# EDGAR Filing Document

**Accession Number:** 0000930667
**File Stem:** 0001752724-25-177773
**Filing Date:** 2025-7
**Character Count:** 118240
**Document Hash:** b8cbc85cf5458cd9d147d17a7466ce28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-177773.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001752724-25-177773

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iShares, Inc.
- **CENTRAL INDEX KEY:** 0000930667

**ORGANIZATION NAME:**
- **EIN:** 510396525
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09102
- **FILM NUMBER:** 251149343

**BUSINESS ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** (415) 670-2000

**MAIL ADDRESS:**
- **STREET 1:** 400 HOWARD STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** iSHARES INC
- **DATE OF NAME CHANGE:** 20070126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISHARES INC
- **DATE OF NAME CHANGE:** 20000516

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WEBS INDEX FUND INC
- **DATE OF NAME CHANGE:** 19970211

## Series and Classes Contracts Data

### iShares MSCI Global Metals & Mining Producers ETF (Series ID: S000035885)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000109988 | iShares MSCI Global Metals & Mining Producers ETF | PICK            |

## Nport-Ex

Schedule of Investments (unaudited)

May 31, 2025

**iShares® MSCI Global Metals & Mining Producers ETF**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 22.0%** | **Australia — 22.0%** | **Australia — 22.0%** |
| BHP Group Ltd. | &nbsp;&nbsp;&nbsp; 3899914 | $95801343 |
| BlueScope Steel Ltd. | &nbsp;&nbsp;&nbsp; 335258 | 4921224 |
| Champion Iron Ltd. | &nbsp;&nbsp;&nbsp; 302566 | 845211 |
| Deterra Royalties Ltd. | &nbsp;&nbsp;&nbsp; 325200 | 796304 |
| Fortescue Ltd. | &nbsp;&nbsp;&nbsp; 1301073 | 12944107 |
| IGO Ltd. | &nbsp;&nbsp;&nbsp; 523483 | 1310535 |
| Iluka Resources Ltd. | &nbsp;&nbsp;&nbsp; 333443 | 789101 |
| Imdex Ltd. | &nbsp;&nbsp;&nbsp; 395200 | 725549 |
| IperionX Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 214222 | 509877 |
| Leo Lithium Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1454959 | 203001 |
| Liontown Resources Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 1188875 | 463869 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 646695 | 3325286 |
| MAC Copper Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 44363 | 547066 |
| Mineral Resources Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 136978 | 1958356 |
| Nickel Industries Ltd. | &nbsp;&nbsp;&nbsp; 1347950 | 595049 |
| Perenti Ltd. | &nbsp;&nbsp;&nbsp; 655196 | 665526 |
| Pilbara Minerals Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 2353066 | 1881509 |
| Rio Tinto Ltd. | &nbsp;&nbsp;&nbsp; 285208 | 20740606 |
| Sandfire Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 351108 | 2614222 |
| Sims Ltd. | &nbsp;&nbsp;&nbsp; 124800 | 1217808 |
| South32 Ltd. | &nbsp;&nbsp;&nbsp; 3472659 | 6846800 |
| Stanmore Resources Ltd. | &nbsp;&nbsp;&nbsp; 285730 | 360749 |
| Vulcan Energy Resources Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 105913 | 265394 |
| Vulcan Steel Ltd.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 51716 | 214685 |
| WA1 Resources Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 33905 | 292135 |
|  |  | 160835312 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| voestalpine AG | &nbsp;&nbsp;&nbsp; 82000 | 2163853 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Bekaert SA | &nbsp;&nbsp;&nbsp; 27335 | 1110450 |
| **Brazil — 3.6%** | **Brazil — 3.6%** | **Brazil — 3.6%** |
| Cia. Siderurgica Nacional SA | &nbsp;&nbsp;&nbsp; 466398 | 672748 |
| Vale SA | &nbsp;&nbsp;&nbsp; 2789877 | 25413514 |
|  |  | 26086262 |
| **Canada — 6.0%** | **Canada — 6.0%** | **Canada — 6.0%** |
| Algoma Steel Group Inc. | &nbsp;&nbsp;&nbsp; 72068 | 381254 |
| Altius Minerals Corp. | &nbsp;&nbsp;&nbsp; 29600 | 568123 |
| Capstone Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 439255 | 2381358 |
| Collective Mining Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 35853 | 390050 |
| ERO Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 75901 | 1071856 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 545091 | 8074981 |
| Foran Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 194156 | 423016 |
| Hudbay Minerals Inc. | &nbsp;&nbsp;&nbsp; 302828 | 2698719 |
| Ivanhoe Electric Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 66203 | 486592 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 571437 | 4426258 |
| Labrador Iron Ore Royalty Corp. | &nbsp;&nbsp;&nbsp; 49600 | 1046684 |
| Lithium Americas Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 148295 | 396577 |
| Lundin Mining Corp. | &nbsp;&nbsp;&nbsp; 532200 | 5037547 |
| Major Drilling Group International Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 62052 | 365344 |
| NGEx Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 104495 | 1198493 |
| Sigma Lithium Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 45600 | 213864 |
| Taseko Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 236820 | 533227 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp;&nbsp; 361207 | 13386518 |
| TMC the metals Co. Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 179137 | 800742 |
|  |  | 43881203 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| CAP SA<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 50846 | 271384 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **China — 2.8%** | **China — 2.8%** | **China — 2.8%** |
| Aluminum Corp. of China Ltd., Class A | &nbsp;&nbsp;&nbsp; 598265 | $540736 |
| Aluminum Corp. of China Ltd., Class H | &nbsp;&nbsp;&nbsp; 3040000 | 1765555 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 1002393 | 935250 |
| China Hongqiao Group Ltd. | &nbsp;&nbsp;&nbsp; 2168000 | 3852463 |
| China Metal Recycling Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 132000 |  |
| China Nonferrous Mining Corp Ltd. | &nbsp;&nbsp;&nbsp; 1071000 | 784027 |
| &nbsp;&nbsp;&nbsp; China Northern Rare Earth Group High-Tech Co. Ltd., <br> Class A<br>| &nbsp;&nbsp;&nbsp; 170870 | 550473 |
| &nbsp;&nbsp;&nbsp; China Rare Earth Resources & Technology Co. Ltd., <br> Class A<br>| &nbsp;&nbsp;&nbsp; 48500 | 227347 |
| Citic Pacific Special Steel Group Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 164500 | 258714 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp;&nbsp; 799600 | 795108 |
| CMOC Group Ltd., Class H | &nbsp;&nbsp;&nbsp; 2865000 | 2283730 |
| &nbsp;&nbsp;&nbsp; Henan Shenhuo Coal Industry & Electricity Power Co. <br> Ltd., Class A<br>| &nbsp;&nbsp;&nbsp; 102200 | 233191 |
| Huaibei Mining Holdings Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 121700 | 209382 |
| Hunan Valin Steel Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 321700 | 212235 |
| Inner Mongolia BaoTou Steel Union Co. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2083421 | 501311 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 94425 | 277334 |
| Jiangxi Copper Co. Ltd., Class H | &nbsp;&nbsp;&nbsp; 855000 | 1508412 |
| Jinchuan Group International Resources Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2398000 | 190422 |
| Jinduicheng Molybdenum Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 146900 | 214461 |
| Maanshan Iron & Steel Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1050000 | 235005 |
| MMG Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3271600 | 1204652 |
| Nanjing Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 287300 | 169506 |
| Shandong Nanshan Aluminum Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 538930 | 279694 |
| Shanjin International Gold Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 132940 | 363737 |
| Shougang Fushan Resources Group Ltd. | &nbsp;&nbsp;&nbsp; 1600000 | 527829 |
| Tiangong International Co. Ltd.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1032000 | 248415 |
| Tianshan Aluminum Group Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 202260 | 215699 |
| Tongling Nonferrous Metals Group Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 602200 | 263794 |
| Wanguo International Mining Group Ltd. | &nbsp;&nbsp;&nbsp; 168000 | 577138 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 108400 | 236461 |
| &nbsp;&nbsp;&nbsp; Western Superconducting Technologies Co. Ltd., <br> Class A<br>| &nbsp;&nbsp;&nbsp; 30036 | 205846 |
| Xiamen Tungsten Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 70999 | 190631 |
| Yunnan Aluminium Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 161700 | 326052 |
| Yunnan Chihong Zinc&Germanium Co. Ltd., Class A | &nbsp;&nbsp;&nbsp; 242900 | 172248 |
|  |  | 20556858 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| Outokumpu OYJ | &nbsp;&nbsp;&nbsp; 278000 | 1076746 |
| **France — 1.9%** | **France — 1.9%** | **France — 1.9%** |
| Aperam SA | &nbsp;&nbsp;&nbsp; 34162 | 1038235 |
| ArcelorMittal SA | &nbsp;&nbsp;&nbsp; 360370 | 10925617 |
| Constellium SE, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 98824 | 1199723 |
| Eramet SA | &nbsp;&nbsp;&nbsp; 6535 | 384769 |
|  |  | 13548344 |
| **Germany — 0.9%** | **Germany — 0.9%** | **Germany — 0.9%** |
| Aurubis AG<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 24333 | 2139431 |
| Salzgitter AG | &nbsp;&nbsp;&nbsp; 18800 | 448596 |
| thyssenkrupp AG<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 382846 | 3728278 |
|  |  | 6316305 |
| **India — 6.6%** | **India — 6.6%** | **India — 6.6%** |
| APL Apollo Tubes Ltd. | &nbsp;&nbsp;&nbsp; 138693 | 2937683 |
| Godawari Power and Ispat Ltd. | &nbsp;&nbsp;&nbsp; 172275 | 384316 |
| Gravita India Ltd. | &nbsp;&nbsp;&nbsp; 22254 | 477192 |
| Hindalco Industries Ltd. | &nbsp;&nbsp;&nbsp; 1036569 | 7690621 |
| Hindustan Copper Ltd. | &nbsp;&nbsp;&nbsp; 226698 | 657264 |
| Jai Balaji Industries Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 142483 | 176032 |
| Jindal Saw Ltd. | &nbsp;&nbsp;&nbsp; 174305 | 432734 |

