%	–
CDE	New	COEUR MNG INC	$11,475,000	–	1,887,816	–	0.72%	–
KW	New	KENNEDY-WILSON HOLDINGS INC	$9,152,000	–	601,340	–	0.57%	–
WLK	New	WESTLAKE CHEM CORP	$9,120,000	–	170,000	–	0.57%	–
APAM	New	ARTISAN PARTNERS ASSET MGMTcl a	$9,100,000	–	280,000	–	0.57%	–
WDC	New	WESTERN DIGITAL CORP.	$8,609,000	–	195,000	–	0.54%	–
BIIB	New	BIOGEN INC	$8,561,000	–	32,000	–	0.54%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$8,085,000	–	45,292	–	0.51%	–
BEN	New	FRANKLIN RES INC	$7,969,000	–	380,000	–	0.50%	–
HP	New	HELMERICH & PAYNE INC	$7,820,000	–	400,828	–	0.49%	–
HL	New	HECLA MNG CO	$7,655,000	–	1,724,500	–	0.48%	–
RS	New	RELIANCE STEEL & ALUMINUM CO	$7,594,000	–	80,000	–	0.48%	–
FHI	New	FEDERATED HERMES INCcl b	$7,110,000	–	300,000	–	0.44%	–
SBSW	New	SIBANYE STILLWATER LTDsponsored adr	$6,495,000	–	635,002	–	0.41%	–
SAFM	New	SANDERSON FARMS INC	$6,374,000	–	55,000	–	0.40%	–
AUY	New	YAMANA GOLD INC	$6,011,000	–	834,400	–	0.38%	–
CALM	New	CAL MAINE FOODS INC	$5,782,000	–	130,000	–	0.36%	–
EQX	New	EQUINOX GOLD CORP	$5,334,000	–	433,090	–	0.33%	–
EMX	New	EMX RTY CORP	$4,826,000	–	2,234,588	–	0.30%	–
ACA	New	ARCOSA INC	$4,642,000	–	110,000	–	0.29%	–
BKE	New	BUCKLE INC	$4,390,000	–	280,000	–	0.28%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$4,174,000	–	37,200	–	0.26%	–
HMY	New	HARMONY GOLD MINING CO LTDsponsored adr	$3,796,000	–	671,700	–	0.24%	–
AG	New	FIRST MAJESTIC SILVER CORP	$3,773,000	–	282,536	–	0.24%	–
FRPH	New	FRP HLDGS INC	$3,652,000	–	90,000	–	0.23%	–
USAS	New	AMERICAS GOLD AND SILVER CORP	$3,519,000	–	994,366	–	0.22%	–
CRUS	New	CIRRUS LOGIC INC	$3,397,000	–	55,000	–	0.21%	–
LRCX	New	LAM RESEARCH CORP	$3,235,000	–	10,000	–	0.20%	–
MMI	New	MARCUS & MILLICHAP INC	$3,175,000	–	110,000	–	0.20%	–
PLG	New	PLATINUM GROUP METALS LTD	$3,073,000	–	2,052,722	–	0.19%	–
AAU	New	ALMADEN MINERALS LTD	$3,024,000	–	6,222,384	–	0.19%	–
THO	New	THOR INDS INC	$2,663,000	–	25,000	–	0.17%	–
PVG	New	PRETIUM RES INC	$2,603,000	–	243,820	–	0.16%	–
GNTX	New	GENTEX CORP	$2,577,000	–	100,000	–	0.16%	–
GSV	New	GOLD STD VENTURES CORP	$2,499,000	–	3,002,500	–	0.16%	–
IBA	New	INDUSTRIAS BACHOCO S A B DEspon adr b	$2,462,000	–	70,000	–	0.15%	–
SVM	New	SILVERCORP METALS INC	$2,162,000	–	298,267	–	0.14%	–
NXE	New	NEXGEN ENERGY LTD	$2,102,000	–	1,204,676	–	0.13%	–
SII	New	SPROTT INC	$2,100,000	–	58,172	–	0.13%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$1,973,000	–	53,794	–	0.12%	–
EGO	New	ELDORADO GOLD CORP NEW	$1,681,000	–	128,470	–	0.10%	–
PHYS	New	SPROTT PHYSICAL GOLD TRunit	$1,578,000	–	110,246	–	0.10%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$1,068,000	–	63,204	–	0.07%	–
SND	New	SMART SAND INC	$1,050,000	–	1,000,000	–	0.07%	–
TMQ	New	TRILOGY METALS INC NEW	$958,000	–	478,806	–	0.06%	–
PSLV	New	SPROTT PHYSICAL SILVER TRtr unit	$886,000	–	134,045	–	0.06%	–
AXU	New	ALEXCO RESOURCE CORP	$811,000	–	268,100	–	0.05%	–
ASM	New	AVINO SILVER & GOLD MINES LT	$756,000	–	700,000	–	0.05%	–
SLV	New	ISHARES SILVER TRishares	$733,000	–	43,070	–	0.05%	–
UEC	New	URANIUM ENERGY CORP	$522,000	–	563,913	–	0.03%	–
IAU	New	ISHARES GOLD TRishares	$508,000	–	29,872	–	0.03%	–
GSS	New	GOLDEN STAR RES LTD CDA	$503,000	–	173,300	–	0.03%	–
DNN	New	DENISON MINES CORP	$485,000	–	1,015,744	–	0.03%	–
NGD	New	NEW GOLD INC CDA	$410,000	–	303,643	–	0.03%	–
TPL	New	TEXAS PAC LD TRsub ctf prop i t	$398,000	–	669	–	0.02%	–
SHY	New	ISHARES TR1 3 yr treas bd	$387,000	–	4,466	–	0.02%	–
CCJ	New	CAMECO CORP	$390,000	–	38,072	–	0.02%	–
NTR	New	NUTRIEN LTD	$344,000	–	10,714	–	0.02%	–
AMZN	New	AMAZON COM INC	$331,000	–	120	–	0.02%	–
VXX	New	BARCLAYS BK PLCipth sr b s&p	$323,000	–	9,500	–	0.02%	–
IEI	New	ISHARES TR3 7 yr treas bd	$324,000	–	2,422	–	0.02%	–
CTVA	New	CORTEVA INC	$324,000	–	12,098	–	0.02%	–
TECK	New	TECK RESOURCES LTDcl b	$308,000	–	29,600	–	0.02%	–
CME	New	CME GROUP INC	$309,000	–	1,902	–	0.02%	–
MTA	New	METALLA RTY & STREAMING LTD	$306,000	–	57,656	–	0.02%	–
EAF	New	GRAFTECH INTL LTD	$251,000	–	31,472	–	0.02%	–
JDST	New	DIREXION SHS ETF TRdly jr gold 2x	$262,000	–	10,550	–	0.02%	–
TMF	New	DIREXION SHS ETF TR20yr tres bull	$224,000	–	5,500	–	0.01%	–
AAPL	New	APPLE INC	$222,000	–	608	–	0.01%	–
TRQ	New	TURQUOISE HILL RES LTD	$202,000	–	275,415	–	0.01%	–
DBA	New	POWERSHARES DB MULTI-SECTORagriculture fd	$186,000	–	13,750	–	0.01%	–
ATCO	New	ATLAS CORP	$177,000	–	23,257	–	0.01%	–
AUG	New	AURYN RES INC	$166,000	–	90,000	–	0.01%	–
FUND	New	SPROTT FOCUS TR INC	$142,000	–	24,028	–	0.01%	–
XOM	New	EXXON MOBIL CORP	$126,000	–	131,325	–	0.01%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$117,000	–	10,090	–	0.01%	–
SOI	New	SOLARIS OILFIELD INFRSTR INC	$105,000	–	14,216	–	0.01%	–
DSLVF	New	CREDIT SUISSE AG NASSAU BRH3x invers silv	$98,000	–	11,000	–	0.01%	–
GAU	New	GALIANO GOLD INC	$53,000	–	40,000	–	0.00%	–
UUUU	New	ENERGY FUELS INC	$33,000	–	21,898	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
DNN	Exit	DENISON MINES CORP	$0	–	-10,896	–	-0.00%	–
NAK	Exit	NORTHERN DYNASTY MINERALS LT	$0	–	-25,000	–	-0.00%	–
THM	Exit	INTERNATIONAL TOWER HILL MIN	$0	–	-46,200	–	-0.01%	–
IIPR	Exit	INNOVATIVE INDL PPTYS INC	$0	–	-37,672	–	-0.01%	–
EXK	Exit	ENDEAVOUR SILVER CORP	$0	–	-22,920	–	-0.01%	–
RIG	Exit	TRANSOCEAN LTD	$0	–	-16,200	–	-0.02%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-29,750	–	-0.02%	–
AUG	Exit	AURYN RES INC	$0	–	-90,000	–	-0.03%	–
AG	Exit	FIRST MAJESTIC SILVER CORP	$0	–	-15,431	–	-0.04%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-16,100	–	-0.04%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-199,238	–	-0.05%	–
AMZN	Exit	AMAZON COM INC	$0	–	-120	–	-0.05%	–
BSM	Exit	BLACK STONE MINERALS L P	$0	–	-14,512	–	-0.05%	–
DBA	Exit	INVESCO DB MLTI SECTR CMMTYagriculture fd	$0	–	-13,750	–	-0.06%	–
WRN	Exit	WESTERN COPPER & GOLD CORP	$0	–	-262,500	–	-0.06%	–
MUTE	Exit	DIREXION SHS ETF TRdaily bear 3x	$0	–	-36,000	–	-0.08%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-643,600	–	-0.08%	–
CCJ	Exit	CAMECO CORP	$0	–	-34,757	–	-0.08%	–
FUND	Exit	SPROTT FOCUS TR INC	$0	–	-49,562	–	-0.08%	–
SGDM	Exit	SPROTT ETF TRgold miners etf	$0	–	-14,235	–	-0.09%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-2,434	–	-0.09%	–
NTR	Exit	NUTRIEN LTD	$0	–	-7,039	–	-0.09%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-246,472	–	-0.10%	–
IAU	Exit	ISHARES GOLD TRUSTishares	$0	–	-27,820	–	-0.10%	–
UEC	Exit	URANIUM ENERGY CORP	$0	–	-388,440	–	-0.10%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-27,945	–	-0.10%	–
SPPP	Exit	SPROTT PHYSICAL PLAT PALLADunit	$0	–	-31,436	–	-0.10%	–
ICAD	Exit	ICAD INC	$0	–	-60,000	–	-0.10%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-8,672	–	-0.14%	–
TPL	Exit	TEXAS PAC LD TRsub ctf prop i t	$0	–	-831	–	-0.14%	–
BIL	Exit	SPDR SERIES TRUSTspdr bloomberg	$0	–	-5,940	–	-0.14%	–
PHX	Exit	PANHANDLE OIL AND GAS INCcl a	$0	–	-40,338	–	-0.14%	–
NEM	Exit	NEWMONT GOLDCORP CORPORATION	$0	–	-15,289	–	-0.15%	–
SBLK	Exit	STAR BULK CARRIERS CORP	$0	–	-60,732	–	-0.16%	–
GPL	Exit	GREAT PANTHER MINING LIMITED	$0	–	-722,300	–	-0.17%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-78,206	–	-0.19%	–
SHY	Exit	ISHARES TR1 3 yr treas bd	$0	–	-9,069	–	-0.20%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRtr unit	$0	–	-132,920	–	-0.21%	–
TMQ	Exit	TRILOGY METALS INC NEW	$0	–	-514,749	–	-0.22%	–
MMX	Exit	MAVERIX METALS INC	$0	–	-208,383	–	-0.25%	–
AMGN	Exit	AMGEN INC	$0	–	-5,000	–	-0.25%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUSTunit	$0	–	-93,986	–	-0.28%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-653,983	–	-0.33%	–
AAU	Exit	ALMADEN MINERALS LTD	$0	–	-1,879,775	–	-0.34%	–
ECA	Exit	ENCANA CORP	$0	–	-328,597	–	-0.39%	–
EGI	Exit	ENTREE RES LTD	$0	–	-8,244,295	–	-0.39%	–
GORO	Exit	GOLD RESOURCE CORP	$0	–	-390,200	–	-0.40%	–
ASM	Exit	AVINO SILVER & GOLD MINES LT	$0	–	-2,036,630	–	-0.41%	–
AU	Exit	ANGLOGOLD ASHANTI LTDsponsored adr	$0	–	-74,700	–	-0.43%	–
EQX	Exit	EQUINOX GOLD CORP	$0	–	-317,050	–	-0.43%	–
NXE	Exit	NEXGEN ENERGY LTD	$0	–	-1,106,311	–	-0.46%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-71,720	–	-0.49%	–
HL	Exit	HECLA MNG CO	$0	–	-838,100	–	-0.50%	–
SND	Exit	SMART SAND INC	$0	–	-750,000	–	-0.54%	–
GFI	Exit	GOLD FIELDS LTD NEWsponsored adr	$0	–	-388,852	–	-0.56%	–
SVM	Exit	SILVERCORP METALS INC	$0	–	-435,767	–	-0.57%	–
IAG	Exit	IAMGOLD CORP	$0	–	-612,110	–	-0.61%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-155,294	–	-0.79%	–
ACA	Exit	ARCOSA INC	$0	–	-100,000	–	-0.87%	–
MMI	Exit	MARCUS & MILLICHAP INC	$0	–	-100,000	–	-0.91%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-75,000	–	-0.92%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-29,620	–	-0.93%	–
IBA	Exit	INDUSTRIAS BACHOCO S A B DEspon adr b	$0	–	-70,438	–	-0.96%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-36,300	–	-0.99%	–
CALM	Exit	CAL MAINE FOODS INC	$0	–	-104,164	–	-1.06%	–
GNTX	Exit	GENTEX CORP	$0	–	-160,000	–	-1.12%	–
BKE	Exit	BUCKLE INC	$0	–	-220,000	–	-1.16%	–
FHI	Exit	FEDERATED INVS INC PAcl b	$0	–	-140,000	–	-1.16%	–
AAPL	Exit	APPLE INC	$0	–	-20,610	–	-1.18%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-70,150	–	-1.26%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-94,535	–	-1.29%	–
APAM	Exit	ARTISAN PARTNERS ASSET MGMTcl a	$0	–	-210,000	–	-1.51%	–
RS	Exit	RELIANCE STEEL & ALUMINUM CO	$0	–	-60,000	–	-1.53%	–
THO	Exit	THOR INDS INC	$0	–	-120,000	–	-1.74%	–
CDE	Exit	COEUR MNG INC	$0	–	-1,103,893	–	-1.74%	–
EMX	Exit	EMX RTY CORP	$0	–	-5,099,868	–	-1.77%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-81,467	–	-1.90%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-533,357	–	-1.98%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-143,306	–	-2.00%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-35,000	–	-2.06%	–
SSRM	Exit	SSR MNG INC	$0	–	-437,688	–	-2.07%	–
BIIB	Exit	BIOGEN INC	$0	–	-35,000	–	-2.08%	–
CRUS	Exit	CIRRUS LOGIC INC	$0	–	-160,000	–	-2.19%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-135,000	–	-2.26%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-1,613,100	–	-2.28%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-43,292	–	-2.30%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-315,000	–	-2.32%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-160,000	–	-2.44%	–
BTG	Exit	B2GOLD CORP	$0	–	-2,533,239	–	-2.44%	–
GOLD	Exit	BARRICK GOLD CORPORATION	$0	–	-572,797	–	-2.53%	–
KW	Exit	KENNEDY-WILSON HLDGS INC	$0	–	-468,045	–	-2.62%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-266,835	–	-2.73%	–
PVG	Exit	PRETIUM RES INC	$0	–	-790,352	–	-2.74%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-3,050,225	–	-3.04%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-2,155,691	–	-3.64%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-2,655,011	–	-3.82%	–
MAG	Exit	MAG SILVER CORP	$0	–	-1,456,738	–	-4.39%	–
PAAS	Exit	PAN AMERICAN SILVER CORP	$0	–	-1,065,956	–	-4.69%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-895,125	–	-7.49%	–

Q3 2019

			Value		Shares		↓ Weighting
WPM	Sell	WHEATON PRECIOUS METALS CORP	$29,335,000	-3.0%	895,125	-11.3%	7.49%	+4.2%
PAAS	Sell	PAN AMERICAN SILVER CORP	$18,361,000	-6.7%	1,065,956	-20.3%	4.69%	+0.3%
MAG	Buy	MAG SILVER CORP	$17,215,000	+25.0%	1,456,738	+26.2%	4.39%	+34.2%
SAND	Sell	SANDSTORM GOLD LTD	$14,974,000	-1.6%	2,655,011	-3.3%	3.82%	+5.7%
SILV	Sell	SILVERCREST METALS INC	$14,242,000	+14.6%	2,155,691	-13.2%	3.64%	+23.1%
FSM	Buy	FORTUNA SILVER MINES INC	$11,894,000	+25.7%	3,050,225	+16.2%	3.04%	+35.0%
PVG	Sell	PRETIUM RES INC	$10,718,000	+0.5%	790,352	-14.9%	2.74%	+8.0%
HP	Buy	HELMERICH & PAYNE INC	$10,692,000	-0.7%	266,835	+25.5%	2.73%	+6.7%
KW	Buy	KENNEDY-WILSON HLDGS INC	$10,260,000	+6.6%	468,045	+0.1%	2.62%	+14.6%
GOLD	Sell	BARRICK GOLD CORPORATION	$9,927,000	-10.2%	572,797	-17.9%	2.53%	-3.5%
BTG	Sell	B2GOLD CORP	$9,568,000	-1.7%	2,533,239	-7.3%	2.44%	+5.6%
WDC	Sell	WESTERN DIGITAL CORP	$9,542,000	+5.6%	160,000	-15.8%	2.44%	+13.5%
BEN	Buy	FRANKLIN RES INC	$9,091,000	-5.0%	315,000	+14.5%	2.32%	+2.0%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$9,006,000	+4.9%	43,292	+7.4%	2.30%	+12.6%
KGC	Buy	KINROSS GOLD CORP	$8,934,000	+282.4%	1,613,100	+219.5%	2.28%	+310.8%
CRUS	Sell	CIRRUS LOGIC INC	$8,573,000	+9.0%	160,000	-11.1%	2.19%	+17.1%
BIIB	Buy	BIOGEN INC	$8,149,000	+74.2%	35,000	+75.0%	2.08%	+87.2%
SSRM	Sell	SSR MNG INC	$8,122,000	-21.1%	437,688	-27.1%	2.07%	-15.2%
LRCX	Sell	LAM RESEARCH CORP	$8,089,000	-13.9%	35,000	-30.0%	2.06%	-7.5%
KL	Sell	KIRKLAND LAKE GOLD LTD	$7,849,000	-1.8%	143,306	-6.1%	2.00%	+5.5%
SA	Sell	SEABRIDGE GOLD INC	$7,739,000	-12.6%	533,357	-6.6%	1.98%	-6.2%
FNV	Sell	FRANCO NEVADA CORP	$7,427,000	-18.1%	81,467	-23.7%	1.90%	-12.0%
EMX	Sell	EMX RTY CORP	$6,938,000	+4.2%	5,099,868	-6.5%	1.77%	+11.9%
CDE	Buy	COEUR MNG INC	$6,835,000	+48.1%	1,103,893	+35.8%	1.74%	+59.2%
THO	Sell	THOR INDS INC	$6,797,000	-22.5%	120,000	-20.0%	1.74%	-16.7%
RS	Buy	RELIANCE STEEL & ALUMINUM CO	$5,980,000	+26.4%	60,000	+20.0%	1.53%	+35.8%
AEM	Sell	AGNICO EAGLE MINES LTD	$5,068,000	-38.9%	94,535	-38.8%	1.29%	-34.3%
XOM	Buy	EXXON MOBIL CORP	$4,953,000	+7.5%	70,150	+16.6%	1.26%	+15.4%
AAPL	Sell	APPLE INC	$4,616,000	-34.5%	20,610	-42.1%	1.18%	-29.7%
FHI	Sell	FEDERATED INVS INC PAcl b	$4,537,000	-6.9%	140,000	-6.7%	1.16%	0.0%
GNTX	Sell	GENTEX CORP	$4,406,000	-55.2%	160,000	-60.0%	1.12%	-51.9%
CALM	Sell	CAL MAINE FOODS INC	$4,162,000	-4.4%	104,164	-0.1%	1.06%	+2.7%
VCSH	Buy	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$3,895,000	+20.9%	36,300	+19.0%	0.99%	+29.8%
RGLD	Sell	ROYAL GOLD INC	$3,649,000	+18.7%	29,620	-1.3%	0.93%	+27.4%
FRPH	Buy	FRP HLDGS INC	$3,601,000	-7.8%	75,000	+7.1%	0.92%	-1.0%
BVN	Buy	COMPANIA DE MINAS BUENAVENTUsponsored adr	$3,104,000	-6.3%	155,294	+2.3%	0.79%	+0.6%
IAG	Buy	IAMGOLD CORP	$2,401,000	+19.8%	612,110	+22.7%	0.61%	+28.8%
SVM	Sell	SILVERCORP METALS INC	$2,239,000	-25.2%	435,767	-54.6%	0.57%	-19.8%
GFI	New	GOLD FIELDS LTD NEWsponsored adr	$2,194,000	–	388,852	–	0.56%	–
SND	Buy	SMART SAND INC	$2,122,000	+44.9%	750,000	+25.0%	0.54%	+55.7%
HL	Sell	HECLA MNG CO	$1,953,000	-1.2%	838,100	-0.0%	0.50%	+6.0%
GDX	Sell	VANECK VECTORS ETF TRgold miners etf	$1,916,000	-50.0%	71,720	-52.2%	0.49%	-46.3%
NXE	Sell	NEXGEN ENERGY LTD	$1,809,000	-29.2%	1,106,311	-18.8%	0.46%	-23.9%
EQX	New	EQUINOX GOLD CORP	$1,677,000	–	317,050	–	0.43%	–
AU	New	ANGLOGOLD ASHANTI LTDsponsored adr	$1,671,000	–	74,700	–	0.43%	–
ASM	New	AVINO SILVER & GOLD MINES LT	$1,589,000	–	2,036,630	–	0.41%	–
GORO	Buy	GOLD RESOURCE CORP	$1,576,000	+22.7%	390,200	+34.5%	0.40%	+31.8%
EGI	Buy	ENTREE RES LTD	$1,523,000	+1138.2%	8,244,295	+2078.7%	0.39%	+1241.4%
ECA	Sell	ENCANA CORP	$1,512,000	-12.3%	328,597	-2.3%	0.39%	-5.9%
AAU	Buy	ALMADEN MINERALS LTD	$1,335,000	+12.7%	1,879,775	+1.1%	0.34%	+20.9%
AXU	Buy	ALEXCO RESOURCE CORP	$1,282,000	-18.9%	653,983	+1.3%	0.33%	-12.8%
PHYS	Buy	SPROTT PHYSICAL GOLD TRUSTunit	$1,111,000	+8.9%	93,986	+4.3%	0.28%	+17.4%
MMX	Buy	MAVERIX METALS INC	$963,000	+1.5%	208,383	+9.3%	0.25%	+8.8%
TMQ	Buy	TRILOGY METALS INC NEW	$854,000	+27.8%	514,749	+127.5%	0.22%	+37.1%
PSLV	Buy	SPROTT PHYSICAL SILVER TRtr unit	$829,000	+21.6%	132,920	+11.4%	0.21%	+30.9%
OR	Buy	OSISKO GOLD ROYALTIES LTD	$727,000	-7.5%	78,206	+3.9%	0.19%	-0.5%
GPL	Sell	GREAT PANTHER MINING LIMITED	$674,000	-49.8%	722,300	-46.4%	0.17%	-46.1%
SBLK	Buy	STAR BULK CARRIERS CORP	$612,000	+6.2%	60,732	+1.7%	0.16%	+13.9%
NEM	Sell	NEWMONT GOLDCORP CORPORATION	$580,000	-57.3%	15,289	-56.7%	0.15%	-54.2%
PHX	Buy	PANHANDLE OIL AND GAS INCcl a	$564,000	+23.7%	40,338	+15.3%	0.14%	+33.3%
BIL	Buy	SPDR SERIES TRUSTspdr bloomberg	$544,000	+9.0%	5,940	+9.0%	0.14%	+16.8%
TPL	Buy	TEXAS PAC LD TRsub ctf prop i t	$540,000	-5.1%	831	+14.9%	0.14%	+2.2%
MPC	Buy	MARATHON PETE CORP	$527,000	+43.6%	8,672	+32.1%	0.14%	+55.2%
ICAD	Sell	ICAD INC	$411,000	+5.7%	60,000	-1.6%	0.10%	+14.1%
SPPP	Buy	SPROTT PHYSICAL PLAT PALLADunit	$402,000	+15.5%	31,436	+4.1%	0.10%	+24.1%
UEC	Sell	URANIUM ENERGY CORP	$397,000	-67.3%	388,440	-55.2%	0.10%	-64.9%
CEF	Buy	SPROTT PHYSICAL GOLD & SILVEtr unit	$396,000	+32.4%	27,945	+23.6%	0.10%	+42.3%
PLG	Buy	PLATINUM GROUP METALS LTD	$385,000	+381.2%	246,472	+430.4%	0.10%	+415.8%
NTR	Sell	NUTRIEN LTD	$351,000	-12.9%	7,039	-6.7%	0.09%	-6.2%
TLT	Buy	ISHARES TR20 yr tr bd etf	$348,000	+8.1%	2,434	+0.3%	0.09%	+15.6%
SGDM	New	SPROTT ETF TRgold miners etf	$342,000	–	14,235	–	0.09%	–
FUND	Sell	SPROTT FOCUS TR INC	$334,000	-19.3%	49,562	-19.3%	0.08%	-13.3%
CCJ	Sell	CAMECO CORP	$330,000	-63.5%	34,757	-58.7%	0.08%	-60.9%
TRQ	New	TURQUOISE HILL RES LTD	$314,000	–	643,600	–	0.08%	–
MUTE	New	DIREXION SHS ETF TRdaily bear 3x	$296,000	–	36,000	–	0.08%	–
WRN	Sell	WESTERN COPPER & GOLD CORP	$226,000	-10.7%	262,500	-16.0%	0.06%	-3.3%
DBA	New	INVESCO DB MLTI SECTR CMMTYagriculture fd	$218,000	–	13,750	–	0.06%	–
BSM	Buy	BLACK STONE MINERALS L P	$207,000	-5.9%	14,512	+2.2%	0.05%	+1.9%
NGD	Buy	NEW GOLD INC CDA	$201,000	+26.4%	199,238	+20.6%	0.05%	+34.2%
FCX	Buy	FREEPORT-MCMORAN INCcl b	$154,000	-6.7%	16,100	+13.4%	0.04%	0.0%
AG	Sell	FIRST MAJESTIC SILVER CORP	$140,000	-97.6%	15,431	-97.4%	0.04%	-97.4%
AUG	Sell	AURYN RES INC	$112,000	-81.9%	90,000	-70.2%	0.03%	-80.3%
RIG	New	TRANSOCEAN LTD	$72,000	–	16,200	–	0.02%	–
EXK	Sell	ENDEAVOUR SILVER CORP	$51,000	-97.5%	22,920	-97.0%	0.01%	-97.3%
THM	Sell	INTERNATIONAL TOWER HILL MIN	$24,000	-22.6%	46,200	-17.8%	0.01%	-14.3%
DNN	Sell	DENISON MINES CORP	$5,000	-64.3%	10,896	-58.0%	0.00%	-66.7%
HAL	Exit	HALLIBURTON CO	$0	–	-9,169	–	-0.05%	–
E	Exit	ENI S P Asponsored adr	$0	–	-7,523	–	-0.06%	–
SGDM	Exit	ALPS ETF TRsprott gl mine	$0	–	-12,713	–	-0.07%	–
USAS	Exit	AMERICAS SILVER CORP	$0	–	-212,866	–	-0.15%	–
GTE	Exit	GRAN TIERRA ENERGY INC	$0	–	-16,500	–	-6.23%	–

Q2 2019

			Value		Shares		↓ Weighting
WPM	New	WHEATON PRECIOUS METALS CORP	$30,248,000	–	1,009,021	–	7.19%	–
GTE	New	GRAN TIERRA ENERGY INC	$26,235,000	–	16,500	–	6.23%	–
PAAS	New	PAN AMERICAN SILVER CORP	$19,674,000	–	1,337,905	–	4.68%	–
SAND	New	SANDSTORM GOLD LTD	$15,213,000	–	2,746,063	–	3.62%	–
MAG	New	MAG SILVER CORP	$13,772,000	–	1,153,854	–	3.27%	–
SILV	New	SILVERCREST METALS INC	$12,424,000	–	2,483,389	–	2.95%	–
GOLD	New	BARRICK GOLD CORPORATION	$11,052,000	–	697,727	–	2.63%	–
HP	New	HELMERICH & PAYNE INC	$10,764,000	–	212,648	–	2.56%	–
PVG	New	PRETIUM RES INC	$10,665,000	–	928,512	–	2.53%	–
SSRM	New	SSR MNG INC	$10,295,000	–	600,570	–	2.45%	–
GNTX	New	GENTEX CORP	$9,844,000	–	400,000	–	2.34%	–
BTG	New	B2GOLD CORP	$9,731,000	–	2,732,156	–	2.31%	–
KW	New	KENNEDY-WILSON HLDGS INC	$9,621,000	–	467,729	–	2.29%	–
BEN	New	FRANKLIN RES INC	$9,570,000	–	275,000	–	2.27%	–
FSM	New	FORTUNA SILVER MINES INC	$9,464,000	–	2,624,164	–	2.25%	–
LRCX	New	LAM RESEARCH CORP	$9,392,000	–	50,000	–	2.23%	–
WLK	New	WESTLAKE CHEM CORP	$9,377,000	–	135,000	–	2.23%	–
FNV	New	FRANCO NEVADA CORP	$9,068,000	–	106,835	–	2.16%	–
WDC	New	WESTERN DIGITAL CORP	$9,035,000	–	190,000	–	2.15%	–
SA	New	SEABRIDGE GOLD INC	$8,858,000	–	571,287	–	2.10%	–
THO	New	THOR INDS INC	$8,768,000	–	150,000	–	2.08%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$8,589,000	–	40,292	–	2.04%	–
AEM	New	AGNICO EAGLE MINES LTD	$8,295,000	–	154,398	–	1.97%	–
KL	New	KIRKLAND LAKE GOLD LTD	$7,991,000	–	152,676	–	1.90%	–
CRUS	New	CIRRUS LOGIC INC	$7,866,000	–	180,000	–	1.87%	–
AAPL	New	APPLE INC	$7,048,000	–	35,610	–	1.68%	–
EMX	New	EMX RTY CORP	$6,656,000	–	5,454,902	–	1.58%	–
AG	New	FIRST MAJESTIC SILVER CORP	$5,937,000	–	589,998	–	1.41%	–
APAM	New	ARTISAN PARTNERS ASSET MGMTcl a	$5,779,000	–	210,000	–	1.37%	–
FHI	New	FEDERATED INVS INC PAcl b	$4,875,000	–	150,000	–	1.16%	–
RS	New	RELIANCE STEEL & ALUMINUM CO	$4,731,000	–	50,000	–	1.12%	–
BIIB	New	BIOGEN INC	$4,677,000	–	20,000	–	1.11%	–
CDE	New	COEUR MNG INC	$4,614,000	–	812,793	–	1.10%	–
XOM	New	EXXON MOBIL CORP	$4,609,000	–	60,150	–	1.10%	–
CALM	New	CAL MAINE FOODS INC	$4,352,000	–	104,317	–	1.03%	–
FRPH	New	FRP HLDGS INC	$3,904,000	–	70,000	–	0.93%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$3,835,000	–	150,021	–	0.91%	–
BKE	New	BUCKLE INC	$3,808,000	–	220,000	–	0.90%	–
ACA	New	ARCOSA INC	$3,763,000	–	100,000	–	0.89%	–
IBA	New	INDUSTRIAS BACHOCO S A B DEspon adr b	$3,569,000	–	70,438	–	0.85%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$3,314,000	–	151,834	–	0.79%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$3,222,000	–	30,500	–	0.77%	–
MMI	New	MARCUS & MILLICHAP INC	$3,085,000	–	100,000	–	0.73%	–
RGLD	New	ROYAL GOLD INC	$3,075,000	–	30,001	–	0.73%	–
SVM	New	SILVERCORP METALS INC	$2,995,000	–	959,867	–	0.71%	–
NXE	New	NEXGEN ENERGY LTD	$2,554,000	–	1,361,976	–	0.61%	–
KGC	New	KINROSS GOLD CORP	$2,336,000	–	504,941	–	0.56%	–
EXK	New	ENDEAVOUR SILVER CORP	$2,045,000	–	759,100	–	0.49%	–
IAG	New	IAMGOLD CORP	$2,005,000	–	498,677	–	0.48%	–
HL	New	HECLA MNG CO	$1,976,000	–	838,325	–	0.47%	–
ECA	New	ENCANA CORP	$1,725,000	–	336,314	–	0.41%	–
AXU	New	ALEXCO RESOURCE CORP	$1,580,000	–	645,430	–	0.38%	–
SND	New	SMART SAND INC	$1,464,000	–	600,000	–	0.35%	–
NEM	New	NEWMONT GOLDCORP CORPORATION	$1,359,000	–	35,337	–	0.32%	–
GPL	New	GREAT PANTHER MINING LIMITED	$1,343,000	–	1,348,115	–	0.32%	–
GORO	New	GOLD RESOURCE CORP	$1,284,000	–	290,200	–	0.30%	–
UEC	New	URANIUM ENERGY CORP	$1,213,000	–	867,177	–	0.29%	–
AAU	New	ALMADEN MINERALS LTD	$1,185,000	–	1,859,410	–	0.28%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUSTunit	$1,020,000	–	90,070	–	0.24%	–
MMX	New	MAVERIX METALS INC	$949,000	–	190,683	–	0.23%	–
AMGN	New	AMGEN INC	$921,000	–	5,000	–	0.22%	–
CCJ	New	CAMECO CORP	$904,000	–	84,211	–	0.22%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$786,000	–	75,298	–	0.19%	–
SHY	New	ISHARES TR1 3 yr treas bd	$769,000	–	9,069	–	0.18%	–
PSLV	New	SPROTT PHYSICAL SILVER TRtr unit	$682,000	–	119,360	–	0.16%	–
TMQ	New	TRILOGY METALS INC NEW	$668,000	–	226,311	–	0.16%	–
USAS	New	AMERICAS SILVER CORP	$647,000	–	212,866	–	0.15%	–
AUG	New	AURYN RES INC	$619,000	–	301,700	–	0.15%	–
SBLK	New	STAR BULK CARRIERS CORP	$576,000	–	59,732	–	0.14%	–
TPL	New	TEXAS PAC LD TRsub ctf prop i t	$569,000	–	723	–	0.14%	–
BIL	New	SPDR SERIES TRUSTspdr bloomberg	$499,000	–	5,450	–	0.12%	–
PHX	New	PANHANDLE OIL AND GAS INCcl a	$456,000	–	34,991	–	0.11%	–
FUND	New	SPROTT FOCUS TR INC	$414,000	–	61,420	–	0.10%	–
NTR	New	NUTRIEN LTD	$403,000	–	7,546	–	0.10%	–
ICAD	New	ICAD INC	$389,000	–	61,000	–	0.09%	–
IAU	New	ISHARES GOLD TRUSTishares	$376,000	–	27,820	–	0.09%	–
MPC	New	MARATHON PETE CORP	$367,000	–	6,566	–	0.09%	–
SPPP	New	SPROTT PHYSICAL PLAT PALLADunit	$348,000	–	30,200	–	0.08%	–
TLT	New	ISHARES TR20 yr tr bd etf	$322,000	–	2,426	–	0.08%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$299,000	–	22,610	–	0.07%	–
SGDM	New	ALPS ETF TRsprott gl mine	$280,000	–	12,713	–	0.07%	–
WRN	New	WESTERN COPPER & GOLD CORP	$253,000	–	312,500	–	0.06%	–
E	New	ENI S P Asponsored adr	$248,000	–	7,523	–	0.06%	–
AMZN	New	AMAZON COM INC	$227,000	–	120	–	0.05%	–
BSM	New	BLACK STONE MINERALS L P	$220,000	–	14,197	–	0.05%	–
HAL	New	HALLIBURTON CO	$209,000	–	9,169	–	0.05%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$165,000	–	14,200	–	0.04%	–
NGD	New	NEW GOLD INC CDA	$159,000	–	165,239	–	0.04%	–
EGI	New	ENTREE RES LTD	$123,000	–	378,400	–	0.03%	–
PLG	New	PLATINUM GROUP METALS LTD	$80,000	–	46,472	–	0.02%	–
AUY	New	YAMANA GOLD INC	$75,000	–	29,750	–	0.02%	–
THM	New	INTERNATIONAL TOWER HILL MIN	$31,000	–	56,200	–	0.01%	–
IIPR	New	INNOVATIVE INDL PPTYS INC	$29,000	–	37,672	–	0.01%	–
NAK	New	NORTHERN DYNASTY MINERALS LT	$15,000	–	25,000	–	0.00%	–
DNN	New	DENISON MINES CORP	$14,000	–	25,928	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
IIPR	Exit	INNOVATIVE INDL PPTYS INC	$0	–	-37,672	–	-0.00%	–
THM	Exit	INTERNATIONAL TOWER HILL MIN	$0	–	-31,200	–	-0.00%	–
DNN	Exit	DENISON MINES CORP	$0	–	-28,808	–	-0.01%	–
DRD	Exit	DRDGOLD LIMITEDspon adr repstg	$0	–	-10,000	–	-0.01%	–
AKG	Exit	ASANKO GOLD INC	$0	–	-67,879	–	-0.01%	–
TMQ	Exit	TRILOGY METALS INC NEW	$0	–	-26,700	–	-0.01%	–
EGI	Exit	ENTREE RES LTD	$0	–	-161,368	–	-0.02%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-309,282	–	-0.02%	–
ICAD	Exit	ICAD INC	$0	–	-46,000	–	-0.03%	–
SBGL	Exit	SIBANYE STILLWATERsponsored adr	$0	–	-66,201	–	-0.04%	–
SGDM	Exit	ALPS ETF TRsprott gl mine	$0	–	-12,145	–	-0.05%	–
GAIN	Exit	GLADSTONE INVT CORP	$0	–	-17,000	–	-0.05%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-14,200	–	-0.05%	–
CORN	Exit	TEUCRIUM COMMODITY TR	$0	–	-13,100	–	-0.05%	–
WEAT	Exit	TEUCRIUM COMMODITY TRwheat fd	$0	–	-36,550	–	-0.06%	–
IAU	Exit	ISHARES GOLD TRUSTishares	$0	–	-21,072	–	-0.06%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-2,143	–	-0.06%	–
NTR	Exit	NUTRIEN LTD	$0	–	-4,414	–	-0.06%	–
JO	Exit	BARCLAYS BK PLCipath b coffee	$0	–	-7,506	–	-0.07%	–
SHY	Exit	ISHARES TR1 3 yr treas bd	$0	–	-4,072	–	-0.08%	–
SLV	Exit	ISHARES SILVER TRUSTishares	$0	–	-26,754	–	-0.09%	–
TAHO	Exit	TAHOE RES INC	$0	–	-143,321	–	-0.10%	–
FUND	Exit	SPROTT FOCUS TR INC	$0	–	-57,137	–	-0.10%	–
UUUUWS	Exit	ENERGY FUELS INC*w exp 09/20/202	$0	–	-277,778	–	-0.12%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRtr unit	$0	–	-93,000	–	-0.12%	–
GPL	Exit	GREAT PANTHER SILVER LTD	$0	–	-496,632	–	-0.14%	–
ASM	Exit	AVINO SILVER & GOLD MINES LT	$0	–	-750,000	–	-0.15%	–
IAG	Exit	IAMGOLD CORP	$0	–	-170,254	–	-0.16%	–
MDM	Exit	MOUNTAIN PROV DIAMONDS INC	$0	–	-319,437	–	-0.17%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-89,483	–	-0.17%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUSTunit	$0	–	-76,535	–	-0.18%	–
UEC	Exit	URANIUM ENERGY CORP	$0	–	-421,432	–	-0.19%	–
USAS	Exit	AMERICAS SILVER CORP	$0	–	-256,866	–	-0.20%	–
SPPP	Exit	SPROTT PHYSICAL PLAT PALLADunit	$0	–	-91,800	–	-0.20%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-749,648	–	-0.24%	–
CCJ	Exit	CAMECO CORP	$0	–	-88,747	–	-0.25%	–
AUG	Exit	AURYN RES INC	$0	–	-816,500	–	-0.26%	–
LLEXQ	Exit	LILIS ENERGY INC	$0	–	-200,000	–	-0.32%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-287,428	–	-0.41%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-581,239	–	-0.42%	–
SND	Exit	SMART SAND INC	$0	–	-482,500	–	-0.50%	–
EXK	Exit	ENDEAVOUR SILVER CORP	$0	–	-690,500	–	-0.51%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-25,000	–	-0.52%	–
CEF	Exit	SPROTT PHYSICAL GOLD & SILVEtr unit	$0	–	-205,680	–	-0.60%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-32,097	–	-0.62%	–
GSV	Exit	GOLD STD VENTURES CORP	$0	–	-1,176,300	–	-0.62%	–
GRMN	Exit	GARMIN LTD	$0	–	-36,500	–	-0.64%	–
NSU	Exit	NEVSUN RES LTD	$0	–	-496,854	–	-0.64%	–
HL	Exit	HECLA MNG CO	$0	–	-765,625	–	-0.69%	–
AAU	Exit	ALMADEN MINERALS LTD	$0	–	-4,323,193	–	-0.73%	–
SVM	Exit	SILVERCORP METALS INC	$0	–	-1,019,967	–	-0.78%	–
NXE	Exit	NEXGEN ENERGY LTD	$0	–	-1,312,990	–	-0.80%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-264,991	–	-0.82%	–
GDX	Exit	VANECK VECTORS ETF TRgold miners etf	$0	–	-176,443	–	-0.82%	–
VCSH	Exit	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$0	–	-32,900	–	-0.83%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-18,542	–	-0.99%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-60,500	–	-0.99%	–
MMI	Exit	MARCUS & MILLICHAP INC	$0	–	-122,500	–	-1.06%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-4,365,588	–	-1.08%	–
IBA	Exit	INDUSTRIAS BACHOCO S A B DEspon adr b	$0	–	-87,414	–	-1.18%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-366,987	–	-1.19%	–
AMGN	Exit	AMGEN INC	$0	–	-24,200	–	-1.25%	–
EMX	Exit	EMX RTY CORP	$0	–	-4,212,185	–	-1.28%	–
BKE	Exit	BUCKLE INC	$0	–	-236,000	–	-1.36%	–
AG	Exit	FIRST MAJESTIC SILVER CORP	$0	–	-832,120	–	-1.44%	–
CDE	Exit	COEUR MNG INC	$0	–	-860,218	–	-1.45%	–
FHI	Exit	FEDERATED INVS INC PAcl b	$0	–	-245,000	–	-1.48%	–
GME	Exit	GAMESTOP CORP NEWcl a	$0	–	-387,500	–	-1.48%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-97,000	–	-1.51%	–
BTG	Exit	B2GOLD CORP	$0	–	-2,272,245	–	-1.51%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-1,254,614	–	-1.53%	–
APAM	Exit	ARTISAN PARTNERS ASSET MGMTcl a	$0	–	-194,000	–	-1.57%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-177,081	–	-1.64%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-180,252	–	-1.66%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-79,000	–	-1.68%	–
CALM	Exit	CAL MAINE FOODS INC	$0	–	-143,828	–	-1.74%	–
MAG	Exit	MAG SILVER CORP	$0	–	-784,989	–	-1.75%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-115,007	–	-1.80%	–
SSRM	Exit	SSR MNG INC	$0	–	-730,667	–	-1.97%	–
SAFM	Exit	SANDERSON FARMS INC	$0	–	-78,062	–	-2.02%	–
SILV	Exit	SILVERCREST METALS INC	$0	–	-2,756,350	–	-2.11%	–
THO	Exit	THOR INDS INC	$0	–	-110,000	–	-2.30%	–
CRUS	Exit	CIRRUS LOGIC INC	$0	–	-250,000	–	-2.41%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-343,000	–	-2.61%	–
GNTX	Exit	GENTEX CORP	$0	–	-510,000	–	-2.74%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-72,500	–	-2.75%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-160,753	–	-2.76%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-3,061,159	–	-2.85%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-206,000	–	-3.01%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-525,831	–	-3.08%	–
GOLD	Exit	RANDGOLD RES LTDadr	$0	–	-157,766	–	-3.11%	–
AAPL	Exit	APPLE INC	$0	–	-55,700	–	-3.14%	–
KW	Exit	KENNEDY-WILSON HLDGS INC	$0	–	-616,081	–	-3.31%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-733,167	–	-4.00%	–
PAAS	Exit	PAN AMERICAN SILVER CORP	$0	–	-934,703	–	-4.04%	–
PVG	Exit	PRETIUM RES INC	$0	–	-1,949,487	–	-4.32%	–

