Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVX	Chevron Corporation	80	$12	0.0%	$151.40	0.0%	Common Stock	166764100
XOM	Exxon Mobil Corporation	100	$12	0.0%	$115.49	0.0%	Common Stock	30231G102
COP	Conocophillips	120	$12	0.0%	$90.02	0.0%	Common Stock	20825C104
SLB	Schlumberger Ltd	260	$10	0.0%	$36.06	0.0%	Common Stock	806857108
OXY	Occidental Petroleum Corp	240	$10	0.0%	$41.55	0.0%	Common Stock	674599105
EQT	EQT CORP	180	$10	0.0%	$56.13	0.0%	Common Stock	26884L109
EOG	EOG Resources INC	90	$10	0.0%	$107.22	0.0%	Common Stock	26875P101
DVN	Devon Energy Corp.	230	$8	0.0%	$34.73	0.0%	Common Stock	25179M103

Increased Positions (16)

KGC Kinross Gold Corp 7.6%

Value ($000) $3,556 (+97.0%) Shares 124,200 (+70.8%) Est. Cost $15.12 Unrealized +71.8%

PAAS Pan American Silver Corp 5.8%

Value ($000) $2,732 (+69.0%) Shares 51,850 (+24.2%) Est. Cost $24.57 Unrealized +70.3%

EQX Equinox Gold Corp 4.7%

Value ($000) $2,212 (+74.0%) Shares 155,600 (+37.2%) Est. Cost $8.49 Unrealized +48.7%

AGI Alamos Gold Inc-Class A 5.1%

Value ($000) $2,411 (+58.6%) Shares 61,600 (+41.3%) Est. Cost $24.34 Unrealized +43.1%

CGAU Centerra Gold Inc 2.9%

Value ($000) $1,366 (+170.5%) Shares 94,100 (+99.8%) Est. Cost $9.47 Unrealized +32.1%

EGO Eldorado Gold Corp 2.6%

Value ($000) $1,210 (+109.5%) Shares 33,500 (+67.5%) Est. Cost $20.75 Unrealized +44.3%

HL Hecla Mining Co 3.0%

Value ($000) $1,431 (+79.1%) Shares 73,400 (+11.2%) Est. Cost $5.70 Unrealized +168.2%

WPM Wheaton Precious Metals Corp 8.4%

Value ($000) $3,950 (+18.4%) Shares 33,210 (+11.4%) Est. Cost $68.48 Unrealized +56.4%

AU Anglogold Ashanti 4.9%

Value ($000) $2,319 (+29.0%) Shares 26,800 (+4.7%) Est. Cost $30.52 Unrealized +153.9%

HMY Harmony Gold Mng - Spon ADR 3.9%

Value ($000) $1,825 (+35.8%) Shares 91,000 (+23.0%) Est. Cost $12.99 Unrealized —

SSRM Ssr Mining Inc 3.0%

Value ($000) $1,411 (+50.1%) Shares 64,300 (+67.0%) Est. Cost $15.59 Unrealized +42.7%

SVM Silvercorp Metals Inc 2.8%

Value ($000) $1,296 (+55.5%) Shares 151,000 (+14.4%) Est. Cost $4.58 Unrealized +58.5%

GFI Gold Fields Ltd. 4.6%

Value ($000) $2,175 (+19.7%) Shares 49,300 (+13.9%) Est. Cost $21.43 Unrealized —

BTG B2Gold Corp 3.4%

Value ($000) $1,603 (+25.4%) Shares 351,500 (+36.0%) Est. Cost $3.62 Unrealized +28.8%

FSM Fortuna Silver Mines Inc 3.1%

Value ($000) $1,449 (+26.7%) Shares 145,600 (+14.1%) Est. Cost $6.91 Unrealized +30.2%