---

------

Schedule of Investments (unaudited)(continued)

May 31, 2025

**iShares® MSCI Global Metals & Mining Producers ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Jindal Stainless Ltd. | &nbsp;&nbsp;&nbsp; 255180 | $1926926 |
| Jindal Steel & Power Ltd. | &nbsp;&nbsp;&nbsp; 313709 | 3487219 |
| JSW Steel Ltd. | &nbsp;&nbsp;&nbsp; 470003 | 5474704 |
| Kirloskar Ferrous Industries Ltd. | &nbsp;&nbsp;&nbsp; 49854 | 336889 |
| Maharashtra Seamless Ltd. | &nbsp;&nbsp;&nbsp; 30791 | 249349 |
| Mishra Dhatu Nigam Ltd.<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 33855 | 167998 |
| MOIL Ltd. | &nbsp;&nbsp;&nbsp; 48008 | 212262 |
| National Aluminium Co. Ltd. | &nbsp;&nbsp;&nbsp; 626182 | 1322999 |
| NMDC Ltd. | &nbsp;&nbsp;&nbsp; 2381739 | 1986592 |
| NMDC Steel Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 584800 | 260854 |
| PTC Industries Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3454 | 619196 |
| Ramkrishna Forgings Ltd. | &nbsp;&nbsp;&nbsp; 62592 | 444240 |
| Ratnamani Metals & Tubes Ltd. | &nbsp;&nbsp;&nbsp; 21642 | 718486 |
| Sandur Manganese & Iron Ores Ltd. (The) | &nbsp;&nbsp;&nbsp; 29652 | 167856 |
| Sarda Energy & Minerals Ltd., NVS | &nbsp;&nbsp;&nbsp; 65525 | 335179 |
| Surya Roshni Ltd., NVS | &nbsp;&nbsp;&nbsp; 51279 | 198230 |
| Tata Steel Ltd. | &nbsp;&nbsp;&nbsp; 5586694 | 10544636 |
| Tata Steel Ltd., GDR<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 17426 | 323718 |
| Usha Martin Ltd. | &nbsp;&nbsp;&nbsp; 107572 | 390550 |
| Vedanta Ltd. | &nbsp;&nbsp;&nbsp; 1052174 | 5366965 |
| Welspun Corp. Ltd. | &nbsp;&nbsp;&nbsp; 71072 | 779517 |
|  |  | 48070207 |
| **Indonesia — 0.7%** | **Indonesia — 0.7%** | **Indonesia — 0.7%** |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5044812 | 2144287 |
| Bumi Resources Minerals Tbk PT<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 44150100 | 1054692 |
| Merdeka Battery Materials Tbk PT<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15284200 | 337569 |
| Merdeka Copper Gold Tbk PT<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7026586 | 866417 |
| Vale Indonesia Tbk PT | &nbsp;&nbsp;&nbsp; 1675100 | 359679 |
|  |  | 4762644 |
| **Japan — 5.3%** | **Japan — 5.3%** | **Japan — 5.3%** |
| Aichi Steel Corp. | &nbsp;&nbsp;&nbsp; 5900 | 305291 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp;&nbsp; 98600 | 666219 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp; 40000 | 1265053 |
| JFE Holdings Inc. | &nbsp;&nbsp;&nbsp; 442500 | 5246993 |
| Kobe Steel Ltd. | &nbsp;&nbsp;&nbsp; 274100 | 3158188 |
| Kyoei Steel Ltd. | &nbsp;&nbsp;&nbsp; 13300 | 179130 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp;&nbsp; 45200 | 1085813 |
| Mitsubishi Materials Corp. | &nbsp;&nbsp;&nbsp; 97100 | 1510108 |
| Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp;&nbsp; 42300 | 1442707 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp; 42940 | 481459 |
| Nippon Steel Corp. | &nbsp;&nbsp;&nbsp; 742605 | 14937669 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp;&nbsp; 8600 | 416323 |
| Osaka Steel Co. Ltd. | &nbsp;&nbsp;&nbsp; 9700 | 169741 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp;&nbsp; 189400 | 4313120 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp; 41400 | 441665 |
| UACJ Corp. | &nbsp;&nbsp;&nbsp; 28538 | 964785 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp;&nbsp; 30000 | 1775094 |
| Yodogawa Steel Works Ltd. | &nbsp;&nbsp;&nbsp; 15900 | 612411 |
|  |  | 38971769 |
| **Malaysia — 0.5%** | **Malaysia — 0.5%** | **Malaysia — 0.5%** |
| Press Metal Aluminium Holdings Bhd | &nbsp;&nbsp;&nbsp; 2852300 | 3376989 |
| **Mexico — 1.8%** | **Mexico — 1.8%** | **Mexico — 1.8%** |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp;&nbsp; 2392504 | 13117080 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** |
| AMG Critical Materials NV | &nbsp;&nbsp;&nbsp; 24000 | 510822 |
| **Norway — 0.8%** | **Norway — 0.8%** | **Norway — 0.8%** |
| Norsk Hydro ASA | &nbsp;&nbsp;&nbsp; 1081074 | 5926502 |
| **Peru — 0.8%** | **Peru — 0.8%** | **Peru — 0.8%** |
| Southern Copper Corp. | &nbsp;&nbsp;&nbsp; 67998 | 6181715 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Poland — 0.8%** | **Poland — 0.8%** | **Poland — 0.8%** |
| Grupa Kety SA | &nbsp;&nbsp;&nbsp; 7491 | $1733177 |
| Jastrzebska Spolka Weglowa SA, Class S<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 40000 | 242119 |
| KGHM Polska Miedz SA | &nbsp;&nbsp;&nbsp; 107793 | 3532281 |
|  |  | 5507577 |
| **Qatar — 0.1%** | **Qatar — 0.1%** | **Qatar — 0.1%** |
| Qatar Aluminum Manufacturing Co. | &nbsp;&nbsp;&nbsp; 2112442 | 744427 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Alrosa PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 2886002 | 372 |
| GMK Norilskiy Nickel PAO<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 47600 |  |
| Novolipetsk Steel PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 11120 | 2 |
| Severstal PAO<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 233400 | 30 |
| United Co. RUSAL International PJSC<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 3450000 | 445 |
|  |  | 849 |
| **Saudi Arabia — 2.0%** | **Saudi Arabia — 2.0%** | **Saudi Arabia — 2.0%** |
| Al Masane Al Kobra Mining Co. | &nbsp;&nbsp;&nbsp; 27909 | 440396 |
| East Pipes Integrated Co. for Industry, NVS | &nbsp;&nbsp;&nbsp; 11632 | 383895 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1023219 | 13880142 |
| Saudi Steel Pipe Co. | &nbsp;&nbsp;&nbsp; 16034 | 255335 |
|  |  | 14959768 |
| **South Africa — 2.1%** | **South Africa — 2.1%** | **South Africa — 2.1%** |
| African Rainbow Minerals Ltd. | &nbsp;&nbsp;&nbsp; 86595 | 766406 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 695211 | 4997739 |
| Kumba Iron Ore Ltd. | &nbsp;&nbsp;&nbsp; 48807 | 799775 |
| Northam Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp; 275678 | 2333061 |
| Sibanye Stillwater Ltd.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2175937 | 3313109 |
| Valterra Platinum Ltd.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 71429 | 2805404 |
|  |  | 15015494 |
| **South Korea — 1.9%** | **South Korea — 1.9%** | **South Korea — 1.9%** |
| Hyundai Steel Co. | &nbsp;&nbsp;&nbsp; 67071 | 1368094 |
| Korea Zinc Co. Ltd. | &nbsp;&nbsp;&nbsp; 3186 | 1679745 |
| Poongsan Corp. | &nbsp;&nbsp;&nbsp; 12800 | 574521 |
| POSCO Holdings Inc. | &nbsp;&nbsp;&nbsp; 55963 | 10138137 |
| Seah Besteel Holdings Corp.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 10400 | 176269 |
| SeAH Steel Holdings Corp.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1214 | 212029 |
|  |  | 14148795 |
| **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** |
| Acerinox SA | &nbsp;&nbsp;&nbsp; 144806 | 1710495 |
| **Sweden — 1.8%** | **Sweden — 1.8%** | **Sweden — 1.8%** |
| Alleima AB, NVS | &nbsp;&nbsp;&nbsp; 145921 | 1196149 |
| Boliden AB<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 218372 | 6827024 |
| Granges AB | &nbsp;&nbsp;&nbsp; 82369 | 1040980 |
| SSAB AB, Class A | &nbsp;&nbsp;&nbsp; 169174 | 1020945 |
| SSAB AB, Class B | &nbsp;&nbsp;&nbsp; 484756 | 2879569 |
|  |  | 12964667 |
| **Taiwan — 1.6%** | **Taiwan — 1.6%** | **Taiwan — 1.6%** |
| Century Iron & Steel Industrial Co. Ltd. | &nbsp;&nbsp;&nbsp; 145000 | 859075 |
| China Steel Corp. | &nbsp;&nbsp;&nbsp; 9078612 | 5956566 |
| Chung Hung Steel Corp. | &nbsp;&nbsp;&nbsp; 655000 | 341772 |
| Evergreen Steel Corp. | &nbsp;&nbsp;&nbsp; 145000 | 433665 |
| Feng Hsin Steel Co. Ltd. | &nbsp;&nbsp;&nbsp; 313918 | 657944 |
| Gloria Material Technology Corp. | &nbsp;&nbsp;&nbsp; 348000 | 498838 |
| Hsin Kuang Steel Co. Ltd. | &nbsp;&nbsp;&nbsp; 173000 | 239315 |
| TA Chen Stainless Pipe | &nbsp;&nbsp;&nbsp; 1306638 | 1538452 |
| Tung Ho Steel Enterprise Corp. | &nbsp;&nbsp;&nbsp; 367700 | 788661 |
| Yieh Phui Enterprise Co. Ltd. | &nbsp;&nbsp;&nbsp; 678831 | 342907 |
|  |  | 11657195 |
| **Turkey — 0.4%** | **Turkey — 0.4%** | **Turkey — 0.4%** |
| &nbsp;&nbsp;&nbsp; Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret <br> A/S<sup>(a)(c)</sup><br>| &nbsp;&nbsp;&nbsp; 20655 | 174637 |