Q3 2018

			Value		Shares		↓ Weighting
PVG	Buy	PRETIUM RES INC	$17,276,000	+7.2%	1,949,487	+5.6%	4.32%	+30.8%
PAAS	Buy	PAN AMERICAN SILVER CORP	$16,163,000	-14.4%	934,703	+5.1%	4.04%	+4.4%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$16,003,000	-25.9%	733,167	-5.0%	4.00%	-9.5%
KW	Sell	KENNEDY-WILSON HLDGS INC	$13,246,000	+0.4%	616,081	-1.3%	3.31%	+22.5%
AAPL	Sell	APPLE INC	$12,573,000	-1.1%	55,700	-18.9%	3.14%	+20.7%
GOLD	Buy	RANDGOLD RES LTDadr	$12,439,000	+30.2%	157,766	+38.2%	3.11%	+58.9%
KL	Sell	KIRKLAND LAKE GOLD LTD	$12,332,000	-17.3%	525,831	-5.8%	3.08%	+0.9%
WDC	Buy	WESTERN DIGITAL CORP	$12,059,000	+9.7%	206,000	+45.1%	3.01%	+33.9%
SAND	Buy	SANDSTORM GOLD LTD	$11,418,000	-15.5%	3,061,159	+1.9%	2.85%	+3.1%
HP	Buy	HELMERICH & PAYNE INC	$11,055,000	+11.3%	160,753	+3.2%	2.76%	+35.8%
LRCX	Buy	LAM RESEARCH CORP	$10,998,000	-1.3%	72,500	+12.4%	2.75%	+20.4%
GNTX	Sell	GENTEX CORP	$10,945,000	-8.6%	510,000	-1.9%	2.74%	+11.6%
BEN	Buy	FRANKLIN RES INC	$10,431,000	-0.8%	343,000	+4.6%	2.61%	+21.1%
CRUS	Sell	CIRRUS LOGIC INC	$9,650,000	-5.0%	250,000	-5.7%	2.41%	+16.0%
THO	Sell	THOR INDS INC	$9,207,000	-15.2%	110,000	-1.3%	2.30%	+3.5%
SILV	New	SILVERCREST METALS INC	$8,429,000	–	2,756,350	–	2.11%	–
SAFM	Sell	SANDERSON FARMS INC	$8,069,000	-12.7%	78,062	-11.2%	2.02%	+6.6%
SSRM	Buy	SSR MNG INC	$7,890,000	-5.4%	730,667	+8.7%	1.97%	+15.5%
FNV	Buy	FRANCO NEVADA CORP	$7,194,000	-13.6%	115,007	+0.8%	1.80%	+5.5%
MAG	Buy	MAG SILVER CORP	$7,015,000	-14.6%	784,989	+23.3%	1.75%	+4.3%
CALM	Sell	CAL MAINE FOODS INC	$6,947,000	-19.8%	143,828	-23.9%	1.74%	-2.1%
XOM	Sell	EXXON MOBIL CORP	$6,717,000	+1.5%	79,000	-1.2%	1.68%	+23.9%
AEM	Sell	AGNICO EAGLE MINES LTD	$6,628,000	-27.9%	180,252	-3.0%	1.66%	-12.0%
NEM	Sell	NEWMONT MINING CORP	$6,553,000	-47.7%	177,081	-33.6%	1.64%	-36.1%
APAM	Sell	ARTISAN PARTNERS ASSET MGMTcl a	$6,285,000	+5.8%	194,000	-1.5%	1.57%	+29.2%
FSM	Sell	FORTUNA SILVER MINES INC	$6,124,000	-24.1%	1,254,614	-0.9%	1.53%	-7.4%
BTG	Buy	B2GOLD CORP	$6,024,000	-9.1%	2,272,245	+4.7%	1.51%	+10.9%
FRPH	Sell	FRP HLDGS INC	$6,024,000	-24.0%	97,000	-20.8%	1.51%	-7.3%
GME	Sell	GAMESTOP CORP NEWcl a	$5,917,000	+0.3%	387,500	-4.3%	1.48%	+22.4%
FHI	Buy	FEDERATED INVS INC PAcl b	$5,909,000	+12.6%	245,000	+8.9%	1.48%	+37.4%
CDE	Buy	COEUR MNG INC	$5,790,000	-28.2%	860,218	+2.4%	1.45%	-12.4%
AG	Buy	FIRST MAJESTIC SILVER CORP	$5,743,000	+30.3%	832,120	+78.6%	1.44%	+59.0%
BKE	Sell	BUCKLE INC	$5,440,000	-15.7%	236,000	-1.7%	1.36%	+2.9%
EMX	Buy	EMX RTY CORP	$5,139,000	+23.4%	4,212,185	+3.2%	1.28%	+50.6%
AMGN	Sell	AMGEN INC	$5,016,000	+10.9%	24,200	-1.2%	1.25%	+35.4%
SA	Buy	SEABRIDGE GOLD INC	$4,752,000	+21.1%	366,987	+4.3%	1.19%	+47.8%
IBA	Sell	INDUSTRIAS BACHOCO S A B DEspon adr b	$4,740,000	-7.7%	87,414	-1.7%	1.18%	+12.7%
NGD	Buy	NEW GOLD INC CDA	$4,317,000	+4492.6%	4,365,588	+9471.6%	1.08%	+5578.9%
MMI	Sell	MARCUS & MILLICHAP INC	$4,252,000	-13.5%	122,500	-2.8%	1.06%	+5.6%
WSM	Sell	WILLIAMS SONOMA INC	$3,976,000	-19.0%	60,500	-24.4%	0.99%	-1.2%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$3,970,000	+15.0%	18,542	+0.2%	0.99%	+40.3%
GDX	Buy	VANECK VECTORS ETF TRgold miners etf	$3,268,000	-14.6%	176,443	+2.9%	0.82%	+4.2%
GG	Sell	GOLDCORP INC NEW	$3,259,000	-33.5%	264,991	-11.2%	0.82%	-18.7%
NXE	Sell	NEXGEN ENERGY LTD	$3,205,000	+4.5%	1,312,990	-4.3%	0.80%	+27.5%
SVM	Buy	SILVERCORP METALS INC	$3,122,000	-7.8%	1,019,967	+1.0%	0.78%	+12.4%
AAU	Sell	ALMADEN MINERALS LTD	$2,909,000	-12.9%	4,323,193	-0.9%	0.73%	+6.3%
HL	Buy	HECLA MNG CO	$2,757,000	+19.6%	765,625	+51.8%	0.69%	+46.0%
NSU	Sell	NEVSUN RES LTD	$2,559,000	-75.1%	496,854	-82.3%	0.64%	-69.6%
GRMN	Sell	GARMIN LTD	$2,557,000	-14.5%	36,500	-25.5%	0.64%	+4.4%
GSV	Sell	GOLD STD VENTURES CORP	$2,502,000	+22.5%	1,176,300	-0.2%	0.62%	+49.5%
RGLD	Buy	ROYAL GOLD INC	$2,473,000	-15.2%	32,097	+2.2%	0.62%	+3.5%
CEF	Buy	SPROTT PHYSICAL GOLD & SILVEtr unit	$2,402,000	+1304.7%	205,680	+1405.2%	0.60%	+1614.3%
EXK	New	ENDEAVOUR SILVER CORP	$2,048,000	–	690,500	–	0.51%	–
SND	Sell	SMART SAND INC	$1,983,000	-29.7%	482,500	-4.9%	0.50%	-14.0%
AUY	Buy	YAMANA GOLD INC	$1,660,000	+195.9%	581,239	+199.1%	0.42%	+260.9%
AGI	Sell	ALAMOS GOLD INC NEW	$1,636,000	-64.7%	287,428	-56.1%	0.41%	-56.9%
LLEXQ	New	LILIS ENERGY INC	$1,265,000	–	200,000	–	0.32%	–
AUG	Buy	AURYN RES INC	$1,030,000	+345.9%	816,500	+284.6%	0.26%	+446.8%
CCJ	Sell	CAMECO CORP	$1,012,000	-5.1%	88,747	-6.4%	0.25%	+16.1%
AXU	Buy	ALEXCO RESOURCE CORP	$957,000	-17.7%	749,648	+8.8%	0.24%	+0.4%
SPPP	Sell	SPROTT PHYSICAL PLAT PALLADunit	$806,000	+6.2%	91,800	-0.3%	0.20%	+29.7%
USAS	Sell	AMERICAS SILVER CORP	$782,000	-52.4%	256,866	-35.8%	0.20%	-42.1%
UEC	Buy	URANIUM ENERGY CORP	$766,000	+60.3%	421,432	+55.3%	0.19%	+94.9%
PHYS	Sell	SPROTT PHYSICAL GOLD TRUSTunit	$731,000	-17.1%	76,535	-11.7%	0.18%	+1.1%
OR	Buy	OSISKO GOLD ROYALTIES LTD	$679,000	-7.0%	89,483	+15.9%	0.17%	+13.3%
MDM	Sell	MOUNTAIN PROV DIAMONDS INC	$671,000	-15.5%	319,437	-1.5%	0.17%	+3.1%
IAG	Buy	IAMGOLD CORP	$627,000	+118.5%	170,254	+243.3%	0.16%	+166.1%
GPL	Sell	GREAT PANTHER SILVER LTD	$545,000	-54.9%	496,632	-36.8%	0.14%	-44.9%
PSLV	Sell	SPROTT PHYSICAL SILVER TRtr unit	$494,000	-14.7%	93,000	-5.8%	0.12%	+3.4%
FUND	Buy	SPROTT FOCUS TR INC	$422,000	+5.8%	57,137	+11.9%	0.10%	+28.0%
TAHO	Sell	TAHOE RES INC	$414,000	-97.7%	143,321	-95.0%	0.10%	-97.2%
SLV	Sell	ISHARES SILVER TRUSTishares	$367,000	-57.5%	26,754	-53.8%	0.09%	-48.0%
SHY	Buy	ISHARES TR1 3 yr treas bd	$338,000	+1.8%	4,072	+2.0%	0.08%	+23.5%
JO	New	BARCLAYS BK PLCipath b coffee	$290,000	–	7,506	–	0.07%	–
NTR	New	NUTRIEN LTD	$255,000	–	4,414	–	0.06%	–
TLT	Buy	ISHARES TR20 yr tr bd etf	$251,000	-3.1%	2,143	+0.5%	0.06%	+18.9%
IAU	Buy	ISHARES GOLD TRUSTishares	$241,000	+26.8%	21,072	+33.0%	0.06%	+53.8%
WEAT	Buy	TEUCRIUM COMMODITY TRwheat fd	$228,000	+66.4%	36,550	+69.6%	0.06%	+103.6%
CORN	New	TEUCRIUM COMMODITY TR	$208,000	–	13,100	–	0.05%	–
SGDM	New	ALPS ETF TRsprott gl mine	$189,000	–	12,145	–	0.05%	–
SBGL	New	SIBANYE STILLWATERsponsored adr	$165,000	–	66,201	–	0.04%	–
ICAD	Buy	ICAD INC	$134,000	+57.6%	46,000	+64.3%	0.03%	+94.1%
PLG	New	PLATINUM GROUP METALS LTD	$73,000	–	309,282	–	0.02%	–
EGI	New	ENTREE RES LTD	$61,000	–	161,368	–	0.02%	–
TMQ	New	TRILOGY METALS INC NEW	$53,000	–	26,700	–	0.01%	–
AKG	Sell	ASANKO GOLD INC	$54,000	-45.5%	67,879	-26.9%	0.01%	-35.0%
IIPR	New	INNOVATIVE INDL PPTYS INC	$11,000	–	37,672	–	0.00%	–
TRQ	Exit	TURQUOISE HILL RES LTD	$0	–	-10,000	–	-0.01%	–
BSM	Exit	BLACK STONE MINERALS L P	$0	–	-27,987	–	-0.11%	–
GORO	Exit	GOLD RESOURCE CORP	$0	–	-77,800	–	-0.14%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-64,625	–	-0.17%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTUsponsored adr	$0	–	-147,859	–	-0.53%	–
SYNT	Exit	SYNTEL INC	$0	–	-203,000	–	-1.33%	–
GDX	Exit	VANECK VECTORS ETF TRcall	$0	–	-1,571,900	–	-7.18%	–

Q2 2018

			Value		Shares		↓ Weighting
GDX	New	VANECK VECTORS ETF TRcall	$35,069,000	–	1,571,900	–	7.18%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$21,584,000	–	771,670	–	4.42%	–
PAAS	New	PAN AMERICAN SILVER CORP	$18,885,000	–	888,958	–	3.87%	–
TAHO	New	TAHOE RES INC	$17,674,000	–	2,874,445	–	3.62%	–
PVG	New	PRETIUM RES INC	$16,121,000	–	1,846,669	–	3.30%	–
KL	New	KIRKLAND LAKE GOLD LTD	$14,910,000	–	558,501	–	3.05%	–
SAND	New	SANDSTORM GOLD LTD	$13,514,000	–	3,003,793	–	2.77%	–
KW	New	KENNEDY-WILSON HLDGS INC	$13,196,000	–	623,942	–	2.70%	–
AAPL	New	APPLE INC	$12,717,000	–	68,700	–	2.60%	–
NEM	New	NEWMONT MINING CORP	$12,518,000	–	266,609	–	2.56%	–
GNTX	New	GENTEX CORP	$11,970,000	–	520,000	–	2.45%	–
LRCX	New	LAM RESEARCH CORP	$11,148,000	–	64,500	–	2.28%	–
WDC	New	WESTERN DIGITAL CORP	$10,992,000	–	142,000	–	2.25%	–
THO	New	THOR INDS INC	$10,858,000	–	111,500	–	2.22%	–
BEN	New	FRANKLIN RES INC	$10,512,000	–	328,000	–	2.15%	–
NSU	New	NEVSUN RES LTD	$10,291,000	–	2,807,434	–	2.11%	–
CRUS	New	CIRRUS LOGIC INC	$10,157,000	–	265,000	–	2.08%	–
HP	New	HELMERICH & PAYNE INC	$9,930,000	–	155,749	–	2.03%	–
GOLD	New	RANDGOLD RES LTDadr	$9,554,000	–	114,169	–	1.96%	–
SAFM	New	SANDERSON FARMS INC	$9,240,000	–	87,882	–	1.89%	–
AEM	New	AGNICO EAGLE MINES LTD	$9,190,000	–	185,808	–	1.88%	–
CALM	New	CAL MAINE FOODS INC	$8,661,000	–	188,905	–	1.77%	–
SSRM	New	SSR MNG INC	$8,338,000	–	671,905	–	1.71%	–
FNV	New	FRANCO NEVADA CORP	$8,327,000	–	114,047	–	1.70%	–
MAG	New	MAG SILVER CORP	$8,215,000	–	636,512	–	1.68%	–
FSM	New	FORTUNA SILVER MINES INC	$8,069,000	–	1,265,609	–	1.65%	–
CDE	New	COEUR MNG INC	$8,068,000	–	840,134	–	1.65%	–
FRPH	New	FRP HLDGS INC	$7,931,000	–	122,500	–	1.62%	–
BTG	New	B2GOLD CORP	$6,629,000	–	2,170,213	–	1.36%	–
XOM	New	EXXON MOBIL CORP	$6,618,000	–	80,000	–	1.36%	–
SYNT	New	SYNTEL INC	$6,514,000	–	203,000	–	1.33%	–
BKE	New	BUCKLE INC	$6,456,000	–	240,000	–	1.32%	–
APAM	New	ARTISAN PARTNERS ASSET MGMTcl a	$5,939,000	–	197,000	–	1.22%	–
GME	New	GAMESTOP CORP NEWcl a	$5,900,000	–	405,000	–	1.21%	–
FHI	New	FEDERATED INVS INC PAcl b	$5,247,000	–	225,000	–	1.08%	–
IBA	New	INDUSTRIAS BACHOCO S A B DEspon adr b	$5,134,000	–	88,914	–	1.05%	–
MMI	New	MARCUS & MILLICHAP INC	$4,915,000	–	126,000	–	1.01%	–
WSM	New	WILLIAMS SONOMA INC	$4,910,000	–	80,000	–	1.01%	–
GG	New	GOLDCORP INC NEW	$4,898,000	–	298,455	–	1.00%	–
AGI	New	ALAMOS GOLD INC NEW	$4,637,000	–	654,428	–	0.95%	–
AMGN	New	AMGEN INC	$4,522,000	–	24,500	–	0.93%	–
AG	New	FIRST MAJESTIC SILVER CORP	$4,408,000	–	465,854	–	0.90%	–
EMX	New	EMX RTY CORP	$4,166,000	–	4,079,806	–	0.85%	–
SA	New	SEABRIDGE GOLD INC	$3,924,000	–	351,987	–	0.80%	–
GDX	New	VANECK VECTORS ETF TRgold miners etf	$3,826,000	–	171,522	–	0.78%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$3,453,000	–	18,500	–	0.71%	–
SVM	New	SILVERCORP METALS INC	$3,387,000	–	1,009,867	–	0.69%	–
VCSH	New	VANGUARD SCOTTSDALE FDSshrt trm corp bd	$3,374,000	–	32,900	–	0.69%	–
AAU	New	ALMADEN MINERALS LTD	$3,338,000	–	4,362,011	–	0.68%	–
NXE	New	NEXGEN ENERGY LTD	$3,066,000	–	1,372,670	–	0.63%	–
GRMN	New	GARMIN LTD	$2,989,000	–	49,000	–	0.61%	–
RGLD	New	ROYAL GOLD INC	$2,916,000	–	31,415	–	0.60%	–
SND	New	SMART SAND INC	$2,819,000	–	507,500	–	0.58%	–
WLK	New	WESTLAKE CHEM CORP	$2,690,000	–	25,000	–	0.55%	–
BVN	New	COMPANIA DE MINAS BUENAVENTUsponsored adr	$2,566,000	–	147,859	–	0.53%	–
HL	New	HECLA MNG CO	$2,305,000	–	504,425	–	0.47%	–
GSV	New	GOLD STD VENTURES CORP	$2,043,000	–	1,178,800	–	0.42%	–
USAS	New	AMERICAS SILVER CORP	$1,644,000	–	400,000	–	0.34%	–
GPL	New	GREAT PANTHER SILVER LTD	$1,208,000	–	786,200	–	0.25%	–
ASM	New	AVINO SILVER & GOLD MINES LT	$1,182,000	–	750,000	–	0.24%	–
AXU	New	ALEXCO RESOURCE CORP	$1,163,000	–	688,748	–	0.24%	–
CCJ	New	CAMECO CORP	$1,066,000	–	94,805	–	0.22%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUSTunit	$882,000	–	86,644	–	0.18%	–
SLV	New	ISHARES SILVER TRUSTishares	$864,000	–	57,945	–	0.18%	–
GOLD	New	BARRICK GOLD CORP	$848,000	–	64,625	–	0.17%	–
MDM	New	MOUNTAIN PROV DIAMONDS INC	$794,000	–	324,418	–	0.16%	–
SPPP	New	SPROTT PHYSICAL PLAT PALLADunit	$759,000	–	92,080	–	0.16%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$730,000	–	77,188	–	0.15%	–
GORO	New	GOLD RESOURCE CORP	$673,000	–	77,800	–	0.14%	–
PSLV	New	SPROTT PHYSICAL SILVER TRtr unit	$579,000	–	98,690	–	0.12%	–
AUY	New	YAMANA GOLD INC	$561,000	–	194,319	–	0.12%	–
BSM	New	BLACK STONE MINERALS L P	$517,000	–	27,987	–	0.11%	–
UEC	New	URANIUM ENERGY CORP	$478,000	–	271,432	–	0.10%	–
FUND	New	SPROTT FOCUS TR INC	$399,000	–	51,059	–	0.08%	–
SHY	New	ISHARES TR1 3 yr treas bd	$332,000	–	3,994	–	0.07%	–
IAG	New	IAMGOLD CORP	$287,000	–	49,600	–	0.06%	–
UUUUWS	New	ENERGY FUELS INC*w exp 09/20/202	$277,000	–	277,778	–	0.06%	–
TLT	New	ISHARES TR20 yr tr bd etf	$259,000	–	2,133	–	0.05%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$245,000	–	14,200	–	0.05%	–
AUG	New	AURYN RES INC	$231,000	–	212,300	–	0.05%	–
GAIN	New	GLADSTONE INVT CORP	$200,000	–	17,000	–	0.04%	–
IAU	New	ISHARES GOLD TRUSTishares	$190,000	–	15,848	–	0.04%	–
CEF	New	SPROTT PHYSICAL GOLD & SILVEtr unit	$171,000	–	13,665	–	0.04%	–
WEAT	New	TEUCRIUM COMMODITY TRwheat fd	$137,000	–	21,550	–	0.03%	–
AKG	New	ASANKO GOLD INC	$99,000	–	92,879	–	0.02%	–
NGD	New	NEW GOLD INC CDA	$94,000	–	45,610	–	0.02%	–
ICAD	New	ICAD INC	$85,000	–	28,000	–	0.02%	–
TRQ	New	TURQUOISE HILL RES LTD	$28,000	–	10,000	–	0.01%	–
DRD	New	DRDGOLD LIMITEDspon adr repstg	$25,000	–	10,000	–	0.01%	–
DNN	New	DENISON MINES CORP	$14,000	–	28,808	–	0.00%	–
THM	New	INTERNATIONAL TOWER HILL MIN	$15,000	–	31,200	–	0.00%	–

Q4 2017

			Value		Shares		↓ Weighting
DNN	Exit	DENISON MINES CORP	$0	–	-39,013	–	-0.01%	–
NAK	Exit	NORTHERN DYNASTY MINERALS	$0	–	-16,000	–	-0.01%	–
VGZ	Exit	VISTA GOLD CORP	$0	–	-43,166	–	-0.01%	–
THM	Exit	INTERNATIONAL TOWER HILL MINES	$0	–	-63,500	–	-0.01%	–
DRD	Exit	DRDGOLD LIMITED SPON ADR	$0	–	-10,000	–	-0.01%	–
EGO	Exit	ELDORADO GOLD CORP	$0	–	-17,750	–	-0.01%	–
GPL	Exit	GREAT PANTHER SILVER LTD	$0	–	-53,442	–	-0.02%	–
KLDX	Exit	KLONDEX MNS LTD	$0	–	-20,345	–	-0.02%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-22,970	–	-0.02%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-39,750	–	-0.03%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-75,822	–	-0.03%	–
TAHO	Exit	TAHOE RES INC	$0	–	-21,234	–	-0.03%	–
AKG	Exit	ASANKO GOLD INC	$0	–	-133,579	–	-0.03%	–
GSV	Exit	GOLD STD VENTURES CORP	$0	–	-80,900	–	-0.03%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-396,335	–	-0.04%	–
GAIN	Exit	GLADSTONE INVT CORP	$0	–	-17,000	–	-0.04%	–
OASPQ	Exit	OASIS PETE INC	$0	–	-17,800	–	-0.04%	–
UUUUWS	Exit	ENERGY FUELS INCwt	$0	–	-277,778	–	-0.05%	–
IAU	Exit	ISHARES GOLD TRUST	$0	–	-15,764	–	-0.05%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-14,310	–	-0.05%	–
FCX	Exit	FREEPORT-MCMORAN INC CL B	$0	–	-14,200	–	-0.05%	–
ELECW	Exit	ELECTRUM SPL ACQUISITIONwt	$0	–	-618,634	–	-0.05%	–
SHY	Exit	ISHARES 1-3 YR TREASURY BOND	$0	–	-2,394	–	-0.05%	–
SU	Exit	SUNCOR ENERGY INC	$0	–	-6,634	–	-0.06%	–
SGDM	Exit	ALPS ETF TR SPROTT GOLD MINERS	$0	–	-11,145	–	-0.06%	–
VXX	Exit	BARCLAYS BK PLC IPATH S&P500 VIX	$0	–	-6,125	–	-0.06%	–
CORN	Exit	TEUCRIUM COMMODITY TR CORN FD	$0	–	-13,700	–	-0.06%	–
DDC	Exit	DOMINION DIAMOND CORP	$0	–	-17,400	–	-0.06%	–
BLV	Exit	VANGUARD LONG TERM BOND	$0	–	-2,615	–	-0.06%	–
TLT	Exit	ISHARES 20 YR TREASURY BOND	$0	–	-1,981	–	-0.06%	–
AMLP	Exit	ALPS ETF TR ALERIAN MLP	$0	–	-23,811	–	-0.07%	–
WEAT	Exit	TEUCRIUM COMMODITY TR WHEAT FD	$0	–	-41,000	–	-0.07%	–
X	Exit	UNITED STATES STL CORP	$0	–	-12,450	–	-0.08%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-8,505	–	-0.08%	–
URA	Exit	GLOBAL X URANIUM	$0	–	-26,000	–	-0.09%	–
SSRM	Exit	SSR MNG INC	$0	–	-34,400	–	-0.09%	–
	Exit	NEW GOLD INC CDA	$0	–	-105,300	–	-0.10%	–
GG	Exit	GOLDCORP INC	$0	–	-30,527	–	-0.10%	–
AG	Exit	FIRST MAJESTIC SILVER CORP	$0	–	-57,760	–	-0.10%	–
UEC	Exit	URANIUM ENERGY CORP	$0	–	-294,811	–	-0.10%	–
FUND	Exit	SPROTT FOCUS TR INC	$0	–	-61,454	–	-0.12%	–
NXE	Exit	NEXGEN ENERGY LTD	$0	–	-217,300	–	-0.12%	–
AUG	Exit	AURYN RES INC	$0	–	-259,300	–	-0.15%	–
DBA	Exit	POWERSHS DB AGRICUL FD	$0	–	-32,000	–	-0.16%	–
CCJ	Exit	CAMECO CORP	$0	–	-66,650	–	-0.16%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRUST	$0	–	-105,050	–	-0.17%	–
SPPP	Exit	SPROTT PHYSICAL PLAT PALLAD	$0	–	-91,300	–	-0.20%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-62,735	–	-0.21%	–
JDST	Exit	DIREXION DLY JR GOLD 3X	$0	–	-14,500	–	-0.21%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-64,530	–	-0.27%	–
AGI	Exit	ALAMOS GOLD INC	$0	–	-167,900	–	-0.29%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUST	$0	–	-126,094	–	-0.34%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-68,912	–	-0.34%	–
MDM	Exit	MOUNTAIN PROV DIAMONDS INC	$0	–	-428,583	–	-0.35%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-65,000	–	-0.41%	–
ALO	Exit	ALIO GOLD INC	$0	–	-383,330	–	-0.44%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-459,450	–	-0.44%	–
AAU	Exit	ALMADEN MINERALS LTD CL B	$0	–	-1,632,594	–	-0.48%	–
RIC	Exit	RICHMONT MINES INC	$0	–	-217,700	–	-0.52%	–
CRRTQ	Exit	CARBO CERAMICS INC	$0	–	-320,000	–	-0.71%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-32,797	–	-0.72%	–
MMI	Exit	MARCUS & MILLICHAP INC	$0	–	-110,000	–	-0.76%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-717,900	–	-0.80%	–
WSM	Exit	WILLIAMS SONOMA INC	$0	–	-64,000	–	-0.82%	–
BTG	Exit	B2GOLD CORP	$0	–	-1,194,883	–	-0.86%	–
MAG	Exit	MAG SILVER CORP	$0	–	-302,770	–	-0.87%	–
KL	Exit	KIRKLAND LAKE GOLD LTD	$0	–	-279,529	–	-0.92%	–
GDX	Exit	VANECK VECTORS ETF TR GOLD MINERS	$0	–	-181,206	–	-1.06%	–
BKE	Exit	BUCKLE INC	$0	–	-255,000	–	-1.10%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-95,500	–	-1.11%	–
PAAS	Exit	PAN AMERICAN SILVER CORP	$0	–	-256,550	–	-1.12%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-386,300	–	-1.21%	–
GRMN	Exit	GARMIN LTD	$0	–	-88,000	–	-1.22%	–
AMGN	Exit	AMGEN INC	$0	–	-25,600	–	-1.22%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B	$0	–	-30,100	–	-1.41%	–
IBA	Exit	INDUSTRIAS BACHOCO SAB DE SPON ADR	$0	–	-88,914	–	-1.51%	–
MKSI	Exit	MKS INSTRUMENT INC	$0	–	-63,500	–	-1.54%	–
APAM	Exit	ARTISAN PARTNERS ASSET MGMT CL A	$0	–	-190,000	–	-1.58%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-76,100	–	-1.60%	–
SYNT	Exit	SYNTEL INC	$0	–	-320,000	–	-1.61%	–
CRUS	Exit	CIRRUS LOGIC INC	$0	–	-120,000	–	-1.64%	–
FHI	Exit	FEDERATED INVS INC PA CL B	$0	–	-230,000	–	-1.75%	–
EMX	Exit	EMX RTY CORP	$0	–	-8,151,621	–	-1.75%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-38,000	–	-1.80%	–
THO	Exit	THOR INDS INC	$0	–	-57,000	–	-1.84%	–
PVG	Exit	PRETIUM RES INC	$0	–	-777,619	–	-1.84%	–
NSU	Exit	NEVSUN RES LTD	$0	–	-3,417,048	–	-1.91%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-147,112	–	-1.96%	–
SAFM	Exit	SANDERSON FARMS INC	$0	–	-50,000	–	-2.05%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-177,830	–	-2.06%	–
GOLD	Exit	RANDGOLD RES LTD ADR	$0	–	-83,485	–	-2.09%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-100,500	–	-2.14%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-108,217	–	-2.15%	–
GME	Exit	GAMESTOP CORP	$0	–	-445,000	–	-2.35%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-108,500	–	-2.40%	–
GNTX	Exit	GENTEX CORP	$0	–	-505,000	–	-2.56%	–
CALM	Exit	CAL MAINE FOODS INC	$0	–	-243,526	–	-2.56%	–
KW	Exit	KENNEDY-WILSON HLDGS INC	$0	–	-579,102	–	-2.75%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-2,625,352	–	-3.05%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-278,500	–	-3.17%	–
	Exit	VANECK VECTORS ETF TR GOLD MINERS	$0	–	-548,200	–	-3.22%	–
AAPL	Exit	APPLE INC	$0	–	-82,030	–	-3.24%	–
	Exit	VANECK VECTORS ETF TR JR GOLD MINERS	$0	–	-467,700	–	-4.02%	–
CEF	Exit	CENTRAL FD CDA LTD CL A	$0	–	-1,606,640	–	-5.21%	–
	Exit	SPDR GOLD TRUST	$0	–	-302,100	–	-9.40%	–