OKE Oneok Inc. 0.0%

Value ($000) $18 (+129.9%) Shares 250 (+127.3%) Est. Cost $68.82 Unrealized +2.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KGC	Kinross Gold Corp	124,200 (+70.8%)	$3,556 (+97.0%)	7.6%	$15.12	+71.8%	Common Stock	496902404
PAAS	Pan American Silver Corp	51,850 (+24.2%)	$2,732 (+69.0%)	5.8%	$24.57	+70.3%	Common Stock	697900108
EQX	Equinox Gold Corp	155,600 (+37.2%)	$2,212 (+74.0%)	4.7%	$8.49	+48.7%	Common Stock	29446Y502
AGI	Alamos Gold Inc-Class A	61,600 (+41.3%)	$2,411 (+58.6%)	5.1%	$24.34	+43.1%	Common Stock	011532108
CGAU	Centerra Gold Inc	94,100 (+99.8%)	$1,366 (+170.5%)	2.9%	$9.47	+32.1%	Common Stock	152006102
EGO	Eldorado Gold Corp	33,500 (+67.5%)	$1,210 (+109.5%)	2.6%	$20.75	+44.3%	Common Stock	284902509
HL	Hecla Mining Co	73,400 (+11.2%)	$1,431 (+79.1%)	3.0%	$5.70	+168.2%	Common Stock	422704106
WPM	Wheaton Precious Metals Corp	33,210 (+11.4%)	$3,950 (+18.4%)	8.4%	$68.48	+56.4%	Common Stock	962879102
AU	Anglogold Ashanti	26,800 (+4.7%)	$2,319 (+29.0%)	4.9%	$30.52	+153.9%	Common Stock	G0378L100
HMY	Harmony Gold Mng - Spon ADR	91,000 (+23.0%)	$1,825 (+35.8%)	3.9%	$12.99	—	ADR	413216300
SSRM	Ssr Mining Inc	64,300 (+67.0%)	$1,411 (+50.1%)	3.0%	$15.59	+42.7%	Common Stock	784730103
SVM	Silvercorp Metals Inc	151,000 (+14.4%)	$1,296 (+55.5%)	2.8%	$4.58	+58.5%	Common Stock	82835P103
GFI	Gold Fields Ltd.	49,300 (+13.9%)	$2,175 (+19.7%)	4.6%	$21.43	—	ADR	38059T106
BTG	B2Gold Corp	351,500 (+36.0%)	$1,603 (+25.4%)	3.4%	$3.62	+28.8%	Common Stock	11777Q209
FSM	Fortuna Silver Mines Inc	145,600 (+14.1%)	$1,449 (+26.7%)	3.1%	$6.91	+30.2%	Common Stock	349942102
OKE	Oneok Inc.	250 (+127.3%)	$18 (+129.9%)	0.0%	$68.82	+2.4%	Common Stock	682680103

Exited Positions (8)

AMZN Amazon.com Inc. 10.2%

Value ($000) $4,790 Shares 21,815 Est. Cost $170.13 Unrealized +34.5%

CMI Cummins INC 0.0%

Value ($000) $17 Shares 40 Est. Cost $247.59 Unrealized +88.3%

EPD Enterprise Products Partners 0.0%

Value ($000) $12 Shares 380 Est. Cost $29.18 Unrealized —

UNP Union Pacific Corporation 0.0%

Value ($000) $12 Shares 50 Est. Cost $235.59 Unrealized -3.5%

CF CF Industries Holdings INC 0.0%

Value ($000) $12 Shares 130 Est. Cost $76.19 Unrealized +7.5%

PAA Plains All American Pipeline, L.p. 0.0%

Value ($000) $11 Shares 660 Est. Cost $17.56 Unrealized —

EMN Eastman Chemical Co. 0.0%

Value ($000) $8 Shares 130 Est. Cost $81.45 Unrealized -25.1%

LYB Lyondellbasell Industries NV 0.0%

Value ($000) $7 Shares 150 Est. Cost $68.81 Unrealized -35.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	Amazon.com Inc.	21,815	$4,790	10.2%	$170.13	+34.5%	—	023135106
CMI	Cummins INC	40	$17	0.0%	$247.59	+88.3%	—	231021106
EPD	Enterprise Products Partners	380	$12	0.0%	$29.18	—	—	293792107
UNP	Union Pacific Corporation	50	$12	0.0%	$235.59	-3.5%	—	907818108
CF	CF Industries Holdings INC	130	$12	0.0%	$76.19	+7.5%	—	125269100
PAA	Plains All American Pipeline, L.p.	660	$11	0.0%	$17.56	—	—	726503105
EMN	Eastman Chemical Co.	130	$8	0.0%	$81.45	-25.1%	—	277432100
LYB	Lyondellbasell Industries NV	150	$7	0.0%	$68.81	-35.4%	—	N53745100