---

------

Schedule of Investments (unaudited)(continued)

May 31, 2025

**iShares® MSCI Global Metals & Mining Producers ETF**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Turkey (continued)** | **Turkey (continued)** | **Turkey (continued)** |
| Eregli Demir ve Celik Fabrikalari TAS | &nbsp;&nbsp;&nbsp; 2667799 | $1595519 |
| &nbsp;&nbsp;&nbsp; Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 184627 | 183158 |
| &nbsp;&nbsp;&nbsp; Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, <br> Class D<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 592037 | 332849 |
| Kocaer Celik Sanayi Ve Ticaret A/S | &nbsp;&nbsp;&nbsp; 416006 | 141729 |
| Koza Anadolu Metal Madencilik Isletmeleri AS<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 128258 | 283432 |
|  |  | 2711324 |
| **United Kingdom — 16.4%** | **United Kingdom — 16.4%** | **United Kingdom — 16.4%** |
| Anglo American PLC | &nbsp;&nbsp;&nbsp; 976285 | 28955949 |
| Antofagasta PLC | &nbsp;&nbsp;&nbsp; 303150 | 7237092 |
| Atalaya Mining PLC | &nbsp;&nbsp;&nbsp; 86987 | 512041 |
| Ferrexpo PLC<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 225379 | 164345 |
| Glencore PLC | &nbsp;&nbsp;&nbsp; 7877837 | 29974688 |
| Hill & Smith PLC | &nbsp;&nbsp;&nbsp; 61602 | 1534833 |
| Rio Tinto PLC | &nbsp;&nbsp;&nbsp; 867091 | 51316154 |
|  |  | 119695102 |
| **United States — 17.5%** | **United States — 17.5%** | **United States — 17.5%** |
| Alcoa Corp. | &nbsp;&nbsp;&nbsp; 198609 | 5316763 |
| Alpha Metallurgical Resources Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8401 | 941248 |
| Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp; 38376 | 9018360 |
| Century Aluminum Co.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 42802 | 663003 |
| Cleveland-Cliffs Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 379710 | 2213709 |
| Commercial Metals Co. | &nbsp;&nbsp;&nbsp; 87363 | 4070242 |
| Compass Minerals International Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 27797 | 533980 |
| Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp; 1104111 | 42486191 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp; 12444 | 903310 |
| Materion Corp. | &nbsp;&nbsp;&nbsp; 15953 | 1235241 |
| Metallus Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 30000 | 378900 |
| MP Materials Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp; 94449 | 2058044 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp; 177284 | 19387778 |
| Radius Recycling Inc. | &nbsp;&nbsp;&nbsp; 19363 | 573338 |
| Ramaco Resources Inc., Class A | &nbsp;&nbsp;&nbsp; 22428 | 202749 |
| Ramaco Resources Inc., Class B | &nbsp;&nbsp;&nbsp; 207 | 1542 |
| Reliance Inc. | &nbsp;&nbsp;&nbsp; 40635 | 11898741 |
| Ryerson Holding Corp. | &nbsp;&nbsp;&nbsp; 20400 | 423504 |
| Steel Dynamics Inc. | &nbsp;&nbsp;&nbsp; 109408 | 13464843 |
| SunCoke Energy Inc. | &nbsp;&nbsp;&nbsp; 63200 | 514448 |
| U.S. Steel Corp. | &nbsp;&nbsp;&nbsp; 173102 | 9316350 |
| Warrior Met Coal Inc.<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 40395 | 1835953 |
| Worthington Steel Inc. | &nbsp;&nbsp;&nbsp; 25208 | 627679 |
|  |  | 128065916 |
| **Total Common Stocks — 99.2%** <br>**(Cost: $901,805,090)** | **Total Common Stocks — 99.2%** <br>**(Cost: $901,805,090)** | 723946054 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** |
| Bradespar SA, Preference Shares, NVS | &nbsp;&nbsp;&nbsp; 195164 | $532312 |
| &nbsp;&nbsp;&nbsp; Cia. de Ferro Ligas da Bahia FERBASA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp;&nbsp; 118970 | 146021 |
| Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp;&nbsp; 1024804 | 2732452 |
| Metalurgica Gerdau SA, Preference Shares, NVS | &nbsp;&nbsp;&nbsp; 489262 | 715138 |
| &nbsp;&nbsp;&nbsp; Usinas Siderurgicas de Minas Gerais SA Usiminas, <br> Class A, Preference Shares, NVS<br>| &nbsp;&nbsp;&nbsp; 349834 | 318059 |
|  |  | 4443982 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Mechel PJSC, Preference Shares, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 96000 | 12 |
| **Total Preferred Stocks — 0.6%** <br>**(Cost: $5,227,344)** | **Total Preferred Stocks — 0.6%** <br>**(Cost: $5,227,344)** | 4443994 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $907,032,434)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $907,032,434)** | 728390048 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.8%** | **Money Market Funds — 2.8%** | **Money Market Funds — 2.8%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(f)(g)(h)</sup><br>| &nbsp;&nbsp;&nbsp; 19388082 | 19395837 |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.30%<sup>(f)(g)</sup><br>| &nbsp;&nbsp;&nbsp; 1070000 | 1070000 |
| **Total Short-Term Securities — 2.8%** <br>**(Cost: $20,465,837)** | **Total Short-Term Securities — 2.8%** <br>**(Cost: $20,465,837)** | 20465837 |
| **Total Investments — 102.6%** <br>**(Cost: $927,498,271)** | **Total Investments — 102.6%** <br>**(Cost: $927,498,271)** | 748855885 |
| **Liabilities in Excess of Other Assets — (2.6)%** | **Liabilities in Excess of Other Assets — (2.6)%** | (18736324)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $730119561 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

<sup>(f)</sup> Affiliate of the Fund.

<sup>(g)</sup> Annualized 7-day yield as of period end.

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

------

Schedule of Investments (unaudited)(continued)

May 31, 2025

**iShares® MSCI Global Metals & Mining Producers ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*08/31/24*<br>| *Purchases* <br>*at Cost*<br>| &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*05/31/25*<br>| *Shares* <br>*Held at* <br>*05/31/25*<br>| *Income* | &nbsp;&nbsp; *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $26051082 | $—<br> $(6651980 )<sup>(a)</sup><br>| $5448 | $(8713)<br>| $19395837 | 19388082 | $284491 <br><sup>(b)</sup><br>| $— |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| &nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> (30000 )<sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1070000 | 1070000 | &nbsp;&nbsp;&nbsp; 47534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  | $5448 | $(8713) | $20465837 |  | $332025 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| &nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; E-Mini Energy Select Sector Index | &nbsp;&nbsp;&nbsp; 2 | 06/20/25 | &nbsp;&nbsp; $171 | $(2515) |
| &nbsp;&nbsp;&nbsp; MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp; 23 | 06/20/25 | &nbsp;&nbsp; 1321 | 53744 |
|  |  |  |  | $51229 |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp; $220441297 | &nbsp;&nbsp; $503110485 | &nbsp;&nbsp; $394272 | &nbsp;&nbsp; $723946054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp; 4443982 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 4443994 |

---

------

Schedule of Investments (unaudited)(continued)

May 31, 2025

**iShares® MSCI Global Metals & Mining Producers ETF**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $20465837 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20465837 |
|  | &nbsp;&nbsp; $245351116 | &nbsp;&nbsp; $503110485 | &nbsp;&nbsp; $394284 | &nbsp;&nbsp; $748855885 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; $53744 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $53744 |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; (2515)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2515)<br>|
|  | &nbsp;&nbsp; $51229 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51229 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| GDR | Global Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** iShares, Inc.