Q3 2017

			Value		Shares		↓ Weighting
	Sell	SPDR GOLD TRUST	$36,729,000	-76.1%	302,100	-76.8%	9.40%	+64.9%
CEF	Buy	CENTRAL FD CDA LTD CL A	$20,356,000	+3.8%	1,606,640	+1.1%	5.21%	+615.5%
	Sell	VANECK VECTORS ETF TR JR GOLD MINERS	$15,710,000	-81.5%	467,700	-81.6%	4.02%	+27.5%
AAPL	Sell	APPLE INC	$12,642,000	+5.1%	82,030	-1.8%	3.24%	+623.7%
	Sell	VANECK VECTORS ETF TR GOLD MINERS	$12,587,000	-62.4%	548,200	-63.9%	3.22%	+158.9%
BEN	Sell	FRANKLIN RES INC	$12,396,000	-5.5%	278,500	-4.9%	3.17%	+551.3%
SAND	Buy	SANDSTORM GOLD LTD	$11,919,000	+4172.0%	2,625,352	+3545.7%	3.05%	+30400.0%
KW	Buy	KENNEDY-WILSON HLDGS INC	$10,742,000	+4.9%	579,102	+7.7%	2.75%	+621.5%
CALM	Buy	CAL MAINE FOODS INC	$10,009,000	+19.6%	243,526	+15.2%	2.56%	+723.5%
GNTX	Buy	GENTEX CORP	$9,999,000	+24.0%	505,000	+18.8%	2.56%	+755.9%
WDC	Sell	WESTERN DIGITAL CORP	$9,374,000	-14.8%	108,500	-12.6%	2.40%	+486.6%
FNV	Sell	FRANCO NEVADA CORP	$8,385,000	-3.1%	108,217	-9.8%	2.15%	+566.5%
WLK	Sell	WESTLAKE CHEM CORP	$8,351,000	+4.2%	100,500	-16.9%	2.14%	+617.1%
GOLD	Buy	RANDGOLD RES LTD ADR	$8,153,000	+63.0%	83,485	+47.7%	2.09%	+1021.5%
AEM	Sell	AGNICO EAGLE MINES LTD	$8,040,000	-54.9%	177,830	-55.0%	2.06%	+210.7%
SAFM	Sell	SANDERSON FARMS INC	$8,026,000	-27.3%	50,000	-47.6%	2.05%	+401.0%
HP	Buy	HELMERICH & PAYNE INC	$7,666,000	+10.7%	147,112	+15.4%	1.96%	+663.4%
NSU	Sell	NEVSUN RES LTD	$7,449,000	-9.9%	3,417,048	-0.4%	1.91%	+520.8%
PVG	Sell	PRETIUM RES INC	$7,201,000	-44.5%	777,619	-42.4%	1.84%	+282.4%
THO	Buy	THOR INDS INC	$7,177,000	+34.6%	57,000	+11.8%	1.84%	+827.8%
LRCX	Buy	LAM RESEARCH CORP	$7,032,000	+95.0%	38,000	+49.0%	1.80%	+1243.3%
EMX	New	EMX RTY CORP	$6,849,000	–	8,151,621	–	1.75%	–
CRUS	Buy	CIRRUS LOGIC INC	$6,398,000	+6.8%	120,000	+25.7%	1.64%	+634.1%
XOM	Buy	EXXON MOBIL CORP	$6,239,000	+10.2%	76,100	+8.6%	1.60%	+660.5%
MKSI	Sell	MKS INSTRUMENT INC	$5,998,000	+27.3%	63,500	-9.3%	1.54%	+777.1%
IBA	Sell	INDUSTRIAS BACHOCO SAB DE SPON ADR	$5,913,000	-6.1%	88,914	-18.2%	1.51%	+546.6%
BRKB	Sell	BERKSHIRE HATHAWAY INC CL B	$5,518,000	-13.4%	30,100	-20.0%	1.41%	+495.8%
SA	Buy	SEABRIDGE GOLD INC	$4,713,000	+13.3%	386,300	+0.3%	1.21%	+678.1%
PAAS	Sell	PAN AMERICAN SILVER CORP	$4,374,000	-54.9%	256,550	-55.5%	1.12%	+210.0%
BKE	Buy	BUCKLE INC	$4,297,000	+15.0%	255,000	+21.4%	1.10%	+691.4%
GDX	Sell	VANECK VECTORS ETF TR GOLD MINERS	$4,160,000	-3.5%	181,206	-7.2%	1.06%	+565.6%
KL	New	KIRKLAND LAKE GOLD LTD	$3,612,000	–	279,529	–	0.92%	–
MAG	Sell	MAG SILVER CORP	$3,400,000	-78.9%	302,770	-75.5%	0.87%	+45.5%
BTG	Sell	B2GOLD CORP	$3,346,000	-81.6%	1,194,883	-81.5%	0.86%	+27.0%
FSM	Sell	FORTUNA SILVER MINES INC	$3,144,000	-64.9%	717,900	-60.8%	0.80%	+141.7%
RGLD	Buy	ROYAL GOLD INC	$2,822,000	+14.8%	32,797	+4.3%	0.72%	+693.4%
RIC	Sell	RICHMONT MINES INC	$2,035,000	-77.3%	217,700	-81.0%	0.52%	+56.5%
AAU	New	ALMADEN MINERALS LTD CL B	$1,877,000	–	1,632,594	–	0.48%	–
NGD	Buy	NEW GOLD INC CDA	$1,705,000	+265.9%	459,450	+213.3%	0.44%	+2464.7%
ALO	Sell	ALIO GOLD INC	$1,698,000	-43.8%	383,330	-42.5%	0.44%	+288.4%
MDM	Sell	MOUNTAIN PROV DIAMONDS INC	$1,371,000	+4.6%	428,583	-2.0%	0.35%	+616.3%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$1,316,000	-87.7%	68,912	-87.2%	0.34%	-15.5%
PHYS	Buy	SPROTT PHYSICAL GOLD TRUST	$1,316,000	+8.0%	126,094	+4.9%	0.34%	+648.9%
AGI	Sell	ALAMOS GOLD INC	$1,135,000	-80.0%	167,900	-78.7%	0.29%	+38.1%
GOLD	Sell	BARRICK GOLD CORP	$1,038,000	-82.2%	64,530	-82.4%	0.27%	+22.6%
JDST	Buy	DIREXION DLY JR GOLD 3X	$818,000	+71.1%	14,500	+93.3%	0.21%	+1061.1%
OR	Buy	OSISKO GOLD ROYALTIES LTD	$810,000	+11.0%	62,735	+5.0%	0.21%	+666.7%
SPPP	Sell	SPROTT PHYSICAL PLAT PALLAD	$774,000	+1.7%	91,300	-4.3%	0.20%	+607.1%
PSLV	Buy	SPROTT PHYSICAL SILVER TRUST	$660,000	-0.2%	105,050	+0.3%	0.17%	+576.0%
CCJ	Buy	CAMECO CORP	$645,000	+32.7%	66,650	+24.9%	0.16%	+816.7%
AUG	New	AURYN RES INC	$581,000	–	259,300	–	0.15%	–
NXE	Sell	NEXGEN ENERGY LTD	$482,000	-73.1%	217,300	-73.5%	0.12%	+83.6%
FUND	New	SPROTT FOCUS TR INC	$475,000	–	61,454	–	0.12%	–
AG	Sell	FIRST MAJESTIC SILVER CORP	$395,000	-91.1%	57,760	-89.2%	0.10%	-38.8%
GG	Sell	GOLDCORP INC	$396,000	-89.4%	30,527	-89.5%	0.10%	-27.3%
	Sell	NEW GOLD INC CDA	$391,000	-87.1%	105,300	-89.0%	0.10%	-11.5%
SSRM	New	SSR MNG INC	$365,000	–	34,400	–	0.09%	–
URA	New	GLOBAL X URANIUM	$346,000	–	26,000	–	0.09%	–
NEM	Sell	NEWMONT MINING CORP	$319,000	-96.7%	8,505	-97.1%	0.08%	-76.8%
X	New	UNITED STATES STL CORP	$319,000	–	12,450	–	0.08%	–
WEAT	Buy	TEUCRIUM COMMODITY TR WHEAT FD	$270,000	-9.4%	41,000	+7.9%	0.07%	+527.3%
AMLP	Buy	ALPS ETF TR ALERIAN MLP	$267,000	+8.5%	23,811	+15.8%	0.07%	+655.6%
DDC	Sell	DOMINION DIAMOND CORP	$247,000	-8.9%	17,400	-19.4%	0.06%	+530.0%
TLT	New	ISHARES 20 YR TREASURY BOND	$247,000	–	1,981	–	0.06%	–
BLV	New	VANGUARD LONG TERM BOND	$245,000	–	2,615	–	0.06%	–
VXX	New	BARCLAYS BK PLC IPATH S&P500 VIX	$240,000	–	6,125	–	0.06%	–
SU	Sell	SUNCOR ENERGY INC	$232,000	-98.7%	6,634	-98.9%	0.06%	-91.4%
SGDM	Sell	ALPS ETF TR SPROTT GOLD MINERS	$230,000	-89.1%	11,145	-89.7%	0.06%	-24.4%
SHY	New	ISHARES 1-3 YR TREASURY BOND	$202,000	–	2,394	–	0.05%	–
ELECW	New	ELECTRUM SPL ACQUISITIONwt	$198,000	–	618,634	–	0.05%	–
FCX	Sell	FREEPORT-MCMORAN INC CL B	$199,000	-45.2%	14,200	-53.0%	0.05%	+292.3%
IAU	Buy	ISHARES GOLD TRUST	$194,000	+6.0%	15,764	+2.7%	0.05%	+614.3%
PLG	Sell	PLATINUM GROUP METALS LTD	$162,000	-69.0%	396,335	-36.6%	0.04%	+115.8%
GSV	Sell	GOLD STD VENTURES CORP	$131,000	-9.0%	80,900	-4.3%	0.03%	+580.0%
AKG	Sell	ASANKO GOLD INC	$127,000	-98.2%	133,579	-97.1%	0.03%	-87.6%
TAHO	Sell	TAHOE RES INC	$112,000	-98.0%	21,234	-96.8%	0.03%	-86.3%
AXU	Sell	ALEXCO RESOURCE CORP	$110,000	-73.3%	75,822	-75.7%	0.03%	+86.7%
AUY	Sell	YAMANA GOLD INC	$105,000	-23.9%	39,750	-30.0%	0.03%	+440.0%
KGC	Sell	KINROSS GOLD CORP	$97,000	-97.6%	22,970	-97.7%	0.02%	-83.1%
KLDX	Buy	KLONDEX MNS LTD	$74,000	+94.7%	20,345	+80.0%	0.02%	+1800.0%
GPL	Sell	GREAT PANTHER SILVER LTD	$66,000	-96.2%	53,442	-96.1%	0.02%	-73.4%
EGO	Sell	ELDORADO GOLD CORP	$39,000	-79.4%	17,750	-75.3%	0.01%	+42.9%
DNN	Sell	DENISON MINES CORP	$18,000	-10.0%	39,013	-13.2%	0.01%	+400.0%
UUUU	Exit	ENERGY FUELS INC	$0	–	-45,000	–	-0.00%	–
IAG	Exit	IAMGOLD CORP	$0	–	-22,000	–	-0.00%	–
ASM	Exit	AVINO SILVER & GOLD MINES LTD	$0	–	-148,163	–	-0.01%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-45,000	–	-0.01%	–
CTT	Exit	CATCHMARK TIMBER TR INC CL A	$0	–	-24,450	–	-0.01%	–
SPG	Exit	SIMON PPTY GROUP INC	$0	–	-1,600	–	-0.01%	–
HPP	Exit	HUDSON PAC PPTYS INC	$0	–	-9,145	–	-0.01%	–
VXX	Exit	BARCLAYS BK PLC IPATH S&P500 VIX	$0	–	-24,500	–	-0.01%	–
GGP	Exit	GGP INC	$0	–	-14,773	–	-0.01%	–
AQN	Exit	ALGONQUIN PWR UTILS CORP	$0	–	-32,000	–	-0.01%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-3,345	–	-0.01%	–
MELT	Exit	DIREXION DAILY GLD MINE	$0	–	-14,000	–	-0.01%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-4,400	–	-0.01%	–
TAC	Exit	TRANSALTA CORP	$0	–	-60,000	–	-0.01%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-2,665	–	-0.01%	–
FRAC	Exit	KEANE GROUP INC	$0	–	-25,000	–	-0.02%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-15,100	–	-0.02%	–
PLD	Exit	PROLOGIS INC	$0	–	-7,200	–	-0.02%	–
CIO	Exit	CITY OFFICE REIT INC	$0	–	-34,675	–	-0.02%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-32,130	–	-0.02%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-17,032	–	-0.02%	–
CPG	Exit	CRESCENT PT ENERGY CORP	$0	–	-81,140	–	-0.02%	–
EQIX	Exit	EQUINIX INC	$0	–	-1,560	–	-0.02%	–
TD	Exit	TORONTO DOMINION BK	$0	–	-15,100	–	-0.03%	–
RY	Exit	ROYAL BK CDA	$0	–	-10,785	–	-0.03%	–
GDXJ	Exit	VANECK VECTORS ETF TR JR GOLD MINERS	$0	–	-25,025	–	-0.03%	–
AMG	Exit	AFFILIATED MANAGERS GROUP	$0	–	-5,858	–	-0.04%	–
DIS	Exit	DISNEY WALT CO	$0	–	-9,985	–	-0.04%	–
CM	Exit	CDN IMPERIAL BK COMM TORONTO	$0	–	-13,900	–	-0.04%	–
SVM	Exit	SILVERCORP METALS INC	$0	–	-365,800	–	-0.04%	–
BTEGF	Exit	BAYTEX ENERGY CORP	$0	–	-540,000	–	-0.05%	–
INXN	Exit	INTERXION HOLDING NV	$0	–	-29,200	–	-0.05%	–
XYL	Exit	XYLEM INC	$0	–	-27,386	–	-0.06%	–
AMTX	Exit	AEMETIS INC	$0	–	-1,151,373	–	-0.06%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-10,375	–	-0.06%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-1,833	–	-0.06%	–
FDX	Exit	FEDEX CORP	$0	–	-7,650	–	-0.06%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-26,786	–	-0.06%	–
RTN	Exit	RAYTHEON CO	$0	–	-10,695	–	-0.06%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-19,440	–	-0.07%	–
MA	Exit	MASTERCARD INCORPORATED CL A	$0	–	-15,140	–	-0.07%	–
AGN	Exit	ALLERGAN PLC	$0	–	-7,998	–	-0.07%	–
V	Exit	VISA INC CL A	$0	–	-20,826	–	-0.07%	–
AMT	Exit	AMERICAN TOWER CORP	$0	–	-15,605	–	-0.08%	–
EXK	Exit	ENDEAVOUR SILVER CORP	$0	–	-693,316	–	-0.08%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTU SPONSORED ADR	$0	–	-190,795	–	-0.08%	–
MIC	Exit	MACQUARIE INFRASTRUCTURE CORP	$0	–	-30,750	–	-0.09%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-917,513	–	-0.09%	–
SSRI	Exit	SILVER STD RES INC	$0	–	-252,700	–	-0.09%	–
HL	Exit	HECLA MNG CO	$0	–	-610,425	–	-0.12%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-100,000	–	-0.12%	–
CDE	Exit	COEUR MNG INC	$0	–	-489,100	–	-0.16%	–
SND	Exit	SMART SAND INC	$0	–	-600,000	–	-0.20%	–
GSM	Exit	FERROGLOBE PLC	$0	–	-477,738	–	-0.21%	–
CJ	Exit	C&J ENERGY SVCS INC	$0	–	-180,000	–	-0.23%	–
FMSA	Exit	FAIRMOUNT SANTROL HLDGS INC	$0	–	-1,875,000	–	-0.27%	–
EMX	Exit	EURASIAN MINERALS INC	$0	–	-8,838,453	–	-0.30%	–
DHR	Exit	DANAHER CORP	$0	–	-98,100	–	-0.31%	–
PTEN	Exit	PATTERSON UTI ENERGY INC	$0	–	-440,000	–	-0.33%	–
PEP	Exit	PEPSICO INC	$0	–	-80,800	–	-0.35%	–
CPE	Exit	CALLON PETE CO	$0	–	-941,000	–	-0.37%	–
HD	Exit	HOME DEPOT INC	$0	–	-69,100	–	-0.39%	–
WPX	Exit	WPX ENERGY INC	$0	–	-1,150,000	–	-0.41%	–
HCRSQ	Exit	HI-CRUSH PARTNERS LP	$0	–	-1,175,000	–	-0.47%	–
PE	Exit	PARSLEY ENERGY INC CL A	$0	–	-470,000	–	-0.48%	–
PUMP	Exit	PROPETRO HLDG CORP	$0	–	-975,000	–	-0.51%	–
MFC	Exit	MANULIFE FINL CORP	$0	–	-785,295	–	-0.55%	–
SLCA	Exit	U S SILICA HLDGS INC	$0	–	-428,000	–	-0.56%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE INC	$0	–	-280,771	–	-0.69%	–
BPY	Exit	BROOKFIELD PPTY PARTNERS L P	$0	–	-829,610	–	-0.73%	–
CMCSA	Exit	COMCAST CORP	$0	–	-507,303	–	-0.73%	–
NOC	Exit	NORTHROP GRUMMAN CORP	$0	–	-86,700	–	-0.83%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-829,700	–	-0.83%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-494,554	–	-0.88%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-129,960	–	-0.90%	–
FISV	Exit	FISERV INC	$0	–	-209,800	–	-0.95%	–
ENB	Exit	ENBRIDGE INC	$0	–	-676,877	–	-1.00%	–
GIB	Exit	GROUPE CGI INC CL A	$0	–	-555,450	–	-1.05%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERS LP	$0	–	-697,630	–	-1.06%	–
	Exit	ISHARES U.S. REAL ESTATE	$0	–	-1,586,700	–	-4.70%	–
	Exit	SPDR EURO STOXX 50	$0	–	-4,000,000	–	-5.72%	–
	Exit	SELECT SECTOR SPDR UTILS	$0	–	-3,488,200	–	-6.73%	–
	Exit	SELECT SECTOR SPDR CONS STPLS	$0	–	-6,381,800	–	-13.02%	–
	Exit	SPDR S&P 500 ETF TRUST	$0	–	-2,906,000	–	-26.10%	–

Q2 2017

			Value		Shares		↓ Weighting
	New	SPDR S&P 500 ETF TRUST	$702,671,000	–	2,906,000	–	26.10%	–
	New	SELECT SECTOR SPDR CONS STPLS	$350,616,000	–	6,381,800	–	13.02%	–
	New	SELECT SECTOR SPDR UTILS	$181,247,000	–	3,488,200	–	6.73%	–
	New	SPDR EURO STOXX 50	$153,880,000	–	4,000,000	–	5.72%	–
	New	SPDR GOLD SHARES	$153,426,000	–	1,300,000	–	5.70%	–
	New	ISHARES U.S. REAL ESTATE	$126,571,000	–	1,586,700	–	4.70%	–
	New	VANECK VECTORS ETF TR JR GOLD MINERS	$84,869,000	–	2,542,500	–	3.15%	–
	New	VANECK VECTORS ETF TR GOLD MINERS	$33,495,000	–	1,517,000	–	1.24%	–
BIP	New	BROOKFIELD INFRAST PARTNERS LP	$28,540,000	–	697,630	–	1.06%	–
GIB	New	GROUPE CGI INC CL A	$28,367,000	–	555,450	–	1.05%	–
ENB	New	ENBRIDGE INC	$26,946,000	–	676,877	–	1.00%	–
FISV	New	FISERV INC	$25,667,000	–	209,800	–	0.95%	–
UNH	New	UNITEDHEALTH GROUP INC	$24,097,000	–	129,960	–	0.90%	–
TRP	New	TRANSCANADA CORP	$23,575,000	–	494,554	–	0.88%	–
GE	New	GENERAL ELECTRIC CO	$22,410,000	–	829,700	–	0.83%	–
NOC	New	NORTHROP GRUMMAN CORP	$22,257,000	–	86,700	–	0.83%	–
CMCSA	New	COMCAST CORP	$19,744,000	–	507,303	–	0.73%	–
BPY	New	BROOKFIELD PPTY PARTNERS L P	$19,637,000	–	829,610	–	0.73%	–
CEF	New	CENTRAL FD CDA LTD CL A	$19,604,000	–	1,589,907	–	0.73%	–
ICE	New	INTERCONTINENTAL EXCHANGE INC	$18,508,000	–	280,771	–	0.69%	–
SU	New	SUNCOR ENERGY INC	$18,442,000	–	631,572	–	0.68%	–
BTG	New	B2GOLD CORP	$18,155,000	–	6,460,950	–	0.67%	–
AEM	New	AGNICO EAGLE MINES LTD	$17,832,000	–	395,216	–	0.66%	–
MAG	New	MAG SILVER CORP	$16,089,000	–	1,233,819	–	0.60%	–
SLCA	New	U S SILICA HLDGS INC	$15,190,000	–	428,000	–	0.56%	–
MFC	New	MANULIFE FINL CORP	$14,732,000	–	785,295	–	0.55%	–
PUMP	New	PROPETRO HLDG CORP	$13,611,000	–	975,000	–	0.51%	–
BEN	New	FRANKLIN RES INC	$13,123,000	–	293,000	–	0.49%	–
PE	New	PARSLEY ENERGY INC CL A	$13,042,000	–	470,000	–	0.48%	–
PVG	New	PRETIUM RES INC	$12,973,000	–	1,349,977	–	0.48%	–
HCRSQ	New	HI-CRUSH PARTNERS LP	$12,749,000	–	1,175,000	–	0.47%	–
AAPL	New	APPLE INC	$12,030,000	–	83,530	–	0.45%	–
WPX	New	WPX ENERGY INC	$11,109,000	–	1,150,000	–	0.41%	–
SAFM	New	SANDERSON FARMS INC	$11,045,000	–	95,500	–	0.41%	–
WDC	New	WESTERN DIGITAL CORP	$11,002,000	–	124,175	–	0.41%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$10,729,000	–	539,400	–	0.40%	–
HD	New	HOME DEPOT INC	$10,600,000	–	69,100	–	0.39%	–
KW	New	KENNEDY-WILSON HLDGS INC	$10,244,000	–	537,751	–	0.38%	–
CPE	New	CALLON PETE CO	$9,984,000	–	941,000	–	0.37%	–
PAAS	New	PAN AMERICAN SILVER CORP	$9,707,000	–	577,090	–	0.36%	–
GME	New	GAMESTOP CORP	$9,616,000	–	445,000	–	0.36%	–
NEM	New	NEWMONT MINING CORP	$9,529,000	–	294,190	–	0.35%	–
PEP	New	PEPSICO INC	$9,332,000	–	80,800	–	0.35%	–
FSM	New	FORTUNA SILVER MINES INC	$8,960,000	–	1,832,300	–	0.33%	–
RIC	New	RICHMONT MINES INC	$8,956,000	–	1,148,150	–	0.33%	–
PTEN	New	PATTERSON UTI ENERGY INC	$8,884,000	–	440,000	–	0.33%	–
FNV	New	FRANCO NEVADA CORP	$8,655,000	–	119,941	–	0.32%	–
CALM	New	CAL MAINE FOODS INC	$8,372,000	–	211,424	–	0.31%	–
DHR	New	DANAHER CORP	$8,279,000	–	98,100	–	0.31%	–
NSU	New	NEVSUN RES LTD	$8,271,000	–	3,431,806	–	0.31%	–
EMX	New	EURASIAN MINERALS INC	$8,176,000	–	8,838,453	–	0.30%	–
GNTX	New	GENTEX CORP	$8,062,000	–	425,000	–	0.30%	–
WLK	New	WESTLAKE CHEM CORP	$8,011,000	–	121,000	–	0.30%	–
FMSA	New	FAIRMOUNT SANTROL HLDGS INC	$7,312,000	–	1,875,000	–	0.27%	–
AKG	New	ASANKO GOLD INC	$6,933,000	–	4,531,679	–	0.26%	–
HP	New	HELMERICH & PAYNE INC	$6,928,000	–	127,500	–	0.26%	–
FHI	New	FEDERATED INVS INC PA CL B	$6,498,000	–	230,000	–	0.24%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B	$6,373,000	–	37,625	–	0.24%	–
IBA	New	INDUSTRIAS BACHOCO SAB DE SPON ADR	$6,299,000	–	108,636	–	0.23%	–
CJ	New	C&J ENERGY SVCS INC	$6,169,000	–	180,000	–	0.23%	–
CRUS	New	CIRRUS LOGIC INC	$5,990,000	–	95,500	–	0.22%	–
APAM	New	ARTISAN PARTNERS ASSET MGMT CL A	$5,833,000	–	190,000	–	0.22%	–
GOLD	New	BARRICK GOLD CORP	$5,832,000	–	366,592	–	0.22%	–
TAHO	New	TAHOE RES INC	$5,714,000	–	662,901	–	0.21%	–
GSM	New	FERROGLOBE PLC	$5,709,000	–	477,738	–	0.21%	–
XOM	New	EXXON MOBIL CORP	$5,659,000	–	70,100	–	0.21%	–
AGI	New	ALAMOS GOLD INC	$5,661,000	–	788,392	–	0.21%	–
SYNT	New	SYNTEL INC	$5,427,000	–	320,000	–	0.20%	–
SND	New	SMART SAND INC	$5,346,000	–	600,000	–	0.20%	–
THO	New	THOR INDS INC	$5,331,000	–	51,000	–	0.20%	–
GOLD	New	RANDGOLD RES LTD ADR	$5,001,000	–	56,532	–	0.19%	–
MKSI	New	MKS INSTRUMENT INC	$4,711,000	–	70,000	–	0.18%	–
GRMN	New	GARMIN LTD	$4,491,000	–	88,000	–	0.17%	–
AG	New	FIRST MAJESTIC SILVER CORP	$4,440,000	–	534,294	–	0.16%	–
AMGN	New	AMGEN INC	$4,409,000	–	25,600	–	0.16%	–
FRPH	New	FRP HLDGS INC	$4,407,000	–	95,500	–	0.16%	–
GDX	New	VANECK VECTORS ETF TR GOLD MINERS	$4,312,000	–	195,276	–	0.16%	–
CDE	New	COEUR MNG INC	$4,196,000	–	489,100	–	0.16%	–
SA	New	SEABRIDGE GOLD INC	$4,161,000	–	385,300	–	0.16%	–
KGC	New	KINROSS GOLD CORP	$3,997,000	–	982,170	–	0.15%	–
BKE	New	BUCKLE INC	$3,738,000	–	210,000	–	0.14%	–
GG	New	GOLDCORP INC	$3,753,000	–	290,704	–	0.14%	–
LRCX	New	LAM RESEARCH CORP	$3,606,000	–	25,500	–	0.13%	–
CLR	New	CONTINENTAL RESOURCES INC	$3,233,000	–	100,000	–	0.12%	–
HL	New	HECLA MNG CO	$3,113,000	–	610,425	–	0.12%	–
WSM	New	WILLIAMS SONOMA INC	$3,104,000	–	64,000	–	0.12%	–
	New	NEW GOLD INC CDA	$3,036,000	–	954,600	–	0.11%	–
ALO	New	ALIO GOLD INC	$3,020,000	–	666,610	–	0.11%	–
MMI	New	MARCUS & MILLICHAP INC	$2,900,000	–	110,000	–	0.11%	–
SSRI	New	SILVER STD RES INC	$2,454,000	–	252,700	–	0.09%	–
RGLD	New	ROYAL GOLD INC	$2,458,000	–	31,438	–	0.09%	–
MIC	New	MACQUARIE INFRASTRUCTURE CORP	$2,411,000	–	30,750	–	0.09%	–
MUX	New	MCEWEN MNG INC	$2,413,000	–	917,513	–	0.09%	–
BVN	New	COMPANIA DE MINAS BUENAVENTU SPONSORED ADR	$2,194,000	–	190,795	–	0.08%	–
CRRTQ	New	CARBO CERAMICS INC	$2,192,000	–	320,000	–	0.08%	–
EXK	New	ENDEAVOUR SILVER CORP	$2,115,000	–	693,316	–	0.08%	–
SGDM	New	ALPS ETF TR SPROTT GOLD MINERS	$2,103,000	–	108,045	–	0.08%	–
AMT	New	AMERICAN TOWER CORP	$2,065,000	–	15,605	–	0.08%	–
V	New	VISA INC CL A	$1,953,000	–	20,826	–	0.07%	–
AGN	New	ALLERGAN PLC	$1,944,000	–	7,998	–	0.07%	–
MA	New	MASTERCARD INCORPORATED CL A	$1,839,000	–	15,140	–	0.07%	–
NXE	New	NEXGEN ENERGY LTD	$1,795,000	–	819,700	–	0.07%	–
JPM	New	JPMORGAN CHASE & CO	$1,777,000	–	19,440	–	0.07%	–
GPL	New	GREAT PANTHER SILVER LTD	$1,732,000	–	1,353,442	–	0.06%	–
RTN	New	RAYTHEON CO	$1,727,000	–	10,695	–	0.06%	–
WCN	New	WASTE CONNECTIONS INC	$1,726,000	–	26,786	–	0.06%	–
FDX	New	FEDEX CORP	$1,663,000	–	7,650	–	0.06%	–
CP	New	CANADIAN PAC RY LTD	$1,668,000	–	10,375	–	0.06%	–
GOOG	New	ALPHABET INC CL C	$1,666,000	–	1,833	–	0.06%	–
CCS	New	CENTURY CMNTYS INC	$1,612,000	–	65,000	–	0.06%	–
AMTX	New	AEMETIS INC	$1,531,000	–	1,151,373	–	0.06%	–
XYL	New	XYLEM INC	$1,518,000	–	27,386	–	0.06%	–
INXN	New	INTERXION HOLDING NV	$1,337,000	–	29,200	–	0.05%	–
MDM	New	MOUNTAIN PROV DIAMONDS INC	$1,311,000	–	437,127	–	0.05%	–
BTEGF	New	BAYTEX ENERGY CORP	$1,312,000	–	540,000	–	0.05%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUST	$1,218,000	–	120,223	–	0.04%	–
SVM	New	SILVERCORP METALS INC	$1,174,000	–	365,800	–	0.04%	–
CM	New	CDN IMPERIAL BK COMM TORONTO	$1,128,000	–	13,900	–	0.04%	–
DIS	New	DISNEY WALT CO	$1,061,000	–	9,985	–	0.04%	–
AMG	New	AFFILIATED MANAGERS GROUP	$972,000	–	5,858	–	0.04%	–
GDXJ	New	VANECK VECTORS ETF TR JR GOLD MINERS	$835,000	–	25,025	–	0.03%	–
RY	New	ROYAL BK CDA	$782,000	–	10,785	–	0.03%	–
SPPP	New	SPROTT PHYSICAL PLAT PALLAD TRUST	$761,000	–	95,400	–	0.03%	–
TD	New	TORONTO DOMINION BK	$761,000	–	15,100	–	0.03%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$730,000	–	59,725	–	0.03%	–
EQIX	New	EQUINIX INC	$669,000	–	1,560	–	0.02%	–
PSLV	New	SPROTT PHYSICAL SILVER TRUST	$661,000	–	104,775	–	0.02%	–
DBA	New	POWERSHS DB AGRICUL FD	$635,000	–	32,000	–	0.02%	–
CPG	New	CRESCENT PT ENERGY CORP	$621,000	–	81,140	–	0.02%	–
PBA	New	PEMBINA PIPELINE CORP	$564,000	–	17,032	–	0.02%	–
POT	New	POTASH CORP SASK INC	$524,000	–	32,130	–	0.02%	–
PLG	New	PLATINUM GROUP METALS LTD	$522,000	–	625,238	–	0.02%	–
JDST	New	DIREXION DLY JR GOLD 3X	$478,000	–	7,500	–	0.02%	–
CCJ	New	CAMECO CORP	$486,000	–	53,366	–	0.02%	–
NGD	New	NEW GOLD INC CDA	$466,000	–	146,650	–	0.02%	–
UEC	New	URANIUM ENERGY CORP	$469,000	–	294,811	–	0.02%	–
PLD	New	PROLOGIS INC	$422,000	–	7,200	–	0.02%	–
CIO	New	CITY OFFICE REIT INC	$440,000	–	34,675	–	0.02%	–
CNQ	New	CANADIAN NAT RES LTD	$435,000	–	15,100	–	0.02%	–
FRAC	New	KEANE GROUP INC	$400,000	–	25,000	–	0.02%	–
AXU	New	ALEXCO RESOURCE CORP	$412,000	–	311,922	–	0.02%	–
TAC	New	TRANSALTA CORP	$384,000	–	60,000	–	0.01%	–
MELT	New	DIREXION DAILY GLD MINE	$374,000	–	14,000	–	0.01%	–
MDT	New	MEDTRONIC PLC	$390,000	–	4,400	–	0.01%	–
NEE	New	NEXTERA ENERGY INC	$373,000	–	2,665	–	0.01%	–
SLG	New	SL GREEN RLTY CORP	$354,000	–	3,345	–	0.01%	–
FCX	New	FREEPORT-MCMORAN INC CL B	$363,000	–	30,200	–	0.01%	–
GGP	New	GGP INC	$348,000	–	14,773	–	0.01%	–
AQN	New	ALGONQUIN PWR UTILS CORP	$337,000	–	32,000	–	0.01%	–
VXX	New	BARCLAYS BK PLC IPATH S&P500 VIX	$313,000	–	24,500	–	0.01%	–
HPP	New	HUDSON PAC PPTYS INC	$313,000	–	9,145	–	0.01%	–
WEAT	New	TEUCRIUM COMMODITY TR WHEAT FD	$298,000	–	38,000	–	0.01%	–
DDC	New	DOMINION DIAMOND CORP	$271,000	–	21,595	–	0.01%	–
CTT	New	CATCHMARK TIMBER TR INC CL A	$278,000	–	24,450	–	0.01%	–
SAND	New	SANDSTORM GOLD LTD	$279,000	–	72,013	–	0.01%	–
SPG	New	SIMON PPTY GROUP INC	$259,000	–	1,600	–	0.01%	–
CORN	New	TEUCRIUM COMMODITY TR CORN FD	$261,000	–	13,700	–	0.01%	–
HBM	New	HUDBAY MINERALS INC	$259,000	–	45,000	–	0.01%	–
AMLP	New	ALPS ETF TR ALERIAN MLP	$246,000	–	20,571	–	0.01%	–
ASM	New	AVINO SILVER & GOLD MINES LTD	$237,000	–	148,163	–	0.01%	–
EGO	New	ELDORADO GOLD CORP	$189,000	–	71,750	–	0.01%	–
IAU	New	ISHARES GOLD TRUST	$183,000	–	15,354	–	0.01%	–
UUUUWS	New	ENERGY FUELS INC W EXP 09/20/2021w exp 09/20/2021	$175,000	–	277,778	–	0.01%	–
MRO	New	MARATHON OIL CORP	$170,000	–	14,310	–	0.01%	–
GAIN	New	GLADSTONE INVT CORP	$160,000	–	17,000	–	0.01%	–
GSV	New	GOLD STD VENTURES CORP	$144,000	–	84,500	–	0.01%	–
OASPQ	New	OASIS PETE INC	$143,000	–	17,800	–	0.01%	–
AUY	New	YAMANA GOLD INC	$138,000	–	56,750	–	0.01%	–
IAG	New	IAMGOLD CORP	$114,000	–	22,000	–	0.00%	–
UUUU	New	ENERGY FUELS INC	$72,000	–	45,000	–	0.00%	–
DRD	New	DRDGOLD LIMITED SPON ADR	$32,000	–	10,000	–	0.00%	–
VGZ	New	VISTA GOLD CORP	$38,000	–	43,166	–	0.00%	–
NAK	New	NORTHERN DYNASTY MINERALS	$22,000	–	16,000	–	0.00%	–
DNN	New	DENISON MINES CORP	$20,000	–	44,936	–	0.00%	–
KLDX	New	KLONDEX MNS LTD	$38,000	–	11,300	–	0.00%	–
THM	New	INTERNATIONAL TOWER HILL MINES	$30,000	–	63,500	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
TGD	Exit	TIMMINS GOLD CORP	$0	–	-64,185	–	-0.00%	–
GTE	Exit	GRAN TIERRA ENERGY INC	$0	–	-22,500	–	-0.00%	–
DRD	Exit	DRDGOLD LIMITED SPON ADR	$0	–	-10,200	–	-0.00%	–
XRA	Exit	EXETER RES CORP	$0	–	-38,500	–	-0.00%	–
GFI	Exit	GOLD FIELDS LTD	$0	–	-25,911	–	-0.00%	–
GAIN	Exit	GLADSTONE INVT CORP	$0	–	-17,000	–	-0.01%	–
WEAT	Exit	TEUCRIUM WHEAT FUND	$0	–	-18,000	–	-0.01%	–
UEC	Exit	URANIUM ENERGY CORP	$0	–	-179,636	–	-0.01%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-10,932	–	-0.01%	–
FCX	Exit	FREEPORT-MCMORAN INC CL B	$0	–	-14,475	–	-0.01%	–
GPL	Exit	GREAT PANTHER SILVER LTD	$0	–	-130,360	–	-0.01%	–
QQQ	Exit	POWERSHARES QQQ TRUST	$0	–	-1,700	–	-0.01%	–
DUST	Exit	DIREXION DAILY GOLD MINERS	$0	–	-6,000	–	-0.01%	–
XLK	Exit	SELECT SECTOR SPDR TECHNOLOGY	$0	–	-4,500	–	-0.01%	–
AMLP	Exit	ALPS ALERIAN MLP	$0	–	-18,007	–	-0.01%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-18,000	–	-0.01%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-14,079	–	-0.01%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-5,500	–	-0.01%	–
SPHB	Exit	POWERSHARES S&P500 HGH BETA	$0	–	-9,700	–	-0.01%	–
TECK	Exit	TECK RESOURCES LTD CL B	$0	–	-18,000	–	-0.01%	–
DNN	Exit	DENISON MINES CORP	$0	–	-708,835	–	-0.01%	–
RDC	Exit	ROWAN COMPANIES PLC	$0	–	-22,000	–	-0.01%	–
ECA	Exit	ENCANA CORP	$0	–	-35,000	–	-0.01%	–
GORO	Exit	GOLD RESOURCE CORP	$0	–	-50,000	–	-0.01%	–
MEOH	Exit	METHANEX CORP	$0	–	-10,000	–	-0.01%	–
NBR	Exit	NABORS INDUSTRIES LTD	$0	–	-30,000	–	-0.01%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-92,826	–	-0.01%	–
BTEGF	Exit	BAYTEX ENERGY CORP	$0	–	-100,000	–	-0.02%	–
EGO	Exit	ELDORADO GOLD CORP	$0	–	-127,314	–	-0.02%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-9,900	–	-0.02%	–
DY	Exit	DYCOM INDS INC	$0	–	-9,000	–	-0.03%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-406,186	–	-0.03%	–
VGZ	Exit	VISTA GOLD CORP	$0	–	-743,996	–	-0.03%	–
SPPP	Exit	SPROTT PHYSICAL PLAT PALLAD	$0	–	-108,200	–	-0.03%	–
OR	Exit	OSISKO GOLD ROYALTIES LTD	$0	–	-78,038	–	-0.03%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-310,950	–	-0.03%	–
UUUU	Exit	ENERGY FUELS INC	$0	–	-555,622	–	-0.03%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-7,400	–	-0.03%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-13,900	–	-0.03%	–
NKE	Exit	NIKE INC CL B	$0	–	-17,800	–	-0.03%	–
USB	Exit	US BANCORP	$0	–	-22,300	–	-0.03%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-139,500	–	-0.04%	–
WLL	Exit	WHITING PETE CORP	$0	–	-116,200	–	-0.04%	–
FDX	Exit	FEDEX CORP	$0	–	-6,100	–	-0.04%	–
GG	Exit	GOLDCORP INC	$0	–	-65,971	–	-0.04%	–
EFX	Exit	EQUIFAX INC	$0	–	-8,100	–	-0.04%	–
V	Exit	VISA INC CL A	$0	–	-13,800	–	-0.04%	–
NLSN	Exit	NIELSEN HLDGS PLC	$0	–	-21,000	–	-0.04%	–
NXPI	Exit	NXP SEMICONDUCTORS NV	$0	–	-11,300	–	-0.04%	–
HBI	Exit	HANESBRANDS INC	$0	–	-46,900	–	-0.04%	–
DIS	Exit	DISNEY WALT CO	$0	–	-12,800	–	-0.04%	–
AMTX	Exit	AEMETIS INC	$0	–	-1,151,373	–	-0.04%	–
DOOR	Exit	MASONITE INTL CORP	$0	–	-20,000	–	-0.04%	–
GSV	Exit	GOLD STD VENTURES CORP	$0	–	-501,500	–	-0.04%	–
CSCO	Exit	CISCO SYS INC	$0	–	-41,600	–	-0.05%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRUST	$0	–	-180,870	–	-0.05%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-25,500	–	-0.05%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUST	$0	–	-128,563	–	-0.05%	–
MA	Exit	MASTERCARD INCORPORATED CL A	$0	–	-14,800	–	-0.05%	–
HCRSQ	Exit	HI-CRUSH PARTNERS LP	$0	–	-100,000	–	-0.05%	–
KEX	Exit	KIRBY CORP	$0	–	-25,000	–	-0.06%	–
NEWM	Exit	NEW MEDIA INVT GROUP INC	$0	–	-100,000	–	-0.06%	–
MIC	Exit	MACQUARIE INFRASTRUCTURE CORP	$0	–	-22,000	–	-0.06%	–
CTB	Exit	COOPER TIRE & RUBR CO	$0	–	-53,719	–	-0.07%	–
USCR	Exit	U S CONCRETE INC	$0	–	-45,000	–	-0.07%	–
MDM	Exit	MOUNTAIN PROV DIAMONDS INC	$0	–	-393,311	–	-0.07%	–
NAK	Exit	NORTHERN DYNASTY MINERALS LTD	$0	–	-3,075,600	–	-0.08%	–
FRPH	Exit	FRP HLDGS INC	$0	–	-70,000	–	-0.08%	–
AWI	Exit	ARMSTRONG WORLD INDS INC	$0	–	-55,000	–	-0.08%	–
STN	Exit	STANTEC INC	$0	–	-100,000	–	-0.08%	–
LRCX	Exit	LAM RESEARCH CORP	$0	–	-25,000	–	-0.08%	–
SGDM	Exit	ALPS SPROTT GOLD MINERS	$0	–	-105,280	–	-0.09%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-701,800	–	-0.09%	–
CHS	Exit	CHICOS FAS INC	$0	–	-220,000	–	-0.09%	–
NUS	Exit	NU SKIN ENTERPRISES INC CL A	$0	–	-41,000	–	-0.09%	–
EGN	Exit	ENERGEN CORP	$0	–	-50,000	–	-0.10%	–
FHI	Exit	FEDERATED INVS INC CL B	$0	–	-100,000	–	-0.10%	–
SGDJ	Exit	ALPS SPROTT JR GOLD MINERS	$0	–	-77,710	–	-0.11%	–
EXK	Exit	ENDEAVOUR SILVER CORP	$0	–	-632,076	–	-0.12%	–
APAM	Exit	ARTISAN PARTNERS ASSET MGMT CL A	$0	–	-126,000	–	-0.12%	–
SA	Exit	SEABRIDGE GOLD INC	$0	–	-316,720	–	-0.12%	–
J	Exit	JACOBS ENGR GROUP INC	$0	–	-67,500	–	-0.12%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-83,141	–	-0.13%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-900,595	–	-0.13%	–
HL	Exit	HECLA MNG CO	$0	–	-718,315	–	-0.14%	–
BKE	Exit	BUCKLE INC	$0	–	-170,000	–	-0.14%	–
IAG	Exit	IAMGOLD CORP	$0	–	-1,032,189	–	-0.15%	–
GRMN	Exit	GARMIN LTD	$0	–	-88,000	–	-0.15%	–
NFX	Exit	NEWFIELD EXPL CO	$0	–	-100,000	–	-0.15%	–
SLCA	Exit	U S SILICA HLDGS INC	$0	–	-104,300	–	-0.17%	–
GNTX	Exit	GENTEX CORP	$0	–	-290,000	–	-0.18%	–
CPE	Exit	CALLON PETE CO	$0	–	-329,200	–	-0.18%	–
SPY	Exit	SPDR S&P 500 ETF	$0	–	-24,300	–	-0.19%	–
THO	Exit	THOR INDS INC	$0	–	-63,000	–	-0.19%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-69,000	–	-0.19%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-63,167	–	-0.20%	–
CRUS	Exit	CIRRUS LOGIC INC	$0	–	-107,000	–	-0.20%	–
UNTCQ	Exit	UNIT CORP	$0	–	-320,000	–	-0.21%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-430,700	–	-0.22%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-107,000	–	-0.22%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B	$0	–	-44,800	–	-0.23%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-94,145	–	-0.23%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-1,613,750	–	-0.25%	–
CALM	Exit	CAL MAINE FOODS INC	$0	–	-185,391	–	-0.25%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-107,450	–	-0.26%	–
EMX	Exit	EURASIAN MINERALS INC	$0	–	-7,145,098	–	-0.27%	–
DHR	Exit	DANAHER CORP	$0	–	-103,500	–	-0.29%	–
	Exit	INTERCONTINENTAL EXCHANGE INC	$0	–	-30,500	–	-0.29%	–
WLK	Exit	WESTLAKE CHEM CORP	$0	–	-158,000	–	-0.30%	–
AGI	Exit	ALAMOS GOLD INC	$0	–	-1,083,067	–	-0.31%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-415,378	–	-0.32%	–
	Exit	PEPSICO INC	$0	–	-84,500	–	-0.32%	–
PEP	Exit	PEPSICO INC	$0	–	-84,800	–	-0.33%	–
PAAS	Exit	PAN AMERICAN SILVER CORP	$0	–	-538,737	–	-0.34%	–
GSM	Exit	FERROGLOBE PLC	$0	–	-1,056,400	–	-0.34%	–
GME	Exit	GAMESTOP CORP	$0	–	-352,500	–	-0.34%	–
SAFM	Exit	SANDERSON FARMS INC	$0	–	-101,685	–	-0.35%	–
HD	Exit	HOME DEPOT INC	$0	–	-76,400	–	-0.35%	–
KW	Exit	KENNEDY-WILSON HLDGS INC	$0	–	-445,885	–	-0.36%	–
	Exit	DISCOVER FINL SVCS	$0	–	-181,200	–	-0.36%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-290,000	–	-0.36%	–
SSRI	Exit	SILVER STD RES INC	$0	–	-892,400	–	-0.38%	–
MKSI	Exit	MKS INSTRUMENT INC	$0	–	-232,500	–	-0.41%	–
AG	Exit	FIRST MAJESTIC SILVER CORP	$0	–	-1,146,765	–	-0.42%	–
	Exit	BROOKFIELD INFRAST PARTNERS LP	$0	–	-350,000	–	-0.43%	–
	Exit	SUNCOR ENERGY INC	$0	–	-455,100	–	-0.45%	–
GOOG	Exit	ALPHABET INC	$0	–	-16,600	–	-0.46%	–
DDC	Exit	DOMINION DIAMOND CORP	$0	–	-1,335,537	–	-0.46%	–
	Exit	PFIZER INC	$0	–	-390,000	–	-0.47%	–
ERF	Exit	ENERPLUS CORP	$0	–	-2,065,000	–	-0.47%	–
	Exit	CANADIAN NAT RES LTD	$0	–	-423,300	–	-0.48%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-177,109	–	-0.48%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-459,400	–	-0.52%	–
MAG	Exit	MAG SILVER CORP	$0	–	-1,043,243	–	-0.56%	–
	Exit	COMCAST CORP	$0	–	-239,000	–	-0.56%	–
	Exit	CVS HEALTH CORP	$0	–	-180,400	–	-0.57%	–
	Exit	FISERV INC	$0	–	-166,000	–	-0.58%	–
	Exit	PFIZER INC	$0	–	-497,600	–	-0.60%	–
CMCSA	Exit	COMCAST CORP	$0	–	-257,900	–	-0.60%	–
	Exit	FIRST MAJESTIC SILVER CORP	$0	–	-1,680,000	–	-0.61%	–
	Exit	MEDTRONIC PLC	$0	–	-202,600	–	-0.62%	–
	Exit	UNITEDHEALTH GROUP INC	$0	–	-125,000	–	-0.62%	–
NDAQ	Exit	NASDAQ INC	$0	–	-267,000	–	-0.64%	–
GOLD	Exit	RANDGOLD RES LTD ADR	$0	–	-184,994	–	-0.66%	–
TAHO	Exit	TAHOE RES INC	$0	–	-1,498,092	–	-0.68%	–
BIP	Exit	BROOKFIELD INFRAST PARTNERS LP	$0	–	-559,305	–	-0.69%	–
NOC	Exit	NORTHROP GRUMMAN CORP	$0	–	-91,900	–	-0.70%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTU SPON ADR	$0	–	-1,425,160	–	-0.70%	–
	Exit	APPLE INC	$0	–	-182,000	–	-0.73%	–
RIC	Exit	RICHMONT MINES INC	$0	–	-2,169,591	–	-0.77%	–
SLV	Exit	ISHARES SILVER TRUST	$0	–	-1,201,853	–	-0.77%	–
CEF	Exit	CENTRAL FD CDA LTD CL A	$0	–	-1,591,315	–	-0.78%	–
KLDX	Exit	KLONDEX MNS LTD	$0	–	-3,951,911	–	-0.80%	–
BTG	Exit	B2GOLD CORP	$0	–	-9,528,992	–	-0.89%	–
BPY	Exit	BROOKFIELD PPTY PARTNERS LP	$0	–	-1,123,610	–	-0.91%	–
PVG	Exit	PRETIUM RES INC	$0	–	-2,541,632	–	-0.92%	–
GIB	Exit	GROUPE CGI INC CL A	$0	–	-557,150	–	-0.94%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-3,695,055	–	-0.95%	–
ENB	Exit	ENBRIDGE INC	$0	–	-633,128	–	-0.99%	–
SU	Exit	SUNCOR ENERGY INC	$0	–	-1,127,238	–	-1.11%	–
NSU	Exit	NEVSUN RES LTD	$0	–	-10,469,054	–	-1.12%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-1,125,800	–	-1.18%	–
AAPL	Exit	APPLE INC	$0	–	-299,055	–	-1.20%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-1,263,903	–	-1.21%	–
PFE	Exit	PFIZER INC	$0	–	-1,014,380	–	-1.22%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-725,020	–	-1.22%	–
AKG	Exit	ASANKO GOLD INC	$0	–	-8,405,441	–	-1.25%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-263,810	–	-1.31%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-418,500	–	-1.32%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-444,100	–	-1.36%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE INC	$0	–	-151,100	–	-1.44%	–
FISV	Exit	FISERV INC	$0	–	-432,000	–	-1.52%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-800,292	–	-1.53%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-783,960	–	-1.57%	–
	Exit	SPDR S&P 500 ETF	$0	–	-858,500	–	-6.57%	–
	Exit	SPDR S&P 500 ETF	$0	–	-4,788,000	–	-36.64%	–