Decreased Positions (7)

B Barrick Gold Corp 9.1%

Value ($000) $4,264 (+23.0%) Shares 96,300 (-8.7%) Est. Cost $21.37 Unrealized +75.1%

NEM Newmont Mining Corp 8.6%

Value ($000) $4,062 (+19.0%) Shares 39,880 (-1.5%) Est. Cost $44.77 Unrealized +101.4%

RGLD Royal Gold Inc 1.0%

Value ($000) $455 (-49.9%) Shares 2,020 (-55.3%) Est. Cost $134.49 Unrealized +47.5%

FNV Franco - Nevada Corp 2.7%

Value ($000) $1,271 (-24.9%) Shares 6,100 (-19.7%) Est. Cost $130.99 Unrealized +54.8%

AG First Majestic Silver Corp 3.0%

Value ($000) $1,432 (+24.5%) Shares 84,600 (-9.6%) Est. Cost $7.84 Unrealized +77.3%

DRD Drdgold Ltd - Sponsored ADR 1.8%

Value ($000) $834 (+5.3%) Shares 26,700 (-7.0%) Est. Cost $22.19 Unrealized —

AEM Agnico Eagle Mines Ltd 7.5%

Value ($000) $3,547 (+0.6%) Shares 20,626 (-1.4%) Est. Cost $82.03 Unrealized +104.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
B	Barrick Gold Corp	96,300 (-8.7%)	$4,264 (+23.0%)	9.1%	$21.37	+75.1%	Common Stock	06849F108
NEM	Newmont Mining Corp	39,880 (-1.5%)	$4,062 (+19.0%)	8.6%	$44.77	+101.4%	Common Stock	651639106
RGLD	Royal Gold Inc	2,020 (-55.3%)	$455 (-49.9%)	1.0%	$134.49	+47.5%	Common Stock	780287108
FNV	Franco - Nevada Corp	6,100 (-19.7%)	$1,271 (-24.9%)	2.7%	$130.99	+54.8%	Common Stock	351858105
AG	First Majestic Silver Corp	84,600 (-9.6%)	$1,432 (+24.5%)	3.0%	$7.84	+77.3%	Common Stock	32076V103
DRD	Drdgold Ltd - Sponsored ADR	26,700 (-7.0%)	$834 (+5.3%)	1.8%	$22.19	—	ADR	26152H301
AEM	Agnico Eagle Mines Ltd	20,626 (-1.4%)	$3,547 (+0.6%)	7.5%	$82.03	+104.6%	Common Stock	008474108

Unchanged Positions (6)

MPC Marathon Petroleum Corporation 0.0%

Value ($000) $16 Shares 100 Est. Cost $164.35 Unrealized +13.4%

LNG Cheniere Energy, Inc. 0.0%

Value ($000) $12 Shares 60 Est. Cost $160.78 Unrealized +30.6%

PSX Phillips 66 0.0%

Value ($000) $17 Shares 130 Est. Cost $128.93 Unrealized +3.9%

WMB Williams COS INC 0.0%

Value ($000) $15 Shares 250 Est. Cost $32.99 Unrealized +82.1%

VLO VALERO ENERGY CORP 0.0%

Value ($000) $16 Shares 100 Est. Cost $135.69 Unrealized +24.4%

KMI KINDER MORGAN INC 0.0%

Value ($000) $16 Shares 570 Est. Cost $21.19 Unrealized +27.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MPC	Marathon Petroleum Corporation	100	$16	0.0%	$164.35	+13.4%	Common Stock	56585A102
LNG	Cheniere Energy, Inc.	60	$12	0.0%	$160.78	+30.6%	Common Stock	16411R208
PSX	Phillips 66	130	$17	0.0%	$128.93	+3.9%	Common Stock	718546104
WMB	Williams COS INC	250	$15	0.0%	$32.99	+82.1%	Common Stock	969457100
VLO	VALERO ENERGY CORP	100	$16	0.0%	$135.69	+24.4%	Common Stock	91913Y100
KMI	KINDER MORGAN INC	570	$16	0.0%	$21.19	+27.0%	Common Stock	49456B101