- **b. Investment Company Act file number:** 811-09102

- **c. CIK number of Registrant:** 0000930667

- **d. LEI of Registrant:** 549300MGJZCNMJLBAJ67

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 400 HOWARD STREET

  - **City:** SAN FRANCISCO

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94105

  - **Telephone number:** 800-474-2737

**Item A.2. Information about the Series.**

- **a. Name of Series:** iShares MSCI Global Metals & Mining Producers ETF

- **b. EDGAR series identifier (if any):** S000035885

- **c. LEI of Series:** 549300P22YCPXTDJWG70

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $771735185.94

**Total Liabilities:** $41607455.61

**Net Assets:** $730127730.33

**Cash Not Reported:** $1182233.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000109988 | 0.55%                | -1.64%               | 3.13%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2413079.11             | $-27503.39                                 |
| Month 2  | $58146.38                | $-12814125.29                              |
| Month 3  | $2031914.80              | $19620856.57                               |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Gravita India Ltd                                      | Gravita India Ltd                                      | CUSIP: 000000000<br>LEI: 335800PL6PSIRCLKWV57 | Long             | EC               | CORP              | IN        |     22254 | NS      | $477191.72    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| China Steel Corp                                       | China Steel Corp                                       | CUSIP: 000000000<br>LEI: 529900D3N7UIJMVJ9120 | Long             | EC               | CORP              | TW        |   9078612 | NS      | $5956566.14   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabian Mining Co                                | Saudi Arabian Mining Co                                | CUSIP: 000000000<br>LEI: 254900R4HAVLB4GY9713 | Long             | EC               | CORP              | SA        |   1023219 | NS      | $13880141.85  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia de Ferro Ligas da Bahia FERBASA                    | Cia de Ferro Ligas da Bahia FERBASA                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |    118970 | NS      | $146021.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jindal Stainless Ltd                                   | Jindal Stainless Ltd                                   | CUSIP: 000000000<br>LEI: 3358003QFQMSFDO7BP20 | Long             | EC               | CORP              | IN        |    255180 | NS      | $1926925.72   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Taseko Mines Ltd                                       | Taseko Mines Ltd                                       | CUSIP: 876511106<br>LEI: 549300XKUO1JSLU7KX54 | Long             | EC               | CORP              | CA        |    236820 | NS      | $533226.80    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp                              | Carpenter Technology Corp                              | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |     36526 | NS      | $8583610.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Jinchuan Group International Resources Co Ltd          | Jinchuan Group International Resources Co Ltd          | CUSIP: 000000000<br>LEI: 254900RWLOXOMORJEB03 | Long             | EC               | CORP              | KY        |   2398000 | NS      | $190421.59    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Tung Ho Steel Enterprise Corp                          | Tung Ho Steel Enterprise Corp                          | CUSIP: 000000000<br>LEI: 5299003755GCQVWX5K49 | Long             | EC               | CORP              | TW        |    367700 | NS      | $788660.42    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Ratnamani Metals & Tubes Ltd                           | Ratnamani Metals & Tubes Ltd                           | CUSIP: 000000000<br>LEI: 335800814OWZ2ALCNM51 | Long             | EC               | CORP              | IN        |     21642 | NS      | $718486.27    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Materials Corp                              | Mitsubishi Materials Corp                              | CUSIP: 000000000<br>LEI: 35380076QOBOSOUBRT89 | Long             | EC               | CORP              | JP        |     97100 | NS      | $1510108.46   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Mechel PJSC                                            | Mechel PJSC                                            | CUSIP: 000000000<br>LEI: 253400C9GSPBSKERRP65 | Long             | EP               | CORP              | RU        |     96000 | NS      | $12.39        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Boliden AB                                             | Boliden AB                                             | CUSIP: 000000000<br>LEI: 21380059QU7IM1ONDJ56 | Long             | EC               | CORP              | SE        |    210261 | NS      | $6573447.59   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Mexico SAB de CV                                 | Grupo Mexico SAB de CV                                 | CUSIP: 000000000<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |   2400096 | NS      | $13158703.27  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MOIL Ltd                                               | MOIL Ltd                                               | CUSIP: 000000000<br>LEI: 335800KIMZB1TBYBFI12 | Long             | EC               | CORP              | IN        |     48008 | NS      | $212261.78    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Acerinox SA                                            | Acerinox SA                                            | CUSIP: 000000000<br>LEI: 95980020140005582721 | Long             | EC               | CORP              | ES        |    144806 | NS      | $1710494.36   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| JCHX Mining Management Co Ltd                          | JCHX Mining Management Co Ltd                          | CUSIP: 000000000<br>LEI: 300300I7N1GGC3X0M541 | Long             | EC               | CORP              | CN        |     28800 | NS      | $155479.71    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sims Ltd                                               | Sims Ltd                                               | CUSIP: 000000000<br>LEI: 5493002YM7ZHVDMFC916 | Long             | EC               | CORP              | AU        |    124800 | NS      | $1217808.43   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| NGEx Minerals Ltd                                      | NGEx Minerals Ltd                                      | CUSIP: 65343P103<br>LEI: 549300M2DU5ORAGOIG27 | Long             | EC               | CORP              | CA        |    104495 | NS      | $1198492.59   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sigma Lithium Corp                                     | Sigma Lithium Corp                                     | CUSIP: 826599102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     45600 | NS      | $213864.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Hindalco Industries Ltd                                | Hindalco Industries Ltd                                | CUSIP: 000000000<br>LEI: 335800KXLE5NO5B4GF90 | Long             | EC               | CORP              | IN        |   1036569 | NS      | $7690621.29   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Aluminum Corp of China Ltd                             | Aluminum Corp of China Ltd                             | CUSIP: 000000000<br>LEI: 529900TKZUWQLIQN6T48 | Long             | EC               | CORP              | CN        |    598265 | NS      | $540736.47    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Metallus Inc                                           | Metallus Inc                                           | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     30000 | NS      | $378900.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Alrosa PJSC                                            | Alrosa PJSC                                            | CUSIP: 000000000<br>LEI: 894500DKUWVBYZLLE651 | Long             | EC               | CORP              | RU        |   2886002 | NS      | $372.39       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Maruichi Steel Tube Ltd                                | Maruichi Steel Tube Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     48900 | NS      | $1174695.87   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Ivanhoe Electric Inc / US                              | Ivanhoe Electric Inc / US                              | CUSIP: 46578C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60043 | NS      | $441316.05    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Novolipetsk Steel PJSC                                 | Novolipetsk Steel PJSC                                 | CUSIP: 000000000<br>LEI: 213800913TPW32I84456 | Long             | EC               | CORP              | RU        |     11120 | NS      | $1.43         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Ferrexpo PLC                                           | Ferrexpo PLC                                           | CUSIP: 000000000<br>LEI: 213800CEDKSNUTPAQZ41 | Long             | EC               | CORP              | GB        |    225379 | NS      | $164345.22    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| IGO Ltd                                                | IGO Ltd                                                | CUSIP: 000000000<br>LEI: 2549005DZO8VGXM5QN07 | Long             | EC               | CORP              | AU        |    523483 | NS      | $1310534.72   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Shougang Fushan Resources Group Ltd                    | Shougang Fushan Resources Group Ltd                    | CUSIP: 000000000<br>LEI: 529900OPUNJYLOX4OL37 | Long             | EC               | CORP              | HK        |   1600000 | NS      | $527829.21    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Steel Corp                               | United States Steel Corp                               | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |    173102 | NS      | $9316349.64   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Deterra Royalties Ltd                                  | Deterra Royalties Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    325200 | NS      | $796304.51    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Jindal Steel & Power Ltd                               | Jindal Steel & Power Ltd                               | CUSIP: 000000000<br>LEI: 335800UIKQBF6QO2NP15 | Long             | EC               | CORP              | IN        |    313709 | NS      | $3487219.36   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| CAP SA                                                 | CAP SA                                                 | CUSIP: 000000000<br>LEI: 54930079GPG23NTBB003 | Long             | EC               | CORP              | CL        |     50846 | NS      | $271383.59    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wanguo Gold Group Ltd                                  | Wanguo Gold Group Ltd                                  | CUSIP: 000000000<br>LEI: 984500A4815DA9DE4623 | Long             | EC               | CORP              | KY        |    168000 | NS      | $577138.44    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Henan Shenhuo Coal Industry & Electricity Power Co Ltd | Henan Shenhuo Coal Industry & Electricity Power Co Ltd | CUSIP: 000000000<br>LEI: 300300GF8XK44CSHXV64 | Long             | EC               | CORP              | CN        |    102200 | NS      | $233191.30    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Bekaert SA                                             | Bekaert SA                                             | CUSIP: 000000000<br>LEI: 5493008SR6XZECH6BN71 | Long             | EC               | CORP              | BE        |     27335 | NS      | $1110449.75   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Alleima AB                                             | Alleima AB                                             | CUSIP: 000000000<br>LEI: 529900EBHTYGLA6PGP77 | Long             | EC               | CORP              | SE        |    145921 | NS      | $1196149.11   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Steel Pipe Co                                    | Saudi Steel Pipe Co                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     16034 | NS      | $255334.84    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Copper Corp                                   | Southern Copper Corp                                   | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |     67998 | NS      | $6181714.54   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto Ltd                                          | Rio Tinto Ltd                                          | CUSIP: 000000000<br>LEI: 529900X2VMAQT2PE0V24 | Long             | EC               | CORP              | AU        |    285909 | NS      | $20791583.35  | 2.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Poongsan Corp                                          | Poongsan Corp                                          | CUSIP: 000000000<br>LEI: 2549007P08ZD5QJS1369 | Long             | EC               | CORP              | KR        |     12800 | NS      | $574520.50    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Steel Manufacturing Co Ltd                       | Tokyo Steel Manufacturing Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     41400 | NS      | $441665.37    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Light Metal Holdings Co Ltd                     | Nippon Light Metal Holdings Co Ltd                     | CUSIP: 000000000<br>LEI: 353800J9KCFJSF2CGT47 | Long             | EC               | CORP              | JP        |     42940 | NS      | $481459.48    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| SeAH Besteel Holdings Corp                             | SeAH Besteel Holdings Corp                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     10400 | NS      | $176269.23    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |
| Sumitomo Metal Mining Co Ltd                           | Sumitomo Metal Mining Co Ltd                           | CUSIP: 000000000<br>LEI: 353800CF81IXL9974H84 | Long             | EC               | CORP              | JP        |    190800 | NS      | $4345001.55   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Imdex Ltd                                              | Imdex Ltd                                              | CUSIP: 000000000<br>LEI: 529900H31NX5KRKXB865 | Long             | EC               | CORP              | AU        |    395200 | NS      | $725548.58    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Mishra Dhatu Nigam Ltd                                 | Mishra Dhatu Nigam Ltd                                 | CUSIP: 000000000<br>LEI: 335800G1ZDM8GIT6DS63 | Long             | EC               | CORP              | IN        |     33855 | NS      | $167998.02    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| TA Chen Stainless Pipe                                 | TA Chen Stainless Pipe                                 | CUSIP: 000000000<br>LEI: 254900953CKYO1W5WB63 | Long             | EC               | CORP              | TW        |   1306638 | NS      | $1538452.24   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Leo Lithium Ltd                                        | Leo Lithium Ltd                                        | CUSIP: 000000000<br>LEI: 984500LD0A57A68EZ677 | Long             | EC               | CORP              | AU        |   1454959 | NS      | $203001.18    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Vedanta Ltd                                            | Vedanta Ltd                                            | CUSIP: 000000000<br>LEI: 335800XDKX9KB5EMCO07 | Long             | EC               | CORP              | IN        |   1052174 | NS      | $5366964.72   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| APL Apollo Tubes Ltd                                   | APL Apollo Tubes Ltd                                   | CUSIP: 000000000<br>LEI: 335800ZU4GXSB7Q4IU95 | Long             | EC               | CORP              | IN        |    138693 | NS      | $2937683.03   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Welspun Corp Ltd                                       | Welspun Corp Ltd                                       | CUSIP: 000000000<br>LEI: 335800XKRIPYYRZNRQ31 | Long             | EC               | CORP              | IN        |     71072 | NS      | $779517.08    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                            | XAE ENERGY JUN25                                       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         4 | NC      | $-5101.04     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Jiangxi Copper Co Ltd                                  | Jiangxi Copper Co Ltd                                  | CUSIP: 000000000<br>LEI: 3003002E74YFQ6MEZY56 | Long             | EC               | CORP              | CN        |    855000 | NS      | $1508411.87   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| MAC Copper Ltd                                         | MAC Copper Ltd                                         | CUSIP: 000000000<br>LEI: 984500A55FX8DC465F12 | Long             | EC               | CORP              | JE        |     49720 | NS      | $613126.65    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale SA                                                | Vale SA                                                | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |   2796738 | NS      | $25476011.85  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| China Northern Rare Earth Group High-Tech Co Ltd       | China Northern Rare Earth Group High-Tech Co Ltd       | CUSIP: 000000000<br>LEI: 300300CY5TYMU38UDM49 | Long             | EC               | CORP              | CN        |    170870 | NS      | $550473.10    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Sibanye Stillwater Ltd                                 | Sibanye Stillwater Ltd                                 | CUSIP: 000000000<br>LEI: 378900F238434B74D281 | Long             | EC               | CORP              | ZA        |   2175937 | NS      | $3313108.72   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandfire Resources Ltd                                 | Sandfire Resources Ltd                                 | CUSIP: 000000000<br>LEI: 213800ZW52P23FVH1V47 | Long             | EC               | CORP              | AU        |    351108 | NS      | $2614222.50   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Western Mining Co Ltd                                  | Western Mining Co Ltd                                  | CUSIP: 000000000<br>LEI: 300300QBV4A9N1NDK519 | Long             | EC               | CORP              | CN        |    108400 | NS      | $236461.51    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaiser Aluminum Corp                                   | Kaiser Aluminum Corp                                   | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12444 | NS      | $903309.96    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CMOC Group Ltd                                         | CMOC Group Ltd                                         | CUSIP: 000000000<br>LEI: 2549008KG3638J59U652 | Long             | EC               | CORP              | CN        |    799600 | NS      | $795107.78    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Coronado Global Resources Inc                          | Coronado Global Resources Inc                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    624400 | NS      | $44243.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ERO Copper Corp                                        | ERO Copper Corp                                        | CUSIP: 296006109<br>LEI: 549300KL8A21SEIO8I47 | Long             | EC               | CORP              | CA        |     75901 | NS      | $1071855.85   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Capstone Copper Corp                                   | Capstone Copper Corp                                   | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |    439255 | NS      | $2381358.40   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                                             | Nucor Corp                                             | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |    180852 | NS      | $19777974.72  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Energy Resources Ltd                            | Vulcan Energy Resources Ltd                            | CUSIP: 000000000<br>LEI: 8945006OYFHQ9HE4XE54 | Long             | EC               | CORP              | AU        |    105913 | NS      | $265393.81    | 0.04%             |  |  |  | No            |                  2 | On Loan: —       |
| SeAH Steel Holdings Corp                               | SeAH Steel Holdings Corp                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1214 | NS      | $212028.61    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Cia Siderurgica Nacional SA                            | Cia Siderurgica Nacional SA                            | CUSIP: 000000000<br>LEI: 529900K40TEND42S0T46 | Long             | EC               | CORP              | BR        |    466398 | NS      | $672748.23    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| China Nonferrous Mining Corp Ltd                       | China Nonferrous Mining Corp Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   1071000 | NS      | $784026.88    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Algoma Steel Group Inc                                 | Algoma Steel Group Inc                                 | CUSIP: 015658107<br>LEI: 549300Q5EU337A1XCX27 | Long             | EC               | CORP              | CA        |     72068 | NS      | $381253.82    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramkrishna Forgings Ltd                                | Ramkrishna Forgings Ltd                                | CUSIP: 000000000<br>LEI: 335800DCYR2328NWUC07 | Long             | EC               | CORP              | IN        |     62592 | NS      | $444240.05    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Hunan Valin Steel Co Ltd                               | Hunan Valin Steel Co Ltd                               | CUSIP: 000000000<br>LEI: 3003007J7HWD6GTNJ656 | Long             | EC               | CORP              | CN        |    321700 | NS      | $212235.12    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| NMDC Steel Ltd                                         | NMDC Steel Ltd                                         | CUSIP: 000000000<br>LEI: 335800XNI1D4ZCE7VG97 | Long             | EC               | CORP              | IN        |    584800 | NS      | $260854.35    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SSAB AB                                                | SSAB AB                                                | CUSIP: 000000000<br>LEI: 529900329VS14ZIML164 | Long             | EC               | CORP              | SE        |    169174 | NS      | $1020944.84   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| JSW Steel Ltd                                          | JSW Steel Ltd                                          | CUSIP: 000000000<br>LEI: 335800EK6HZSC4CVAJ09 | Long             | EC               | CORP              | IN        |    470003 | NS      | $5474703.83   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanjin International Gold Co Ltd                      | Shanjin International Gold Co Ltd                      | CUSIP: 000000000<br>LEI: 655600QGA2EHH1HUDW82 | Long             | EC               | CORP              | CN        |    132940 | NS      | $363737.39    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Funds III                                    | BlackRock Cash Funds: Institutional, SL Agency Shares  | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |  19694666 | NS      | $19702543.72  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Jastrzebska Spolka Weglowa SA                          | Jastrzebska Spolka Weglowa SA                          | CUSIP: 000000000<br>LEI: 259400D4E0H5BGXNIK97 | Long             | EC               | CORP              | PL        |     40000 | NS      | $242119.37    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Kocaer Celik Sanayi Ve Ticaret AS                      | Kocaer Celik Sanayi Ve Ticaret AS                      | CUSIP: 000000000<br>LEI: 7890003QTWO60XF1P364 | Long             | EC               | CORP              | TR        |    416006 | NS      | $141728.88    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Teck Resources Ltd                                     | Teck Resources Ltd                                     | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    365051 | NS      | $13528978.66  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Steel Ltd                                       | Vulcan Steel Ltd                                       | CUSIP: 000000000<br>LEI: 98450060022AC677C824 | Long             | EC               | CORP              | NZ        |     51716 | NS      | $214684.66    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Bumi Resources Minerals Tbk PT                         | Bumi Resources Minerals Tbk PT                         | CUSIP: 000000000<br>LEI: 529900KOJVEVTZ5IRE24 | Long             | EC               | CORP              | ID        |  44150100 | NS      | $1054692.06   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Gerdau SA                                              | Gerdau SA                                              | CUSIP: 000000000<br>LEI: 254900YDV6SEQQPZVG24 | Long             | EP               | CORP              | BR        |   1044667 | NS      | $2785413.37   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| African Rainbow Minerals Ltd                           | African Rainbow Minerals Ltd                           | CUSIP: 000000000<br>LEI: 529900L3TPSCK8ZVZ589 | Long             | EC               | CORP              | ZA        |     86595 | NS      | $766406.46    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Orissa Minerals Development Co Ltd/The                 | Orissa Minerals Development Co Ltd/The                 | CUSIP: 000000000<br>LEI: 335800OMJQGUNKWICH15 | Long             | EC               | CORP              | IN        |        54 | NS      | $3223.24      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ATALAYA MINING COPPER SA                               | ATALAYA MINING COPPER SA                               | CUSIP: 000000000<br>LEI: 549300QNQPXVRXGXOX56 | Long             | EC               | CORP              | CY        |     86987 | NS      | $512041.30    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Mining Corp                                     | Lundin Mining Corp                                     | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |    567026 | NS      | $5367193.31   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Steel Inc                                  | Worthington Steel Inc                                  | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |     25208 | NS      | $627679.20    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| WA1 Resources Ltd                                      | WA1 Resources Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     33905 | NS      | $292134.56    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Materion Corp                                          | Materion Corp                                          | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |     15953 | NS      | $1235240.79   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| POSCO Holdings Inc                                     | POSCO Holdings Inc                                     | CUSIP: 000000000<br>LEI: 988400E5HRVX81AYLM04 | Long             | EC               | CORP              | KR        |     54171 | NS      | $9813502.46   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindustan Copper Ltd                                   | Hindustan Copper Ltd                                   | CUSIP: 000000000<br>LEI: 33580013OQMTB8N3IV37 | Long             | EC               | CORP              | IN        |    226698 | NS      | $657263.91    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Northam Platinum Holdings Ltd                          | Northam Platinum Holdings Ltd                          | CUSIP: 000000000<br>LEI: 3789009D0712C7101695 | Long             | EC               | CORP              | ZA        |    275678 | NS      | $2333060.56   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Bradespar SA                                           | Bradespar SA                                           | CUSIP: 000000000<br>LEI: 9598001UD1DHEH3PZ471 | Long             | EP               | CORP              | BR        |    195164 | NS      | $532311.99    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Yunnan Chihong Zinc&Germanium Co Ltd                   | Yunnan Chihong Zinc&Germanium Co Ltd                   | CUSIP: 000000000<br>LEI: 3003001EM2VD5NJ1WN41 | Long             | EC               | CORP              | CN        |    242900 | NS      | $172247.53    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Al Masane Al Kobra Mining Co                           | Al Masane Al Kobra Mining Co                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     27909 | NS      | $440396.31    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Nanjing Iron & Steel Co Ltd                            | Nanjing Iron & Steel Co Ltd                            | CUSIP: 000000000<br>LEI: 3003008359D7IKHZ7Q78 | Long             | EC               | CORP              | CN        |    287300 | NS      | $169505.60    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Amman Mineral Internasional PT                         | Amman Mineral Internasional PT                         | CUSIP: 000000000<br>LEI: 5493006TJMVRZEVWCG37 | Long             | EC               | CORP              | ID        |   5044812 | NS      | $2144286.81   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiamen Tungsten Co Ltd                                 | Xiamen Tungsten Co Ltd                                 | CUSIP: 000000000<br>LEI: 300300SEC2FOC4PL5N49 | Long             | EC               | CORP              | CN        |     81799 | NS      | $219628.24    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Mining & Smelting Co Ltd                        | Mitsui Mining & Smelting Co Ltd                        | CUSIP: 000000000<br>LEI: 35380021EYAHSQM25559 | Long             | EC               | CORP              | JP        |     42300 | NS      | $1442706.96   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Stanmore Resources Ltd                                 | Stanmore Resources Ltd                                 | CUSIP: 000000000<br>LEI: 52990090OHRBVS7DDA54 | Long             | EC               | CORP              | AU        |    285730 | NS      | $360749.53    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale Indonesia Tbk PT                                  | Vale Indonesia Tbk PT                                  | CUSIP: 000000000<br>LEI: 5299002HHYBH7C6WBQ62 | Long             | EC               | CORP              | ID        |   1675100 | NS      | $359679.63    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Iluka Resources Ltd                                    | Iluka Resources Ltd                                    | CUSIP: 000000000<br>LEI: 2549009N2Y1F4YNB0955 | Long             | EC               | CORP              | AU        |    333443 | NS      | $789100.65    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Zinc Co Ltd                                      | Korea Zinc Co Ltd                                      | CUSIP: 000000000<br>LEI: 988400D0HSQUB1I1VO41 | Long             | EC               | CORP              | KR        |      3186 | NS      | $1679745.42   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Nickel Industries Ltd                                  | Nickel Industries Ltd                                  | CUSIP: 000000000<br>LEI: 54930007K0WX53TSIK16 | Long             | EC               | CORP              | AU        |   1347950 | NS      | $595049.52    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Jindal Saw Ltd                                         | Jindal Saw Ltd                                         | CUSIP: 000000000<br>LEI: 335800DDPMLWP71NRQ10 | Long             | EC               | CORP              | IN        |    174305 | NS      | $432734.14    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Tiangong International Co Ltd                          | Tiangong International Co Ltd                          | CUSIP: 000000000<br>LEI: 254900F7I4ZE3X40W968 | Long             | EC               | CORP              | KY        |   1032000 | NS      | $248415.46    | 0.03%             |  |  |  | No            |                  2 | On Loan: —       |
| Eramet SA                                              | Eramet SA                                              | CUSIP: 000000000<br>LEI: 549300LUH78PG2MP6N64 | Long             | EC               | CORP              | FR        |      6535 | NS      | $384768.97    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandur Manganese & Iron Ores Ltd/The                   | Sandur Manganese & Iron Ores Ltd/The                   | CUSIP: 000000000<br>LEI: 254900NF50X4VKSUO257 | Long             | EC               | CORP              | IN        |     29652 | NS      | $167856.32    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| East Pipes Integrated Co for Industry                  | East Pipes Integrated Co for Industry                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     11632 | NS      | $383894.84    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES         | BlackRock Cash Funds: Treasury, SL Agency Shares       | CUSIP: 066922477<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   1070000 | NS      | $1070000.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lynas Rare Earths Ltd                                  | Lynas Rare Earths Ltd                                  | CUSIP: 000000000<br>LEI: 529900SGT9M1FJPXXI35 | Long             | EC               | CORP              | AU        |    646695 | NS      | $3325286.22   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Surya Roshni Ltd                                       | Surya Roshni Ltd                                       | CUSIP: 000000000<br>LEI: 3358007USXSNEN3WXO62 | Long             | EC               | CORP              | IN        |     51279 | NS      | $198229.93    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Steel Dynamics Inc                                     | Steel Dynamics Inc                                     | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |    111409 | NS      | $13711105.63  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalurgica Gerdau SA                                  | Metalurgica Gerdau SA                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |    489262 | NS      | $715137.74    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Koza Anadolu Metal Madencilik Isletmeleri AS           | Koza Anadolu Metal Madencilik Isletmeleri AS           | CUSIP: 000000000<br>LEI: 789000DVKGVEC9701443 | Long             | EC               | CORP              | TR        |    128258 | NS      | $283432.16    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MMG Ltd                                                | MMG Ltd                                                | CUSIP: 000000000<br>LEI: 529900XB5IQXFMSWEC48 | Long             | EC               | CORP              | HK        |   3271600 | NS      | $1204652.35   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| JFE Holdings Inc                                       | JFE Holdings Inc                                       | CUSIP: 000000000<br>LEI: 3538002Y11Y03NA9B530 | Long             | EC               | CORP              | JP        |    442500 | NS      | $5246992.54   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Usha Martin Ltd                                        | Usha Martin Ltd                                        | CUSIP: 000000000<br>LEI: 33580037BPBHOK655A23 | Long             | EC               | CORP              | IN        |    107572 | NS      | $390550.41    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| IperionX Ltd                                           | IperionX Ltd                                           | CUSIP: 000000000<br>LEI: 98450096B1C9E094C832 | Long             | EC               | CORP              | AU        |    214222 | NS      | $509876.95    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Citic Pacific Special Steel Group Co Ltd               | Citic Pacific Special Steel Group Co Ltd               | CUSIP: 000000000<br>LEI: 836800ETMJJWP4GAL167 | Long             | EC               | CORP              | CN        |    164500 | NS      | $258713.78    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Outokumpu Oyj                                          | Outokumpu Oyj                                          | CUSIP: 000000000<br>LEI: 5493009YRUJJDCFF0R80 | Long             | EC               | CORP              | FI        |    278000 | NS      | $1076745.43   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Shandong Nanshan Aluminum Co Ltd                       | Shandong Nanshan Aluminum Co Ltd                       | CUSIP: 000000000<br>LEI: 836800YU5J3RT2VPUO65 | Long             | EC               | CORP              | CN        |    538930 | NS      | $279693.85    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Hill & Smith PLC                                       | Hill & Smith PLC                                       | CUSIP: 000000000<br>LEI: 2138003A3ISGQZBOWI83 | Long             | EC               | CORP              | GB        |     61602 | NS      | $1534832.66   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Jinduicheng Molybdenum Co Ltd                          | Jinduicheng Molybdenum Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    146900 | NS      | $214460.97    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| GMK Norilskiy Nickel PAO                               | GMK Norilskiy Nickel PAO                               | CUSIP: 000000000<br>LEI: 253400JPTEEW143W3E47 | Long             | EC               | CORP              | RU        |     47600 | NS      | $0.06         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TCC Steel                                              | TCC Steel                                              | CUSIP: 000000000<br>LEI: 988400AXXBTPF22YVA15 | Long             | EC               | CORP              | KR        |        12 | NS      | $150.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamato Kogyo Co Ltd                                    | Yamato Kogyo Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30600 | NS      | $1810595.76   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Baoshan Iron & Steel Co Ltd                            | Baoshan Iron & Steel Co Ltd                            | CUSIP: 000000000<br>LEI: 300300PYAP4PEHORZT21 | Long             | EC               | CORP              | CN        |   1002393 | NS      | $935250.21    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| UACJ Corp                                              | UACJ Corp                                              | CUSIP: 000000000<br>LEI: 353800GO7FBE4RSRH831 | Long             | EC               | CORP              | JP        |     28538 | NS      | $964785.25    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Minerals International Inc                     | Compass Minerals International Inc                     | CUSIP: 20451N101<br>LEI: 2549008X9G8XP7YJGC47 | Long             | EC               | CORP              | US        |     27797 | NS      | $533980.37    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Steel Co                                       | Hyundai Steel Co                                       | CUSIP: 000000000<br>LEI: 9884006EYA94IB2C3132 | Long             | EC               | CORP              | KR        |     67071 | NS      | $1368093.69   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Century Iron & Steel Industrial Co Ltd                 | Century Iron & Steel Industrial Co Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    145000 | NS      | $859075.25    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| KGHM Polska Miedz SA                                   | KGHM Polska Miedz SA                                   | CUSIP: 000000000<br>LEI: G30CO71KTT9JDYJESN22 | Long             | EC               | CORP              | PL        |    107793 | NS      | $3532280.53   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| BlueScope Steel Ltd                                    | BlueScope Steel Ltd                                    | CUSIP: 000000000<br>LEI: 529900H6UQI16XACWC95 | Long             | EC               | CORP              | AU        |    337180 | NS      | $4949436.61   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Antofagasta PLC                                        | Antofagasta PLC                                        | CUSIP: 000000000<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |    303150 | NS      | $7237091.84   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| National Aluminium Co Ltd                              | National Aluminium Co Ltd                              | CUSIP: 000000000<br>LEI: 335800OM1V78CX7SSC72 | Long             | EC               | CORP              | IN        |    639738 | NS      | $1351639.78   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Liontown Resources Ltd                                 | Liontown Resources Ltd                                 | CUSIP: 000000000<br>LEI: 529900LT0V2IEL7WZY56 | Long             | EC               | CORP              | AU        |   1188875 | NS      | $463868.55    | 0.06%             |  |  |  | No            |                  2 | On Loan: —       |