Q3 2016

			Value		Shares		↓ Weighting
	Buy	SPDR S&P 500 ETF	$1,035,644,000	+248.6%	4,788,000	+237.6%	36.64%	+139.6%
	New	SPDR S&P 500 ETF	$185,694,000	–	858,500	–	6.57%	–
DFS	Buy	DISCOVER FINL SVCS	$44,333,000	+5.8%	783,960	+0.3%	1.57%	-27.2%
AEM	Buy	AGNICO EAGLE MINES LTD	$43,360,000	+69.9%	800,292	+67.8%	1.53%	+16.8%
FISV	Buy	FISERV INC	$42,971,000	+138.1%	432,000	+160.2%	1.52%	+63.6%
MDT	Sell	MEDTRONIC PLC	$38,370,000	-1.1%	444,100	-0.6%	1.36%	-32.0%
CVS	Buy	CVS HEALTH CORP	$37,242,000	-7.0%	418,500	+0.1%	1.32%	-36.0%
UNH	Buy	UNITEDHEALTH GROUP INC	$36,933,000	+81.1%	263,810	+82.7%	1.31%	+24.5%
AKG	Buy	ASANKO GOLD INC	$35,303,000	+29.3%	8,405,441	+17.3%	1.25%	-11.1%
TRP	New	TRANSCANADA CORP	$34,482,000	–	725,020	–	1.22%	–
PFE	Sell	PFIZER INC	$34,357,000	-4.7%	1,014,380	-1.0%	1.22%	-34.5%
SLW	Buy	SILVER WHEATON CORP	$34,163,000	+116.5%	1,263,903	+88.4%	1.21%	+48.9%
AAPL	Sell	APPLE INC	$33,808,000	-24.3%	299,055	-36.0%	1.20%	-47.9%
GE	Buy	GENERAL ELECTRIC CO	$33,346,000	+8.3%	1,125,800	+15.1%	1.18%	-25.5%
NSU	Buy	NEVSUN RES LTD	$31,721,000	+310.3%	10,469,054	+298.1%	1.12%	+181.9%
SU	Sell	SUNCOR ENERGY INC	$31,315,000	-13.5%	1,127,238	-13.7%	1.11%	-40.6%
ENB	Buy	ENBRIDGE INC	$28,003,000	+9.4%	633,128	+4.8%	0.99%	-24.8%
FSM	Sell	FORTUNA SILVER MINES INC	$26,752,000	+1.4%	3,695,055	-2.3%	0.95%	-30.3%
GIB	Sell	GROUPE CGI INC CL A	$26,537,000	-15.2%	557,150	-24.0%	0.94%	-41.7%
PVG	Sell	PRETIUM RES INC	$26,103,000	-22.2%	2,541,632	-15.1%	0.92%	-46.5%
BPY	Sell	BROOKFIELD PPTY PARTNERS LP	$25,753,000	-0.2%	1,123,610	-2.2%	0.91%	-31.4%
BTG	Buy	B2GOLD CORP	$25,061,000	+57.1%	9,528,992	+50.0%	0.89%	+8.0%
KLDX	Buy	KLONDEX MNS LTD	$22,723,000	+180.6%	3,951,911	+78.1%	0.80%	+92.8%
CEF	Buy	CENTRAL FD CDA LTD CL A	$22,008,000	-0.4%	1,591,315	+0.1%	0.78%	-31.5%
SLV	New	ISHARES SILVER TRUST	$21,874,000	–	1,201,853	–	0.77%	–
RIC	Buy	RICHMONT MINES INC	$21,804,000	+18.3%	2,169,591	+8.4%	0.77%	-18.8%
BVN	Buy	COMPANIA DE MINAS BUENAVENTU SPON ADR	$19,724,000	+77.2%	1,425,160	+53.0%	0.70%	+21.8%
NOC	Sell	NORTHROP GRUMMAN CORP	$19,662,000	-4.3%	91,900	-0.5%	0.70%	-34.2%
BIP	Buy	BROOKFIELD INFRAST PARTNERS LP	$19,374,000	-19.7%	559,305	+5.0%	0.69%	-44.7%
TAHO	Sell	TAHOE RES INC	$19,221,000	-48.0%	1,498,092	-39.3%	0.68%	-64.2%
GOLD	Sell	RANDGOLD RES LTD ADR	$18,512,000	-15.0%	184,994	-4.8%	0.66%	-41.5%
	Sell	UNITEDHEALTH GROUP INC	$17,500,000	-50.4%	125,000	-50.0%	0.62%	-65.9%
	New	FIRST MAJESTIC SILVER CORP	$17,304,000	–	1,680,000	–	0.61%	–
CMCSA	Sell	COMCAST CORP	$17,109,000	-12.4%	257,900	-13.9%	0.60%	-39.8%
	Sell	FISERV INC	$16,512,000	-54.3%	166,000	-50.0%	0.58%	-68.6%
MAG	Buy	MAG SILVER CORP	$15,732,000	+46.2%	1,043,243	+22.2%	0.56%	+0.5%
RGLD	Buy	ROYAL GOLD INC	$13,714,000	+569.6%	177,109	+522.8%	0.48%	+361.9%
	Sell	CANADIAN NAT RES LTD	$13,563,000	+0.3%	423,300	-3.4%	0.48%	-31.0%
ERF	New	ENERPLUS CORP	$13,237,000	–	2,065,000	–	0.47%	–
	New	PFIZER INC	$13,209,000	–	390,000	–	0.47%	–
DDC	Buy	DOMINION DIAMOND CORP	$13,008,000	+17.2%	1,335,537	+6.4%	0.46%	-19.4%
GOOG	Sell	ALPHABET INC	$12,903,000	-32.0%	16,600	-39.4%	0.46%	-53.2%
	Sell	SUNCOR ENERGY INC	$12,643,000	-59.0%	455,100	-59.1%	0.45%	-71.8%
	New	BROOKFIELD INFRAST PARTNERS LP	$12,124,000	–	350,000	–	0.43%	–
AG	Buy	FIRST MAJESTIC SILVER CORP	$11,812,000	+10.4%	1,146,765	+45.6%	0.42%	-24.0%
MKSI	Sell	MKS INSTRUMENT INC	$11,562,000	+5.3%	232,500	-8.8%	0.41%	-27.6%
SSRI	Sell	SILVER STD RES INC	$10,762,000	-51.0%	892,400	-47.2%	0.38%	-66.3%
BEN	Buy	FRANKLIN RES INC	$10,315,000	+10.4%	290,000	+3.6%	0.36%	-24.1%
HD	Buy	HOME DEPOT INC	$9,831,000	+1.6%	76,400	+0.8%	0.35%	-30.1%
SAFM	Sell	SANDERSON FARMS INC	$9,795,000	+11.2%	101,685	-0.0%	0.35%	-23.4%
GME	Buy	GAMESTOP CORP	$9,725,000	+14.3%	352,500	+10.2%	0.34%	-21.5%
GSM	Sell	FERROGLOBE PLC	$9,539,000	+1.5%	1,056,400	-3.2%	0.34%	-30.2%
PAAS	Buy	PAN AMERICAN SILVER CORP	$9,493,000	+29.0%	538,737	+20.4%	0.34%	-11.3%
CCS	Sell	CENTURY CMNTYS INC	$8,935,000	+9.6%	415,378	-11.7%	0.32%	-24.8%
AGI	Buy	ALAMOS GOLD INC	$8,881,000	+0.3%	1,083,067	+5.2%	0.31%	-31.1%
WLK	New	WESTLAKE CHEM CORP	$8,453,000	–	158,000	–	0.30%	–
	New	INTERCONTINENTAL EXCHANGE INC	$8,215,000	–	30,500	–	0.29%	–
EMX	Buy	EURASIAN MINERALS INC	$7,645,000	+27.5%	7,145,098	+0.1%	0.27%	-12.3%
HP	Buy	HELMERICH & PAYNE INC	$7,231,000	+12.8%	107,450	+12.6%	0.26%	-22.4%
NGD	Buy	NEW GOLD INC CDA	$7,020,000	+5061.8%	1,613,750	+5096.9%	0.25%	+3442.9%
FNV	Sell	FRANCO NEVADA CORP	$6,578,000	-31.4%	94,145	-25.4%	0.23%	-52.8%
WDC	Sell	WESTERN DIGITAL CORP	$6,256,000	+22.0%	107,000	-1.4%	0.22%	-16.3%
CVE	Sell	CENOVUS ENERGY INC	$6,189,000	-0.5%	430,700	-4.3%	0.22%	-31.6%
UNTCQ	Buy	UNIT CORP	$5,952,000	+20.5%	320,000	+0.8%	0.21%	-16.9%
CRUS	Sell	CIRRUS LOGIC INC	$5,687,000	-46.4%	107,000	-60.9%	0.20%	-63.2%
XOM	Buy	EXXON MOBIL CORP	$5,513,000	+2.0%	63,167	+9.5%	0.20%	-29.9%
GILD	Sell	GILEAD SCIENCES INC	$5,459,000	-14.5%	69,000	-9.8%	0.19%	-41.2%
THO	Sell	THOR INDS INC	$5,336,000	-28.3%	63,000	-45.2%	0.19%	-50.7%
SPY	Buy	SPDR S&P 500 ETF	$5,256,000	+175.8%	24,300	+167.0%	0.19%	+89.8%
CPE	New	CALLON PETE CO	$5,168,000	–	329,200	–	0.18%	–
GNTX	Buy	GENTEX CORP	$5,092,000	+57.0%	290,000	+38.1%	0.18%	+7.8%
SLCA	New	U S SILICA HLDGS INC	$4,856,000	–	104,300	–	0.17%	–
NFX	Buy	NEWFIELD EXPL CO	$4,346,000	+1213.0%	100,000	+1233.3%	0.15%	+805.9%
GRMN	Sell	GARMIN LTD	$4,234,000	-13.2%	88,000	-23.5%	0.15%	-40.2%
IAG	New	IAMGOLD CORP	$4,180,000	–	1,032,189	–	0.15%	–
HL	Sell	HECLA MNG CO	$4,094,000	-66.1%	718,315	-69.7%	0.14%	-76.7%
KGC	Sell	KINROSS GOLD CORP	$3,792,000	-56.2%	900,595	-49.2%	0.13%	-70.0%
SE	New	SPECTRA ENERGY CORP	$3,554,000	–	83,141	–	0.13%	–
SA	Buy	SEABRIDGE GOLD INC	$3,493,000	+0.9%	316,720	+34.3%	0.12%	-30.3%
APAM	New	ARTISAN PARTNERS ASSET MGMT CL A	$3,427,000	–	126,000	–	0.12%	–
EXK	Buy	ENDEAVOUR SILVER CORP	$3,243,000	+120.2%	632,076	+69.5%	0.12%	+51.3%
SGDJ	Sell	ALPS SPROTT JR GOLD MINERS	$3,214,000	-34.8%	77,710	-36.2%	0.11%	-55.1%
FHI	New	FEDERATED INVS INC CL B	$2,963,000	–	100,000	–	0.10%	–
EGN	New	ENERGEN CORP	$2,886,000	–	50,000	–	0.10%	–
NUS	Sell	NU SKIN ENTERPRISES INC CL A	$2,656,000	-43.9%	41,000	-60.0%	0.09%	-61.5%
MUX	New	MCEWEN MNG INC	$2,576,000	–	701,800	–	0.09%	–
SGDM	Sell	ALPS SPROTT GOLD MINERS	$2,540,000	-27.9%	105,280	-22.5%	0.09%	-50.3%
LRCX	Buy	LAM RESEARCH CORP	$2,368,000	+116.7%	25,000	+92.3%	0.08%	+50.0%
STN	Sell	STANTEC INC	$2,352,000	-6.9%	100,000	-4.0%	0.08%	-36.2%
AWI	Buy	ARMSTRONG WORLD INDS INC	$2,273,000	+13.8%	55,000	+7.8%	0.08%	-22.3%
NAK	Sell	NORTHERN DYNASTY MINERALS LTD	$2,184,000	-3.5%	3,075,600	-57.6%	0.08%	-33.6%
MDM	Sell	MOUNTAIN PROV DIAMONDS INC	$2,061,000	+10.6%	393,311	-2.9%	0.07%	-24.0%
USCR	New	U S CONCRETE INC	$2,073,000	–	45,000	–	0.07%	–
CTB	Sell	COOPER TIRE & RUBR CO	$2,042,000	-7.0%	53,719	-27.0%	0.07%	-36.3%
MIC	Buy	MACQUARIE INFRASTRUCTURE CORP	$1,831,000	+13.9%	22,000	+1.4%	0.06%	-21.7%
KEX	New	KIRBY CORP	$1,554,000	–	25,000	–	0.06%	–
NEWM	New	NEW MEDIA INVT GROUP INC	$1,550,000	–	100,000	–	0.06%	–
HCRSQ	Sell	HI-CRUSH PARTNERS LP	$1,534,000	-60.9%	100,000	-66.7%	0.05%	-73.3%
MA	Buy	MASTERCARD INCORPORATED CL A	$1,506,000	+59.9%	14,800	+38.3%	0.05%	+10.4%
PHYS	Buy	SPROTT PHYSICAL GOLD TRUST	$1,408,000	+15.8%	128,563	+16.1%	0.05%	-20.6%
SBUX	Buy	STARBUCKS CORP	$1,381,000	+6.1%	25,500	+11.8%	0.05%	-26.9%
PSLV	Buy	SPROTT PHYSICAL SILVER TRUST	$1,337,000	+17.5%	180,870	+15.3%	0.05%	-20.3%
CSCO	New	CISCO SYS INC	$1,320,000	–	41,600	–	0.05%	–
GSV	Buy	GOLD STD VENTURES CORP	$1,274,000	+40.0%	501,500	+2.6%	0.04%	-4.3%
DOOR	Buy	MASONITE INTL CORP	$1,243,000	+25.3%	20,000	+33.3%	0.04%	-13.7%
DIS	Sell	DISNEY WALT CO	$1,189,000	-20.6%	12,800	-16.3%	0.04%	-45.5%
HBI	Sell	HANESBRANDS INC	$1,184,000	-16.4%	46,900	-16.8%	0.04%	-42.5%
NXPI	Sell	NXP SEMICONDUCTORS NV	$1,153,000	-6.9%	11,300	-28.5%	0.04%	-35.9%
NLSN	Buy	NIELSEN HLDGS PLC	$1,125,000	+260.6%	21,000	+250.0%	0.04%	+150.0%
V	Sell	VISA INC CL A	$1,141,000	+6.8%	13,800	-4.2%	0.04%	-27.3%
GG	Sell	GOLDCORP INC	$1,090,000	-83.4%	65,971	-80.8%	0.04%	-88.5%
EFX	Buy	EQUIFAX INC	$1,090,000	+286.5%	8,100	+268.2%	0.04%	+160.0%
FDX	Sell	FEDEX CORP	$1,066,000	+9.8%	6,100	-4.7%	0.04%	-24.0%
WLL	Sell	WHITING PETE CORP	$1,016,000	-91.0%	116,200	-90.4%	0.04%	-93.8%
AAVVF	Buy	ADVANTAGE OIL & GAS LTD	$981,000	+71.2%	139,500	+36.1%	0.04%	+20.7%
USB	New	US BANCORP	$956,000	–	22,300	–	0.03%	–
JPM	Sell	JPMORGAN CHASE & CO	$926,000	-20.7%	13,900	-26.1%	0.03%	-45.0%
NKE	Sell	NIKE INC CL B	$937,000	-29.3%	17,800	-25.8%	0.03%	-51.5%
UUUU	New	ENERGY FUELS INC	$883,000	–	555,622	–	0.03%	–
JNJ	New	JOHNSON & JOHNSON	$874,000	–	7,400	–	0.03%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$854,000	–	78,038	–	0.03%	–
PLG	Sell	PLATINUM GROUP METALS LTD	$852,000	-26.0%	310,950	-8.5%	0.03%	-49.2%
SPPP	Buy	SPROTT PHYSICAL PLAT PALLAD	$830,000	+15.0%	108,200	+4.8%	0.03%	-21.6%
VGZ	Sell	VISTA GOLD CORP	$789,000	-45.3%	743,996	-1.0%	0.03%	-62.2%
AXU	Sell	ALEXCO RESOURCE CORP	$723,000	-43.1%	406,186	-47.9%	0.03%	-60.0%
DY	Sell	DYCOM INDS INC	$736,000	-54.5%	9,000	-50.0%	0.03%	-68.7%
3106PS	Sell	DELPHI AUTOMOTIVE PLC	$706,000	-45.5%	9,900	-52.2%	0.02%	-62.7%
EGO	New	ELDORADO GOLD CORP	$500,000	–	127,314	–	0.02%	–
BTEGF	New	BAYTEX ENERGY CORP	$425,000	–	100,000	–	0.02%	–
AUY	Sell	YAMANA GOLD INC	$400,000	-97.6%	92,826	-97.1%	0.01%	-98.4%
ECA	New	ENCANA CORP	$366,000	–	35,000	–	0.01%	–
GORO	New	GOLD RESOURCE CORP	$371,000	–	50,000	–	0.01%	–
MEOH	New	METHANEX CORP	$357,000	–	10,000	–	0.01%	–
NBR	New	NABORS INDUSTRIES LTD	$365,000	–	30,000	–	0.01%	–
DNN	Buy	DENISON MINES CORP	$333,000	-10.7%	708,835	+4.4%	0.01%	-36.8%
RDC	New	ROWAN COMPANIES PLC	$334,000	–	22,000	–	0.01%	–
SPHB	New	POWERSHARES S&P500 HGH BETA	$319,000	–	9,700	–	0.01%	–
TECK	Sell	TECK RESOURCES LTD CL B	$325,000	-17.7%	18,000	-40.0%	0.01%	-45.0%
CLR	New	CONTINENTAL RESOURCES INC	$286,000	–	5,500	–	0.01%	–
SWN	Sell	SOUTHWESTERN ENERGY CO	$249,000	-94.5%	18,000	-95.0%	0.01%	-96.1%
GOLD	Sell	BARRICK GOLD CORP	$249,000	-97.5%	14,079	-97.0%	0.01%	-98.3%
XLK	New	SELECT SECTOR SPDR TECHNOLOGY	$215,000	–	4,500	–	0.01%	–
QQQ	New	POWERSHARES QQQ TRUST	$202,000	–	1,700	–	0.01%	–
DUST	New	DIREXION DAILY GOLD MINERS	$202,000	–	6,000	–	0.01%	–
FCX	Sell	FREEPORT-MCMORAN INC CL B	$157,000	-7.6%	14,475	-4.9%	0.01%	-33.3%
GPL	New	GREAT PANTHER SILVER LTD	$176,000	–	130,360	–	0.01%	–
MRO	Buy	MARATHON OIL CORP	$173,000	+15.3%	10,932	+9.3%	0.01%	-25.0%
UEC	Sell	URANIUM ENERGY CORP	$177,000	-51.9%	179,636	-57.2%	0.01%	-68.4%
WEAT	New	TEUCRIUM WHEAT FUND	$129,000	–	18,000	–	0.01%	–
GFI	Sell	GOLD FIELDS LTD	$126,000	-98.4%	25,911	-98.4%	0.00%	-99.0%
XRA	Buy	EXETER RES CORP	$49,000	+25.6%	38,500	+28.3%	0.00%	0.0%
TGD	Sell	TIMMINS GOLD CORP	$30,000	+3.4%	64,185	-17.4%	0.00%	0.0%
AUMN	Exit	GOLDEN MINERALS CO	$0	–	-464,800	–	-0.02%	–
EQT	Exit	EQT CORP	$0	–	-4,000	–	-0.02%	–
AGU	Exit	AGRIUM INC	$0	–	-3,535	–	-0.02%	–
GDX	Exit	VANECK VECTORS GOLD MINERS ETF	$0	–	-11,722	–	-0.02%	–
PGTI	Exit	PGT INC	$0	–	-50,000	–	-0.03%	–
NOA	Exit	NORTH AMERN ENERGY PARTNERS	$0	–	-200,000	–	-0.03%	–
	Exit	DISNEY WALT CO	$0	–	-6,500	–	-0.03%	–
GIL	Exit	GILDAN ACTIVEWEAR INC	$0	–	-27,000	–	-0.04%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-16,700	–	-0.05%	–
	Exit	WELLS FARGO & CO	$0	–	-23,100	–	-0.06%	–
WFTIQ	Exit	WEATHERFORD INTL PLC	$0	–	-200,000	–	-0.06%	–
MCK	Exit	MCKESSON CORP	$0	–	-7,100	–	-0.07%	–
RICE	Exit	RICE ENERGY INC	$0	–	-100,000	–	-0.11%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-72,100	–	-0.18%	–
	Exit	CONCORDIA INTL CORP	$0	–	-160,000	–	-0.18%	–
DVN	Exit	DEVON ENERGY CORP	$0	–	-100,000	–	-0.19%	–
DHXM	Exit	DHX MEDIA LTD	$0	–	-712,000	–	-0.19%	–
CRZO	Exit	CARRIZO OIL & GAS INC	$0	–	-150,000	–	-0.28%	–
CXRXF	Exit	CONCORDIA INTL CORP	$0	–	-270,500	–	-0.30%	–
	Exit	VANECK VECTORS GOLD MINERS ETF	$0	–	-224,000	–	-0.32%	–
CPG	Exit	CRESCENT PT ENERGY CORP	$0	–	-455,140	–	-0.37%	–
	Exit	DANAHER CORP	$0	–	-103,500	–	-0.41%	–
AU	Exit	ANGLOGOLD ASHANTI LTD SPONSORED ADR	$0	–	-454,900	–	-0.42%	–
	Exit	HOME DEPOT INC	$0	–	-67,000	–	-0.44%	–
	Exit	KINROSS GOLD CORP	$0	–	-2,333,000	–	-0.59%	–
	Exit	NASDAQ INC	$0	–	-267,000	–	-0.89%	–
	Exit	ALPHABET INC	$0	–	-25,200	–	-0.90%	–
	Exit	MICROSOFT CORP	$0	–	-354,000	–	-0.93%	–
	Exit	GENERAL ELECTRIC CO	$0	–	-600,000	–	-0.97%	–
CDE	Exit	COEUR MNG INC	$0	–	-1,819,600	–	-1.00%	–
	Exit	ENBRIDGE INC	$0	–	-604,400	–	-1.32%	–

Q2 2016

			Value		Shares		↓ Weighting
	New	SPDR S&P 500 ETF	$297,126,000	–	1,418,400	–	15.29%	–
AAPL	New	APPLE INC	$44,641,000	–	466,955	–	2.30%	–
DFS	New	DISCOVER FINL SVCS	$41,895,000	–	781,760	–	2.16%	–
CVS	New	CVS HEALTH CORP	$40,029,000	–	418,100	–	2.06%	–
MDT	New	MEDTRONIC PLC	$38,786,000	–	447,000	–	2.00%	–
ICE	New	INTERCONTINENTAL EXCHANGE INC	$38,676,000	–	151,100	–	1.99%	–
TAHO	New	TAHOE RES INC	$36,932,000	–	2,467,086	–	1.90%	–
SU	New	SUNCOR ENERGY INC	$36,222,000	–	1,306,228	–	1.86%	–
	New	FISERV INC	$36,098,000	–	332,000	–	1.86%	–
PFE	New	PFIZER INC	$36,068,000	–	1,024,380	–	1.86%	–
	New	UNITEDHEALTH GROUP INC	$35,300,000	–	250,000	–	1.82%	–
PVG	New	PRETIUM RES INC	$33,546,000	–	2,995,139	–	1.73%	–
GIB	New	GROUPE CGI INC CL A	$31,309,000	–	733,050	–	1.61%	–
	New	SUNCOR ENERGY INC	$30,825,000	–	1,111,600	–	1.59%	–
GE	New	GENERAL ELECTRIC CO	$30,781,000	–	977,800	–	1.58%	–
AKG	New	ASANKO GOLD INC	$27,305,000	–	7,166,746	–	1.40%	–
FSM	New	FORTUNA SILVER MINES INC	$26,391,000	–	3,780,890	–	1.36%	–
BPY	New	BROOKFIELD PPTY PARTNERS LP	$25,798,000	–	1,148,610	–	1.33%	–
ENB	New	ENBRIDGE INC	$25,602,000	–	604,400	–	1.32%	–
	New	ENBRIDGE INC	$25,602,000	–	604,400	–	1.32%	–
AEM	New	AGNICO EAGLE MINES LTD	$25,522,000	–	477,042	–	1.31%	–
BIP	New	BROOKFIELD INFRAST PARTNERS LP	$24,118,000	–	532,870	–	1.24%	–
CEF	New	CENTRAL FD CDA LTD CL A	$22,089,000	–	1,589,115	–	1.14%	–
SSRI	New	SILVER STD RES INC	$21,972,000	–	1,691,481	–	1.13%	–
GOLD	New	RANDGOLD RES LTD	$21,770,000	–	194,305	–	1.12%	–
NOC	New	NORTHROP GRUMMAN CORP	$20,539,000	–	92,400	–	1.06%	–
UNH	New	UNITEDHEALTH GROUP INC	$20,394,000	–	144,430	–	1.05%	–
CMCSA	New	COMCAST CORP	$19,537,000	–	299,700	–	1.00%	–
CDE	New	COEUR MNG INC	$19,397,000	–	1,819,600	–	1.00%	–
GOOG	New	ALPHABET INC	$18,964,000	–	27,400	–	0.98%	–
	New	GENERAL ELECTRIC CO	$18,888,000	–	600,000	–	0.97%	–
RIC	New	RICHMONT MINES INC	$18,438,000	–	2,001,941	–	0.95%	–
	New	MICROSOFT CORP	$18,114,000	–	354,000	–	0.93%	–
FISV	New	FISERV INC	$18,049,000	–	166,000	–	0.93%	–
	New	MEDTRONIC PLC	$17,580,000	–	202,600	–	0.90%	–
	New	PFIZER INC	$17,520,000	–	497,600	–	0.90%	–
	New	ALPHABET INC	$17,441,000	–	25,200	–	0.90%	–
	New	APPLE INC	$17,399,000	–	182,000	–	0.90%	–
	New	NASDAQ INC	$17,267,000	–	267,000	–	0.89%	–
NDAQ	New	NASDAQ INC	$17,267,000	–	267,000	–	0.89%	–
	New	CVS HEALTH CORP	$17,271,000	–	180,400	–	0.89%	–
AUY	New	YAMANA GOLD INC	$16,824,000	–	3,235,366	–	0.87%	–
BTG	New	B2GOLD CORP	$15,948,000	–	6,353,619	–	0.82%	–
SLW	New	SILVER WHEATON CORP	$15,781,000	–	670,687	–	0.81%	–
	New	COMCAST CORP	$15,580,000	–	239,000	–	0.80%	–
CNQ	New	CANADIAN NAT RES LTD	$14,163,000	–	459,400	–	0.73%	–
	New	CANADIAN NAT RES LTD	$13,516,000	–	438,400	–	0.70%	–
HL	New	HECLA MNG CO	$12,094,000	–	2,371,423	–	0.62%	–
	New	KINROSS GOLD CORP	$11,408,000	–	2,333,000	–	0.59%	–
WLL	New	WHITING PETE CORP	$11,251,000	–	1,215,000	–	0.58%	–
BVN	New	COMPANIA DE MINAS BUENAVENTU SPON ADR	$11,130,000	–	931,340	–	0.57%	–
DDC	New	DOMINION DIAMOND CORP	$11,099,000	–	1,255,542	–	0.57%	–
MKSI	New	MKS INSTRUMENT INC	$10,980,000	–	255,000	–	0.56%	–
MAG	New	MAG SILVER CORP	$10,762,000	–	853,410	–	0.55%	–
AG	New	FIRST MAJESTIC SILVER CORP	$10,697,000	–	787,668	–	0.55%	–
CRUS	New	CIRRUS LOGIC INC	$10,609,000	–	273,500	–	0.55%	–
GOLD	New	BARRICK GOLD CORP	$10,078,000	–	472,049	–	0.52%	–
	New	DISCOVER FINL SVCS	$9,711,000	–	181,200	–	0.50%	–
HD	New	HOME DEPOT INC	$9,679,000	–	75,800	–	0.50%	–
FNV	New	FRANCO NEVADA CORP	$9,593,000	–	126,126	–	0.49%	–
GSM	New	FERROGLOBE PLC	$9,397,000	–	1,091,400	–	0.48%	–
BEN	New	FRANKLIN RES INC	$9,344,000	–	280,000	–	0.48%	–
PEP	New	PEPSICO INC	$8,984,000	–	84,800	–	0.46%	–
	New	PEPSICO INC	$8,952,000	–	84,500	–	0.46%	–
AGI	New	ALAMOS GOLD INC	$8,853,000	–	1,029,367	–	0.46%	–
SAFM	New	SANDERSON FARMS INC	$8,810,000	–	101,690	–	0.45%	–
KGC	New	KINROSS GOLD CORP	$8,662,000	–	1,771,295	–	0.45%	–
	New	HOME DEPOT INC	$8,555,000	–	67,000	–	0.44%	–
GME	New	GAMESTOP CORP	$8,506,000	–	320,000	–	0.44%	–
KW	New	KENNEDY-WILSON HLDGS INC	$8,454,000	–	445,885	–	0.44%	–
CALM	New	CAL MAINE FOODS INC	$8,217,000	–	185,391	–	0.42%	–
AU	New	ANGLOGOLD ASHANTI LTD SPONSORED ADR	$8,215,000	–	454,900	–	0.42%	–
CCS	New	CENTURY CMNTYS INC	$8,156,000	–	470,378	–	0.42%	–
KLDX	New	KLONDEX MNS LTD	$8,098,000	–	2,218,511	–	0.42%	–
DHR	New	DANAHER CORP	$7,923,000	–	103,500	–	0.41%	–
	New	DANAHER CORP	$7,923,000	–	103,500	–	0.41%	–
GFI	New	GOLD FIELDS LTD	$7,767,000	–	1,585,000	–	0.40%	–
NSU	New	NEVSUN RES LTD	$7,731,000	–	2,629,426	–	0.40%	–
THO	New	THOR INDS INC	$7,445,000	–	115,000	–	0.38%	–
PAAS	New	PAN AMERICAN SILVER CORP	$7,358,000	–	447,319	–	0.38%	–
CPG	New	CRESCENT PT ENERGY CORP	$7,187,000	–	455,140	–	0.37%	–
GG	New	GOLDCORP INC	$6,577,000	–	343,813	–	0.34%	–
BRKB	New	BERKSHIRE HATHAWAY INC CL B	$6,487,000	–	44,800	–	0.33%	–
HP	New	HELMERICH & PAYNE INC	$6,408,000	–	95,450	–	0.33%	–
GILD	New	GILEAD SCIENCES INC	$6,382,000	–	76,500	–	0.33%	–
CVE	New	CENOVUS ENERGY INC	$6,219,000	–	450,000	–	0.32%	–
	New	VANECK VECTORS GOLD MINERS ETF	$6,207,000	–	224,000	–	0.32%	–
EMX	New	EURASIAN MINERALS INC	$5,997,000	–	7,138,933	–	0.31%	–
CXRXF	New	CONCORDIA INTL CORP	$5,827,000	–	270,500	–	0.30%	–
XOM	New	EXXON MOBIL CORP	$5,406,000	–	57,667	–	0.28%	–
CRZO	New	CARRIZO OIL & GAS INC	$5,378,000	–	150,000	–	0.28%	–
WDC	New	WESTERN DIGITAL CORP	$5,128,000	–	108,500	–	0.26%	–
SGDJ	New	ALPS SPROTT JR GOLD MINERS	$4,930,000	–	121,710	–	0.25%	–
UNTCQ	New	UNIT CORP	$4,940,000	–	317,500	–	0.25%	–
GRMN	New	GARMIN LTD	$4,878,000	–	115,000	–	0.25%	–
NUS	New	NU SKIN ENTERPRISES INC CL A	$4,734,000	–	102,500	–	0.24%	–
SWN	New	SOUTHWESTERN ENERGY CO	$4,529,000	–	360,000	–	0.23%	–
BKE	New	BUCKLE INC	$4,418,000	–	170,000	–	0.23%	–
HCRSQ	New	HI-CRUSH PARTNERS LP	$3,921,000	–	300,000	–	0.20%	–
DHXM	New	DHX MEDIA LTD	$3,660,000	–	712,000	–	0.19%	–
DVN	New	DEVON ENERGY CORP	$3,625,000	–	100,000	–	0.19%	–
SGDM	New	ALPS SPROTT GOLD MINERS	$3,525,000	–	135,800	–	0.18%	–
SA	New	SEABRIDGE GOLD INC	$3,462,000	–	235,828	–	0.18%	–
	New	CONCORDIA INTL CORP	$3,446,000	–	160,000	–	0.18%	–
WFC	New	WELLS FARGO & CO	$3,412,000	–	72,100	–	0.18%	–
J	New	JACOBS ENGR GROUP INC	$3,362,000	–	67,500	–	0.17%	–
GNTX	New	GENTEX CORP	$3,244,000	–	210,000	–	0.17%	–
AMTX	New	AEMETIS INC	$2,625,000	–	1,151,373	–	0.14%	–
STN	New	STANTEC INC	$2,525,000	–	104,200	–	0.13%	–
FRPH	New	FRP HLDGS INC	$2,415,000	–	70,000	–	0.12%	–
CHS	New	CHICOS FAS INC	$2,356,000	–	220,000	–	0.12%	–
NAK	New	NORTHERN DYNASTY MINERALS	$2,263,000	–	7,258,500	–	0.12%	–
RICE	New	RICE ENERGY INC	$2,204,000	–	100,000	–	0.11%	–
CTB	New	COOPER TIRE & RUBR CO	$2,195,000	–	73,619	–	0.11%	–
RGLD	New	ROYAL GOLD INC	$2,048,000	–	28,438	–	0.10%	–
AWI	New	ARMSTRONG WORLD INDS INC	$1,997,000	–	51,000	–	0.10%	–
SPY	New	SPDR S&P 500 ETF	$1,906,000	–	9,100	–	0.10%	–
MDM	New	MOUNTAIN PROV DIAMONDS INC	$1,863,000	–	404,988	–	0.10%	–
MIC	New	MACQUARIE INFRASTRUCTURE CORP	$1,607,000	–	21,700	–	0.08%	–
DY	New	DYCOM INDS INC	$1,616,000	–	18,000	–	0.08%	–
DIS	New	DISNEY WALT CO	$1,497,000	–	15,300	–	0.08%	–
EXK	New	ENDEAVOUR SILVER CORP	$1,473,000	–	373,010	–	0.08%	–
VGZ	New	VISTA GOLD CORP	$1,443,000	–	751,366	–	0.07%	–
HBI	New	HANESBRANDS INC	$1,417,000	–	56,400	–	0.07%	–
MCK	New	MCKESSON CORP	$1,325,000	–	7,100	–	0.07%	–
NKE	New	NIKE INC CL B	$1,325,000	–	24,000	–	0.07%	–
SBUX	New	STARBUCKS CORP	$1,302,000	–	22,800	–	0.07%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$1,296,000	–	20,700	–	0.07%	–
AXU	New	ALEXCO RESOURCE CORP	$1,270,000	–	778,942	–	0.06%	–
NXPI	New	NXP SEMICONDUCTORS N V	$1,238,000	–	15,800	–	0.06%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUST	$1,216,000	–	110,763	–	0.06%	–
JPM	New	JPMORGAN CHASE & CO	$1,168,000	–	18,800	–	0.06%	–
PSLV	New	SPROTT PHYSICAL SILVER TRUST	$1,138,000	–	156,897	–	0.06%	–
PLG	New	PLATINUM GROUP METALS LTD	$1,152,000	–	339,938	–	0.06%	–
WFTIQ	New	WEATHERFORD INTL PLC	$1,110,000	–	200,000	–	0.06%	–
LRCX	New	LAM RESEARCH CORP	$1,093,000	–	13,000	–	0.06%	–
	New	WELLS FARGO & CO	$1,093,000	–	23,100	–	0.06%	–
V	New	VISA INC CL A	$1,068,000	–	14,400	–	0.06%	–
DOOR	New	MASONITE INTL CORP	$992,000	–	15,000	–	0.05%	–
FDX	New	FEDEX CORP	$971,000	–	6,400	–	0.05%	–
TEL	New	TE CONNECTIVITY LTD	$954,000	–	16,700	–	0.05%	–
MA	New	MASTERCARD INC CL A	$942,000	–	10,700	–	0.05%	–
GSV	New	GOLD STD VENTURES CORP	$910,000	–	489,000	–	0.05%	–
GIL	New	GILDAN ACTIVEWEAR INC	$792,000	–	27,000	–	0.04%	–
SPPP	New	SPROTT PHYSICAL PLAT PALLAD	$722,000	–	103,200	–	0.04%	–
	New	DISNEY WALT CO	$636,000	–	6,500	–	0.03%	–
NOA	New	NORTH AMERN ENERGY PARTNERS	$564,000	–	200,000	–	0.03%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$573,000	–	102,500	–	0.03%	–
PGTI	New	PGT INC	$515,000	–	50,000	–	0.03%	–
TECK	New	TECK RESOURCES LTD CL B	$395,000	–	30,000	–	0.02%	–
UEC	New	URANIUM ENERGY CORP	$368,000	–	419,539	–	0.02%	–
DNN	New	DENISON MINES CORP	$373,000	–	678,638	–	0.02%	–
NFX	New	NEWFIELD EXPL CO	$331,000	–	7,500	–	0.02%	–
GDX	New	VANECK VECTORS GOLD MINERS ETF	$325,000	–	11,722	–	0.02%	–
AUMN	New	GOLDEN MINERALS CO	$303,000	–	464,800	–	0.02%	–
NLSN	New	NIELSEN HLDGS PLC	$312,000	–	6,000	–	0.02%	–
AGU	New	AGRIUM INC	$320,000	–	3,535	–	0.02%	–
EQT	New	EQT CORP	$310,000	–	4,000	–	0.02%	–
EFX	New	EQUIFAX INC	$282,000	–	2,200	–	0.02%	–
AMLP	New	ALPS ALERIAN MLP	$229,000	–	18,007	–	0.01%	–
FCX	New	FREEPORT-MCMORAN INC CL B	$170,000	–	15,226	–	0.01%	–
MRO	New	MARATHON OIL CORP	$150,000	–	10,000	–	0.01%	–
NGD	New	NEW GOLD INC CDA	$136,000	–	31,052	–	0.01%	–
GAIN	New	GLADSTONE INVT CORP	$122,000	–	17,000	–	0.01%	–
GTE	New	GRAN TIERRA ENERGY INC	$76,000	–	22,500	–	0.00%	–
DRD	New	DRDGOLD LIMITED SPON ADR	$60,000	–	10,200	–	0.00%	–
XRA	New	EXETER RES CORP	$39,000	–	30,000	–	0.00%	–
TGD	New	TIMMINS GOLD CORP	$29,000	–	77,685	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
TGD	Exit	TIMMINS GOLD CORP	$0	–	-70,200	–	-0.00%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-10,545	–	-0.00%	–
DRD	Exit	DRDGOLD LIMITED	$0	–	-10,200	–	-0.00%	–
HMY	Exit	HARMONY GOLD MNG LTD	$0	–	-14,500	–	-0.00%	–
HTM	Exit	U S GEOTHERMAL INC	$0	–	-65,078	–	-0.00%	–
MDM	Exit	MOUNTAIN PROV DIAMONDS INC	$0	–	-14,057	–	-0.00%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-39,728	–	-0.00%	–
SVM	Exit	SILVERCORP METALS INC	$0	–	-142,800	–	-0.01%	–
AA	Exit	ALCOA INC	$0	–	-15,000	–	-0.01%	–
MRO	Exit	MARATHON OIL CORP	$0	–	-10,300	–	-0.01%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-10,000	–	-0.01%	–
UEC	Exit	URANIUM ENERGY CORP	$0	–	-198,518	–	-0.01%	–
BHP	Exit	BHP BILLITON LTD	$0	–	-6,945	–	-0.01%	–
FDN	Exit	FIRST TRUST DJ INTERNT INDEX	$0	–	-3,100	–	-0.01%	–
IYT	Exit	ISHARES TRANS AVG ETF	$0	–	-1,500	–	-0.01%	–
	Exit	NXP SEMICONDUCTORS N V	$0	–	-2,500	–	-0.01%	–
TLT	Exit	ISHARES 20+ YR TREASURY BOND ETF	$0	–	-1,700	–	-0.01%	–
EOG	Exit	EOG RES INC	$0	–	-3,000	–	-0.01%	–
AMLP	Exit	ALPS ETF TR ALERIAN MLP	$0	–	-18,515	–	-0.01%	–
XLP	Exit	SELECT SECTOR SPDR CONS STPLS	$0	–	-4,800	–	-0.01%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-8,145	–	-0.01%	–
RBYCF	Exit	RUBICON MINERALS CORP	$0	–	-304,384	–	-0.01%	–
GSV	Exit	GOLD STD VENTURES CORP	$0	–	-588,000	–	-0.01%	–
VLO	Exit	VALERO ENERGY CORP	$0	–	-4,000	–	-0.02%	–
SSRI	Exit	SILVER STD RES INC	$0	–	-38,570	–	-0.02%	–
VGZ	Exit	VISTA GOLD CORP	$0	–	-803,866	–	-0.02%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-5,143	–	-0.02%	–
TTE	Exit	TOTAL S A	$0	–	-5,900	–	-0.02%	–
MON	Exit	MONSANTO CO	$0	–	-3,200	–	-0.02%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-13,525	–	-0.02%	–
XLV	Exit	SELECT SECTOR SPDR HEALTHCARE	$0	–	-4,400	–	-0.02%	–
	Exit	APPLE INC	$0	–	-2,600	–	-0.02%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-7,000	–	-0.02%	–
CCJ	Exit	CAMECO CORP	$0	–	-30,710	–	-0.02%	–
XLY	Exit	SELECT SECTOR SPDR CONS DISCR	$0	–	-5,700	–	-0.03%	–
TSO	Exit	TESORO CORP	$0	–	-4,500	–	-0.03%	–
AGU	Exit	AGRIUM INC	$0	–	-5,035	–	-0.03%	–
PPPMF	Exit	PRIMERO MNG CORP	$0	–	-195,351	–	-0.03%	–
IWM	Exit	ISHARES RUSSELL 2000 ETF	$0	–	-4,400	–	-0.03%	–
MET	Exit	METLIFE INC	$0	–	-9,900	–	-0.03%	–
XLK	Exit	SELECT SECTOR SPDR TECHNOLOGY	$0	–	-12,800	–	-0.03%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-100,000	–	-0.03%	–
SPPP	Exit	SPROTT PHYSICAL PLAT PALLAD	$0	–	-82,300	–	-0.03%	–
CEF	Exit	CENTRAL FD CDA LTD CL A	$0	–	-54,515	–	-0.04%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUST	$0	–	-66,423	–	-0.04%	–
DNN	Exit	DENISON MINES CORP	$0	–	-1,582,790	–	-0.04%	–
	Exit	GOOGLE INC CL C	$0	–	-1,000	–	-0.04%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-13,371	–	-0.04%	–
HL	Exit	HECLA MNG CO	$0	–	-312,015	–	-0.04%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTU	$0	–	-113,200	–	-0.04%	–
DIS	Exit	DISNEY WALT CO	$0	–	-6,500	–	-0.04%	–
FISV	Exit	FISERV INC	$0	–	-8,000	–	-0.04%	–
QQQ	Exit	POWERSHARES QQQ TRUST	$0	–	-8,400	–	-0.05%	–
RY	Exit	ROYAL BK CDA	$0	–	-16,000	–	-0.05%	–
CDE	Exit	COEUR MNG INC	$0	–	-341,500	–	-0.06%	–
DDC	Exit	DOMINION DIAMOND CORP	$0	–	-101,100	–	-0.07%	–
TAHO	Exit	TAHOE RES INC	$0	–	-141,308	–	-0.07%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-2,821,750	–	-0.07%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-5,076,928	–	-0.07%	–
GOOG	Exit	GOOGLE INC CL C	$0	–	-2,000	–	-0.08%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-144,148	–	-0.11%	–
AG	Exit	FIRST MAJESTIC SILVER CORP	$0	–	-561,528	–	-0.11%	–
COH	Exit	COACH INC	$0	–	-65,000	–	-0.12%	–
BTEGF	Exit	BAYTEX ENERGY CORP	$0	–	-600,000	–	-0.12%	–
ERF	Exit	ENERPLUS CORP	$0	–	-400,000	–	-0.12%	–
BTG	Exit	B2GOLD CORP	$0	–	-1,947,964	–	-0.12%	–
SGDM	Exit	ALPS ETF TR SPROTT GOLD MINERS	$0	–	-167,600	–	-0.13%	–
MRD	Exit	MEMORIAL RESOURCE DEV CORP	$0	–	-125,000	–	-0.14%	–
MHK	Exit	MOHAWK INDS INC	$0	–	-13,000	–	-0.14%	–
GG	Exit	GOLDCORP INC	$0	–	-196,607	–	-0.15%	–
SBUX	Exit	STARBUCKS CORP	$0	–	-45,000	–	-0.16%	–
PAAS	Exit	PAN AMERICAN SILVER CORP	$0	–	-454,486	–	-0.18%	–
J	Exit	JACOBS ENGR GROUP INC	$0	–	-77,500	–	-0.18%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRUST	$0	–	-525,847	–	-0.18%	–
AGI	Exit	ALAMOS GOLD INC	$0	–	-819,909	–	-0.18%	–
HP	Exit	HELMERICH & PAYNE INC	$0	–	-65,800	–	-0.19%	–
NSU	Exit	NEVSUN RES LTD	$0	–	-1,077,801	–	-0.19%	–
MOS	Exit	MOSAIC CO	$0	–	-101,380	–	-0.19%	–
CHS	Exit	CHICOS FAS INC	$0	–	-200,000	–	-0.19%	–
EMX	Exit	EURASIAN MINERALS INC	$0	–	-6,874,901	–	-0.19%	–
SNDK	Exit	SANDISK CORP	$0	–	-59,000	–	-0.20%	–
NUS	Exit	NU SKIN ENTERPRISES INC CL A	$0	–	-85,000	–	-0.22%	–
GRMN	Exit	GARMIN LTD	$0	–	-105,000	–	-0.23%	–
	Exit	POWERSHARES QQQ TRUST	$0	–	-40,000	–	-0.25%	–
CPG	Exit	CRESCENT PT ENERGY CORP	$0	–	-380,425	–	-0.27%	–
AKG	Exit	ASANKO GOLD INC	$0	–	-3,323,389	–	-0.30%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-66,066	–	-0.30%	–
SPY	Exit	SPDR S&P 500 ETF TR	$0	–	-25,600	–	-0.30%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC CL B	$0	–	-38,000	–	-0.30%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-204,400	–	-0.32%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-2,397,220	–	-0.32%	–
BKE	Exit	BUCKLE INC	$0	–	-145,000	–	-0.33%	–
MKSI	Exit	MKS INSTRUMENT INC	$0	–	-235,000	–	-0.48%	–
MAG	Exit	MAG SILVER CORP	$0	–	-1,116,978	–	-0.49%	–
	Exit	SUNCOR ENERGY INC	$0	–	-300,000	–	-0.49%	–
CRUS	Exit	CIRRUS LOGIC INC	$0	–	-275,000	–	-0.53%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-236,500	–	-0.54%	–
LSG	Exit	LAKE SHORE GOLD CORP	$0	–	-10,933,566	–	-0.56%	–
	Exit	GOLDCORP INC	$0	–	-769,000	–	-0.59%	–
GME	Exit	GAMESTOP CORP	$0	–	-235,000	–	-0.59%	–
WDC	Exit	WESTERN DIGITAL CORP	$0	–	-125,000	–	-0.61%	–
CALM	Exit	CAL MAINE FOODS INC	$0	–	-183,568	–	-0.62%	–
MGA	Exit	MAGNA INTL INC	$0	–	-209,000	–	-0.62%	–
UNP	Exit	UNION PAC CORP	$0	–	-128,740	–	-0.70%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-465,417	–	-0.72%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-269,415	–	-0.73%	–
FDX	Exit	FEDEX CORP	$0	–	-82,500	–	-0.73%	–
SGDJ	Exit	ALPS ETF TR SPROTT JR GOLD MINERS	$0	–	-625,000	–	-0.76%	–
SU	Exit	SUNCOR ENERGY INC	$0	–	-466,900	–	-0.76%	–
PVG	Exit	PRETIUM RES INC	$0	–	-2,318,373	–	-0.86%	–
CAE	Exit	CAE INC	$0	–	-1,422,160	–	-0.93%	–
GOLD	Exit	RANDGOLD RES LTD	$0	–	-258,139	–	-0.94%	–
	Exit	SPDR S&P REGL BKG	$0	–	-400,000	–	-1.01%	–
CVS	Exit	CVS HEALTH CORP	$0	–	-207,000	–	-1.22%	–
GIL	Exit	GILDAN ACTIVEWEAR INC	$0	–	-725,730	–	-1.34%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-518,719	–	-1.38%	–
	Exit	CDN IMPERIAL BK COMM	$0	–	-335,000	–	-1.48%	–
CM	Exit	CDN IMPERIAL BK COMM	$0	–	-335,000	–	-1.48%	–
ENB	Exit	ENBRIDGE INC	$0	–	-721,730	–	-1.64%	–
	Exit	MARKET VECTORS GOLD MINER ETF	$0	–	-2,000,000	–	-1.68%	–
GIB	Exit	GROUPE CGI INC CL A	$0	–	-811,550	–	-1.80%	–
NXPI	Exit	NXP SEMICONDUCTORS N V	$0	–	-345,240	–	-1.84%	–
PFE	Exit	PFIZER INC	$0	–	-966,180	–	-1.86%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-587,220	–	-1.87%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-266,830	–	-1.90%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE INC	$0	–	-143,120	–	-2.06%	–
AAPL	Exit	APPLE INC	$0	–	-324,245	–	-2.19%	–
	Exit	SPDR S&P 500 ETF TR	$0	–	-796,000	–	-9.35%	–
	Exit	SPDR S&P 500 ETF TR	$0	–	-3,805,200	–	-44.70%	–

Q3 2015

			Value		Shares		↓ Weighting
	Buy	SPDR S&P 500 ETF TR	$729,190,000	+125.7%	3,805,200	+142.4%	44.70%	+82.5%
	New	SPDR S&P 500 ETF TR	$152,537,000	–	796,000	–	9.35%	–
AAPL	Buy	APPLE INC	$35,764,000	-9.4%	324,245	+3.0%	2.19%	-26.7%
ICE	Buy	INTERCONTINENTAL EXCHANGE INC	$33,632,000	+6.2%	143,120	+1.1%	2.06%	-14.1%
UNH	Buy	UNITEDHEALTH GROUP INC	$30,955,000	+104.6%	266,830	+115.2%	1.90%	+65.4%
DFS	Buy	DISCOVER FINL SVCS	$30,530,000	+20.2%	587,220	+33.2%	1.87%	-2.9%
PFE	Buy	PFIZER INC	$30,348,000	+6.8%	966,180	+14.0%	1.86%	-13.6%
NXPI	Buy	NXP SEMICONDUCTORS N V	$30,060,000	-10.0%	345,240	+1.5%	1.84%	-27.2%
GIB	Sell	GROUPE CGI INC CL A	$29,386,000	-17.9%	811,550	-11.3%	1.80%	-33.6%
	New	MARKET VECTORS GOLD MINER ETF	$27,480,000	–	2,000,000	–	1.68%	–
ENB	Buy	ENBRIDGE INC	$26,798,000	+24.9%	721,730	+57.4%	1.64%	+1.0%
	New	CDN IMPERIAL BK COMM	$24,107,000	–	335,000	–	1.48%	–
CM	New	CDN IMPERIAL BK COMM	$24,107,000	–	335,000	–	1.48%	–
VZ	Sell	VERIZON COMMUNICATIONS INC	$22,569,000	-6.9%	518,719	-0.2%	1.38%	-24.7%
GIL	Sell	GILDAN ACTIVEWEAR INC	$21,888,000	-10.4%	725,730	-1.2%	1.34%	-27.5%
CVS	Sell	CVS HEALTH CORP	$19,971,000	-8.3%	207,000	-0.4%	1.22%	-25.9%
	Sell	SPDR S&P REGL BKG	$16,472,000	-37.8%	400,000	-33.3%	1.01%	-49.7%
GOLD	Buy	RANDGOLD RES LTD	$15,253,000	-0.5%	258,139	+12.8%	0.94%	-19.5%
CAE	Sell	CAE INC	$15,103,000	-12.0%	1,422,160	-1.2%	0.93%	-28.8%
PVG	Buy	PRETIUM RES INC	$14,026,000	+16.2%	2,318,373	+4.1%	0.86%	-6.0%
SU	New	SUNCOR ENERGY INC	$12,476,000	–	466,900	–	0.76%	–
SGDJ	Buy	ALPS ETF TR SPROTT JR GOLD MINERS	$12,456,000	+11.5%	625,000	+42.0%	0.76%	-9.8%
FDX	Buy	FEDEX CORP	$11,878,000	-12.7%	82,500	+3.4%	0.73%	-29.4%
FNV	Sell	FRANCO NEVADA CORP	$11,860,000	-17.7%	269,415	-10.9%	0.73%	-33.4%
AEM	Buy	AGNICO EAGLE MINES LTD	$11,784,000	-8.1%	465,417	+3.0%	0.72%	-25.7%
UNP	Buy	UNION PAC CORP	$11,382,000	-6.7%	128,740	+0.6%	0.70%	-24.5%
MGA	Sell	MAGNA INTL INC	$10,034,000	-14.7%	209,000	-0.3%	0.62%	-31.1%
CALM	Sell	CAL MAINE FOODS INC	$10,025,000	+1.1%	183,568	-3.4%	0.62%	-18.2%
WDC	Buy	WESTERN DIGITAL CORP	$9,930,000	+7.3%	125,000	+5.9%	0.61%	-13.1%
GME	Sell	GAMESTOP CORP	$9,684,000	-8.0%	235,000	-4.1%	0.59%	-25.6%
	Buy	GOLDCORP INC	$9,628,000	-6.3%	769,000	+21.3%	0.59%	-24.3%
LSG	Sell	LAKE SHORE GOLD CORP	$9,097,000	-24.6%	10,933,566	-5.7%	0.56%	-38.9%
BEN	Buy	FRANKLIN RES INC	$8,812,000	-14.4%	236,500	+12.6%	0.54%	-30.8%
CRUS	Buy	CIRRUS LOGIC INC	$8,665,000	+54.3%	275,000	+66.7%	0.53%	+24.6%
	New	SUNCOR ENERGY INC	$8,016,000	–	300,000	–	0.49%	–
MAG	Sell	MAG SILVER CORP	$7,953,000	-41.7%	1,116,978	-35.8%	0.49%	-52.9%
MKSI	Buy	MKS INSTRUMENT INC	$7,880,000	-4.5%	235,000	+8.0%	0.48%	-22.8%
FSM	Sell	FORTUNA SILVER MINES INC	$5,226,000	-68.5%	2,397,220	-47.1%	0.32%	-74.6%
GE	Buy	GENERAL ELECTRIC CO	$5,155,000	-3.3%	204,400	+1.9%	0.32%	-21.8%
SPY	Buy	SPDR S&P 500 ETF TR	$4,906,000	+62.1%	25,600	+74.1%	0.30%	+31.4%
XOM	Buy	EXXON MOBIL CORP	$4,912,000	-6.8%	66,066	+4.3%	0.30%	-24.6%
AKG	Buy	ASANKO GOLD INC	$4,885,000	-13.4%	3,323,389	+0.7%	0.30%	-30.1%
CPG	Buy	CRESCENT PT ENERGY CORP	$4,348,000	-5.8%	380,425	+68.9%	0.27%	-23.7%
	New	POWERSHARES QQQ TRUST	$4,070,000	–	40,000	–	0.25%	–
GRMN	Buy	GARMIN LTD	$3,767,000	+31.9%	105,000	+61.5%	0.23%	+6.9%
NUS	Sell	NU SKIN ENTERPRISES INC CL A	$3,509,000	-19.5%	85,000	-8.1%	0.22%	-34.8%
SNDK	Buy	SANDISK CORP	$3,205,000	+4.8%	59,000	+12.4%	0.20%	-15.5%
EMX	Sell	EURASIAN MINERALS INC	$3,162,000	-10.1%	6,874,901	-0.3%	0.19%	-27.3%
CHS	Buy	CHICOS FAS INC	$3,146,000	+18.2%	200,000	+25.0%	0.19%	-4.5%
MOS	Sell	MOSAIC CO	$3,154,000	-36.8%	101,380	-4.8%	0.19%	-48.9%
NSU	Sell	NEVSUN RES LTD	$3,126,000	-23.4%	1,077,801	-0.5%	0.19%	-37.9%
HP	Sell	HELMERICH & PAYNE INC	$3,110,000	-39.3%	65,800	-9.6%	0.19%	-50.9%
AGI	New	ALAMOS GOLD INC	$3,025,000	–	819,909	–	0.18%	–
PSLV	Sell	SPROTT PHYSICAL SILVER TRUST	$2,982,000	-8.4%	525,847	-0.4%	0.18%	-25.9%
PAAS	Buy	PAN AMERICAN SILVER CORP	$2,886,000	-13.4%	454,486	+17.1%	0.18%	-30.0%
SBUX	New	STARBUCKS CORP	$2,558,000	–	45,000	–	0.16%	–
GG	Sell	GOLDCORP INC	$2,462,000	-76.5%	196,607	-69.6%	0.15%	-81.0%
MHK	New	MOHAWK INDS INC	$2,363,000	–	13,000	–	0.14%	–
SGDM	Sell	ALPS ETF TR SPROTT GOLD MINERS	$2,108,000	-21.3%	167,600	-0.3%	0.13%	-36.5%
BTG	Sell	B2GOLD CORP	$2,045,000	-50.6%	1,947,964	-28.0%	0.12%	-60.2%
ERF	New	ENERPLUS CORP	$1,944,000	–	400,000	–	0.12%	–
BTEGF	New	BAYTEX ENERGY CORP	$1,920,000	–	600,000	–	0.12%	–
COH	Buy	COACH INC	$1,880,000	+35.8%	65,000	+62.5%	0.12%	+9.5%
AG	Sell	FIRST MAJESTIC SILVER CORP	$1,797,000	-77.8%	561,528	-66.5%	0.11%	-82.1%
SLW	Sell	SILVER WHEATON CORP	$1,731,000	-81.7%	144,148	-73.6%	0.11%	-85.2%
GOOG	New	GOOGLE INC CL C	$1,217,000	–	2,000	–	0.08%	–
PLG	Sell	PLATINUM GROUP METALS LTD	$1,168,000	-47.9%	5,076,928	-9.4%	0.07%	-57.6%
AXU	Sell	ALEXCO RESOURCE CORP	$1,129,000	-9.2%	2,821,750	-22.5%	0.07%	-26.6%
TAHO	Sell	TAHOE RES INC	$1,094,000	-79.8%	141,308	-68.4%	0.07%	-83.7%
DDC	New	DOMINION DIAMOND CORP	$1,080,000	–	101,100	–	0.07%	–
CDE	Buy	COEUR MNG INC	$963,000	-30.4%	341,500	+40.9%	0.06%	-43.8%
QQQ	Sell	POWERSHARES QQQ TRUST	$855,000	-38.1%	8,400	-34.9%	0.05%	-50.5%
FISV	New	FISERV INC	$693,000	–	8,000	–	0.04%	–
DIS	New	DISNEY WALT CO	$664,000	–	6,500	–	0.04%	–
HL	Buy	HECLA MNG CO	$615,000	+11.8%	312,015	+49.1%	0.04%	-9.5%
RGLD	Sell	ROYAL GOLD INC	$628,000	-25.6%	13,371	-2.4%	0.04%	-40.6%
PHYS	Sell	SPROTT PHYSICAL GOLD TRUST	$610,000	-5.7%	66,423	-0.8%	0.04%	-24.5%
	New	GOOGLE INC CL C	$608,000	–	1,000	–	0.04%	–
DNN	Buy	DENISON MINES CORP	$605,000	+11.4%	1,582,790	+118.8%	0.04%	-9.8%
XLK	Buy	SELECT SECTOR SPDR TECHNOLOGY	$506,000	+121.9%	12,800	+132.7%	0.03%	+82.4%
IWM	Sell	ISHARES RUSSELL 2000 ETF	$480,000	-64.1%	4,400	-58.9%	0.03%	-71.3%
MET	New	METLIFE INC	$467,000	–	9,900	–	0.03%	–
AGU	Buy	AGRIUM INC	$451,000	+67.7%	5,035	+98.6%	0.03%	+40.0%
PPPMF	Sell	PRIMERO MNG CORP	$455,000	-77.1%	195,351	-61.8%	0.03%	-81.5%
TSO	Buy	TESORO CORP	$438,000	+48.5%	4,500	+28.6%	0.03%	+22.7%
XLY	Buy	SELECT SECTOR SPDR CONS DISCR	$423,000	+53.8%	5,700	+58.3%	0.03%	+23.8%
WFC	New	WELLS FARGO & CO	$359,000	–	7,000	–	0.02%	–
	New	APPLE INC	$287,000	–	2,600	–	0.02%	–
XLV	Sell	SELECT SECTOR SPDR HEALTHCARE	$291,000	-26.1%	4,400	-17.0%	0.02%	-40.0%
MON	Sell	MONSANTO CO	$273,000	-55.1%	3,200	-43.9%	0.02%	-63.0%
POT	Sell	POTASH CORP SASK INC	$278,000	-77.0%	13,525	-65.3%	0.02%	-81.5%
TTE	Buy	TOTAL S A	$264,000	+27.5%	5,900	+40.5%	0.02%	0.0%
VGZ	Sell	VISTA GOLD CORP	$240,000	-37.2%	803,866	-30.6%	0.02%	-48.3%
VLO	Sell	VALERO ENERGY CORP	$240,000	-29.0%	4,000	-25.9%	0.02%	-42.3%
MPC	Buy	MARATHON PETE CORP	$238,000	-11.5%	5,143	+0.1%	0.02%	-25.0%
RBYCF	Sell	RUBICON MINERALS CORP	$222,000	-33.9%	304,384	-5.0%	0.01%	-44.0%
XLP	New	SELECT SECTOR SPDR CONS STPLS	$227,000	–	4,800	–	0.01%	–
WY	Buy	WEYERHAEUSER CO	$223,000	-9.3%	8,145	+4.4%	0.01%	-26.3%
AMLP	Sell	ALPS ETF TR ALERIAN MLP	$231,000	-23.0%	18,515	-3.9%	0.01%	-39.1%
GSV	Sell	GOLD STD VENTURES CORP	$223,000	-23.4%	588,000	-4.1%	0.01%	-36.4%
TLT	New	ISHARES 20+ YR TREASURY BOND ETF	$210,000	–	1,700	–	0.01%	–
BHP	Sell	BHP BILLITON LTD	$220,000	-45.7%	6,945	-30.2%	0.01%	-58.1%
IYT	New	ISHARES TRANS AVG ETF	$210,000	–	1,500	–	0.01%	–
EOG	New	EOG RES INC	$218,000	–	3,000	–	0.01%	–
FDN	Sell	FIRST TRUST DJ INTERNT INDEX	$205,000	-10.1%	3,100	-8.8%	0.01%	-23.5%
	New	NXP SEMICONDUCTORS N V	$218,000	–	2,500	–	0.01%	–
UEC	New	URANIUM ENERGY CORP	$199,000	–	198,518	–	0.01%	–
MRO	New	MARATHON OIL CORP	$159,000	–	10,300	–	0.01%	–
AA	New	ALCOA INC	$145,000	–	15,000	–	0.01%	–
SVM	Sell	SILVERCORP METALS INC	$89,000	-75.8%	142,800	-58.1%	0.01%	-82.1%
AUY	Sell	YAMANA GOLD INC	$68,000	-46.0%	39,728	-5.7%	0.00%	-60.0%
MDM	Sell	MOUNTAIN PROV DIAMONDS INC	$37,000	-38.3%	14,057	-2.0%	0.00%	-60.0%
TGD	Sell	TIMMINS GOLD CORP	$17,000	-63.8%	70,200	-12.0%	0.00%	-75.0%
FSI	Exit	FLEXIBLE SOLUTIONS INTL INC	$0	–	-10,593	–	-0.00%	–
VALE	Exit	VALE S A	$0	–	-12,000	–	-0.01%	–
MUX	Exit	MCEWEN MNG INC	$0	–	-66,000	–	-0.01%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-10,000	–	-0.01%	–
TRP	Exit	TRANSCANADA CORP	$0	–	-5,000	–	-0.02%	–
FCX	Exit	FREEPORT-MCMORAN INC CL B	$0	–	-10,626	–	-0.02%	–
ITB	Exit	ISHARES US HOME CONSTRUCTION ETF	$0	–	-8,300	–	-0.02%	–
PJP	Exit	POWERSHARES DYN PHRMA PORT	$0	–	-2,900	–	-0.02%	–
IGV	Exit	ISHARES NA TECH-SOFTWARE ETF	$0	–	-2,300	–	-0.02%	–
FPX	Exit	FIRST TRUST US IPO INDEX FUND	$0	–	-4,200	–	-0.02%	–
SVBL	Exit	SILVER BULL RES INC	$0	–	-2,227,605	–	-0.02%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC	$0	–	-4,520	–	-0.02%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-8,632	–	-0.02%	–
ECA	Exit	ENCANA CORP	$0	–	-25,000	–	-0.02%	–
BP	Exit	BP PLC	$0	–	-7,700	–	-0.02%	–
AAU	Exit	ALMADEN MINERALS LTD	$0	–	-487,902	–	-0.03%	–
	Exit	BARRICK GOLD CORP	$0	–	-40,000	–	-0.03%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-9,025	–	-0.04%	–
LNN	Exit	LINDSAY CORP	$0	–	-9,967	–	-0.07%	–
PPLT	Exit	ETFS PLATINUM TR	$0	–	-14,665	–	-0.12%	–
	Exit	MARKET VECTORS GOLD MINER ETF	$0	–	-160,000	–	-0.22%	–
MDCO	Exit	MEDICINES CO	$0	–	-105,000	–	-0.23%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-161,210	–	-0.23%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-78,500	–	-0.26%	–
AGCO	Exit	AGCO CORP	$0	–	-65,000	–	-0.28%	–
AGI	Exit	ALAMOS GOLD INC	$0	–	-668,900	–	-0.29%	–
SVLC	Exit	SILVERCREST MINES INC	$0	–	-4,232,592	–	-0.32%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-421,600	–	-0.34%	–
PALL	Exit	ETFS PALLADIUM TR	$0	–	-70,150	–	-0.35%	–
BB	Exit	BLACKBERRY LTD	$0	–	-900,000	–	-0.56%	–
	Exit	BLACKBERRY LTD	$0	–	-900,000	–	-0.56%	–
BIN	Exit	PROGRESSIVE WASTE SOLUTIONS	$0	–	-285,410	–	-0.58%	–
	Exit	VERIZON COMMUNICATIONS INC	$0	–	-258,400	–	-0.91%	–
	Exit	APPLE INC	$0	–	-112,800	–	-1.07%	–
	Exit	UNITEDHEALTH GROUP INC	$0	–	-124,000	–	-1.15%	–
VOD	Exit	VODAFONE GROUP PLC	$0	–	-433,472	–	-1.20%	–
	Exit	ENBRIDGE INC	$0	–	-458,500	–	-1.63%	–
	Exit	NXP SEMICONDUCTORS N V	$0	–	-340,000	–	-2.53%	–
CTRX	Exit	CATAMARAN CORP	$0	–	-1,000,000	–	-4.63%	–
	Exit	POWERSHARES QQQ TRUST	$0	–	-579,500	–	-4.70%	–

Q2 2015

			Value		Shares		↓ Weighting
	New	SPDR S&P 500 ETF TR	$323,082,000	–	1,569,500	–	24.49%	–
	New	POWERSHARES QQQ TRUST	$62,047,000	–	579,500	–	4.70%	–
CTRX	New	CATAMARAN CORP	$61,080,000	–	1,000,000	–	4.63%	–
AAPL	New	APPLE INC	$39,478,000	–	314,755	–	2.99%	–
GIB	New	GROUPE CGI INC CL A	$35,773,000	–	915,370	–	2.71%	–
NXPI	New	NXP SEMICONDUCTORS N V	$33,388,000	–	340,000	–	2.53%	–
	New	NXP SEMICONDUCTORS N V	$33,388,000	–	340,000	–	2.53%	–
ICE	New	INTERCONTINENTAL EXCHANGE INC	$31,670,000	–	141,630	–	2.40%	–
PFE	New	PFIZER INC	$28,409,000	–	847,280	–	2.15%	–
	New	SPDR S&P REGL BKG	$26,496,000	–	600,000	–	2.01%	–
DFS	New	DISCOVER FINL SVCS	$25,408,000	–	440,960	–	1.93%	–
GIL	New	GILDAN ACTIVEWEAR INC	$24,422,000	–	734,720	–	1.85%	–
VZ	New	VERIZON COMMUNICATIONS INC	$24,231,000	–	519,869	–	1.84%	–
CVS	New	CVS HEALTH CORP	$21,787,000	–	207,730	–	1.65%	–
	New	ENBRIDGE INC	$21,453,000	–	458,500	–	1.63%	–
ENB	New	ENBRIDGE INC	$21,453,000	–	458,500	–	1.63%	–
CAE	New	CAE INC	$17,169,000	–	1,439,140	–	1.30%	–
FSM	New	FORTUNA SILVER MINES INC	$16,600,000	–	4,535,653	–	1.26%	–
VOD	New	VODAFONE GROUP PLC	$15,800,000	–	433,472	–	1.20%	–
GOLD	New	RANDGOLD RES LTD	$15,325,000	–	228,900	–	1.16%	–
	New	UNITEDHEALTH GROUP INC	$15,128,000	–	124,000	–	1.15%	–
UNH	New	UNITEDHEALTH GROUP INC	$15,128,000	–	124,000	–	1.15%	–
FNV	New	FRANCO NEVADA CORP	$14,403,000	–	302,264	–	1.09%	–
	New	APPLE INC	$14,148,000	–	112,800	–	1.07%	–
MAG	New	MAG SILVER CORP	$13,641,000	–	1,739,873	–	1.03%	–
FDX	New	FEDEX CORP	$13,601,000	–	79,820	–	1.03%	–
AEM	New	AGNICO EAGLE MINES LTD	$12,825,000	–	452,055	–	0.97%	–
UNP	New	UNION PAC CORP	$12,199,000	–	127,910	–	0.92%	–
PVG	New	PRETIUM RES INC	$12,070,000	–	2,226,861	–	0.92%	–
LSG	New	LAKE SHORE GOLD CORP	$12,062,000	–	11,597,966	–	0.91%	–
	New	VERIZON COMMUNICATIONS INC	$12,044,000	–	258,400	–	0.91%	–
MGA	New	MAGNA INTL INC	$11,762,000	–	209,700	–	0.89%	–
SGDJ	New	ALPS ETF SPROTT JR GOLD MINERS	$11,176,000	–	440,000	–	0.85%	–
GME	New	GAMESTOP CORP	$10,525,000	–	245,000	–	0.80%	–
GG	New	GOLDCORP INC	$10,473,000	–	646,471	–	0.79%	–
BEN	New	FRANKLIN RES INC	$10,296,000	–	210,000	–	0.78%	–
	New	GOLDCORP INC	$10,271,000	–	634,000	–	0.78%	–
CALM	New	CAL MAINE FOODS INC	$9,918,000	–	190,000	–	0.75%	–
SLW	New	SILVER WHEATON CORP	$9,463,000	–	545,759	–	0.72%	–
WDC	New	WESTERN DIGITAL CORP	$9,254,000	–	118,000	–	0.70%	–
MKSI	New	MKS INSTRUMENT INC	$8,252,000	–	217,500	–	0.63%	–
AG	New	FIRST MAJESTIC SILVER CORP	$8,087,000	–	1,674,341	–	0.61%	–
BIN	New	PROGRESSIVE WASTE SOLUTIONS	$7,663,000	–	285,410	–	0.58%	–
	New	BLACKBERRY LTD	$7,362,000	–	900,000	–	0.56%	–
BB	New	BLACKBERRY LTD	$7,362,000	–	900,000	–	0.56%	–
BKE	New	BUCKLE INC	$6,637,000	–	145,000	–	0.50%	–
AKG	New	ASANKO GOLD INC	$5,642,000	–	3,299,189	–	0.43%	–
CRUS	New	CIRRUS LOGIC INC	$5,615,000	–	165,000	–	0.43%	–
TAHO	New	TAHOE RES INC	$5,418,000	–	446,627	–	0.41%	–
GE	New	GENERAL ELECTRIC CO	$5,330,000	–	200,600	–	0.40%	–
XOM	New	EXXON MOBIL CORP	$5,269,000	–	63,325	–	0.40%	–
BRKB	New	BERKSHIRE HATHAWAY INC	$5,172,000	–	38,000	–	0.39%	–
HP	New	HELMERICH & PAYNE INC	$5,127,000	–	72,800	–	0.39%	–
MOS	New	MOSAIC CO	$4,990,000	–	106,500	–	0.38%	–
CPG	New	CRESCENT PT ENERGY CORP	$4,614,000	–	225,285	–	0.35%	–
PALL	New	ETFS PALLADIUM TR	$4,570,000	–	70,150	–	0.35%	–
GOLD	New	BARRICK GOLD CORP	$4,494,000	–	421,600	–	0.34%	–
NUS	New	NU SKIN ENTERPRISES INC CL A	$4,360,000	–	92,500	–	0.33%	–
SVLC	New	SILVERCREST MINES INC	$4,233,000	–	4,232,592	–	0.32%	–
BTG	New	B2GOLD CORP	$4,140,000	–	2,705,762	–	0.31%	–
NSU	New	NEVSUN RES LTD	$4,082,000	–	1,082,822	–	0.31%	–
AGI	New	ALAMOS GOLD INC	$3,786,000	–	668,900	–	0.29%	–
AGCO	New	AGCO CORP	$3,691,000	–	65,000	–	0.28%	–
EMX	New	EURASIAN MINERALS INC	$3,517,000	–	6,896,260	–	0.27%	–
MSFT	New	MICROSOFT CORP	$3,466,000	–	78,500	–	0.26%	–
PAAS	New	PAN AMERICAN SILVER CORP	$3,333,000	–	388,054	–	0.25%	–
PSLV	New	SPROTT PHYSICAL SILVER TRUST	$3,256,000	–	527,777	–	0.25%	–
J	New	JACOBS ENGR GROUP INC	$3,148,000	–	77,500	–	0.24%	–
SNDK	New	SANDISK CORP	$3,057,000	–	52,500	–	0.23%	–
MU	New	MICRON TECHNOLOGY INC	$3,037,000	–	161,210	–	0.23%	–
SPY	New	SPDR S&P 500 ETF TR	$3,026,000	–	14,700	–	0.23%	–
MDCO	New	MEDICINES CO	$3,004,000	–	105,000	–	0.23%	–
GRMN	New	GARMIN LTD	$2,855,000	–	65,000	–	0.22%	–
	New	MARKET VECTORS GOLD MINER ETF	$2,842,000	–	160,000	–	0.22%	–
SGDM	New	ALPS ETF SPROTT GOLD MINERS	$2,678,000	–	168,100	–	0.20%	–
CHS	New	CHICOS FAS INC	$2,661,000	–	160,000	–	0.20%	–
MRD	New	MEMORIAL RESOURCE DEV CORP	$2,371,000	–	125,000	–	0.18%	–
PLG	New	PLATINUM GROUP METALS LTD	$2,241,000	–	5,601,376	–	0.17%	–
PPPMF	New	PRIMERO MNG CORP	$1,988,000	–	511,111	–	0.15%	–
PPLT	New	ETFS PLATINUM TR	$1,528,000	–	14,665	–	0.12%	–
QQQ	New	POWERSHARES QQQ TRUST	$1,381,000	–	12,900	–	0.10%	–
CDE	New	COEUR MNG INC	$1,384,000	–	242,400	–	0.10%	–
COH	New	COACH INC	$1,384,000	–	40,000	–	0.10%	–
IWM	New	ISHARES RUSSELL 2000 ETF	$1,336,000	–	10,700	–	0.10%	–
AXU	New	ALEXCO RESOURCE CORP	$1,243,000	–	3,640,250	–	0.09%	–
POT	New	POTASH CORP SASK INC	$1,209,000	–	39,025	–	0.09%	–
BVN	New	COMPANIA DE MINAS BUENAVENTU	$1,175,000	–	113,200	–	0.09%	–
RY	New	ROYAL BK CDA	$978,000	–	16,000	–	0.07%	–
LNN	New	LINDSAY CORP	$876,000	–	9,967	–	0.07%	–
RGLD	New	ROYAL GOLD INC	$844,000	–	13,706	–	0.06%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUST	$647,000	–	66,983	–	0.05%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$632,000	–	100,000	–	0.05%	–
CEF	New	CENTRAL FD CDA LTD CL A	$636,000	–	54,515	–	0.05%	–
SPPP	New	SPROTT PHYSICAL PLAT PALLAD	$616,000	–	82,300	–	0.05%	–
MON	New	MONSANTO CO	$608,000	–	5,700	–	0.05%	–
CF	New	CF INDS HLDGS INC	$580,000	–	9,025	–	0.04%	–
HL	New	HECLA MNG CO	$550,000	–	209,315	–	0.04%	–
DNN	New	DENISON MINES CORP	$543,000	–	723,558	–	0.04%	–
CCJ	New	CAMECO CORP	$439,000	–	30,710	–	0.03%	–
	New	BARRICK GOLD CORP	$426,000	–	40,000	–	0.03%	–
BHP	New	BHP BILLITON LTD	$405,000	–	9,950	–	0.03%	–
AAU	New	ALMADEN MINERALS LTD	$410,000	–	487,902	–	0.03%	–
XLV	New	SELECT SECTOR SPDR TR HEALTHCARE	$394,000	–	5,300	–	0.03%	–
VGZ	New	VISTA GOLD CORP	$382,000	–	1,158,589	–	0.03%	–
SVM	New	SILVERCORP METALS INC	$368,000	–	341,100	–	0.03%	–
VLO	New	VALERO ENERGY CORP	$338,000	–	5,400	–	0.03%	–
RBYCF	New	RUBICON MINERALS CORP	$336,000	–	320,407	–	0.02%	–
BP	New	BP PLC	$308,000	–	7,700	–	0.02%	–
AMLP	New	ALPS ETF ALERIAN MLP	$300,000	–	19,275	–	0.02%	–
TSO	New	TESORO CORP	$295,000	–	3,500	–	0.02%	–
GSV	New	GOLD STD VENTURES CORP	$291,000	–	613,000	–	0.02%	–
PBA	New	PEMBINA PIPELINE CORP	$279,000	–	8,632	–	0.02%	–
CNQ	New	CANADIAN NATURAL RESOURCES LTD	$272,000	–	10,000	–	0.02%	–
ECA	New	ENCANA CORP	$276,000	–	25,000	–	0.02%	–
XLY	New	SELECT SECTOR SPDR TR CONS DISCR	$275,000	–	3,600	–	0.02%	–
RDSA	New	ROYAL DUTCH SHELL PLC	$258,000	–	4,520	–	0.02%	–
MPC	New	MARATHON PETE CORP	$269,000	–	5,140	–	0.02%	–
AGU	New	AGRIUM INC	$269,000	–	2,535	–	0.02%	–
SVBL	New	SILVER BULL RES INC	$245,000	–	2,227,605	–	0.02%	–
WY	New	WEYERHAEUSER CO	$246,000	–	7,805	–	0.02%	–
SSRI	New	SILVER STD RES INC	$242,000	–	38,570	–	0.02%	–
FDN	New	FIRST TRUST DJ INTERNT INDEX FUND	$228,000	–	3,400	–	0.02%	–
ITB	New	ISHARES US HOME CONSTRUCTION ETF	$228,000	–	8,300	–	0.02%	–
XLK	New	SELECT SECTOR SPDR TR TECHNOLOGY	$228,000	–	5,500	–	0.02%	–
IGV	New	ISHARES NA TECH-SOFTWARE ETF	$229,000	–	2,300	–	0.02%	–
PJP	New	POWERSHARES DYN PHRMA PORT	$227,000	–	2,900	–	0.02%	–
FPX	New	FIRST TRUST US IPO INDEX FUND	$229,000	–	4,200	–	0.02%	–
TTE	New	TOTAL S A	$207,000	–	4,200	–	0.02%	–
FCX	New	FREEPORT-MCMORAN INC CL B	$197,000	–	10,626	–	0.02%	–
TRP	New	TRANSCANADA CORP	$203,000	–	5,000	–	0.02%	–
AUY	New	YAMANA GOLD INC	$126,000	–	42,148	–	0.01%	–
HBM	New	HUDBAY MINERALS INC	$83,000	–	10,000	–	0.01%	–
MUX	New	MCEWEN MNG INC	$63,000	–	66,000	–	0.01%	–
VALE	New	VALE S A	$71,000	–	12,000	–	0.01%	–
MDM	New	MOUNTAIN PROV DIAMONDS INC	$60,000	–	14,350	–	0.01%	–
TGD	New	TIMMINS GOLD CORP	$47,000	–	79,740	–	0.00%	–
HTM	New	U S GEOTHERMAL INC	$34,000	–	65,078	–	0.00%	–
KGC	New	KINROSS GOLD CORP	$24,000	–	10,545	–	0.00%	–
FSI	New	FLEXIBLE SOLUTIONS INTL INC	$22,000	–	10,593	–	0.00%	–
DRD	New	DRDGOLD LIMITED	$19,000	–	10,200	–	0.00%	–
HMY	New	HARMONY GOLD MNG LTD	$19,000	–	14,500	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
HMY	Exit	HARMONY GOLD MNG LTD SPONSORED ADR	$0	–	-14,500	–	-0.00%	–
NG	Exit	NOVAGOLD RES INC	$0	–	-13,000	–	-0.00%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-18,801	–	-0.00%	–
AUMN	Exit	GOLDEN MINERALS CO	$0	–	-90,900	–	-0.00%	–
MGN	Exit	MINES MGMT INC	$0	–	-85,400	–	-0.00%	–
ASM	Exit	AVINO SILVER & GOLD MINES	$0	–	-35,500	–	-0.00%	–
MDWCQ	Exit	MIDWAY GOLD CORP	$0	–	-70,000	–	-0.00%	–
DRD	Exit	DRDGOLD LIMITED SPON ADR	$0	–	-21,200	–	-0.00%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-12,030	–	-0.01%	–
GLD	Exit	SPDR GOLD TRUST GOLD	$0	–	-1,797	–	-0.01%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-4,887	–	-0.01%	–
XLG	Exit	RYDEX ETF TRUST GUG RUSS TOP 50	$0	–	-1,600	–	-0.01%	–
IYW	Exit	ISHARES U.S. TECH ETF	$0	–	-2,200	–	-0.01%	–
SYT	Exit	SYNGENTA AG SPONSORED ADR	$0	–	-3,650	–	-0.01%	–
SMH	Exit	MARKET VECTORS SEMICONDUCTOR ETF	$0	–	-4,400	–	-0.01%	–
RVM	Exit	REVETT MNG CO	$0	–	-195,400	–	-0.01%	–
IP	Exit	INTL PAPER CO	$0	–	-5,320	–	-0.01%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-8,050	–	-0.01%	–
SSRI	Exit	SILVER STD RES INC	$0	–	-44,100	–	-0.01%	–
BG	Exit	BUNGE LIMITED	$0	–	-3,115	–	-0.01%	–
IAI	Exit	ISHARES U.S. BR-DEAL ETF	$0	–	-6,700	–	-0.01%	–
TECK	Exit	TECK RESOURCES LTD CL B	$0	–	-14,550	–	-0.02%	–
AA	Exit	ALCOA INC	$0	–	-18,700	–	-0.02%	–
CSM	Exit	PROSHARES LARGE CAP CORE PLUS	$0	–	-3,300	–	-0.02%	–
XLF	Exit	SELECT SECTOR SPDR FINANCIAL	$0	–	-13,600	–	-0.02%	–
MOS	Exit	MOSAIC CO	$0	–	-7,215	–	-0.02%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNER	$0	–	-3,600	–	-0.02%	–
CVX	Exit	CHEVRON CORP	$0	–	-2,900	–	-0.02%	–
IYT	Exit	ISHARES TRANS AVG ETF	$0	–	-2,300	–	-0.02%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC SPONS ADR	$0	–	-4,620	–	-0.02%	–
XLV	Exit	SELECT SECTOR SPDR HEALTHCARE	$0	–	-5,600	–	-0.02%	–
QQQ	Exit	POWERSHARES QQQ TRUST	$0	–	-3,700	–	-0.02%	–
PJP	Exit	POWERSHARES DYNAMIC PHARMA	$0	–	-5,500	–	-0.02%	–
DXJ	Exit	WISDOMTREE JAPAN HEDGED EQUITY FUND	$0	–	-7,100	–	-0.02%	–
TTE	Exit	TOTAL S A SPONSORED ADR	$0	–	-6,200	–	-0.02%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-10,000	–	-0.02%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-6,500	–	-0.02%	–
BHP	Exit	BHP BILLITON LTD SPONSORED ADR	$0	–	-6,950	–	-0.02%	–
XRA	Exit	EXETER RES CORP	$0	–	-764,100	–	-0.02%	–
HL	Exit	HECLA MNG CO	$0	–	-192,115	–	-0.02%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-5,300	–	-0.03%	–
XLK	Exit	SELECT SECTOR SPDR TECHNOLOGY	$0	–	-12,600	–	-0.03%	–
CCJ	Exit	CAMECO CORP	$0	–	-29,510	–	-0.03%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-11,022	–	-0.03%	–
VGZ	Exit	VISTA GOLD CORP	$0	–	-1,427,963	–	-0.03%	–
MON	Exit	MONSANTO CO	$0	–	-6,013	–	-0.04%	–
AMLP	Exit	ALPS ETF TR ALERIAN MLP	$0	–	-38,157	–	-0.04%	–
SPPP	Exit	SPROTT PHYSICAL PLAT PALLAD	$0	–	-83,910	–	-0.04%	–
CEF	Exit	CENTRAL FD CDA LTD CL A	$0	–	-64,215	–	-0.04%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTU SPON ADR	$0	–	-70,500	–	-0.04%	–
RBYCF	Exit	RUBICON MINERALS CORP	$0	–	-611,800	–	-0.04%	–
J105SC	Exit	CONVERSANT INC	$0	–	-24,000	–	-0.04%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-25,000	–	-0.05%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-13,623	–	-0.05%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-18,348	–	-0.05%	–
AAU	Exit	ALMADEN MINERALS LTD	$0	–	-715,366	–	-0.05%	–
MS	Exit	MORGAN STANLEY	$0	–	-30,000	–	-0.06%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-50,000	–	-0.06%	–
NVMI	Exit	NOVA MEASURING INSTRUMENTS LTD	$0	–	-102,486	–	-0.06%	–
PGHEF	Exit	PENGROWTH ENERGY CORP	$0	–	-219,685	–	-0.06%	–
SVBL	Exit	SILVER BULL RES INC	$0	–	-5,313,300	–	-0.06%	–
ANVGQ	Exit	ALLIED NEVADA GOLD CORP	$0	–	-410,875	–	-0.07%	–
PPPMF	Exit	PRIMERO MNG CORP	$0	–	-295,113	–	-0.08%	–
EGO	Exit	ELDORADO GOLD CORP	$0	–	-230,514	–	-0.08%	–
SIL	Exit	GLOBAL X FDS SILVER MNR ETF	$0	–	-151,900	–	-0.09%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-58,325	–	-0.09%	–
CPG	Exit	CRESCENT PT ENERGY CORP	$0	–	-50,345	–	-0.10%	–
EXK	Exit	ENDEAVOUR SILVER CORP	$0	–	-436,200	–	-0.10%	–
BTG	Exit	B2GOLD CORP	$0	–	-1,129,793	–	-0.12%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-393,544	–	-0.12%	–
GG	Exit	GOLDCORP INC	$0	–	-106,800	–	-0.13%	–
GOLD	Exit	RANDGOLD RES LTD ADR	$0	–	-39,646	–	-0.14%	–
GSS	Exit	GOLDEN STAR RES LTD	$0	–	-6,500,000	–	-0.14%	–
HTM	Exit	U S GEOTHERMAL INC	$0	–	-4,911,281	–	-0.15%	–
SPY	Exit	SPDR S&P 500 ETF TR	$0	–	-14,200	–	-0.15%	–
BTEGF	Exit	BAYTEX ENERGY CORP	$0	–	-75,400	–	-0.15%	–
IAG	Exit	IAMGOLD CORP	$0	–	-1,044,745	–	-0.15%	–
AAOI	Exit	APPLIED OPTOELECTRONICS INC	$0	–	-187,000	–	-0.16%	–
VET	Exit	VERMILION ENERGY INC	$0	–	-50,000	–	-0.16%	–
GDX	Exit	MARKET VECTORS GOLD MINER ETF	$0	–	-156,822	–	-0.18%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TRUST	$0	–	-543,044	–	-0.20%	–
PPLT	Exit	ETFS PLATINUM TR	$0	–	-29,665	–	-0.20%	–
CDE	Exit	COEUR MNG INC	$0	–	-760,000	–	-0.20%	–
FL	Exit	FOOT LOCKER INC	$0	–	-70,000	–	-0.21%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-5,835,750	–	-0.21%	–
RIOM	Exit	RIO ALTO MNG LTD	$0	–	-1,634,342	–	-0.21%	–
LSG	Exit	LAKE SHORE GOLD CORP	$0	–	-3,982,566	–	-0.21%	–
NSU	Exit	NEVSUN RES LTD	$0	–	-1,189,655	–	-0.23%	–
	Exit	NCR CORP	$0	–	-133,000	–	-0.24%	–
DNN	Exit	DENISON MINES CORP	$0	–	-4,121,993	–	-0.25%	–
STN	Exit	STANTEC INC	$0	–	-76,000	–	-0.26%	–
TGD	Exit	TIMMINS GOLD CORP	$0	–	-4,023,866	–	-0.28%	–
PLG	Exit	PLATINUM GROUP METALS LTD	$0	–	-5,915,443	–	-0.28%	–
PALL	Exit	ETFS PALLADIUM TR	$0	–	-70,150	–	-0.28%	–
TU	Exit	TELUS CORP	$0	–	-158,600	–	-0.29%	–
EMX	Exit	EURASIAN MINERALS INC	$0	–	-7,867,280	–	-0.30%	–
AGI	Exit	ALAMOS GOLD INC	$0	–	-798,900	–	-0.34%	–
GDXJ	Exit	MARKET VECTORS JR GOLD MINERS ETF	$0	–	-194,200	–	-0.35%	–
CBS	Exit	CBS CORP	$0	–	-125,000	–	-0.35%	–
AKG	Exit	ASANKO GOLD INC	$0	–	-3,407,089	–	-0.38%	–
PAAS	Exit	PAN AMERICAN SILVER CORP	$0	–	-649,775	–	-0.38%	–
WYND	Exit	WYNDHAM WORLDWIDE CORP	$0	–	-90,000	–	-0.39%	–
AAPL	Exit	APPLE INC	$0	–	-75,020	–	-0.40%	–
MGA	Exit	MAGNA INTL INC	$0	–	-80,000	–	-0.40%	–
TAHO	Exit	TAHOE RES INC	$0	–	-377,260	–	-0.41%	–
	Exit	PRECISION DRILLING CORP	$0	–	-750,000	–	-0.43%	–
ERF	Exit	ENERPLUS CORP	$0	–	-450,000	–	-0.45%	–
	Exit	MARKET VECTORS GOLD MINER ETF	$0	–	-400,000	–	-0.45%	–
	Exit	ASTRAZENECA PLC	$0	–	-120,000	–	-0.45%	–
	Exit	ISHARES MSCI EMG MKT ETF	$0	–	-260,000	–	-0.57%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES NV	$0	–	-100,140	–	-0.58%	–
F	Exit	FORD MTR CO	$0	–	-747,310	–	-0.59%	–
	Exit	CANADIAN NAT RES LTD	$0	–	-284,500	–	-0.59%	–
PFE	Exit	PFIZER INC	$0	–	-378,000	–	-0.59%	–
PDS	Exit	PRECISION DRILLING CORP	$0	–	-1,035,490	–	-0.59%	–
SVLC	Exit	SILVERCREST MINES INC	$0	–	-7,757,292	–	-0.61%	–
SJR	Exit	SHAW COMMUNICATIONS INC CL B	$0	–	-563,180	–	-0.73%	–
PVG	Exit	PRETIUM RES INC	$0	–	-2,674,548	–	-0.74%	–
VIAB	Exit	VIACOM INC	$0	–	-204,120	–	-0.83%	–
VOD	Exit	VODAFONE GROUP PLC	$0	–	-516,739	–	-0.90%	–
NCR	Exit	NCR CORP	$0	–	-518,800	–	-0.92%	–
SGDM	Exit	ALPS ETF TR SPROTT GOLD MINERS	$0	–	-920,000	–	-0.96%	–
C	Exit	CITIGROUP INC	$0	–	-352,760	–	-0.97%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-950,382	–	-1.00%	–
MAG	Exit	MAG SILVER CORP	$0	–	-2,718,948	–	-1.07%	–
CAE	Exit	CAE INC	$0	–	-1,691,790	–	-1.09%	–
GM	Exit	GENERAL MTRS CO	$0	–	-664,400	–	-1.12%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUST	$0	–	-2,222,503	–	-1.17%	–
TEL	Exit	TE CONNECTIVITY LTD	$0	–	-455,660	–	-1.34%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-514,049	–	-1.36%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-405,920	–	-1.38%	–
TRN	Exit	TRINITY INDS INC	$0	–	-568,400	–	-1.41%	–
ICE	Exit	INTERCONTINENTAL EXCHANGE INC	$0	–	-140,230	–	-1.45%	–
GIL	Exit	GILDAN ACTIVEWEAR INC	$0	–	-548,300	–	-1.59%	–
AG	Exit	FIRST MAJESTIC SILVER CORP	$0	–	-4,053,184	–	-1.68%	–
NXPI	Exit	NXP SEMICONDUCTORS NV	$0	–	-476,440	–	-1.73%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-8,207,773	–	-1.77%	–
GIB	Exit	GROUPE CGI INC CL A	$0	–	-1,051,360	–	-1.88%	–
	Exit	SPDR S&P 500 ETF TR	$0	–	-5,360,000	–	-55.97%	–

Q3 2014

			Value		Shares		↓ Weighting
	Buy	SPDR S&P 500 ETF TR	$1,056,027,000	+169.7%	5,360,000	+167.9%	55.97%	+130.2%
GIB	Buy	GROUPE CGI INC CL A	$35,504,000	+4.4%	1,051,360	+9.7%	1.88%	-10.8%
FSM	Sell	FORTUNA SILVER MINES INC	$33,324,000	-33.2%	8,207,773	-9.4%	1.77%	-43.0%
NXPI	Sell	NXP SEMICONDUCTORS NV	$32,603,000	+2.8%	476,440	-0.6%	1.73%	-12.2%
AG	Sell	FIRST MAJESTIC SILVER CORP	$31,615,000	-32.5%	4,053,184	-6.5%	1.68%	-42.4%
GIL	Buy	GILDAN ACTIVEWEAR INC	$30,003,000	+16.9%	548,300	+25.8%	1.59%	-0.3%
ICE	Sell	INTERCONTINENTAL EXCHANGE INC	$27,352,000	+2.7%	140,230	-0.5%	1.45%	-12.3%
TRN	Buy	TRINITY INDS INC	$26,556,000	+83.0%	568,400	+71.3%	1.41%	+56.2%
DFS	Buy	DISCOVER FINL SVCS	$26,137,000	+51.2%	405,920	+45.5%	1.38%	+29.1%
VZ	Buy	VERIZON COMMUNICATIONS INC	$25,697,000	+21.1%	514,049	+18.5%	1.36%	+3.3%
TEL	Buy	TE CONNECTIVITY LTD	$25,193,000	+13.1%	455,660	+26.6%	1.34%	-3.4%
PHYS	Sell	SPROTT PHYSICAL GOLD TRUST	$22,158,000	-12.6%	2,222,503	-3.5%	1.17%	-25.5%
GM	Buy	GENERAL MTRS CO	$21,221,000	+189.4%	664,400	+228.9%	1.12%	+147.3%
CAE	Buy	CAE INC	$20,521,000	+29.1%	1,691,790	+39.7%	1.09%	+10.2%
MAG	Buy	MAG SILVER CORP	$20,229,000	-19.2%	2,718,948	+2.8%	1.07%	-31.0%
SLW	Buy	SILVER WHEATON CORP	$18,941,000	-22.6%	950,382	+2.1%	1.00%	-33.9%
C	Sell	CITIGROUP INC	$18,280,000	+9.1%	352,760	-0.8%	0.97%	-6.8%
SGDM	New	ALPS ETF TR SPROTT GOLD MINERS	$18,188,000	–	920,000	–	0.96%	–
NCR	Sell	NCR CORP	$17,333,000	-5.6%	518,800	-0.8%	0.92%	-19.3%
VOD	Sell	VODAFONE GROUP PLC	$16,996,000	-2.3%	516,739	-0.8%	0.90%	-16.6%
VIAB	Sell	VIACOM INC	$15,705,000	-12.0%	204,120	-0.8%	0.83%	-24.9%
PVG	Buy	PRETIUM RES INC	$13,908,000	-9.2%	2,674,548	+44.5%	0.74%	-22.5%
SJR	Sell	SHAW COMMUNICATIONS INC CL B	$13,781,000	-5.4%	563,180	-0.8%	0.73%	-19.2%
SVLC	Sell	SILVERCREST MINES INC	$11,558,000	-30.7%	7,757,292	-1.0%	0.61%	-40.8%
PFE	Sell	PFIZER INC	$11,177,000	-51.9%	378,000	-51.7%	0.59%	-59.0%
PDS	Sell	PRECISION DRILLING CORP	$11,173,000	-56.6%	1,035,490	-43.1%	0.59%	-63.0%
	New	CANADIAN NAT RES LTD	$11,050,000	–	284,500	–	0.59%	–
F	Sell	FORD MTR CO	$11,053,000	-21.2%	747,310	-8.1%	0.59%	-32.7%
LYB	Sell	LYONDELLBASELL INDUSTRIES NV	$10,881,000	-36.6%	100,140	-43.1%	0.58%	-45.9%
	New	ISHARES MSCI EMG MKT ETF	$10,806,000	–	260,000	–	0.57%	–
	New	ASTRAZENECA PLC	$8,573,000	–	120,000	–	0.45%	–
	New	MARKET VECTORS GOLD MINER ETF	$8,543,000	–	400,000	–	0.45%	–
ERF	Buy	ENERPLUS CORP	$8,536,000	+234.6%	450,000	+344.2%	0.45%	+186.1%
	New	PRECISION DRILLING CORP	$8,092,000	–	750,000	–	0.43%	–
TAHO	Sell	TAHOE RES INC	$7,658,000	-24.5%	377,260	-2.5%	0.41%	-35.5%
MGA	Sell	MAGNA INTL INC	$7,593,000	-38.7%	80,000	-30.4%	0.40%	-47.7%
AAPL	Sell	APPLE INC	$7,558,000	-48.0%	75,020	-52.0%	0.40%	-55.5%
WYND	Sell	WYNDHAM WORLDWIDE CORP	$7,313,000	-72.8%	90,000	-74.7%	0.39%	-76.8%
PAAS	Buy	PAN AMERICAN SILVER CORP	$7,135,000	-24.9%	649,775	+5.0%	0.38%	-35.9%
AKG	Sell	ASANKO GOLD INC	$7,087,000	-41.2%	3,407,089	-26.8%	0.38%	-49.7%
CBS	New	CBS CORP	$6,688,000	–	125,000	–	0.35%	–
GDXJ	Sell	MARKET VECTORS JR GOLD MINERS ETF	$6,529,000	-53.5%	194,200	-41.6%	0.35%	-60.3%
EMX	Sell	EURASIAN MINERALS INC	$5,585,000	-13.3%	7,867,280	-1.2%	0.30%	-26.0%
TU	New	TELUS CORP	$5,421,000	–	158,600	–	0.29%	–
PALL	Buy	ETFS PALLADIUM TR	$5,274,000	+32.7%	70,150	+45.1%	0.28%	+13.4%
PLG	Buy	PLATINUM GROUP METALS LTD	$5,280,000	-23.3%	5,915,443	+1.4%	0.28%	-34.6%
TGD	Sell	TIMMINS GOLD CORP	$5,191,000	-33.0%	4,023,866	-9.0%	0.28%	-42.8%
DNN	Sell	DENISON MINES CORP	$4,699,000	-11.3%	4,121,993	-4.3%	0.25%	-24.3%
	New	NCR CORP	$4,444,000	–	133,000	–	0.24%	–
NSU	Sell	NEVSUN RES LTD	$4,295,000	-5.2%	1,189,655	-1.5%	0.23%	-18.9%
LSG	Buy	LAKE SHORE GOLD CORP	$4,022,000	+24.4%	3,982,566	+12.7%	0.21%	+6.0%
RIOM	Buy	RIO ALTO MNG LTD	$3,922,000	+17.1%	1,634,342	+12.7%	0.21%	0.0%
AXU	Buy	ALEXCO RESOURCE CORP	$3,909,000	-46.5%	5,835,750	+0.6%	0.21%	-54.4%
CDE	Buy	COEUR MNG INC	$3,770,000	-25.0%	760,000	+38.7%	0.20%	-35.9%
PPLT	Buy	ETFS PLATINUM TR	$3,746,000	+56.7%	29,665	+79.5%	0.20%	+34.5%
PSLV	Buy	SPROTT PHYSICAL SILVER TRUST	$3,736,000	-13.2%	543,044	+6.8%	0.20%	-25.8%
VET	New	VERMILION ENERGY INC	$3,038,000	–	50,000	–	0.16%	–
AAOI	Buy	APPLIED OPTOELECTRONICS INC	$3,011,000	+62.2%	187,000	+133.8%	0.16%	+39.1%
IAG	Sell	IAMGOLD CORP	$2,883,000	-65.8%	1,044,745	-48.9%	0.15%	-70.7%
BTEGF	New	BAYTEX ENERGY CORP	$2,855,000	–	75,400	–	0.15%	–
SPY	Buy	SPDR S&P 500 ETF TR	$2,798,000	+20.1%	14,200	+19.3%	0.15%	+2.1%
HTM	Buy	U S GEOTHERMAL INC	$2,753,000	-0.3%	4,911,281	+6.7%	0.15%	-14.6%
GOLD	Sell	RANDGOLD RES LTD ADR	$2,680,000	-31.9%	39,646	-14.7%	0.14%	-41.8%
GG	Sell	GOLDCORP INC	$2,460,000	-53.7%	106,800	-43.9%	0.13%	-60.6%
AUY	Sell	YAMANA GOLD INC	$2,361,000	-43.7%	393,544	-22.9%	0.12%	-51.9%
BTG	Buy	B2GOLD CORP	$2,293,000	-2.4%	1,129,793	+40.4%	0.12%	-16.4%
EXK	Buy	ENDEAVOUR SILVER CORP	$1,906,000	-19.9%	436,200	+0.1%	0.10%	-31.8%
CPG	Sell	CRESCENT PT ENERGY CORP	$1,817,000	-67.3%	50,345	-59.8%	0.10%	-72.2%
AEM	Sell	AGNICO EAGLE MINES LTD	$1,693,000	-68.3%	58,325	-58.1%	0.09%	-72.8%
EGO	Sell	ELDORADO GOLD CORP	$1,554,000	-27.4%	230,514	-17.7%	0.08%	-38.3%
PPPMF	Sell	PRIMERO MNG CORP	$1,431,000	-62.1%	295,113	-37.4%	0.08%	-67.5%
PGHEF	Sell	PENGROWTH ENERGY CORP	$1,142,000	-57.0%	219,685	-40.6%	0.06%	-63.0%
NVMI	New	NOVA MEASURING INSTRUMENTS LTD	$1,107,000	–	102,486	–	0.06%	–
AMAT	Buy	APPLIED MATLS INC	$1,080,000	+22.9%	50,000	+28.2%	0.06%	+3.6%
AAU	Sell	ALMADEN MINERALS LTD	$959,000	-33.3%	715,366	-30.3%	0.05%	-42.7%
FNV	Buy	FRANCO NEVADA CORP	$897,000	-7.3%	18,348	+8.7%	0.05%	-20.0%
RGLD	Buy	ROYAL GOLD INC	$885,000	-13.7%	13,623	+1.2%	0.05%	-26.6%
POT	Sell	POTASH CORP SASK INC	$864,000	-18.7%	25,000	-10.7%	0.05%	-30.3%
RBYCF	Buy	RUBICON MINERALS CORP	$838,000	+195.1%	611,800	+217.0%	0.04%	+144.4%
BVN	Sell	COMPANIA DE MINAS BUENAVENTU SPON ADR	$816,000	-30.9%	70,500	-29.5%	0.04%	-41.1%
CEF	Buy	CENTRAL FD CDA LTD CL A	$790,000	+331.7%	64,215	+409.4%	0.04%	+281.8%
SPPP	Sell	SPROTT PHYSICAL PLAT PALLAD	$743,000	-31.3%	83,910	-21.5%	0.04%	-41.8%
AMLP	Sell	ALPS ETF TR ALERIAN MLP	$731,000	-18.9%	38,157	-19.5%	0.04%	-30.4%
MON	New	MONSANTO CO	$677,000	–	6,013	–	0.04%	–
VGZ	Sell	VISTA GOLD CORP	$586,000	-28.5%	1,427,963	-12.9%	0.03%	-39.2%
ADM	New	ARCHER DANIELS MIDLAND CO	$563,000	–	11,022	–	0.03%	–
CCJ	Buy	CAMECO CORP	$521,000	+71.4%	29,510	+90.3%	0.03%	+47.4%
XLK	Buy	SELECT SECTOR SPDR TECHNOLOGY	$503,000	+115.0%	12,600	+106.6%	0.03%	+80.0%
XOM	New	EXXON MOBIL CORP	$498,000	–	5,300	–	0.03%	–
HL	Buy	HECLA MNG CO	$476,000	+178.4%	192,115	+287.2%	0.02%	+127.3%
BHP	New	BHP BILLITON LTD SPONSORED ADR	$409,000	–	6,950	–	0.02%	–
CNQ	Sell	CANADIAN NAT RES LTD	$388,000	-98.6%	10,000	-98.3%	0.02%	-98.8%
TTE	New	TOTAL S A SPONSORED ADR	$400,000	–	6,200	–	0.02%	–
DXJ	New	WISDOMTREE JAPAN HEDGED EQUITY FUND	$371,000	–	7,100	–	0.02%	–
XLV	New	SELECT SECTOR SPDR HEALTHCARE	$358,000	–	5,600	–	0.02%	–
QQQ	Buy	POWERSHARES QQQ TRUST	$366,000	+62.7%	3,700	+54.2%	0.02%	+35.7%
PJP	New	POWERSHARES DYNAMIC PHARMA	$350,000	–	5,500	–	0.02%	–
RDSA	New	ROYAL DUTCH SHELL PLC SPONS ADR	$352,000	–	4,620	–	0.02%	–
CVX	New	CHEVRON CORP	$346,000	–	2,900	–	0.02%	–
IYT	Buy	ISHARES TRANS AVG ETF	$347,000	+38.8%	2,300	+35.3%	0.02%	+12.5%
4945SC	New	KINDER MORGAN ENERGY PARTNER	$336,000	–	3,600	–	0.02%	–
CSM	New	PROSHARES LARGE CAP CORE PLUS	$317,000	–	3,300	–	0.02%	–
XLF	New	SELECT SECTOR SPDR FINANCIAL	$315,000	–	13,600	–	0.02%	–
MOS	New	MOSAIC CO	$320,000	–	7,215	–	0.02%	–
AA	New	ALCOA INC	$301,000	–	18,700	–	0.02%	–
TECK	Sell	TECK RESOURCES LTD CL B	$275,000	-32.1%	14,550	-18.0%	0.02%	-40.0%
WY	New	WEYERHAEUSER CO	$256,000	–	8,050	–	0.01%	–
SSRI	Buy	SILVER STD RES INC	$269,000	-25.5%	44,100	+5.8%	0.01%	-36.4%
BG	New	BUNGE LIMITED	$262,000	–	3,115	–	0.01%	–
IAI	New	ISHARES U.S. BR-DEAL ETF	$263,000	–	6,700	–	0.01%	–
IP	New	INTL PAPER CO	$254,000	–	5,320	–	0.01%	–
SYT	New	SYNGENTA AG SPONSORED ADR	$231,000	–	3,650	–	0.01%	–
XLG	New	RYDEX ETF TRUST GUG RUSS TOP 50	$221,000	–	1,600	–	0.01%	–
SMH	New	MARKET VECTORS SEMICONDUCTOR ETF	$225,000	–	4,400	–	0.01%	–
IYW	New	ISHARES U.S. TECH ETF	$222,000	–	2,200	–	0.01%	–
GLD	Sell	SPDR GOLD TRUST GOLD	$209,000	-14.3%	1,797	-5.6%	0.01%	-26.7%
PBA	New	PEMBINA PIPELINE CORP	$206,000	–	4,887	–	0.01%	–
GOLD	Buy	BARRICK GOLD CORP	$176,000	-18.5%	12,030	+1.7%	0.01%	-30.8%
AUMN	Buy	GOLDEN MINERALS CO	$58,000	-23.7%	90,900	+37.9%	0.00%	-40.0%
KGC	Buy	KINROSS GOLD CORP	$62,000	+24.0%	18,801	+56.1%	0.00%	0.0%
NAK	Exit	NORTHERN DYNASTY MINERALS	$0	–	-40,000	–	-0.00%	–
NGD	Exit	NEW GOLD INC	$0	–	-26,800	–	-0.01%	–
FCX	Exit	FREEPORT-MCMORAN COPPER & GO	$0	–	-5,791	–	-0.01%	–
EEM	Exit	ISHARES MSCI EMG MKT ETF	$0	–	-5,552	–	-0.02%	–
USLV	Exit	CREDIT SUISSE AG NASSAU BRH VELOCITY	$0	–	-5,000	–	-0.02%	–
GURU	Exit	GLOBAL X FDS GLB X GURU INDEX	$0	–	-10,800	–	-0.02%	–
XOP	Exit	SPDR SERIES TRUST S&P OILGAS EXP	$0	–	-3,700	–	-0.02%	–
RGI	Exit	RYDEX ETF TRUST GUG S&P500 EQ WT	$0	–	-3,600	–	-0.02%	–
RLJE	Exit	RLJ ENTMT INC	$0	–	-100,000	–	-0.02%	–
IWM	Exit	ISHARES RUSSELL 2000 ETF	$0	–	-4,700	–	-0.04%	–
AAVVF	Exit	ADVANTAGE OIL & GAS LTD	$0	–	-100,000	–	-0.04%	–
SLV	Exit	ISHARES SILVER TRUST	$0	–	-86,853	–	-0.11%	–
WILN	Exit	WI-LAN INC	$0	–	-952,000	–	-0.19%	–
	Exit	MARKET VECTORS GOLD MINER ETF	$0	–	-125,000	–	-0.20%	–
	Exit	MARKET VECTORS JR GOLD MINERS ETF	$0	–	-150,000	–	-0.39%	–
	Exit	LYONDELLBASELL INDUSTRIES	$0	–	-115,000	–	-0.70%	–
	Exit	FORD MTR CO	$0	–	-837,000	–	-0.90%	–
	Exit	NXP SEMICONDUCTORS	$0	–	-253,000	–	-1.04%	–
	Exit	GENERAL MTRS CO	$0	–	-462,000	–	-1.04%	–
	Exit	CBS CORP CL B	$0	–	-866,000	–	-3.34%	–
	Exit	ISHARES RUSSELL 2000 ETF	$0	–	-814,000	–	-6.00%	–
	Exit	SPDR S&P 500 ETF TR	$0	–	-603,500	–	-7.33%	–

Q2 2014

			Value		Shares		↓ Weighting
	New	SPDR S&P 500 ETF TR	$391,538,000	–	2,000,500	–	24.31%	–
	New	SPDR S&P 500 ETF TR	$118,117,000	–	603,500	–	7.33%	–
	New	ISHARES RUSSELL 2000 ETF	$96,711,000	–	814,000	–	6.00%	–
	New	CBS CORP CL B	$53,813,000	–	866,000	–	3.34%	–
FSM	New	FORTUNA SILVER MINES INC	$49,914,000	–	9,058,873	–	3.10%	–
AG	New	FIRST MAJESTIC SILVER CORP	$46,851,000	–	4,334,054	–	2.91%	–
GIB	New	GROUPE CGI INC CL A	$33,992,000	–	958,060	–	2.11%	–
NXPI	New	NXP SEMICONDUCTORS	$31,716,000	–	479,240	–	1.97%	–
CNQ	New	CANADIAN NAT RES LTD	$27,495,000	–	598,880	–	1.71%	–
WYND	New	WYNDHAM WORLDWIDE CORP	$26,887,000	–	355,090	–	1.67%	–
ICE	New	INTERCONTINENTAL EXCHANGE INC	$26,622,000	–	140,930	–	1.65%	–
PDS	New	PRECISION DRILLING CORP	$25,750,000	–	1,818,490	–	1.60%	–
GIL	New	GILDAN ACTIVEWEAR INC	$25,672,000	–	436,000	–	1.59%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUST	$25,366,000	–	2,303,943	–	1.58%	–
MAG	New	MAG SILVER CORP	$25,023,000	–	2,645,163	–	1.55%	–
SLW	New	SILVER WHEATON CORP	$24,460,000	–	931,106	–	1.52%	–
PFE	New	PFIZER INC	$23,239,000	–	783,000	–	1.44%	–
TEL	New	TE CONNECTIVITY LTD	$22,266,000	–	360,060	–	1.38%	–
VZ	New	VERIZON COMMUNICATIONS INC	$21,228,000	–	433,849	–	1.32%	–
NCR	New	NCR CORP	$18,352,000	–	523,000	–	1.14%	–
VIAB	New	VIACOM INC	$17,851,000	–	205,820	–	1.11%	–
VOD	New	VODAFONE GROUP PLC	$17,397,000	–	521,039	–	1.08%	–
DFS	New	DISCOVER FINL SVCS	$17,287,000	–	278,920	–	1.07%	–
LYB	New	LYONDELLBASELL INDUSTRIES	$17,171,000	–	175,840	–	1.07%	–
	New	GENERAL MTRS CO	$16,771,000	–	462,000	–	1.04%	–
C	New	CITIGROUP INC	$16,752,000	–	355,660	–	1.04%	–
	New	NXP SEMICONDUCTORS	$16,744,000	–	253,000	–	1.04%	–
SVLC	New	SILVERCREST MINES INC	$16,683,000	–	7,832,292	–	1.04%	–
CAE	New	CAE INC	$15,895,000	–	1,210,590	–	0.99%	–
PVG	New	PRETIUM RES INC	$15,311,000	–	1,851,355	–	0.95%	–
SJR	New	SHAW COMMUNICATIONS INC CL B	$14,567,000	–	567,680	–	0.90%	–
AAPL	New	APPLE INC	$14,527,000	–	156,320	–	0.90%	–
TRN	New	TRINITY INDS INC	$14,511,000	–	331,900	–	0.90%	–
	New	FORD MTR CO	$14,430,000	–	837,000	–	0.90%	–
GDXJ	New	MARKET VECTORS JR GOLD MINERS ETF	$14,047,000	–	332,400	–	0.87%	–
F	New	FORD MTR CO	$14,025,000	–	813,510	–	0.87%	–
MGA	New	MAGNA INTL INC	$12,391,000	–	115,000	–	0.77%	–
AKG	New	ASANKO GOLD INC	$12,053,000	–	4,653,509	–	0.75%	–
	New	LYONDELLBASELL INDUSTRIES	$11,230,000	–	115,000	–	0.70%	–
TAHO	New	TAHOE RES INC	$10,139,000	–	387,000	–	0.63%	–
PAAS	New	PAN AMERICAN SILVER CORP	$9,499,000	–	618,842	–	0.59%	–
IAG	New	IAMGOLD CORP	$8,424,000	–	2,044,745	–	0.52%	–
AGI	New	ALAMOS GOLD INC	$8,101,000	–	798,900	–	0.50%	–
TGD	New	TIMMINS GOLD CORP	$7,742,000	–	4,423,866	–	0.48%	–
GM	New	GENERAL MTRS CO	$7,333,000	–	202,000	–	0.46%	–
AXU	New	ALEXCO RESOURCE CORP	$7,312,000	–	5,803,250	–	0.45%	–
PLG	New	PLATINUM GROUP METALS LTD	$6,888,000	–	5,835,768	–	0.43%	–
EMX	New	EURASIAN MINERALS INC	$6,441,000	–	7,958,995	–	0.40%	–
	New	MARKET VECTORS JR GOLD MINERS ETF	$6,339,000	–	150,000	–	0.39%	–
CPG	New	CRESCENT PT ENERGY CORP	$5,554,000	–	125,345	–	0.34%	–
AEM	New	AGNICO EAGLE MINES LTD	$5,334,000	–	139,281	–	0.33%	–
GG	New	GOLDCORP INC	$5,314,000	–	190,400	–	0.33%	–
DNN	New	DENISON MINES CORP	$5,297,000	–	4,306,711	–	0.33%	–
CDE	New	COEUR MNG INC	$5,029,000	–	547,800	–	0.31%	–
STN	New	STANTEC INC	$4,712,000	–	76,000	–	0.29%	–
NSU	New	NEVSUN RES LTD	$4,529,000	–	1,207,667	–	0.28%	–
PSLV	New	SPROTT PHYSICAL SILVER TRUST	$4,305,000	–	508,294	–	0.27%	–
AUY	New	YAMANA GOLD INC	$4,193,000	–	510,112	–	0.26%	–
GDX	New	MARKET VECTORS GOLD MINER ETF	$4,148,000	–	156,822	–	0.26%	–
PALL	New	ETFS PALLADIUM TR	$3,974,000	–	48,350	–	0.25%	–
GOLD	New	RANDGOLD RES LTD ADR	$3,933,000	–	46,487	–	0.24%	–
GSS	New	GOLDEN STAR RES LTD	$3,835,000	–	6,500,000	–	0.24%	–
PPPMF	New	PRIMERO MNG CORP	$3,776,000	–	471,452	–	0.23%	–
FL	New	FOOT LOCKER INC	$3,550,000	–	70,000	–	0.22%	–
RIOM	New	RIO ALTO MNG LTD	$3,350,000	–	1,450,000	–	0.21%	–
	New	MARKET VECTORS GOLD MINER ETF	$3,306,000	–	125,000	–	0.20%	–
LSG	New	LAKE SHORE GOLD CORP	$3,232,000	–	3,532,566	–	0.20%	–
WILN	New	WI-LAN INC	$3,027,000	–	952,000	–	0.19%	–
HTM	New	U S GEOTHERMAL INC	$2,761,000	–	4,602,493	–	0.17%	–
PGHEF	New	PENGROWTH ENERGY CORP	$2,654,000	–	369,685	–	0.16%	–
ERF	New	ENERPLUS CORP	$2,551,000	–	101,298	–	0.16%	–
EXK	New	ENDEAVOUR SILVER CORP	$2,379,000	–	435,800	–	0.15%	–
PPLT	New	ETFS PLATINUM TR	$2,390,000	–	16,525	–	0.15%	–
BTG	New	B2GOLD CORP	$2,350,000	–	804,793	–	0.15%	–
SPY	New	SPDR S&P 500 ETF TR	$2,329,000	–	11,900	–	0.14%	–
SIL	New	GLOBAL X FDS SILVER MNR ETF	$2,154,000	–	151,900	–	0.13%	–
EGO	New	ELDORADO GOLD CORP	$2,140,000	–	280,164	–	0.13%	–
AAOI	New	APPLIED OPTOELECTRONICS INC	$1,856,000	–	80,000	–	0.12%	–
SLV	New	ISHARES SILVER TRUST	$1,759,000	–	86,853	–	0.11%	–
SVBL	New	SILVER BULL RES INC	$1,621,000	–	5,313,300	–	0.10%	–
ANVGQ	New	ALLIED NEVADA GOLD CORP	$1,545,000	–	410,875	–	0.10%	–
AAU	New	ALMADEN MINERALS LTD	$1,437,000	–	1,026,333	–	0.09%	–
BVN	New	COMPANIA DE MINAS BUENAVENTU SPONSORED ADR	$1,181,000	–	100,000	–	0.07%	–
SPPP	New	SPROTT PHYSICAL PLAT PALLAD	$1,082,000	–	106,910	–	0.07%	–
POT	New	POTASH CORP SASK INC	$1,063,000	–	28,000	–	0.07%	–
RGLD	New	ROYAL GOLD INC	$1,025,000	–	13,458	–	0.06%	–
FNV	New	FRANCO NEVADA CORP	$968,000	–	16,880	–	0.06%	–
MS	New	MORGAN STANLEY	$970,000	–	30,000	–	0.06%	–
AMLP	New	ALPS ETF TR ALERIAN MLP	$901,000	–	47,411	–	0.06%	–
AMAT	New	APPLIED MATLS INC	$879,000	–	39,000	–	0.06%	–
VGZ	New	VISTA GOLD CORP	$820,000	–	1,639,040	–	0.05%	–
AAVVF	New	ADVANTAGE OIL & GAS LTD	$672,000	–	100,000	–	0.04%	–
J105SC	New	CONVERSANT INC	$610,000	–	24,000	–	0.04%	–
IWM	New	ISHARES RUSSELL 2000 ETF	$558,000	–	4,700	–	0.04%	–
XRA	New	EXETER RES CORP	$543,000	–	764,100	–	0.03%	–
BHI	New	BAKER HUGHES INC	$484,000	–	6,500	–	0.03%	–
TECK	New	TECK RESOURCES LTD CL B	$405,000	–	17,750	–	0.02%	–
RLJE	New	RLJ ENTMT INC	$382,000	–	100,000	–	0.02%	–
SSRI	New	SILVER STD RES INC	$361,000	–	41,700	–	0.02%	–
RGI	New	RYDEX ETF TRUST GUG S&P500 EQ WT	$311,000	–	3,600	–	0.02%	–
XOP	New	SPDR SERIES TRUST S&P OILGAS EXP	$304,000	–	3,700	–	0.02%	–
CCJ	New	CAMECO CORP	$304,000	–	15,510	–	0.02%	–
RBYCF	New	RUBICON MINERALS CORP	$284,000	–	193,000	–	0.02%	–
GURU	New	GLOBAL X FDS GLB X GURU INDEX	$286,000	–	10,800	–	0.02%	–
USLV	New	CREDIT SUISSE AG NASSAU BRH VELOCITY	$267,000	–	5,000	–	0.02%	–
IYT	New	ISHARES TRANS AVG ETF	$250,000	–	1,700	–	0.02%	–
GLD	New	SPDR GOLD TRUST GOLD	$244,000	–	1,904	–	0.02%	–
EEM	New	ISHARES MSCI EMG MKT ETF	$240,000	–	5,552	–	0.02%	–
XLK	New	SELECT SECTOR SPDR TR TECHNOLOGY	$234,000	–	6,100	–	0.02%	–
QQQ	New	POWERSHARES QQQ TRUST	$225,000	–	2,400	–	0.01%	–
GOLD	New	BARRICK GOLD CORP	$216,000	–	11,830	–	0.01%	–
FCX	New	FREEPORT-MCMORAN COPPER & GO	$211,000	–	5,791	–	0.01%	–
RVM	New	REVETT MNG CO	$201,000	–	195,400	–	0.01%	–
HL	New	HECLA MNG CO	$171,000	–	49,615	–	0.01%	–
NGD	New	NEW GOLD INC	$171,000	–	26,800	–	0.01%	–
CEF	New	CENTRAL FD CDA LTD CL A	$183,000	–	12,605	–	0.01%	–
MGN	New	MINES MGMT INC	$96,000	–	85,400	–	0.01%	–
ASM	New	AVINO SILVER & GOLD MINES	$81,000	–	35,500	–	0.01%	–
AUMN	New	GOLDEN MINERALS CO	$76,000	–	65,900	–	0.01%	–
DRD	New	DRDGOLD LIMITED SPON ADR REPSTG	$63,000	–	21,200	–	0.00%	–
MDWCQ	New	MIDWAY GOLD CORP	$63,000	–	70,000	–	0.00%	–
HMY	New	HARMONY GOLD MNG LTD SPONSORED ADR	$43,000	–	14,500	–	0.00%	–
NG	New	NOVAGOLD RES INC COM	$55,000	–	13,000	–	0.00%	–
KGC	New	KINROSS GOLD CORP	$50,000	–	12,045	–	0.00%	–
NAK	New	NORTHERN DYNASTY MINERALS	$33,000	–	40,000	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
GSV	Exit	GOLD STD VENTURES CORP	$0	–	-12,000	–	-0.00%	–
CDYCF	Exit	CARDERO RES CORP	$0	–	-105,300	–	-0.00%	–
TAT	Exit	TRANSATLANTIC PETROLEUM LTD	$0	–	-20,000	–	-0.00%	–
NAK	Exit	NORTHERN DYNASTY MINERALS LT COM	$0	–	-20,000	–	-0.00%	–
HMY	Exit	HARMONY GOLD MNG LTD SPONSORED ADR	$0	–	-14,500	–	-0.01%	–
GURE	Exit	GULF RESOURCES INC COM PAR $0.0005	$0	–	-25,000	–	-0.01%	–
AXXDF	Exit	ALDERON IRON ORE CORP	$0	–	-33,000	–	-0.01%	–
MGN	Exit	MINES MGMT INC	$0	–	-85,400	–	-0.01%	–
LSG	Exit	LAKE SHORE GOLD CORP	$0	–	-132,566	–	-0.01%	–
GSS	Exit	GOLDEN STAR RES LTD CDA	$0	–	-242,000	–	-0.01%	–
KGC	Exit	KINROSS GOLD CORP COM NO PAR	$0	–	-18,801	–	-0.01%	–
FSI	Exit	FLEXIBLE SOLUTIONS INTL INC	$0	–	-121,200	–	-0.01%	–
RBYCF	Exit	RUBICON MINERALS CORP	$0	–	-115,900	–	-0.02%	–
HBM	Exit	HUDBAY MINERALS INC	$0	–	-22,000	–	-0.02%	–
SSRI	Exit	SILVER STD RES INC	$0	–	-31,100	–	-0.02%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-33,100	–	-0.02%	–
RVM	Exit	REVETT MINERALS INC COM	$0	–	-195,400	–	-0.02%	–
GOLD	Exit	BARRICK GOLD CORP	$0	–	-12,700	–	-0.02%	–
GLD	Exit	SPDR GOLD TRUST GOLD	$0	–	-1,904	–	-0.03%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-5,300	–	-0.03%	–
CF	Exit	CF INDS HLDGS INC	$0	–	-1,300	–	-0.03%	–
OII	Exit	OCEANEERING INTL INC	$0	–	-3,800	–	-0.03%	–
WFT	Exit	WEATHERFORD INTERNATIONAL LT REG	$0	–	-21,500	–	-0.04%	–
VET	Exit	VERMILION ENERGY INC	$0	–	-6,000	–	-0.04%	–
KOG	Exit	KODIAK OIL & GAS CORP	$0	–	-28,200	–	-0.04%	–
TD	Exit	TORONTO DOMINION BK ONT COM	$0	–	-4,000	–	-0.04%	–
SPY	Exit	SPDR S&P 500 ETF TR TR	$0	–	-2,300	–	-0.04%	–
PDS	Exit	PRECISION DRILLING CORP COM 2010	$0	–	-40,000	–	-0.04%	–
BTEGF	Exit	BAYTEX ENERGY CORP	$0	–	-9,600	–	-0.04%	–
EPL	Exit	EPL OIL & GAS INC	$0	–	-10,800	–	-0.04%	–
BCEI	Exit	BONANZA CREEK ENERGY INC	$0	–	-8,600	–	-0.04%	–
MEOH	Exit	METHANEX CORP	$0	–	-8,300	–	-0.04%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-4,900	–	-0.05%	–
GPORQ	Exit	GULFPORT ENERGY CORP COM	$0	–	-6,900	–	-0.05%	–
AUMN	Exit	GOLDEN MINERALS CO	$0	–	-485,300	–	-0.05%	–
BVN	Exit	COMPANIA DE MINAS BUENAVENTU SPONSORED ADR	$0	–	-40,000	–	-0.05%	–
AGU	Exit	AGRIUM INC	$0	–	-6,000	–	-0.05%	–
HL	Exit	HECLA MNG CO	$0	–	-161,402	–	-0.05%	–
TECK	Exit	TECK RESOURCES LTD CL B	$0	–	-19,500	–	-0.06%	–
CEF	Exit	CENTRAL FD CDA LTD CL A	$0	–	-36,284	–	-0.06%	–
RLJE	Exit	RLJ ENTMT INC	$0	–	-100,000	–	-0.06%	–
	Exit	BARRICK GOLD CORP PUT	$0	–	-30,000	–	-0.06%	–
PALL	Exit	ETFS PALLADIUM TR SH BEN INT	$0	–	-7,950	–	-0.06%	–
ONCYF	Exit	ONCOLYTICS BIOTECH INC	$0	–	-230,000	–	-0.06%	–
PPLT	Exit	ETFS PLATINUM TR SH BEN INT	$0	–	-4,125	–	-0.06%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-12,218	–	-0.06%	–
POT	Exit	POTASH CORP SASK INC	$0	–	-20,000	–	-0.07%	–
SAND	Exit	SANDSTORM GOLD LTD COM	$0	–	-116,400	–	-0.07%	–
KBXRF	Exit	KIMBER RES INC COM	$0	–	-4,679,457	–	-0.07%	–
CIEN	Exit	CIENA CORP COM	$0	–	-30,000	–	-0.08%	–
	Exit	INTREPID POTASH INC PUT	$0	–	-50,000	–	-0.08%	–
CCJ	Exit	CAMECO CORP	$0	–	-53,090	–	-0.10%	–
SPPP	Exit	SPROTT PHYSICAL PLAT PALLAD	$0	–	-110,200	–	-0.10%	–
XRA	Exit	EXETER RES CORP	$0	–	-1,254,100	–	-0.10%	–
CLR	Exit	CONTINENTAL RESOURCES INC	$0	–	-10,000	–	-0.11%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-109,015	–	-0.12%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-6,200	–	-0.12%	–
CLGRF	Exit	CLAUDE RES INC	$0	–	-5,063,350	–	-0.12%	–
FNV	Exit	FRANCO NEVADA CORP	$0	–	-28,390	–	-0.14%	–
VCLK	Exit	VALUECLICK INC	$0	–	-64,000	–	-0.14%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-20,000	–	-0.14%	–
COG	Exit	CABOT OIL & GAS CORP	$0	–	-40,000	–	-0.16%	–
EGO	Exit	ELDORADO GOLD CORP	$0	–	-226,418	–	-0.16%	–
RRC	Exit	RANGE RES CORP	$0	–	-20,000	–	-0.16%	–
ANVGQ	Exit	ALLIED NEVADA GOLD CORP	$0	–	-410,875	–	-0.18%	–
ASM	Exit	AVINO SILVER & GOLD MINES LT	$0	–	-1,434,200	–	-0.18%	–
EXK	Exit	ENDEAVOUR SILVER CORP	$0	–	-432,720	–	-0.20%	–
SVBL	Exit	SILVER BULL RES INC	$0	–	-5,313,300	–	-0.20%	–
BRD	Exit	BRIGUS GOLD CORP	$0	–	-3,204,351	–	-0.20%	–
DNN	Exit	DENISON MINES CORP	$0	–	-1,836,999	–	-0.21%	–
VGZ	Exit	VISTA GOLD CORP COM	$0	–	-4,720,163	–	-0.23%	–
PGHEF	Exit	PENGROWTH ENERGY CORP	$0	–	-369,685	–	-0.23%	–
SIL	Exit	GLOBAL X FDS SILVER MNR ETF	$0	–	-171,900	–	-0.24%	–
BTG	Exit	B2GOLD CORP	$0	–	-933,841	–	-0.25%	–
FL	Exit	FOOT LOCKER INC	$0	–	-71,400	–	-0.26%	–
SU	Exit	SUNCOR ENERGY INC	$0	–	-79,355	–	-0.30%	–
SLV	Exit	ISHARES SILVER TRUST ISHARES	$0	–	-136,853	–	-0.30%	–
ECA	Exit	ENCANA CORP	$0	–	-165,000	–	-0.30%	–
HTM	Exit	U S GEOTHERMAL INC	$0	–	-6,521,413	–	-0.31%	–
EOG	Exit	EOG RES INC	$0	–	-18,400	–	-0.33%	–
OCN	Exit	OCWEN FINL CORP COM	$0	–	-58,300	–	-0.34%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-38,400	–	-0.38%	–
AAPL	Exit	APPLE INC	$0	–	-8,100	–	-0.41%	–
AAU	Exit	ALMADEN MINERALS LTD	$0	–	-3,040,929	–	-0.44%	–
GDX	Exit	MARKET VECTORS ETF TR GOLD MINER ETF	$0	–	-174,322	–	-0.46%	–
CROX	Exit	CROCS INC	$0	–	-321,700	–	-0.46%	–
PM	Exit	PHILIP MORRIS INTL INC	$0	–	-55,000	–	-0.50%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-165,000	–	-0.57%	–
WYND	Exit	WYNDHAM WORLDWIDE CORP	$0	–	-95,100	–	-0.62%	–
PPPMF	Exit	PRIMERO MNG CORP	$0	–	-1,089,500	–	-0.63%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-191,900	–	-0.64%	–
TEL	Exit	TE CONNECTIVITY LTD REG	$0	–	-120,500	–	-0.66%	–
VIAB	Exit	VIACOM INC	$0	–	-75,200	–	-0.67%	–
AKG	Exit	ASANKO GOLD INC	$0	–	-2,759,507	–	-0.67%	–
MCHP	Exit	MICROCHIP TECHNOLOGY INC	$0	–	-163,700	–	-0.70%	–
BXE	Exit	BELLATRIX EXPLORATION LTD	$0	–	-877,000	–	-0.71%	–
IAG	Exit	IAMGOLD CORP	$0	–	-1,449,745	–	-0.73%	–
GM	Exit	GENERAL MTRS CO	$0	–	-195,600	–	-0.75%	–
TGD	Exit	TIMMINS GOLD CORP	$0	–	-4,519,200	–	-0.80%	–
	Exit	FORD MTR CO DEL PUT	$0	–	-465,000	–	-0.83%	–
F	Exit	FORD MTR CO DEL COM PAR $0.01	$0	–	-465,200	–	-0.83%	–
R	Exit	RYDER SYS INC	$0	–	-132,000	–	-0.84%	–
PAAS	Exit	PAN AMERICAN SILVER CORP	$0	–	-769,242	–	-0.86%	–
AGI	Exit	ALAMOS GOLD INC	$0	–	-525,400	–	-0.87%	–
PLG	Exit	PLATINUM GROUP METALS LTD COM	$0	–	-7,670,587	–	-0.87%	–
PSLV	Exit	SPROTT PHYSICAL SILVER TR TR	$0	–	-945,633	–	-0.88%	–
AXU	Exit	ALEXCO RESOURCE CORP	$0	–	-5,835,250	–	-0.88%	–
GIL	Exit	GILDAN ACTIVEWEAR INC	$0	–	-181,900	–	-0.90%	–
SLF	Exit	SUN LIFE FINL INC	$0	–	-269,000	–	-0.91%	–
NSM	Exit	NATIONSTAR MTG HLDGS INC	$0	–	-162,800	–	-0.97%	–
TAHO	Exit	TAHOE RES INC	$0	–	-514,000	–	-0.98%	–
MGA	Exit	MAGNA INTL INC	$0	–	-115,800	–	-1.01%	–
	Exit	DISCOVER FINL SVCS CALL	$0	–	-195,000	–	-1.05%	–
ICE	Exit	INTERCONTINENTALEXCHANGE INC	$0	–	-55,000	–	-1.06%	–
EMX	Exit	EURASIAN MINERALS INC	$0	–	-8,089,946	–	-1.06%	–
VOD	Exit	VODAFONE GROUP PLC	$0	–	-301,400	–	-1.12%	–
PVG	Exit	PRETIUM RES INC	$0	–	-1,684,150	–	-1.23%	–
WILN	Exit	WI-LAN INC	$0	–	-3,189,200	–	-1.31%	–
CSCO	Exit	CISCO SYS INC	$0	–	-616,500	–	-1.53%	–
CDE	Exit	COEUR MNG INC COM	$0	–	-1,199,681	–	-1.53%	–
SVLC	Exit	SILVERCREST MINES INC	$0	–	-8,417,592	–	-1.58%	–
GIB	Exit	GROUPE CGI INC CL A SUB VTG	$0	–	-442,100	–	-1.65%	–
MAG	Exit	MAG SILVER CORP	$0	–	-2,803,804	–	-1.75%	–
GDXJ	Exit	MARKET VECTORS ETF TR JR GOLD MINERS E	$0	–	-407,350	–	-1.76%	–
PHYS	Exit	SPROTT PHYSICAL GOLD TRUST	$0	–	-2,373,742	–	-2.78%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-1,326,363	–	-3.49%	–
FSM	Exit	FORTUNA SILVER MINES INC	$0	–	-9,066,347	–	-3.51%	–
	Exit	KRAFT FOODS GROUP INC CALL	$0	–	-960,000	–	-5.34%	–
AG	Exit	FIRST MAJESTIC SILVER CORP	$0	–	-4,620,254	–	-5.81%	–
	Exit	ISHARES CALL	$0	–	-1,030,000	–	-6.97%	–
	Exit	PHILIP MORRIS INTL INC CALL	$0	–	-842,800	–	-7.74%	–
	Exit	SPDR S&P 500 ETF TR PUT	$0	–	-980,000	–	-17.47%	–

Q3 2013

			Value		Shares		↓ Weighting
	Sell	SPDR S&P 500 ETF TR PUT	$164,650,000	-7.9%	980,000	-12.1%	17.47%	-28.4%
	New	PHILIP MORRIS INTL INC CALL	$72,978,000	–	842,800	–	7.74%	–
	New	ISHARES CALL	$65,704,000	–	1,030,000	–	6.97%	–
AG	Buy	FIRST MAJESTIC SILVER CORP	$54,796,000	+17.8%	4,620,254	+5.2%	5.81%	-8.4%
	New	KRAFT FOODS GROUP INC CALL	$50,381,000	–	960,000	–	5.34%	–
FSM	Buy	FORTUNA SILVER MINES INC	$33,092,000	+13.5%	9,066,347	+2.9%	3.51%	-11.8%
SLW	Buy	SILVER WHEATON CORP	$32,854,000	+68.5%	1,326,363	+33.8%	3.49%	+31.0%
GDXJ	New	MARKET VECTORS ETF TR JR GOLD MINERS E	$16,595,000	–	407,350	–	1.76%	–
MAG	Buy	MAG SILVER CORP	$16,486,000	+5.8%	2,803,804	+5.1%	1.75%	-17.7%
GIB	Buy	GROUPE CGI INC CL A SUB VTG	$15,518,000	+36.9%	442,100	+14.2%	1.65%	+6.4%
SVLC	Buy	SILVERCREST MINES INC	$14,899,000	+30.8%	8,417,592	+2.7%	1.58%	+1.7%
CDE	Buy	COEUR MNG INC COM	$14,456,000	-9.2%	1,199,681	+0.2%	1.53%	-29.4%
CSCO	Buy	CISCO SYS INC	$14,445,000	+5.2%	616,500	+9.2%	1.53%	-18.2%
WILN	Sell	WI-LAN INC	$12,310,000	-33.1%	3,189,200	-20.0%	1.31%	-47.9%
PVG	Sell	PRETIUM RES INC	$11,604,000	+1.1%	1,684,150	-3.1%	1.23%	-21.4%
VOD	Buy	VODAFONE GROUP PLC	$10,603,000	+61.5%	301,400	+32.0%	1.12%	+25.6%
EMX	Sell	EURASIAN MINERALS INC	$10,032,000	+2.3%	8,089,946	-0.2%	1.06%	-20.5%
ICE	New	INTERCONTINENTALEXCHANGE INC	$9,978,000	–	55,000	–	1.06%	–
	New	DISCOVER FINL SVCS CALL	$9,855,000	–	195,000	–	1.05%	–
TAHO	Buy	TAHOE RES INC	$9,211,000	+34.3%	514,000	+6.1%	0.98%	+4.4%
NSM	New	NATIONSTAR MTG HLDGS INC	$9,154,000	–	162,800	–	0.97%	–
SLF	New	SUN LIFE FINL INC	$8,600,000	–	269,000	–	0.91%	–
GIL	Sell	GILDAN ACTIVEWEAR INC	$8,447,000	+3.5%	181,900	-9.7%	0.90%	-19.6%
AXU	Sell	ALEXCO RESOURCE CORP	$8,344,000	+27.6%	5,835,250	-0.0%	0.88%	-0.8%
PSLV	Buy	SPROTT PHYSICAL SILVER TR TR	$8,255,000	+99.2%	945,633	+76.1%	0.88%	+54.8%
PLG	Buy	PLATINUM GROUP METALS LTD COM	$8,208,000	+88.0%	7,670,587	+58.2%	0.87%	+46.1%
AGI	Buy	ALAMOS GOLD INC	$8,159,000	+32.7%	525,400	+3.2%	0.87%	+3.2%
PAAS	Buy	PAN AMERICAN SILVER CORP	$8,116,000	-1.7%	769,242	+8.5%	0.86%	-23.6%
R	Buy	RYDER SYS INC	$7,880,000	+305.1%	132,000	+312.5%	0.84%	+215.5%
F	Buy	FORD MTR CO DEL COM PAR $0.01	$7,848,000	+43.2%	465,200	+31.3%	0.83%	+11.4%
	New	FORD MTR CO DEL PUT	$7,845,000	–	465,000	–	0.83%	–
TGD	Buy	TIMMINS GOLD CORP	$7,547,000	-10.6%	4,519,200	+16.6%	0.80%	-30.5%
GM	Buy	GENERAL MTRS CO	$7,036,000	+27.6%	195,600	+18.1%	0.75%	-0.9%
IAG	Buy	IAMGOLD CORP	$6,886,000	+67.5%	1,449,745	+52.6%	0.73%	+30.3%
BXE	Buy	BELLATRIX EXPLORATION LTD	$6,674,000	+119.5%	877,000	+75.4%	0.71%	+70.6%
AKG	Sell	ASANKO GOLD INC	$6,347,000	+5.1%	2,759,507	-4.0%	0.67%	-18.3%
VIAB	Sell	VIACOM INC	$6,285,000	+9.7%	75,200	-10.7%	0.67%	-14.7%
TEL	Buy	TE CONNECTIVITY LTD REG	$6,239,000	+199.1%	120,500	+163.1%	0.66%	+132.3%
CNQ	Buy	CANADIAN NAT RES LTD	$6,033,000	+177.3%	191,900	+149.2%	0.64%	+115.5%
PPPMF	Buy	PRIMERO MNG CORP	$5,938,000	+27.2%	1,089,500	+4.8%	0.63%	-1.1%
WYND	Sell	WYNDHAM WORLDWIDE CORP	$5,798,000	-38.6%	95,100	-42.4%	0.62%	-52.3%
STI	New	SUNTRUST BKS INC	$5,349,000	–	165,000	–	0.57%	–
PM	New	PHILIP MORRIS INTL INC	$4,762,000	–	55,000	–	0.50%	–
CROX	Sell	CROCS INC	$4,375,000	-50.0%	321,700	-39.3%	0.46%	-61.1%
GDX	Buy	MARKET VECTORS ETF TR GOLD MINER ETF	$4,362,000	+13.6%	174,322	+11.2%	0.46%	-11.6%
AAU	Buy	ALMADEN MINERALS LTD	$4,166,000	+43.8%	3,040,929	+48.0%	0.44%	+11.9%
APC	Sell	ANADARKO PETE CORP	$3,571,000	+3.9%	38,400	-4.0%	0.38%	-19.2%
OCN	New	OCWEN FINL CORP COM	$3,251,000	–	58,300	–	0.34%	–
EOG	Sell	EOG RES INC	$3,115,000	+18.3%	18,400	-8.0%	0.33%	-8.1%
SLV	New	ISHARES SILVER TRUST ISHARES	$2,860,000	–	136,853	–	0.30%	–
ECA	New	ENCANA CORP	$2,859,000	–	165,000	–	0.30%	–
SU	Buy	SUNCOR ENERGY INC	$2,839,000	+340.2%	79,355	+263.1%	0.30%	+242.0%
BTG	Sell	B2GOLD CORP	$2,316,000	-6.1%	933,841	-19.3%	0.25%	-27.0%
SIL	Buy	GLOBAL X FDS SILVER MNR ETF	$2,269,000	+79.2%	171,900	+59.2%	0.24%	+39.3%
VGZ	Sell	VISTA GOLD CORP COM	$2,176,000	-62.2%	4,720,163	-20.5%	0.23%	-70.6%
DNN	Buy	DENISON MINES CORP	$1,984,000	+16.0%	1,836,999	+26.7%	0.21%	-9.9%
BRD	Sell	BRIGUS GOLD CORP	$1,923,000	-1.7%	3,204,351	-16.4%	0.20%	-23.6%
EXK	Buy	ENDEAVOUR SILVER CORP	$1,861,000	+29.3%	432,720	+3.1%	0.20%	+0.5%
ASM	Sell	AVINO SILVER & GOLD MINES LT	$1,721,000	+29.2%	1,434,200	-3.1%	0.18%	+0.5%
EGO	Sell	ELDORADO GOLD CORP	$1,519,000	-10.7%	226,418	-17.7%	0.16%	-30.6%
COG	Buy	CABOT OIL & GAS CORP	$1,493,000	+110.3%	40,000	+300.0%	0.16%	+62.9%
VCLK	Sell	VALUECLICK INC	$1,335,000	-36.4%	64,000	-24.7%	0.14%	-50.5%
NBL	Sell	NOBLE ENERGY INC	$1,340,000	-44.2%	20,000	-50.0%	0.14%	-56.7%
FNV	Buy	FRANCO NEVADA CORP	$1,285,000	+61.8%	28,390	+27.8%	0.14%	+25.9%
PXD	Buy	PIONEER NAT RES CO	$1,171,000	+189.1%	6,200	+121.4%	0.12%	+125.5%
AUY	Buy	YAMANA GOLD INC	$1,134,000	+54.9%	109,015	+41.6%	0.12%	+20.0%
CLR	Sell	CONTINENTAL RESOURCES INC	$1,073,000	-58.9%	10,000	-67.0%	0.11%	-68.0%
XRA	Sell	EXETER RES CORP	$991,000	-11.8%	1,254,100	-20.8%	0.10%	-31.4%
SPPP	Buy	SPROTT PHYSICAL PLAT PALLAD	$982,000	+6.7%	110,200	+0.5%	0.10%	-17.5%
CCJ	Buy	CAMECO CORP	$959,000	+45.7%	53,090	+66.6%	0.10%	+13.3%
	New	INTREPID POTASH INC PUT	$784,000	–	50,000	–	0.08%	–
CIEN	Buy	CIENA CORP COM	$750,000	+92.8%	30,000	+50.0%	0.08%	+50.9%
SAND	Sell	SANDSTORM GOLD LTD COM	$626,000	-18.0%	116,400	-10.7%	0.07%	-36.5%
POT	Sell	POTASH CORP SASK INC	$626,000	-69.9%	20,000	-63.3%	0.07%	-76.8%
RGLD	Buy	ROYAL GOLD INC	$595,000	+31.6%	12,218	+13.8%	0.06%	+1.6%
ONCYF	Sell	ONCOLYTICS BIOTECH INC	$561,000	-27.9%	230,000	-14.8%	0.06%	-43.4%
TECK	New	TECK RESOURCES LTD CL B	$523,000	–	19,500	–	0.06%	–
HL	Buy	HECLA MNG CO	$507,000	+19.6%	161,402	+13.5%	0.05%	-6.9%
AGU	Sell	AGRIUM INC	$504,000	-22.7%	6,000	-20.0%	0.05%	-40.4%
BVN	New	COMPANIA DE MINAS BUENAVENTU SPONSORED ADR	$468,000	–	40,000	–	0.05%	–
GPORQ	New	GULFPORT ENERGY CORP COM	$444,000	–	6,900	–	0.05%	–
SLB	New	SCHLUMBERGER LTD	$433,000	–	4,900	–	0.05%	–
MEOH	Sell	METHANEX CORP	$426,000	-37.1%	8,300	-47.5%	0.04%	-51.1%
BCEI	New	BONANZA CREEK ENERGY INC	$415,000	–	8,600	–	0.04%	–
EPL	New	EPL OIL & GAS INC	$401,000	–	10,800	–	0.04%	–
BTEGF	New	BAYTEX ENERGY CORP	$396,000	–	9,600	–	0.04%	–
PDS	Sell	PRECISION DRILLING CORP COM 2010	$397,000	-73.4%	40,000	-77.1%	0.04%	-79.4%
SPY	Buy	SPDR S&P 500 ETF TR TR	$386,000	+26.6%	2,300	+21.1%	0.04%	-2.4%
KOG	New	KODIAK OIL & GAS CORP	$340,000	–	28,200	–	0.04%	–
VET	Sell	VERMILION ENERGY INC	$332,000	+6.1%	6,000	-6.2%	0.04%	-18.6%
WFT	New	WEATHERFORD INTERNATIONAL LT REG	$330,000	–	21,500	–	0.04%	–
OII	Sell	OCEANEERING INTL INC	$309,000	-19.3%	3,800	-28.3%	0.03%	-36.5%
CF	New	CF INDS HLDGS INC	$274,000	–	1,300	–	0.03%	–
GOLD	Sell	BARRICK GOLD CORP	$236,000	-65.9%	12,700	-71.1%	0.02%	-73.4%
NGD	Buy	NEW GOLD INC CDA	$198,000	+4.2%	33,100	+11.8%	0.02%	-19.2%
SSRI	Buy	SILVER STD RES INC	$191,000	+81.9%	31,100	+88.5%	0.02%	+42.9%
HBM	Sell	HUDBAY MINERALS INC	$181,000	-85.8%	22,000	-88.6%	0.02%	-89.1%
FSI	New	FLEXIBLE SOLUTIONS INTL INC	$136,000	–	121,200	–	0.01%	–
GSS	New	GOLDEN STAR RES LTD CDA	$97,000	–	242,000	–	0.01%	–
KGC	Sell	KINROSS GOLD CORP COM NO PAR	$95,000	-10.4%	18,801	-9.2%	0.01%	-28.6%
LSG	Sell	LAKE SHORE GOLD CORP	$53,000	-79.6%	132,566	-84.3%	0.01%	-82.9%
HMY	Sell	HARMONY GOLD MNG LTD SPONSORED ADR	$49,000	-22.2%	14,500	-12.1%	0.01%	-44.4%
AXXDF	Sell	ALDERON IRON ORE CORP	$50,000	-30.6%	33,000	-57.7%	0.01%	-50.0%
NAK	New	NORTHERN DYNASTY MINERALS LT COM	$29,000	–	20,000	–	0.00%	–
TSO	Exit	TESORO CORP	$0	–	-3,900	–	-0.03%	–
PSX	Exit	PHILLIPS 66	$0	–	-3,700	–	-0.03%	–
BHP	Exit	BHP BILLITON LTD SPONSORED ADR	$0	–	-4,800	–	-0.04%	–
CENX	Exit	CENTURY ALUM CO	$0	–	-30,000	–	-0.04%	–
USLV	Exit	CREDIT SUISSE NASSAU BRH 3X LONG SILVER	$0	–	-50,000	–	-0.04%	–
MDR	Exit	MCDERMOTT INTL INC	$0	–	-41,787	–	-0.05%	–
PBA	Exit	PEMBINA PIPELINE CORP	$0	–	-11,572	–	-0.05%	–
APA	Exit	APACHE CORP	$0	–	-4,300	–	-0.05%	–
WOR	Exit	WORTHINGTON INDS INC	$0	–	-12,000	–	-0.05%	–
HAL	Exit	HALLIBURTON CO	$0	–	-9,400	–	-0.05%	–
OASPQ	Exit	OASIS PETE INC	$0	–	-10,600	–	-0.06%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-15,500	–	-0.06%	–
DXJ	Exit	WISDOMTREE TRUST JAPN HEDGE EQT	$0	–	-11,000	–	-0.07%	–
	Exit	SELECT SECTOR SPDR TR	$0	–	-13,000	–	-0.08%	–
	Exit	SPDR SERIES TRUST	$0	–	-7,500	–	-0.08%	–
CAM	Exit	CAMERON INTERNATIONAL CORP	$0	–	-10,500	–	-0.09%	–
	Exit	CLEAN ENERGY FUELS CORP	$0	–	-50,000	–	-0.09%	–
	Exit	SELECT SECTOR SPDR TR	$0	–	-35,000	–	-0.09%	–
ANRZQ	Exit	ALPHA NATURAL RESOURCES INC	$0	–	-145,000	–	-0.10%	–
	Exit	MARKET VECTORS ETF TR	$0	–	-37,500	–	-0.12%	–
BYI	Exit	BALLY TECHNOLOGIES INC	$0	–	-35,000	–	-0.27%	–
	Exit	DEUTSCHE BANK AG	$0	–	-50,000	–	-0.29%	–
SM	Exit	SM ENERGY CO	$0	–	-40,000	–	-0.33%	–
CXO	Exit	CONCHO RES INC	$0	–	-30,000	–	-0.34%	–
WLL	Exit	WHITING PETE CORP	$0	–	-60,000	–	-0.38%	–
	Exit	NATIONSTAR MTG HLDGS INC	$0	–	-81,200	–	-0.42%	–
	Exit	CBOE HLDGS INC	$0	–	-76,800	–	-0.49%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-127,000	–	-0.50%	–
KBXMF	Exit	KOBEX MINERALS INC COM	$0	–	-8,469,159	–	-0.56%	–
CMCSK	Exit	COMCAST CORP	$0	–	-116,000	–	-0.63%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-58,100	–	-0.68%	–
	Exit	MARKET VECTORS ETF TR	$0	–	-400,000	–	-2.00%	–
SILU	Exit	SPROTT RESOURCE LENDING CORP	$0	–	-15,144,047	–	-2.60%	–
GDXJ	Exit	MARKET VECTORS ETF TR JR GOLD MINERS E	$0	–	-1,042,600	–	-5.21%	–

Q2 2013

			Value		Shares		↓ Weighting
	New	SPDR S&P 500 ETF TR	$178,868,000	–	1,115,000	–	24.41%	–
AG	New	FIRST MAJESTIC SILVER CORP	$46,532,000	–	4,393,911	–	6.35%	–
GDXJ	New	MARKET VECTORS ETF TR JR GOLD MINERS E	$38,201,000	–	1,042,600	–	5.21%	–
FSM	New	FORTUNA SILVER MINES INC	$29,159,000	–	8,809,347	–	3.98%	–
PHYS	New	SPROTT PHYSICAL GOLD TRUST	$24,307,000	–	2,373,742	–	3.32%	–
SLW	New	SILVER WHEATON CORP	$19,498,000	–	991,262	–	2.66%	–
SILU	New	SPROTT RESOURCE LENDING CORP	$19,081,000	–	15,144,047	–	2.60%	–
WILN	New	WI-LAN INC	$18,388,000	–	3,988,800	–	2.51%	–
CDE	New	COEUR MNG INC COM	$15,926,000	–	1,197,481	–	2.17%	–
MAG	New	MAG SILVER CORP	$15,579,000	–	2,667,704	–	2.13%	–
	New	MARKET VECTORS ETF TR	$14,656,000	–	400,000	–	2.00%	–
CSCO	New	CISCO SYS INC	$13,737,000	–	564,500	–	1.88%	–
PVG	New	PRETIUM RES INC	$11,477,000	–	1,738,900	–	1.57%	–
SVLC	New	SILVERCREST MINES INC	$11,393,000	–	8,196,092	–	1.56%	–
GIB	New	GROUPE CGI INC CL A SUB VTG	$11,338,000	–	387,100	–	1.55%	–
EMX	New	EURASIAN MINERALS INC	$9,804,000	–	8,102,630	–	1.34%	–
WYND	New	WYNDHAM WORLDWIDE CORP	$9,449,000	–	165,100	–	1.29%	–
CROX	New	CROCS INC	$8,752,000	–	530,400	–	1.19%	–
TGD	New	TIMMINS GOLD CORP	$8,446,000	–	3,874,200	–	1.15%	–
PAAS	New	PAN AMERICAN SILVER CORP	$8,256,000	–	709,242	–	1.13%	–
MGA	New	MAGNA INTL INC	$8,247,000	–	115,800	–	1.12%	–
GIL	New	GILDAN ACTIVEWEAR INC	$8,163,000	–	201,500	–	1.11%	–
TAHO	New	TAHOE RES INC	$6,856,000	–	484,500	–	0.94%	–
VOD	New	VODAFONE GROUP PLC	$6,565,000	–	228,400	–	0.90%	–
AXU	New	ALEXCO RESOURCE CORP	$6,538,000	–	5,837,250	–	0.89%	–
AGI	New	ALAMOS GOLD INC	$6,148,000	–	508,900	–	0.84%	–
MCHP	New	MICROCHIP TECHNOLOGY INC	$6,098,000	–	163,700	–	0.83%	–
AKG	New	ASANKO GOLD INC	$6,039,000	–	2,875,753	–	0.82%	–
VGZ	New	VISTA GOLD CORP COM	$5,762,000	–	5,940,699	–	0.79%	–
VIAB	New	VIACOM INC	$5,728,000	–	84,200	–	0.78%	–
GM	New	GENERAL MTRS CO	$5,516,000	–	165,600	–	0.75%	–
F	New	FORD MTR CO DEL COM PAR $0.01	$5,479,000	–	354,200	–	0.75%	–
JNJ	New	JOHNSON & JOHNSON	$4,988,000	–	58,100	–	0.68%	–
PPPMF	New	PRIMERO MNG CORP	$4,667,000	–	1,039,500	–	0.64%	–
CMCSK	New	COMCAST CORP	$4,602,000	–	116,000	–	0.63%	–
PLG	New	PLATINUM GROUP METALS LTD COM	$4,365,000	–	4,850,094	–	0.60%	–
PSLV	New	SPROTT PHYSICAL SILVER TR TR	$4,145,000	–	536,883	–	0.57%	–
KBXMF	New	KOBEX MINERALS INC COM	$4,141,000	–	8,469,159	–	0.56%	–
IAG	New	IAMGOLD CORP	$4,112,000	–	949,745	–	0.56%	–
GDX	New	MARKET VECTORS ETF TR GOLD MINER ETF	$3,841,000	–	156,822	–	0.52%	–
ZION	New	ZIONS BANCORPORATION	$3,673,000	–	127,000	–	0.50%	–
	New	CBOE HLDGS INC	$3,582,000	–	76,800	–	0.49%	–
APC	New	ANADARKO PETE CORP	$3,437,000	–	40,000	–	0.47%	–
AAPL	New	APPLE INC	$3,212,000	–	8,100	–	0.44%	–
BXE	New	BELLATRIX EXPLORATION LTD	$3,040,000	–	500,000	–	0.42%	–
	New	NATIONSTAR MTG HLDGS INC	$3,040,000	–	81,200	–	0.42%	–
AAU	New	ALMADEN MINERALS LTD	$2,897,000	–	2,054,352	–	0.40%	–
WLL	New	WHITING PETE CORP	$2,765,000	–	60,000	–	0.38%	–
ANVGQ	New	ALLIED NEVADA GOLD CORP	$2,663,000	–	410,875	–	0.36%	–
EOG	New	EOG RES INC	$2,634,000	–	20,000	–	0.36%	–
CLR	New	CONTINENTAL RESOURCES INC	$2,608,000	–	30,300	–	0.36%	–
CXO	New	CONCHO RES INC	$2,512,000	–	30,000	–	0.34%	–
FL	New	FOOT LOCKER INC	$2,508,000	–	71,400	–	0.34%	–
BTG	New	B2GOLD CORP COM	$2,466,000	–	1,157,741	–	0.34%	–
NBL	New	NOBLE ENERGY INC	$2,402,000	–	40,000	–	0.33%	–
SM	New	SM ENERGY CO	$2,399,000	–	40,000	–	0.33%	–
HTM	New	U S GEOTHERMAL INC	$2,282,000	–	6,521,413	–	0.31%	–
CNQ	New	CANADIAN NAT RES LTD	$2,176,000	–	77,000	–	0.30%	–
VCLK	New	VALUECLICK INC	$2,100,000	–	85,000	–	0.29%	–
SVBL	New	SILVER BULL RES INC	$2,099,000	–	5,313,300	–	0.29%	–
	New	DEUTSCHE BANK AG	$2,098,000	–	50,000	–	0.29%	–
TEL	New	TE CONNECTIVITY LTD REG	$2,086,000	–	45,800	–	0.28%	–
POT	New	POTASH CORP SASK INC	$2,078,000	–	54,500	–	0.28%	–
BYI	New	BALLY TECHNOLOGIES INC	$1,975,000	–	35,000	–	0.27%	–
BRD	New	BRIGUS GOLD CORP	$1,956,000	–	3,834,351	–	0.27%	–
R	New	RYDER SYS INC	$1,945,000	–	32,000	–	0.26%	–
PGHEF	New	PENGROWTH ENERGY CORP	$1,823,000	–	369,685	–	0.25%	–
DNN	New	DENISON MINES CORP	$1,711,000	–	1,450,272	–	0.23%	–
EGO	New	ELDORADO GOLD CORP	$1,701,000	–	275,218	–	0.23%	–
RRC	New	RANGE RES CORP	$1,546,000	–	20,000	–	0.21%	–
PDS	New	PRECISION DRILLING CORP COM 2010	$1,495,000	–	174,800	–	0.20%	–
EXK	New	ENDEAVOUR SILVER CORP	$1,439,000	–	419,520	–	0.20%	–
ASM	New	AVINO SILVER & GOLD MINES LT	$1,332,000	–	1,480,500	–	0.18%	–
HBM	New	HUDBAY MINERALS INC	$1,274,000	–	193,000	–	0.17%	–
SIL	New	GLOBAL X FDS SILVER MNR ETF	$1,266,000	–	108,000	–	0.17%	–
CLGRF	New	CLAUDE RES INC	$1,124,000	–	5,063,350	–	0.15%	–
XRA	New	EXETER RES CORP	$1,124,000	–	1,583,200	–	0.15%	–
SPPP	New	SPROTT PHYSICAL PLAT PALLAD	$920,000	–	109,700	–	0.13%	–
	New	MARKET VECTORS ETF TR	$918,000	–	37,500	–	0.12%	–
FNV	New	FRANCO NEVADA CORP	$794,000	–	22,210	–	0.11%	–
ONCYF	New	ONCOLYTICS BIOTECH INC	$778,000	–	270,000	–	0.11%	–
SAND	New	SANDSTORM GOLD LTD COM	$763,000	–	130,400	–	0.10%	–
ANRZQ	New	ALPHA NATURAL RESOURCES INC	$760,000	–	145,000	–	0.10%	–
AUY	New	YAMANA GOLD INC	$732,000	–	76,990	–	0.10%	–
COG	New	CABOT OIL & GAS CORP	$710,000	–	10,000	–	0.10%	–
GOLD	New	BARRICK GOLD CORP	$692,000	–	43,986	–	0.09%	–
	New	SELECT SECTOR SPDR TR	$681,000	–	35,000	–	0.09%	–
MEOH	New	METHANEX CORP	$677,000	–	15,800	–	0.09%	–
	New	CLEAN ENERGY FUELS CORP	$660,000	–	50,000	–	0.09%	–
AUMN	New	GOLDEN MINERALS CO	$660,000	–	485,300	–	0.09%	–
CCJ	New	CAMECO CORP	$658,000	–	31,864	–	0.09%	–
AGU	New	AGRIUM INC	$652,000	–	7,500	–	0.09%	–
SU	New	SUNCOR ENERGY INC	$645,000	–	21,855	–	0.09%	–
CAM	New	CAMERON INTERNATIONAL CORP	$642,000	–	10,500	–	0.09%	–
	New	SPDR SERIES TRUST	$575,000	–	7,500	–	0.08%	–
	New	SELECT SECTOR SPDR TR	$554,000	–	13,000	–	0.08%	–
PPLT	New	ETFS PLATINUM TR SH BEN INT	$541,000	–	4,125	–	0.07%	–
PALL	New	ETFS PALLADIUM TR SH BEN INT	$514,000	–	7,950	–	0.07%	–
DXJ	New	WISDOMTREE TRUST JAPN HEDGE EQT	$502,000	–	11,000	–	0.07%	–
CEF	New	CENTRAL FD CDA LTD CL A	$493,000	–	36,284	–	0.07%	–
RLJE	New	RLJ ENTMT INC	$480,000	–	100,000	–	0.07%	–
	New	BARRICK GOLD CORP	$472,000	–	30,000	–	0.06%	–
RGLD	New	ROYAL GOLD INC	$452,000	–	10,733	–	0.06%	–
KBXRF	New	KIMBER RES INC	$439,000	–	4,679,457	–	0.06%	–
AEM	New	AGNICO EAGLE MINES LTD	$427,000	–	15,500	–	0.06%	–
HL	New	HECLA MNG CO	$424,000	–	142,186	–	0.06%	–
OASPQ	New	OASIS PETE INC	$412,000	–	10,600	–	0.06%	–
PXD	New	PIONEER NAT RES CO	$405,000	–	2,800	–	0.06%	–
HAL	New	HALLIBURTON CO	$392,000	–	9,400	–	0.05%	–
CIEN	New	CIENA CORP COM	$389,000	–	20,000	–	0.05%	–
OII	New	OCEANEERING INTL INC	$383,000	–	5,300	–	0.05%	–
WOR	New	WORTHINGTON INDS INC	$381,000	–	12,000	–	0.05%	–
APA	New	APACHE CORP	$360,000	–	4,300	–	0.05%	–
PBA	New	PEMBINA PIPELINE CORP	$354,000	–	11,572	–	0.05%	–
MDR	New	MCDERMOTT INTL INC	$342,000	–	41,787	–	0.05%	–
TD	New	TORONTO DOMINION BK ONT COM	$321,000	–	4,000	–	0.04%	–
VET	New	VERMILION ENERGY INC	$313,000	–	6,400	–	0.04%	–
SPY	New	SPDR S&P 500 ETF TR TR	$305,000	–	1,900	–	0.04%	–
USLV	New	CREDIT SUISSE NASSAU BRH 3X LONG SILVER	$284,000	–	50,000	–	0.04%	–
CENX	New	CENTURY ALUM CO	$278,000	–	30,000	–	0.04%	–
BHP	New	BHP BILLITON LTD SPONSORED ADR	$277,000	–	4,800	–	0.04%	–
LSG	New	LAKE SHORE GOLD CORP	$260,000	–	846,851	–	0.04%	–
BHI	New	BAKER HUGHES INC	$244,000	–	5,300	–	0.03%	–
GLD	New	SPDR GOLD TRUST GOLD	$227,000	–	1,904	–	0.03%	–
PSX	New	PHILLIPS 66	$218,000	–	3,700	–	0.03%	–
TSO	New	TESORO CORP	$204,000	–	3,900	–	0.03%	–
NGD	New	NEW GOLD INC CDA	$190,000	–	29,600	–	0.03%	–
RBYCF	New	RUBICON MINERALS CORP	$148,000	–	115,900	–	0.02%	–
RVM	New	REVETT MINERALS INC COM	$126,000	–	195,400	–	0.02%	–
SSRI	New	SILVER STD RES INC	$105,000	–	16,500	–	0.01%	–
KGC	New	KINROSS GOLD CORP COM NO PAR	$106,000	–	20,697	–	0.01%	–
AXXDF	New	ALDERON IRON ORE CORP	$72,000	–	78,000	–	0.01%	–
HMY	New	HARMONY GOLD MNG LTD SPONSORED ADR	$63,000	–	16,500	–	0.01%	–
MGN	New	MINES MGMT INC	$45,000	–	85,400	–	0.01%	–
GURE	New	GULF RESOURCES INC COM PAR $0.0005	$29,000	–	25,000	–	0.00%	–
CDYCF	New	CARDERO RES CORP	$12,000	–	105,300	–	0.00%	–
TAT	New	TRANSATLANTIC PETROLEUM LTD	$14,000	–	20,000	–	0.00%	–
GSV	New	GOLD STD VENTURES CORP	$8,000	–	12,000	–	0.00%	–

Compare quarters

Export SPROTT INC.'s holdings