| Rio Tinto PLC                                          | Rio Tinto PLC                                          | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    868495 | NS      | $51399245.31  | 7.04%             |  |  |  | No            |                  2 | On Loan: No      |
| APERAM SA                                              | APERAM SA                                              | CUSIP: 000000000<br>LEI: 5493001136GE6L4R7M63 | Long             | EC               | CORP              | LU        |     34162 | NS      | $1038234.69   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Major Drilling Group International Inc                 | Major Drilling Group International Inc                 | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |     62052 | NS      | $365344.23    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Usinas Siderurgicas de Minas Gerais S/A Usiminas       | Usinas Siderurgicas de Minas Gerais S/A Usiminas       | CUSIP: 000000000<br>LEI: 2549001OK55PFGXM4827 | Long             | EP               | CORP              | BR        |    349834 | NS      | $318058.71    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Osaka Steel Co Ltd                                     | Osaka Steel Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6400 | NS      | $111994.31    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Salzgitter AG                                          | Salzgitter AG                                          | CUSIP: 000000000<br>LEI: 529900E12Z6HXIMHFA15 | Long             | EC               | CORP              | DE        |     18800 | NS      | $448596.22    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd                                  | Mineral Resources Ltd                                  | CUSIP: 000000000<br>LEI: 5299007V1ACKFFX2P066 | Long             | EC               | CORP              | AU        |    136978 | NS      | $1958355.57   | 0.27%             |  |  |  | No            |                  2 | On Loan: —       |
| MP Materials Corp                                      | MP Materials Corp                                      | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |     94449 | NS      | $2058043.71   | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS      | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS      | CUSIP: 000000000<br>LEI: 789000HKISRM8ZEH0128 | Long             | EC               | CORP              | TR        |    592037 | NS      | $332849.42    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Hudbay Minerals Inc                                    | Hudbay Minerals Inc                                    | CUSIP: 443628102<br>LEI: 549300WI524AL577IX21 | Long             | EC               | CORP              | CA        |    302828 | NS      | $2698718.58   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Perenti Ltd                                            | Perenti Ltd                                            | CUSIP: 000000000<br>LEI: 25490044GUNE4S2E6K11 | Long             | EC               | CORP              | AU        |    655196 | NS      | $665525.99    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CMOC Group Ltd                                         | CMOC Group Ltd                                         | CUSIP: 000000000<br>LEI: 2549008KG3638J59U652 | Long             | EC               | CORP              | CN        |   2865000 | NS      | $2283729.57   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Maharashtra Seamless Ltd                               | Maharashtra Seamless Ltd                               | CUSIP: 000000000<br>LEI: 3358005CN9WUZJFMHV66 | Long             | EC               | CORP              | IN        |     30791 | NS      | $249348.77    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kobe Steel Ltd                                         | Kobe Steel Ltd                                         | CUSIP: 000000000<br>LEI: 549300ZDCYYUPHEE5K87 | Long             | EC               | CORP              | JP        |    289800 | NS      | $3339083.69   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupa Kety SA                                          | Grupa Kety SA                                          | CUSIP: 000000000<br>LEI: 2594007JKYYF3WGI0129 | Long             | EC               | CORP              | PL        |      7491 | NS      | $1733177.09   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| thyssenkrupp AG                                        | thyssenkrupp AG                                        | CUSIP: 000000000<br>LEI: 549300UDG16DOYUPR330 | Long             | EC               | CORP              | DE        |    382846 | NS      | $3728278.02   | 0.51%             |  |  |  | No            |                  2 | On Loan: —       |
| Eregli Demir ve Celik Fabrikalari TAS                  | Eregli Demir ve Celik Fabrikalari TAS                  | CUSIP: 000000000<br>LEI: 789000VYQF5IDGG49908 | Long             | EC               | CORP              | TR        |   2667799 | NS      | $1595518.51   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                                   | Freeport-McMoRan Inc                                   | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |   1106715 | NS      | $42586393.20  | 5.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Tongling Nonferrous Metals Group Co Ltd                | Tongling Nonferrous Metals Group Co Ltd                | CUSIP: 000000000<br>LEI: 300300JWM4636VG5A986 | Long             | EC               | CORP              | CN        |    602200 | NS      | $263793.57    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Shyam Metalics & Energy Ltd                            | Shyam Metalics & Energy Ltd                            | CUSIP: 000000000<br>LEI: 335800JWO762VAY1IE64 | Long             | EC               | CORP              | IN        |      9443 | NS      | $93175.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Altius Minerals Corp                                   | Altius Minerals Corp                                   | CUSIP: 020936100<br>LEI: 54930083UJGDUCMJMU61 | Long             | EC               | CORP              | CA        |     29600 | NS      | $568123.29    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Maanshan Iron & Steel Co Ltd                           | Maanshan Iron & Steel Co Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1050000 | NS      | $235004.71    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sarda Energy & Minerals Ltd                            | Sarda Energy & Minerals Ltd                            | CUSIP: 000000000<br>LEI: 3358008BGCGZ8DKYHY59 | Long             | EC               | CORP              | IN        |     65525 | NS      | $335178.59    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| United Co RUSAL International PJSC                     | United Co RUSAL International PJSC                     | CUSIP: 000000000<br>LEI: 213800WNO9IQTTI4PG55 | Long             | EC               | CORP              | RU        |   3450000 | NS      | $445.16       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Qatar Aluminum Manufacturing Co                        | Qatar Aluminum Manufacturing Co                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | QA        |   2112442 | NS      | $744427.13    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Inner Mongolia BaoTou Steel Union Co Ltd               | Inner Mongolia BaoTou Steel Union Co Ltd               | CUSIP: 000000000<br>LEI: 3003005DKNZILXCEDH07 | Long             | EC               | CORP              | CN        |   2083421 | NS      | $501311.23    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Yieh Phui Enterprise Co Ltd                            | Yieh Phui Enterprise Co Ltd                            | CUSIP: 000000000<br>LEI: 254900NCX61150KGIA04 | Long             | EC               | CORP              | TW        |    678831 | NS      | $342906.75    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Huaibei Mining Holdings Co Ltd                         | Huaibei Mining Holdings Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    121700 | NS      | $209382.42    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                                          | BHP Group Ltd                                          | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |   3907894 | NS      | $95997371.40  | 13.15%            |  |  |  | No            |                  2 | On Loan: No      |
| China Hongqiao Group Ltd                               | China Hongqiao Group Ltd                               | CUSIP: 000000000<br>LEI: 3003009Q4IBFSDE24571 | Long             | EC               | CORP              | KY        |   2190000 | NS      | $3891556.07   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Steel Corp                                      | Nippon Steel Corp                                      | CUSIP: 000000000<br>LEI: 35380065QWQ4U2V3PA33 | Long             | EC               | CORP              | JP        |    744105 | NS      | $14967841.60  | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                                 | MSCI EMGMKT JUN25                                      | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        34 | NC      | $133668.79    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                                      | Ivanhoe Mines Ltd                                      | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |    571437 | NS      | $4426258.10   | 0.61%             |  |  |  | No            |                  1 | On Loan: —       |
| AMG Critical Materials NV                              | AMG Critical Materials NV                              | CUSIP: 000000000<br>LEI: 5493006MN6OH67U2YI74 | Long             | EC               | CORP              | NL        |     24000 | NS      | $510822.24    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Daido Steel Co Ltd                                     | Daido Steel Co Ltd                                     | CUSIP: 000000000<br>LEI: 353800WZKGRNG0T2FR92 | Long             | EC               | CORP              | JP        |     98600 | NS      | $666218.51    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Tianshan Aluminum Group Co Ltd                         | Tianshan Aluminum Group Co Ltd                         | CUSIP: 000000000<br>LEI: 300300VE52AL1GWYFN04 | Long             | EC               | CORP              | CN        |    202260 | NS      | $215698.71    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Lithium Americas Corp                                  | Lithium Americas Corp                                  | CUSIP: 53681J103<br>LEI: 529900Q9ENG7EHHZ5R75 | Long             | EC               | CORP              | CA        |    148295 | NS      | $396577.15    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Century Aluminum Co                                    | Century Aluminum Co                                    | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |     42802 | NS      | $663002.98    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                                   | Cleveland-Cliffs Inc                                   | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |    379710 | NS      | $2213709.30   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Limited                              | Valterra Platinum Limited                              | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     71429 | NS      | $2805404.55   | 0.38%             |  |  |  | No            |                  2 | On Loan: —       |
| Jiangxi Copper Co Ltd                                  | Jiangxi Copper Co Ltd                                  | CUSIP: 000000000<br>LEI: 3003002E74YFQ6MEZY56 | Long             | EC               | CORP              | CN        |     94425 | NS      | $277333.68    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyoei Steel Ltd                                        | Kyoei Steel Ltd                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     15600 | NS      | $210107.00    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia Brasileira de Aluminio                             | Cia Brasileira de Aluminio                             | CUSIP: 000000000<br>LEI: 5493001QYTIDILBVYO18 | Long             | EC               | CORP              | BR        |    185796 | NS      | $152677.89    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Labrador Iron Ore Royalty Corp                         | Labrador Iron Ore Royalty Corp                         | CUSIP: 505440107<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     49600 | NS      | $1046683.43   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Feng Hsin Steel Co Ltd                                 | Feng Hsin Steel Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    313918 | NS      | $657944.28    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| SSAB AB                                                | SSAB AB                                                | CUSIP: 000000000<br>LEI: 529900329VS14ZIML164 | Long             | EC               | CORP              | SE        |    484756 | NS      | $2879568.81   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA                                        | Norsk Hydro ASA                                        | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |   1081074 | NS      | $5926502.13   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Hsin Kuang Steel Co Ltd                                | Hsin Kuang Steel Co Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    173000 | NS      | $239315.34    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| PTC Industries Ltd                                     | PTC Industries Ltd                                     | CUSIP: 000000000<br>LEI: 335800WHBPFCCRTAAO49 | Long             | EC               | CORP              | IN        |      2821 | NS      | $505718.52    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Ltd                                          | Fortescue Ltd                                          | CUSIP: 000000000<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |   1304627 | NS      | $12979464.79  | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Champion Iron Ltd                                      | Champion Iron Ltd                                      | CUSIP: 000000000<br>LEI: 894500WQI96G4T75O202 | Long             | EC               | CORP              | AU        |    302566 | NS      | $845210.67    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Severstal PAO                                          | Severstal PAO                                          | CUSIP: 000000000<br>LEI: 213800OKDPTV6K4ONO53 | Long             | EC               | CORP              | RU        |    233400 | NS      | $30.12        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Glencore PLC                                           | Glencore PLC                                           | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |   7987390 | NS      | $30391530.47  | 4.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Kirloskar Ferrous Industries Ltd                       | Kirloskar Ferrous Industries Ltd                       | CUSIP: 000000000<br>LEI: 335800I46D67F2PR5C23 | Long             | EC               | CORP              | IN        |     49854 | NS      | $336889.23    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Foran Mining Corp                                      | Foran Mining Corp                                      | CUSIP: 344911201<br>LEI: 529900LRYPIWB6RISB58 | Long             | EC               | CORP              | CA        |    194156 | NS      | $423016.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Steel Ltd                                         | Tata Steel Ltd                                         | CUSIP: 000000000<br>LEI: 335800E6C75YGSGD5T66 | Long             | EC               | CORP              | IN        |   5586694 | NS      | $10544636.03  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Merdeka Battery Materials Tbk PT                       | Merdeka Battery Materials Tbk PT                       | CUSIP: 000000000<br>LEI: 98450009A36V139E4C79 | Long             | EC               | CORP              | ID        |  15284200 | NS      | $337568.70    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Pangang Group Vanadium Titanium & Resources Co Ltd     | Pangang Group Vanadium Titanium & Resources Co Ltd     | CUSIP: 000000000<br>LEI: 300300ONZYFDMNITT218 | Long             | EC               | CORP              | CN        |    401700 | NS      | $138852.35    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Jai Balaji Industries Ltd                              | Jai Balaji Industries Ltd                              | CUSIP: 000000000<br>LEI: 25490001GPJGRVVSB379 | Long             | EC               | CORP              | IN        |    142483 | NS      | $176031.52    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Commercial Metals Co                                   | Commercial Metals Co                                   | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     87363 | NS      | $4070242.17   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Yunnan Aluminium Co Ltd                                | Yunnan Aluminium Co Ltd                                | CUSIP: 000000000<br>LEI: 3003008AXWSVMLG3MX37 | Long             | EC               | CORP              | CN        |    161700 | NS      | $326051.86    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Warrior Met Coal Inc                                   | Warrior Met Coal Inc                                   | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     40395 | NS      | $1835952.75   | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| voestalpine AG                                         | voestalpine AG                                         | CUSIP: 000000000<br>LEI: 529900ZAXBMQDIWPNB72 | Long             | EC               | CORP              | AT        |     82000 | NS      | $2163853.17   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| EVERGREEN Steel Corp                                   | EVERGREEN Steel Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    145000 | NS      | $433664.50    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Gloria Material Technology Corp                        | Gloria Material Technology Corp                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    348000 | NS      | $498837.90    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Western Superconducting Technologies Co Ltd            | Western Superconducting Technologies Co Ltd            | CUSIP: 000000000<br>LEI: 300300IUC83XEOSKRG67 | Long             | EC               | CORP              | CN        |     30036 | NS      | $205845.73    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Pilbara Minerals Ltd                                   | Pilbara Minerals Ltd                                   | CUSIP: 000000000<br>LEI: 5299000VV1CZVF5K9C16 | Long             | EC               | CORP              | AU        |   2353066 | NS      | $1881509.36   | 0.26%             |  |  |  | No            |                  2 | On Loan: —       |
| Chung Hung Steel Corp                                  | Chung Hung Steel Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    655000 | NS      | $341772.04    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcoa Corp                                             | Alcoa Corp                                             | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |    198609 | NS      | $5316762.93   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| South32 Ltd                                            | South32 Ltd                                            | CUSIP: 000000000<br>LEI: 213800LAZNPXSBKVHR17 | Long             | EC               | CORP              | AU        |   3472659 | NS      | $6846800.45   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                       | ArcelorMittal SA                                       | CUSIP: 000000000<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |    361514 | NS      | $10960300.53  | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Aluminum Corp of China Ltd                             | Aluminum Corp of China Ltd                             | CUSIP: 000000000<br>LEI: 529900TKZUWQLIQN6T48 | Long             | EC               | CORP              | CN        |   3040000 | NS      | $1765555.28   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Godawari Power and Ispat Ltd                           | Godawari Power and Ispat Ltd                           | CUSIP: 000000000<br>LEI: 335800BC29IHAN5IOG37 | Long             | EC               | CORP              | IN        |    184850 | NS      | $412368.45    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Ramaco Resources Inc                                   | Ramaco Resources Inc                                   | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |     22428 | NS      | $202749.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Nittetsu Mining Co Ltd                                 | Nittetsu Mining Co Ltd                                 | CUSIP: 000000000<br>LEI: 213800HBRWZK44PCU381 | Long             | EC               | CORP              | JP        |      8600 | NS      | $416323.02    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Kumba Iron Ore Ltd                                     | Kumba Iron Ore Ltd                                     | CUSIP: 000000000<br>LEI: 3789006C753402643048 | Long             | EC               | CORP              | ZA        |     48807 | NS      | $799775.26    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Granges AB                                             | Granges AB                                             | CUSIP: 000000000<br>LEI: 5493006UG44TYSIXOB13 | Long             | EC               | CORP              | SE        |     82369 | NS      | $1040980.54   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Aurubis AG                                             | Aurubis AG                                             | CUSIP: 000000000<br>LEI: 5299005SHIN9ZK7GW242 | Long             | EC               | CORP              | DE        |     24333 | NS      | $2139430.71   | 0.29%             |  |  |  | No            |                  2 | On Loan: —       |
| Alpha Metallurgical Resources Inc                      | Alpha Metallurgical Resources Inc                      | CUSIP: 020764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8401 | NS      | $941248.04    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc                                     | SunCoke Energy Inc                                     | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     63200 | NS      | $514448.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Merdeka Copper Gold Tbk PT                             | Merdeka Copper Gold Tbk PT                             | CUSIP: 000000000<br>LEI: 894500DF5TJXCOE26L58 | Long             | EC               | CORP              | ID        |   7026586 | NS      | $866417.13    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Steel Ltd                                         | Tata Steel Ltd                                         | CUSIP: 87656Y406<br>LEI: 335800E6C75YGSGD5T66 | Long             | EC               | CORP              | IN        |     17426 | NS      | $323718.43    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| China Rare Earth Resources And Technology Co Ltd       | China Rare Earth Resources And Technology Co Ltd       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     48500 | NS      | $227347.12    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| China Metal Recycling Holdings Ltd                     | China Metal Recycling Holdings Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    132000 | NS      | $0.17         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Press Metal Aluminium Holdings Bhd                     | Press Metal Aluminium Holdings Bhd                     | CUSIP: 000000000<br>LEI: 254900RO5GQ4M0YV5S47 | Long             | EC               | CORP              | MY        |   2852300 | NS      | $3376989.18   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                     | Anglo American PLC                                     | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    978686 | NS      | $29027161.27  | 3.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Yodogawa Steel Works Ltd                               | Yodogawa Steel Works Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14900 | NS      | $573894.91    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryerson Holding Corp                                   | Ryerson Holding Corp                                   | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |     20400 | NS      | $423504.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NMDC Ltd                                               | NMDC Ltd                                               | CUSIP: 000000000<br>LEI: 335800IXHXOHQ7B2HP66 | Long             | EC               | CORP              | IN        |   2381739 | NS      | $1986592.45   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Inc                                           | Reliance Inc                                           | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     41701 | NS      | $12210886.82  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd                           | Impala Platinum Holdings Ltd                           | CUSIP: 000000000<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |    695211 | NS      | $4997738.71   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Lithium Argentina AG                                   | Lithium Argentina AG                                   | CUSIP: 000000000<br>LEI: 529900Q9ENG7EHHZ5R75 | Long             | EC               | CORP              | CH        |     88294 | NS      | $155054.13    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| First Quantum Minerals Ltd                             | First Quantum Minerals Ltd                             | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |    545091 | NS      | $8074980.89   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Dowa Holdings Co Ltd                                   | Dowa Holdings Co Ltd                                   | CUSIP: 000000000<br>LEI: 353800ZSQZKFE140A689 | Long             | EC               | CORP              | JP        |     41000 | NS      | $1296679.12   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS | Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS | CUSIP: 000000000<br>LEI: 789000AZXX6WQ8RA1J39 | Long             | EC               | CORP              | TR        |     20655 | NS      | $174637.34    | 0.02%             |  |  |  | No            |                  2 | On Loan: —       |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** iShares, Inc.

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer