<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>
      
      <filer>
        <issuerCredentials>
          <cik>0000930667</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      
      
      <seriesClassInfo>
        <seriesId>S000035885</seriesId>
        <classId>C000109988</classId>
      </seriesClassInfo>
      
    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>iShares, Inc.</regName>
      <regFileNumber>811-09102</regFileNumber>
      <regCik>0000930667</regCik>
      <regLei>549300MGJZCNMJLBAJ67</regLei>
      <regStreet1>400 Howard Street</regStreet1>
      <regCity>San Francisco</regCity>
      <regStateConditional regCountry="US" regState="US-CA"/>
      <regZipOrPostalCode>94105</regZipOrPostalCode>
      <regPhone>800-474-2737</regPhone>
      <seriesName>iShares MSCI Global Metals &amp; Mining Producers ETF</seriesName>
      <seriesId>S000035885</seriesId>
      <seriesLei>549300P22YCPXTDJWG70</seriesLei>
      <repPdEnd>2026-08-31</repPdEnd>
      <repPdDate>2026-08-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>2678204707.57</totAssets>
      <totLiabs>94730092.08</totLiabs>
      <netAssets>2583474615.49</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>1966161.67000000</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="219201.00000000" lei="G5GSEF7VJP5I7OUK5573" name="BARCLAYS BANK PLC"/>
        <borrower aggrVal="43359.69042700" lei="AC28XWWI3WIBK2824319" name="BARCLAYS CAPITAL INC."/>
        <borrower aggrVal="3031223.19000000" lei="549300KUN9K9K32C6D97" name="BNP PARIBAS PRIME BROKERAGE INTERNATIONAL LIMITED"/>
        <borrower aggrVal="1576712.46042900" lei="549300HN4UKV1E2R3U73" name="BofA Securities, Inc."/>
        <borrower aggrVal="10238568.49046200" lei="MBNUM2BPBDO7JBLYG310" name="CITIGROUP GLOBAL MARKETS INC."/>
        <borrower aggrVal="39780573.62305200" lei="FOR8UP27PHTHYVLBNG30" name="GOLDMAN SACHS &amp; CO."/>
        <borrower aggrVal="246910.35057600" lei="W22LROWP2IHZNBB6K528" name="GOLDMAN SACHS INTERNATIONAL"/>
        <borrower aggrVal="6019703.85208100" lei="ZBUT11V806EZRVTWT807" name="JP MORGAN SECURITIES LLC"/>
        <borrower aggrVal="6088456.09208500" lei="9R7GPTSO7KV3UQJZQ078" name="MORGAN STANLEY &amp; CO LLC"/>
        <borrower aggrVal="149208.57540200" lei="4PQUHN3JPFGFNF3BB653" name="MORGAN STANLEY &amp; CO. INTERNATIONAL PLC"/>
        <borrower aggrVal="3727617.57808700" lei="4ZHCHI4KYZG2WVRT8631" name="Macquarie Bank Limited"/>
        <borrower aggrVal="45085.69201300" lei="OXTKY6Q8X53C9ILVV871" name="NOMURA SECURITIES INTERNATIONAL INC."/>
        <borrower aggrVal="1792748.55000000" lei="549300JRHF1MHHWUAW04" name="National Financial Services LLC"/>
        <borrower aggrVal="314558.25036300" lei="549300F35UE0BOM1WJ55" name="SG AMERICAS SECURITIES LLC"/>
        <borrower aggrVal="3830732.80833800" lei="BFM8T61CT2L1QCEMIK50" name="UBS AG"/>
      </borrowers>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000109988" rtn1="-10.91000000" rtn2="1.58000000" rtn3="9.70000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="35731.01000000" netUnrealizedAppr="-101558.79000000"/>
            <mon2 netRealizedGain="-36664.26000000" netUnrealizedAppr="-11477.47000000"/>
            <mon3 netRealizedGain="-85781.06000000" netUnrealizedAppr="185862.13000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="35731.01000000" netUnrealizedAppr="-101558.79000000"/>
              <instrMon2 netRealizedGain="-36664.26000000" netUnrealizedAppr="-11477.47000000"/>
              <instrMon3 netRealizedGain="-85781.06000000" netUnrealizedAppr="185862.13000000"/>
            </futureCategory>
          </equityContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-1685542.43000000" netUnrealizedAppr="-264841202.28000000"/>
        <othMon2 netRealizedGain="19961526.03000000" netUnrealizedAppr="13779804.05000000"/>
        <othMon3 netRealizedGain="-10306063.47000000" netUnrealizedAppr="208529444.18000000"/>
      </returnInfo>
      <mon1Flow redemption="0.00000000" reinvestment="0.00000000" sales="304748396.81000000"/>
      <mon2Flow redemption="81873254.30000000" reinvestment="0.00000000" sales="17409283.14000000"/>
      <mon3Flow redemption="2682.11000000" reinvestment="0.00000000" sales="203592701.42000000"/>
      
      
      
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>AbraSilver Resource Corp</name>
        <lei>254900WR30BQ8MPSYU80</lei>
        <title>ABRASILVER RESOURCE CORP</title>
        <cusip>00379L304</cusip>
        <identifiers>
          <isin value="CA00379L3048"/>
          <other otherDesc="Internal" value="BR4XSQ5"/>
        </identifiers>
        <balance>190837.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>2163172.75000000</valUSD>
        <pctVal>0.083731140109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANTOFAGASTA PLC</name>
        <lei>213800MY6QVH4FVLD628</lei>
        <title>ANTOFAGASTA PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0000456144"/>
          <other otherDesc="Internal" value="0045614"/>
        </identifiers>
        <balance>516657.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>27566325.41000000</valUSD>
        <pctVal>1.067025208791</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALCOA CORPORATION</name>
        <lei>549300T12EZ1F6PWWU29</lei>
        <title>ALCOA CORP</title>
        <cusip>013872106</cusip>
        <identifiers>
          <isin value="US0138721065"/>
          <other otherDesc="Internal" value="013872106"/>
        </identifiers>
        <balance>393687.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19664665.65000000</valUSD>
        <pctVal>0.761171235517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALPHA METALLURGICAL RESOURCES, INC.</name>
        <lei>254900VEBGZO2PY8R678</lei>
        <title>ALPHA METALLURGICAL RESOURCES INC</title>
        <cusip>020764106</cusip>
        <identifiers>
          <isin value="US0207641061"/>
          <other otherDesc="Internal" value="020764106"/>
        </identifiers>
        <balance>15681.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3696011.70000000</valUSD>
        <pctVal>0.143063596516</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALTIUS MINERALS CORPORATION</name>
        <lei>54930083UJGDUCMJMU61</lei>
        <title>ALTIUS MINERALS CORP</title>
        <cusip>020936100</cusip>
        <identifiers>
          <isin value="CA0209361009"/>
          <other otherDesc="Internal" value="2122355"/>
        </identifiers>
        <balance>59403.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>2760667.58000000</valUSD>
        <pctVal>0.106858707395</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Americas Gold and Silver Corporation</name>
        <lei>5493005AKGOT669Z4P51</lei>
        <title>AMERICAS GOLD SILVER CORP</title>
        <cusip>03062D803</cusip>
        <identifiers>
          <isin value="CA03062D8035"/>
          <other otherDesc="Internal" value="BVMJP62"/>
        </identifiers>
        <balance>408730.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>2202974.93000000</valUSD>
        <pctVal>0.085271785400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2109612.73065600"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HILL &amp; SMITH PLC</name>
        <lei>2138003A3ISGQZBOWI83</lei>
        <title>HILL SMITH PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0004270301"/>
          <other otherDesc="Internal" value="0427030"/>
        </identifiers>
        <balance>117880.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>4745739.61000000</valUSD>
        <pctVal>0.183696003109</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Funds III: BlackRock Cash Funds: Treasury; SL Agency Shares</name>
        <lei>N/A</lei>
        <title>BLACKROCK CASH FUNDS TREASURY</title>
        <cusip>066922477</cusip>
        <identifiers>
          <isin value="US0669224778"/>
          <other otherDesc="Internal" value="066922477"/>
        </identifiers>
        <balance>11731466.65000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11731466.65000000</valUSD>
        <pctVal>0.454096455202</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Funds III: BlackRock Cash Funds: Institutional; SL Agency Shares</name>
        <lei>N/A</lei>
        <title>BLACKROCK CASH FUNDS INSTITUTIONAL FUND SL AGENCY</title>
        <cusip>066922519</cusip>
        <identifiers>
          <isin value="US0669225197"/>
          <other otherDesc="Internal" value="066922519            00001"/>
        </identifiers>
        <balance>83318009.38900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>83343004.79000000</valUSD>
        <pctVal>3.226004400828</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="83343004.79000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIO TINTO PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>RIO TINTO PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB0007188757"/>
          <other otherDesc="Internal" value="0718875"/>
        </identifiers>
        <balance>1594584.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>163437499.79000000</valUSD>
        <pctVal>6.326266912400</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAUDI ARABIAN RYAL</name>
        <lei>N/A</lei>
        <title>SAUDI ARABIAN RYAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="SAR"/>
        </identifiers>
        <balance>19.13000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75460000"/>
        <valUSD>5.10000000</valUSD>
        <pctVal>0.000000197408</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PHILIPPINE PESO</name>
        <lei>N/A</lei>
        <title>PHILIPPINE PESO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="PHP"/>
        </identifiers>
        <balance>865.70000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="62.25750000"/>
        <valUSD>13.91000000</valUSD>
        <pctVal>0.000000538422</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>PH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GREAT BRITISH POUND</name>
        <lei>N/A</lei>
        <title>GREAT BRITISH POUND</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="GBP"/>
        </identifiers>
        <balance>40555.26000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>54952.41000000</valUSD>
        <pctVal>0.002127073735</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDONESIAN RUPIAH</name>
        <lei>N/A</lei>
        <title>INDONESIAN RUPIAH</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="IDR"/>
        </identifiers>
        <balance>4.30000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17715.00000000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CANADIAN DOLLAR</name>
        <lei>N/A</lei>
        <title>CANADIAN DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="CAD"/>
        </identifiers>
        <balance>75572.29000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>54527.43000000</valUSD>
        <pctVal>0.002110623796</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AUSTRALIAN DOLLAR</name>
        <lei>N/A</lei>
        <title>AUSTRALIAN DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="AUD"/>
        </identifiers>
        <balance>135508.75000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>97105.55000000</valUSD>
        <pctVal>0.003758718952</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HONG KONG DOLLAR</name>
        <lei>N/A</lei>
        <title>HONG KONG DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="HKD"/>
        </identifiers>
        <balance>1233693.69000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>157390.01000000</valUSD>
        <pctVal>0.006092183335</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MALAYSIAN RINGITT</name>
        <lei>N/A</lei>
        <title>MALAYSIAN RINGITT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="MYR"/>
        </identifiers>
        <balance>206514.75000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.02600000"/>
        <valUSD>51295.27000000</valUSD>
        <pctVal>0.001985514767</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SINGAPORE DOLLARS</name>
        <lei>N/A</lei>
        <title>SINGAPORE DOLLARS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="SGD"/>
        </identifiers>
        <balance>23601.23000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SGD" exchangeRt="1.27110000"/>
        <valUSD>18567.56000000</valUSD>
        <pctVal>0.000718704952</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>SG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INDIAN RUPEE</name>
        <lei>N/A</lei>
        <title>INDIAN RUPEE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="INR"/>
        </identifiers>
        <balance>-172553238.59000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>-1812891.07000000</valUSD>
        <pctVal>-0.07017259078</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTH AFRICAN RAND</name>
        <lei>N/A</lei>
        <title>SOUTH AFRICAN RAND</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="ZAR"/>
        </identifiers>
        <balance>18662895.33000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.10375000"/>
        <valUSD>1158916.11000000</valUSD>
        <pctVal>0.044858815451</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEXICAN NUEVO PESO</name>
        <lei>N/A</lei>
        <title>MEXICAN NUEVO PESO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="MXN"/>
        </identifiers>
        <balance>3555605.83000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="16.99645000"/>
        <valUSD>209196.97000000</valUSD>
        <pctVal>0.008097504374</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NORWEGIAN KRONE</name>
        <lei>N/A</lei>
        <title>NORWEGIAN KRONE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="NOK"/>
        </identifiers>
        <balance>513462.54000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.34375000"/>
        <valUSD>54952.51000000</valUSD>
        <pctVal>0.002127077605</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SWEDISH KRONE</name>
        <lei>N/A</lei>
        <title>SWEDISH KRONE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="SEK"/>
        </identifiers>
        <balance>484825.17000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.57765000"/>
        <valUSD>50620.47000000</valUSD>
        <pctVal>0.001959394905</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHILEAN PESO</name>
        <lei>N/A</lei>
        <title>CHILEAN PESO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="CLP"/>
        </identifiers>
        <balance>9673867.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="933.33000000"/>
        <valUSD>10364.89000000</valUSD>
        <pctVal>0.000401199606</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRAZIALIAN REAL</name>
        <lei>N/A</lei>
        <title>BRAZIALIAN REAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="BRL"/>
        </identifiers>
        <balance>46886.44000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.18155000"/>
        <valUSD>9048.73000000</valUSD>
        <pctVal>0.000350254263</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JAPANESE YEN</name>
        <lei>N/A</lei>
        <title>JAPANESE YEN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="JPY"/>
        </identifiers>
        <balance>6063509.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>37956.24000000</valUSD>
        <pctVal>0.001469193456</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SWISS FRANC</name>
        <lei>N/A</lei>
        <title>SWISS FRANC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="CHF"/>
        </identifiers>
        <balance>12298.77000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.80835000"/>
        <valUSD>15214.66000000</valUSD>
        <pctVal>0.000588922372</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KOREAN WON</name>
        <lei>N/A</lei>
        <title>KOREAN WON</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="KRW"/>
        </identifiers>
        <balance>3522706.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1368.60000000"/>
        <valUSD>2573.95000000</valUSD>
        <pctVal>0.000099631325</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NEW TAIWAN DOLLAR</name>
        <lei>N/A</lei>
        <title>NEW TAIWAN DOLLAR</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="TWD"/>
        </identifiers>
        <balance>15538901.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.72200000"/>
        <valUSD>489846.20000000</valUSD>
        <pctVal>0.018960751426</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POLISH ZLOTY</name>
        <lei>N/A</lei>
        <title>POLISH ZLOTY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="PLN"/>
        </identifiers>
        <balance>198370.66000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.72650000"/>
        <valUSD>53232.43000000</valUSD>
        <pctVal>0.002060497505</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINESE RENMINBI</name>
        <lei>N/A</lei>
        <title>CHINESE RENMINBI</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="CNY"/>
        </identifiers>
        <balance>1349536.30000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>200877.66000000</valUSD>
        <pctVal>0.007775484179</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAPSTONE COPPER CORP.</name>
        <lei>549300III6KGKKC42W63</lei>
        <title>CAPSTONE COPPER CORP</title>
        <cusip>14071L108</cusip>
        <identifiers>
          <isin value="CA14071L1085"/>
          <other otherDesc="Internal" value="BMY5XY9"/>
        </identifiers>
        <balance>1224776.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>14210035.05000000</valUSD>
        <pctVal>0.550035791518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EURO</name>
        <lei>N/A</lei>
        <title>EURO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="EUR"/>
        </identifiers>
        <balance>74171.62000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>86154.01000000</valUSD>
        <pctVal>0.003334811555</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>XX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTURY ALUMINUM COMPANY</name>
        <lei>549300U5ODNGEYWKSW73</lei>
        <title>CENTURY ALUMINUM CO</title>
        <cusip>156431108</cusip>
        <identifiers>
          <isin value="US1564311082"/>
          <other otherDesc="Internal" value="156431108"/>
        </identifiers>
        <balance>99381.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4548668.37000000</valUSD>
        <pctVal>0.176067856162</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TURKISH LIRA</name>
        <lei>N/A</lei>
        <title>TURKISH LIRA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="TRY"/>
        </identifiers>
        <balance>2820778.02000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>58449.61000000</valUSD>
        <pctVal>0.002262441815</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetConditional assetCat="OTHER" desc="currency"/>
        <issuerConditional desc="currency" issuerCat="OTHER"/>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLEVELAND-CLIFFS INC.</name>
        <lei>549300TM2WLI2BJMDD86</lei>
        <title>CLEVELAND CLIFFS INC</title>
        <cusip>185899101</cusip>
        <identifiers>
          <isin value="US1858991011"/>
          <other otherDesc="Internal" value="185899101"/>
        </identifiers>
        <balance>851037.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9829477.35000000</valUSD>
        <pctVal>0.380475089287</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Collective Mining Ltd.</name>
        <lei>98450055FE5CF6E9J694</lei>
        <title>COLLECTIVE MINING LTD</title>
        <cusip>19425C100</cusip>
        <identifiers>
          <isin value="CA19425C1005"/>
          <other otherDesc="Internal" value="BN79Z49"/>
        </identifiers>
        <balance>82373.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>1235639.58000000</valUSD>
        <pctVal>0.047828593808</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMMERCIAL METALS COMPANY</name>
        <lei>549300OQS2LO07ZJ7N73</lei>
        <title>COMMERCIAL METALS CO</title>
        <cusip>201723103</cusip>
        <identifiers>
          <isin value="US2017231034"/>
          <other otherDesc="Internal" value="201723103"/>
        </identifiers>
        <balance>165444.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11162506.68000000</valUSD>
        <pctVal>0.432073402737</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Compania de Minas Buenaventura S.A.A.</name>
        <lei>N/A</lei>
        <title>CIA DE MINAS BUENAVENTURA SAA</title>
        <cusip>204448104</cusip>
        <identifiers>
          <isin value="US2044481040"/>
          <other otherDesc="Internal" value="204448104"/>
        </identifiers>
        <balance>247929.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8503964.70000000</valUSD>
        <pctVal>0.329167728183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>PE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMPASS MINERALS INTERNATIONAL, INC.</name>
        <lei>2549008X9G8XP7YJGC47</lei>
        <title>COMPASS MINERALS INTERNATIONAL INC</title>
        <cusip>20451N101</cusip>
        <identifiers>
          <isin value="US20451N1019"/>
          <other otherDesc="Internal" value="20451N101"/>
        </identifiers>
        <balance>53157.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1321483.02000000</valUSD>
        <pctVal>0.051151383956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CAP S.A.</name>
        <lei>54930079GPG23NTBB003</lei>
        <title>CAP SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CLP256251073"/>
          <other otherDesc="Internal" value="2174312"/>
        </identifiers>
        <balance>97859.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CLP" exchangeRt="933.33000000"/>
        <valUSD>581913.63000000</valUSD>
        <pctVal>0.022524457043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VALE S.A.</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>VALE SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRVALEACNOR0"/>
          <other otherDesc="Internal" value="2196286"/>
        </identifiers>
        <balance>5308847.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.18155000"/>
        <valUSD>79762568.91000000</valUSD>
        <pctVal>3.087414462358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Usinas Siderurgicas de Minas Gerais S/A - USIMINAS</name>
        <lei>N/A</lei>
        <title>USINAS SIDERURGICAS DE MINAS GERAIS SA USIMINAS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRUSIMACNPA6"/>
          <other otherDesc="Internal" value="2386009"/>
        </identifiers>
        <balance>742192.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.18155000"/>
        <valUSD>1069983.74000000</valUSD>
        <pctVal>0.041416460358</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupo Mexico, S.A.B. de C.V.</name>
        <lei>N/A</lei>
        <title>GRUPO MEXICO SAB DE CV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MXP370841019"/>
          <other otherDesc="Internal" value="2643674"/>
        </identifiers>
        <balance>4386447.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="16.99645000"/>
        <valUSD>60292693.36000000</valUSD>
        <pctVal>2.333783076423</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GERDAU S.A.</name>
        <lei>254900YDV6SEQQPZVG24</lei>
        <title>GERDAU SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRGGBRACNPR8"/>
          <other otherDesc="Internal" value="2645517"/>
        </identifiers>
        <balance>1902935.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.18155000"/>
        <valUSD>8718564.31000000</valUSD>
        <pctVal>0.337474355572</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METALURGICA GERDAU S.A.</name>
        <lei>N/A</lei>
        <title>METALURGICA GERDAU SA</title>
        <cusip>P4834C118</cusip>
        <identifiers>
          <isin value="BRGOAUACNPR8"/>
          <other otherDesc="Internal" value="2648862"/>
        </identifiers>
        <balance>1266851.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.18155000"/>
        <valUSD>2540278.85000000</valUSD>
        <pctVal>0.098327997293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ERO COPPER CORP.</name>
        <lei>549300KL8A21SEIO8I47</lei>
        <title>ERO COPPER CORP</title>
        <cusip>296006109</cusip>
        <identifiers>
          <isin value="CA2960061091"/>
          <other otherDesc="Internal" value="BF02Z72"/>
        </identifiers>
        <balance>149259.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>5553798.21000000</valUSD>
        <pctVal>0.214973980262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FIRST QUANTUM MINERALS LTD.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>FIRST QUANTUM MINERALS LTD</title>
        <cusip>335934105</cusip>
        <identifiers>
          <isin value="CA3359341052"/>
          <other otherDesc="Internal" value="2347608"/>
        </identifiers>
        <balance>1026829.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>34154779.68000000</valUSD>
        <pctVal>1.322048201101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREEPORT-MCMORAN INC.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>FREEPORT MCMORAN INC</title>
        <cusip>35671D857</cusip>
        <identifiers>
          <isin value="US35671D8570"/>
          <other otherDesc="Internal" value="35671D857"/>
        </identifiers>
        <balance>2148450.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>162723603.00000000</valUSD>
        <pctVal>6.298633709204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ERAMET SA</name>
        <lei>549300LUH78PG2MP6N64</lei>
        <title>ERAMET SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FR0000131757"/>
          <other otherDesc="Internal" value="4017017"/>
        </identifiers>
        <balance>12242.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>643677.14000000</valUSD>
        <pctVal>0.024915171844</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="596355.67079500"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hudbay Minerals Inc.</name>
        <lei>894500LX3TMESP27BE29</lei>
        <title>HUDBAY MINERALS INC</title>
        <cusip>443628102</cusip>
        <identifiers>
          <isin value="CA4436281022"/>
          <other otherDesc="Internal" value="B05BDX1"/>
        </identifiers>
        <balance>626989.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>17946284.95000000</valUSD>
        <pctVal>0.694656910596</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Imperial Metals Corporation</name>
        <lei>N/A</lei>
        <title>IMPERIAL METALS CORP</title>
        <cusip>452892102</cusip>
        <identifiers>
          <isin value="CA4528921022"/>
          <other otherDesc="Internal" value="2878937"/>
        </identifiers>
        <balance>128285.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>865445.90000000</valUSD>
        <pctVal>0.033499299540</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ivanhoe Electric Inc.</name>
        <lei>529900CQSYGI54GDUR52</lei>
        <title>IVANHOE ELECTRIC INC US</title>
        <cusip>46578C108</cusip>
        <identifiers>
          <isin value="US46578C1080"/>
          <other otherDesc="Internal" value="46578C108"/>
        </identifiers>
        <balance>185389.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2050402.34000000</valUSD>
        <pctVal>0.079366072641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IVANHOE MINES LTD.</name>
        <lei>5299006XZISURYIA4G32</lei>
        <title>IVANHOE MINES LTD</title>
        <cusip>46579R104</cusip>
        <identifiers>
          <isin value="CA46579R1047"/>
          <other otherDesc="Internal" value="BD73C40"/>
        </identifiers>
        <balance>1170138.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>10224301.87000000</valUSD>
        <pctVal>0.395757783285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="7991927.19610400"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Outokumpu Oyj</name>
        <lei>5493009YRUJJDCFF0R80</lei>
        <title>OUTOKUMPU OYJ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI0009002422"/>
          <other otherDesc="Internal" value="4665148"/>
        </identifiers>
        <balance>597301.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>3905934.97000000</valUSD>
        <pctVal>0.151189214191</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KAISER ALUMINUM CORPORATION</name>
        <lei>N/A</lei>
        <title>KAISER ALUMINUM CORP</title>
        <cusip>483007704</cusip>
        <identifiers>
          <isin value="US4830077040"/>
          <other otherDesc="Internal" value="483007704"/>
        </identifiers>
        <balance>24445.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3881377.10000000</valUSD>
        <pctVal>0.150238638952</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>voestalpine AG</name>
        <lei>529900ZAXBMQDIWPNB72</lei>
        <title>VOESTALPINE AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AT0000937503"/>
          <other otherDesc="Internal" value="4943402"/>
        </identifiers>
        <balance>159840.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>8477951.63000000</valUSD>
        <pctVal>0.328160825702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Labrador Iron Ore Royalty Corporation</name>
        <lei>N/A</lei>
        <title>LABRADOR IRON ORE ROYALTY CORP</title>
        <cusip>505440107</cusip>
        <identifiers>
          <isin value="CA5054401073"/>
          <other otherDesc="Internal" value="B8L02P3"/>
        </identifiers>
        <balance>95100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>1816983.30000000</valUSD>
        <pctVal>0.070330991026</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5731.80851700"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grupa Kety S.A.</name>
        <lei>2594007JKYYF3WGI0129</lei>
        <title>GRUPA KETY SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLKETY000011"/>
          <other otherDesc="Internal" value="5216385"/>
        </identifiers>
        <balance>14656.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.72650000"/>
        <valUSD>4953770.51000000</valUSD>
        <pctVal>0.191748371758</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KGHM POLSKA MIEDZ SPOLKA AKCYJNA</name>
        <lei>G30CO71KTT9JDYJESN22</lei>
        <title>KGHM POLSKA MIEDZ SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLKGHM000017"/>
          <other otherDesc="Internal" value="5263251"/>
        </identifiers>
        <balance>210011.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.72650000"/>
        <valUSD>20154494.37000000</valUSD>
        <pctVal>0.780131310335</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lithium Americas Corp</name>
        <lei>N/A</lei>
        <title>LITHIUM AMERICAS CORP</title>
        <cusip>53681J103</cusip>
        <identifiers>
          <isin value="CA53681J1030"/>
          <other otherDesc="Internal" value="BRBS357"/>
        </identifiers>
        <balance>487615.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>1516375.52000000</valUSD>
        <pctVal>0.058695197193</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="550244.52592400"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Salzgitter Aktiengesellschaft</name>
        <lei>529900E12Z6HXIMHFA15</lei>
        <title>SALZGITTER AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0006202005"/>
          <other otherDesc="Internal" value="5465358"/>
        </identifiers>
        <balance>43313.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>2854580.11000000</valUSD>
        <pctVal>0.110493832332</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aurubis AG</name>
        <lei>5299005SHIN9ZK7GW242</lei>
        <title>AURUBIS AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0006766504"/>
          <other otherDesc="Internal" value="5485527"/>
        </identifiers>
        <balance>35198.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>7220564.55000000</valUSD>
        <pctVal>0.279490439221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lundin Mining Corporation</name>
        <lei>549300FQDIM6C8HTN269</lei>
        <title>LUNDIN MINING CORP</title>
        <cusip>550372106</cusip>
        <identifiers>
          <isin value="CA5503721063"/>
          <other otherDesc="Internal" value="2866857"/>
        </identifiers>
        <balance>1020014.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>27311749.73000000</valUSD>
        <pctVal>1.057171205253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="7122699.46214100"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LunR Royalties Corp.</name>
        <lei>529900Q168TQRO7FZ844</lei>
        <title>LUNR ROYALTIES CORP</title>
        <cusip>550428106</cusip>
        <identifiers>
          <isin value="CA5504281067"/>
          <other otherDesc="Internal" value="BRCDGF2"/>
        </identifiers>
        <balance>87122.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>1373509.65000000</valUSD>
        <pctVal>0.053165207885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MP MATERIALS CORP</name>
        <lei>89450063PHPS61USMT84</lei>
        <title>MP MATERIALS CORP</title>
        <cusip>553368101</cusip>
        <identifiers>
          <isin value="US5533681012"/>
          <other otherDesc="Internal" value="553368101"/>
        </identifiers>
        <balance>212026.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11608423.50000000</valUSD>
        <pctVal>0.449333755028</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="10582846.50000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAJOR DRILLING GROUP INTERNATIONAL INC.</name>
        <lei>549300O1MNHCX2FUBC21</lei>
        <title>MAJOR DRILLING GROUP INTERNATIONAL INC</title>
        <cusip>560909103</cusip>
        <identifiers>
          <isin value="CA5609091031"/>
          <other otherDesc="Internal" value="2557515"/>
        </identifiers>
        <balance>118352.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>1449138.45000000</valUSD>
        <pctVal>0.056092614237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="287741.25975900"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>thyssenkrupp AG</name>
        <lei>549300UDG16DOYUPR330</lei>
        <title>THYSSENKRUPP AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="DE0007500001"/>
          <other otherDesc="Internal" value="5636927"/>
        </identifiers>
        <balance>743043.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>12439895.50000000</valUSD>
        <pctVal>0.481518007779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MATERION CORPORATION</name>
        <lei>N/A</lei>
        <title>MATERION CORP</title>
        <cusip>576690101</cusip>
        <identifiers>
          <isin value="US5766901012"/>
          <other otherDesc="Internal" value="576690101"/>
        </identifiers>
        <balance>30257.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7143072.56000000</valUSD>
        <pctVal>0.276490913329</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bekaert NV</name>
        <lei>5493008SR6XZECH6BN71</lei>
        <title>BEKAERT SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0974258874"/>
          <other otherDesc="Internal" value="5827431"/>
        </identifiers>
        <balance>49968.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>2266559.98000000</valUSD>
        <pctVal>0.087733007570</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jiangxi Copper Company Limited</name>
        <lei>3003002E74YFQ6MEZY56</lei>
        <title>JIANGXI COPPER CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000003K3"/>
          <other otherDesc="Internal" value="6000305"/>
        </identifiers>
        <balance>1494000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>7096649.88000000</valUSD>
        <pctVal>0.274694004634</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AICHI STEEL CORPORATION</name>
        <lei>353800P9OWOVHHY4ML18</lei>
        <title>AICHI STEEL CORP</title>
        <cusip>J0039M106</cusip>
        <identifiers>
          <isin value="JP3103600007"/>
          <other otherDesc="Internal" value="6010207"/>
        </identifiers>
        <balance>42500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>866233.13000000</valUSD>
        <pctVal>0.033529771293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Angang Steel Company Limited</name>
        <lei>N/A</lei>
        <title>ANGANG STEEL CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000001V4"/>
          <other otherDesc="Internal" value="6015644"/>
        </identifiers>
        <balance>2044000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>308249.22000000</valUSD>
        <pctVal>0.011931575334</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="34685.57759200"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AFRICAN RAINBOW MINERALS LIMITED</name>
        <lei>N/A</lei>
        <title>AFRICAN RAINBOW MINERALS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000054045"/>
          <other otherDesc="Internal" value="6041122"/>
        </identifiers>
        <balance>155603.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.10375000"/>
        <valUSD>1742541.02000000</valUSD>
        <pctVal>0.067449511969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FORTESCUE LTD</name>
        <lei>529900VEJFORCO6I4826</lei>
        <title>FORTESCUE METALS GROUP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000FMG4"/>
          <other otherDesc="Internal" value="6086253"/>
        </identifiers>
        <balance>2418893.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>30619342.06000000</valUSD>
        <pctVal>1.185200035503</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LYNAS RARE EARTHS LIMITED</name>
        <lei>529900SGT9M1FJPXXI35</lei>
        <title>LYNAS RARE EARTHS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000LYC6"/>
          <other otherDesc="Internal" value="6121176"/>
        </identifiers>
        <balance>1351585.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>15234286.26000000</valUSD>
        <pctVal>0.589682057205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="45085.69201300"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLORIA MATERIAL TECHNOLOGY CORP</name>
        <lei>N/A</lei>
        <title>GLORIA MATERIAL TECHNOLOGY CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0005009005"/>
          <other otherDesc="Internal" value="6131272"/>
        </identifiers>
        <balance>653000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.72200000"/>
        <valUSD>682332.04000000</valUSD>
        <pctVal>0.026411408724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VEDANTA LIMITED</name>
        <lei>335800XDKX9KB5EMCO07</lei>
        <title>VEDANTA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE205A01025"/>
          <other otherDesc="Internal" value="6136040"/>
        </identifiers>
        <balance>2042054.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>5964762.67000000</valUSD>
        <pctVal>0.230881411964</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL ALUMINIUM CO LTD</name>
        <lei>335800OM1V78CX7SSC72</lei>
        <title>NATIONAL ALUMINIUM CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE139A01034"/>
          <other otherDesc="Internal" value="6139447"/>
        </identifiers>
        <balance>1254868.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>5026893.08000000</valUSD>
        <pctVal>0.194578768061</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USHA MARTIN LIMITED</name>
        <lei>33580037BPBHOK655A23</lei>
        <title>USHA MARTIN LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE228A01035"/>
          <other otherDesc="Internal" value="6142854"/>
        </identifiers>
        <balance>227447.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1190506.39000000</valUSD>
        <pctVal>0.046081598126</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BHP GROUP LIMITED</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP GROUP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000BHP4"/>
          <other otherDesc="Internal" value="6144690"/>
        </identifiers>
        <balance>7583981.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>356687490.53000000</valUSD>
        <pctVal>13.80650262214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NMDC LIMITED</name>
        <lei>335800IXHXOHQ7B2HP66</lei>
        <title>NMDC LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE584A01023"/>
          <other otherDesc="Internal" value="6148119"/>
        </identifiers>
        <balance>4590816.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>4247036.32000000</valUSD>
        <pctVal>0.164392415336</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Steel Corporation</name>
        <lei>529900D3N7UIJMVJ9120</lei>
        <title>CHINA STEEL CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002002003"/>
          <other otherDesc="Internal" value="6190950"/>
        </identifiers>
        <balance>17598612.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.72200000"/>
        <valUSD>10511758.77000000</valUSD>
        <pctVal>0.406884538635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lindian Resources Ltd</name>
        <lei>984500CHDBDE3657BC83</lei>
        <title>LINDIAN RESOURCES LTD</title>
        <cusip>Q55710216</cusip>
        <identifiers>
          <isin value="AU000000LIN6"/>
          <other otherDesc="Internal" value="6214816"/>
        </identifiers>
        <balance>1930060.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1055600.94000000</valUSD>
        <pctVal>0.040859737257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RIO TINTO LIMITED</name>
        <lei>529900X2VMAQT2PE0V24</lei>
        <title>RIO TINTO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000RIO1"/>
          <other otherDesc="Internal" value="6220103"/>
        </identifiers>
        <balance>555827.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>69471266.09000000</valUSD>
        <pctVal>2.689063235747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Daido Steel Co., Ltd.</name>
        <lei>353800WZKGRNG0T2FR92</lei>
        <title>DAIDO STEEL CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3491000000"/>
          <other otherDesc="Internal" value="6250627"/>
        </identifiers>
        <balance>189300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>2692266.15000000</valUSD>
        <pctVal>0.104211054904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DOWA HOLDINGS CO.,LTD.</name>
        <lei>353800ZSQZKFE140A689</lei>
        <title>DOWA HOLDINGS CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3638600001"/>
          <other otherDesc="Internal" value="6278306"/>
        </identifiers>
        <balance>72300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>4492459.21000000</valUSD>
        <pctVal>0.173892136700</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KIRLOSKAR FERROUS INDUSTRIES LTD</name>
        <lei>335800I46D67F2PR5C23</lei>
        <title>KIRLOSKAR FERROUS INDUSTRIES LTD</title>
        <cusip>Y4807J132</cusip>
        <identifiers>
          <isin value="INE884B01025"/>
          <other otherDesc="Internal" value="6289427"/>
        </identifiers>
        <balance>95739.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>454849.83000000</valUSD>
        <pctVal>0.017606127316</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NGEx Minerals Ltd.</name>
        <lei>549300M2DU5ORAGOIG27</lei>
        <title>NGEX MINERALS LTD</title>
        <cusip>62930A102</cusip>
        <identifiers>
          <isin value="CA62930A1021"/>
          <other otherDesc="Internal" value="BVBCQW5"/>
        </identifiers>
        <balance>209625.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>4115513.73000000</valUSD>
        <pctVal>0.159301496725</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="43192.03437500"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RATNAMANI METALS AND TUBES LIMITED</name>
        <lei>335800814OWZ2ALCNM51</lei>
        <title>RATNAMANI METALS TUBES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE703B01027"/>
          <other otherDesc="Internal" value="6313627"/>
        </identifiers>
        <balance>37730.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1049865.32000000</valUSD>
        <pctVal>0.040637725399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FENG HSIN STEEL CO., LTD</name>
        <lei>N/A</lei>
        <title>FENG HSIN STEEL CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002015005"/>
          <other otherDesc="Internal" value="6335030"/>
        </identifiers>
        <balance>547918.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.72200000"/>
        <valUSD>1102458.86000000</valUSD>
        <pctVal>0.042673493031</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SHOUGANG FUSHAN RESOURCES GROUP LIMITED</name>
        <lei>N/A</lei>
        <title>SHOUGANG FUSHAN RESOURCES GROUP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK0639031506"/>
          <other otherDesc="Internal" value="6354671"/>
        </identifiers>
        <balance>3208000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>1248256.99000000</valUSD>
        <pctVal>0.048316982969</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="635023.50613400"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aluminum Corporation of China Limited</name>
        <lei>N/A</lei>
        <title>ALUMINUM CORP OF CHINA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000001T8"/>
          <other otherDesc="Internal" value="6425395"/>
        </identifiers>
        <balance>5526000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>6030555.53000000</valUSD>
        <pctVal>0.233428093074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IGO LIMITED</name>
        <lei>2549005DZO8VGXM5QN07</lei>
        <title>IGO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000IGO4"/>
          <other otherDesc="Internal" value="6439567"/>
        </identifiers>
        <balance>988534.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>6141655.37000000</valUSD>
        <pctVal>0.237728496853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HYUNDAI STEEL COMPANY</name>
        <lei>9884006EYA94IB2C3132</lei>
        <title>HYUNDAI STEEL CO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7004020004"/>
          <other otherDesc="Internal" value="6461850"/>
        </identifiers>
        <balance>127592.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1368.60000000"/>
        <valUSD>2822999.42000000</valUSD>
        <pctVal>0.109271420863</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IMDEX LTD</name>
        <lei>529900H31NX5KRKXB865</lei>
        <title>IMDEX LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000IMD5"/>
          <other otherDesc="Internal" value="6462154"/>
        </identifiers>
        <balance>756857.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1899212.99000000</valUSD>
        <pctVal>0.073513901728</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SeAH Besteel Holdings Corporation</name>
        <lei>N/A</lei>
        <title>SEAH BESTEEL HOLDINGS CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7001430008"/>
          <other otherDesc="Internal" value="6494500"/>
        </identifiers>
        <balance>18693.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1368.60000000"/>
        <valUSD>557831.18000000</valUSD>
        <pctVal>0.021592284153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="396118.92597800"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Kobe Steel, Ltd.</name>
        <lei>549300ZDCYYUPHEE5K87</lei>
        <title>KOBE STEEL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3289800009"/>
          <other otherDesc="Internal" value="6496023"/>
        </identifiers>
        <balance>561400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>7075326.70000000</valUSD>
        <pctVal>0.273868636354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BLUESCOPE STEEL LIMITED</name>
        <lei>N/A</lei>
        <title>BLUESCOPE STEEL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000BSL0"/>
          <other otherDesc="Internal" value="6533232"/>
        </identifiers>
        <balance>653629.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>14520306.54000000</valUSD>
        <pctVal>0.562045643991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JX Advanced Metals Corporation</name>
        <lei>353800NC6NPNKC4JEC58</lei>
        <title>JX ADVANCED METALS CORP</title>
        <cusip>J2969E104</cusip>
        <identifiers>
          <isin value="JP3379550001"/>
          <other otherDesc="Internal" value="6543770"/>
        </identifiers>
        <balance>816000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>19029546.62000000</valUSD>
        <pctVal>0.736587327233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JFE Holdings, Inc.</name>
        <lei>3538002Y11Y03NA9B530</lei>
        <title>JFE HOLDINGS INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3386030005"/>
          <other otherDesc="Internal" value="6543792"/>
        </identifiers>
        <balance>853700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>9842744.08000000</valUSD>
        <pctVal>0.380988612041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NioCorp Developments Ltd.</name>
        <lei>N/A</lei>
        <title>NIOCORP DEVELOPMENTS LTD</title>
        <cusip>654484609</cusip>
        <identifiers>
          <isin value="CA6544846091"/>
          <other otherDesc="Internal" value="654484609"/>
        </identifiers>
        <balance>216299.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>906292.81000000</valUSD>
        <pctVal>0.035080383781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MACMAHON HOLDINGS LIMITED</name>
        <lei>52990031UMN8E6ARZC86</lei>
        <title>MACMAHON HOLDINGS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000MAH3"/>
          <other otherDesc="Internal" value="6551160"/>
        </identifiers>
        <balance>1748639.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1238493.03000000</valUSD>
        <pctVal>0.047939043897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Maruichi Steel Tube Ltd.</name>
        <lei>N/A</lei>
        <title>MARUICHI STEEL TUBE LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3871200006"/>
          <other otherDesc="Internal" value="6569505"/>
        </identifiers>
        <balance>247300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>2719808.48000000</valUSD>
        <pctVal>0.105277151309</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MITSUBISHI MATERIALS CORPORATION</name>
        <lei>35380076QOBOSOUBRT89</lei>
        <title>MITSUBISHI MATERIALS CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3903000002"/>
          <other otherDesc="Internal" value="6597089"/>
        </identifiers>
        <balance>184200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>6466667.86000000</valUSD>
        <pctVal>0.250308937476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mitsui Kinzoku Company, Limited</name>
        <lei>35380021EYAHSQM25559</lei>
        <title>MITSUI KINZOKU CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3888400003"/>
          <other otherDesc="Internal" value="6597346"/>
        </identifiers>
        <balance>81800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>14817682.38000000</valUSD>
        <pctVal>0.573556337312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAANSHAN IRON &amp; STEEL COMPANY LIMITED</name>
        <lei>N/A</lei>
        <title>MAANSHAN IRON STEEL CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000003R8"/>
          <other otherDesc="Internal" value="6600879"/>
        </identifiers>
        <balance>1998000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>444340.37000000</valUSD>
        <pctVal>0.017199331757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="889.57031000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nittetsu Mining Co., Ltd.</name>
        <lei>213800HBRWZK44PCU381</lei>
        <title>NITTETSU MINING CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3680800004"/>
          <other otherDesc="Internal" value="6641027"/>
        </identifiers>
        <balance>60500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>1434969.58000000</valUSD>
        <pctVal>0.055544171845</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NIPPON STEEL CORPORATION</name>
        <lei>35380065QWQ4U2V3PA33</lei>
        <title>NIPPON STEEL CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3381000003"/>
          <other otherDesc="Internal" value="6642569"/>
        </identifiers>
        <balance>7238425.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>30347759.94000000</valUSD>
        <pctVal>1.174687754160</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northern Dynasty Minerals Ltd.</name>
        <lei>N/A</lei>
        <title>NORTHERN DYNASTY MINERALS LTD</title>
        <cusip>66510M204</cusip>
        <identifiers>
          <isin value="CA66510M2040"/>
          <other otherDesc="Internal" value="2637848"/>
        </identifiers>
        <balance>748591.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>1263900.53000000</valUSD>
        <pctVal>0.048922506241</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1166304.15208800"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POSCO Holdings Inc.</name>
        <lei>N/A</lei>
        <title>POSCO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7005490008"/>
          <other otherDesc="Internal" value="6693233"/>
        </identifiers>
        <balance>106833.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1368.60000000"/>
        <valUSD>26338881.81000000</valUSD>
        <pctVal>1.019513861374</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NUCOR CORPORATION</name>
        <lei>549300GGJCRSI2TIEJ46</lei>
        <title>NUCOR CORP</title>
        <cusip>670346105</cusip>
        <identifiers>
          <isin value="US6703461052"/>
          <other otherDesc="Internal" value="670346105"/>
        </identifiers>
        <balance>331952.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>82868497.28000000</valUSD>
        <pctVal>3.207637372673</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SeAH Steel Holdings Corporation</name>
        <lei>N/A</lei>
        <title>SEAH STEEL HOLDINGS CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7003030004"/>
          <other otherDesc="Internal" value="6709549"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1368.60000000"/>
        <valUSD>73.95000000</valUSD>
        <pctVal>0.000002862424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARAFURA RARE EARTHS LTD</name>
        <lei>52990098Y7ZDAOS75K52</lei>
        <title>ARAFURA RARE EARTHS LTD</title>
        <cusip>Q0461Y117</cusip>
        <identifiers>
          <isin value="AU000000ARU5"/>
          <other otherDesc="Internal" value="6711726"/>
        </identifiers>
        <balance>7657261.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1122760.66000000</valUSD>
        <pctVal>0.043459326182</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="791589.07962900"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zijin Mining Group Company Limited</name>
        <lei>N/A</lei>
        <title>ZIJIN MINING GROUP CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000502"/>
          <other otherDesc="Internal" value="6725299"/>
        </identifiers>
        <balance>8880000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>41406345.49000000</valUSD>
        <pctVal>1.602738623469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JINDAL STEEL LIMITED</name>
        <lei>335800UIKQBF6QO2NP15</lei>
        <title>JINDAL STEEL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE749A01030"/>
          <other otherDesc="Internal" value="6726816"/>
        </identifiers>
        <balance>539344.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>6750050.22000000</valUSD>
        <pctVal>0.261277977322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MMG Limited</name>
        <lei>529900XB5IQXFMSWEC48</lei>
        <title>MMG LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HK1208013172"/>
          <other otherDesc="Internal" value="6728793"/>
        </identifiers>
        <balance>7123600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>8341088.03000000</valUSD>
        <pctVal>0.322863169623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SANDFIRE RESOURCES LIMITED</name>
        <lei>N/A</lei>
        <title>SANDFIRE RESOURCES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SFR8"/>
          <other otherDesc="Internal" value="6739739"/>
        </identifiers>
        <balance>696103.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>11402738.10000000</valUSD>
        <pctVal>0.441372174962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JINDAL STAINLESS LIMITED</name>
        <lei>3358003QFQMSFDO7BP20</lei>
        <title>JINDAL STAINLESS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE220G01021"/>
          <other otherDesc="Internal" value="6743257"/>
        </identifiers>
        <balance>437034.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>3219879.67000000</valUSD>
        <pctVal>0.124633687155</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VALTERRA PLATINUM LIMITED</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>VALTERRA PLATINUM LIMITED</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000013181"/>
          <other otherDesc="Internal" value="6761000"/>
        </identifiers>
        <balance>397059.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.10375000"/>
        <valUSD>33930179.30000000</valUSD>
        <pctVal>1.313354468302</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sumitomo Metal Mining Co., Ltd.</name>
        <lei>353800CF81IXL9974H84</lei>
        <title>SUMITOMO METAL MINING CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3402600005"/>
          <other otherDesc="Internal" value="6858849"/>
        </identifiers>
        <balance>354900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>24484336.66000000</valUSD>
        <pctVal>0.947728942765</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TA CHEN STAINLESS PIPE CO., LTD.</name>
        <lei>N/A</lei>
        <title>TA CHEN STAINLESS PIPE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002027000"/>
          <other otherDesc="Internal" value="6873109"/>
        </identifiers>
        <balance>2852721.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.72200000"/>
        <valUSD>4387844.61000000</valUSD>
        <pctVal>0.169842760741</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Osisko Metals Inc (Ontario)</name>
        <lei>5493003KCD875ELH4484</lei>
        <title>OSISKO METALS INC</title>
        <cusip>688274109</cusip>
        <identifiers>
          <isin value="CA6882741094"/>
          <other otherDesc="Internal" value="BYW9WY0"/>
        </identifiers>
        <balance>839764.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>1048228.09000000</valUSD>
        <pctVal>0.040574352219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="420532.48712800"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TOKYO STEEL MANUFACTURING CO., LTD.</name>
        <lei>N/A</lei>
        <title>TOKYO STEEL MANUFACTURING CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3579800008"/>
          <other otherDesc="Internal" value="6895879"/>
        </identifiers>
        <balance>69000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>743252.73000000</valUSD>
        <pctVal>0.028769500019</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tung Ho Steel Enterprise Corporation</name>
        <lei>5299003755GCQVWX5K49</lei>
        <title>TUNG HO STEEL ENTERPRISE CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002006004"/>
          <other otherDesc="Internal" value="6907310"/>
        </identifiers>
        <balance>646700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.72200000"/>
        <valUSD>1647377.69000000</valUSD>
        <pctVal>0.063765971615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ILUKA RESOURCES LIMITED</name>
        <lei>2549009N2Y1F4YNB0955</lei>
        <title>ILUKA RESOURCES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000ILU1"/>
          <other otherDesc="Internal" value="6957575"/>
        </identifiers>
        <balance>640349.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>3137874.69000000</valUSD>
        <pctVal>0.121459474429</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YAMATO KOGYO CO.,LTD.</name>
        <lei>N/A</lei>
        <title>YAMATO KOGYO CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3940400009"/>
          <other otherDesc="Internal" value="6985446"/>
        </identifiers>
        <balance>46900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>3658541.29000000</valUSD>
        <pctVal>0.141613208353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YODOKO, Ltd.</name>
        <lei>N/A</lei>
        <title>YODOKO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3959400007"/>
          <other otherDesc="Internal" value="6986364"/>
        </identifiers>
        <balance>138200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>1232707.99000000</valUSD>
        <pctVal>0.047715119111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHUNG HUNG STEEL CORPORATION</name>
        <lei>N/A</lei>
        <title>CHUNG HUNG STEEL CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002014008"/>
          <other otherDesc="Internal" value="6987602"/>
        </identifiers>
        <balance>1314000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.72200000"/>
        <valUSD>706064.03000000</valUSD>
        <pctVal>0.027330016163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YIEH PHUI ENTERPRISE CO., LTD.</name>
        <lei>N/A</lei>
        <title>YIEH PHUI ENTERPRISE CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TW0002023009"/>
          <other otherDesc="Internal" value="6987668"/>
        </identifiers>
        <balance>1216831.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.72200000"/>
        <valUSD>542884.93000000</valUSD>
        <pctVal>0.021013751276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RAMACO RESOURCES, INC.</name>
        <lei>5493001BYUI4TCQOPF70</lei>
        <title>RAMACO RESOURCES INC</title>
        <cusip>75134P600</cusip>
        <identifiers>
          <isin value="US75134P6007"/>
          <other otherDesc="Internal" value="75134P600"/>
        </identifiers>
        <balance>57295.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>815880.80000000</valUSD>
        <pctVal>0.031580755433</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RELIANCE, INC.</name>
        <lei>N/A</lei>
        <title>RELIANCE INC</title>
        <cusip>759509102</cusip>
        <identifiers>
          <isin value="US7595091023"/>
          <other otherDesc="Internal" value="759509102"/>
        </identifiers>
        <balance>76478.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29371375.90000000</valUSD>
        <pctVal>1.136894309852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RYERSON HOLDING CORPORATION</name>
        <lei>N/A</lei>
        <title>RYERSON HOLDING CORP</title>
        <cusip>783754104</cusip>
        <identifiers>
          <isin value="US7837541041"/>
          <other otherDesc="Internal" value="783754104"/>
        </identifiers>
        <balance>66840.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1675010.40000000</valUSD>
        <pctVal>0.064835566409</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sigma Lithium Corporation</name>
        <lei>529900XCIHIRYYXKJF45</lei>
        <title>SIGMA LITHIUM CORP</title>
        <cusip>826599102</cusip>
        <identifiers>
          <isin value="CA8265991023"/>
          <other otherDesc="Internal" value="826599102"/>
        </identifiers>
        <balance>97275.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1229556.00000000</valUSD>
        <pctVal>0.047593113267</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="710633.44000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Solaris Resources Inc.</name>
        <lei>5299009LFMB5N4PVVZ93</lei>
        <title>SOLARIS RESOURCES INC</title>
        <cusip>83419D201</cusip>
        <identifiers>
          <isin value="CA83419D2014"/>
          <other otherDesc="Internal" value="BMQ5701"/>
        </identifiers>
        <balance>132918.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>1151805.75000000</valUSD>
        <pctVal>0.044583590761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTHERN COPPER CORPORATION</name>
        <lei>2549007U6NAP46Q9TU15</lei>
        <title>SOUTHERN COPPER CORP</title>
        <cusip>84265V105</cusip>
        <identifiers>
          <isin value="US84265V1052"/>
          <other otherDesc="Internal" value="84265V105"/>
        </identifiers>
        <balance>139030.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>29039196.10000000</valUSD>
        <pctVal>1.124036440144</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STEEL DYNAMICS, INC.</name>
        <lei>549300HGGKEL4FYTTQ83</lei>
        <title>STEEL DYNAMICS INC</title>
        <cusip>858119100</cusip>
        <identifiers>
          <isin value="US8581191009"/>
          <other otherDesc="Internal" value="858119100"/>
        </identifiers>
        <balance>205706.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47851329.72000000</valUSD>
        <pctVal>1.852208240525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNCOKE ENERGY, INC.</name>
        <lei>1KF1J2NXQE2PI0QOB943</lei>
        <title>SUNCOKE ENERGY INC</title>
        <cusip>86722A103</cusip>
        <identifiers>
          <isin value="US86722A1034"/>
          <other otherDesc="Internal" value="86722A103"/>
        </identifiers>
        <balance>128575.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1328179.75000000</valUSD>
        <pctVal>0.051410598038</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TMC the metals company Inc.</name>
        <lei>N/A</lei>
        <title>TMC THE METALS CO INC</title>
        <cusip>87261Y106</cusip>
        <identifiers>
          <isin value="CA87261Y1060"/>
          <other otherDesc="Internal" value="87261Y106"/>
        </identifiers>
        <balance>329351.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1571004.27000000</valUSD>
        <pctVal>0.060809742839</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1452097.71000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Teck Resources Limited</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
        <title>TECK RESOURCES LTD</title>
        <cusip>878742204</cusip>
        <identifiers>
          <isin value="CA8787422044"/>
          <other otherDesc="Internal" value="2879327"/>
        </identifiers>
        <balance>683119.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>46582904.64000000</valUSD>
        <pctVal>1.803110599991</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METALLUS INC.</name>
        <lei>549300QZTZWHDE9HJL14</lei>
        <title>METALLUS INC</title>
        <cusip>887399103</cusip>
        <identifiers>
          <isin value="US8873991033"/>
          <other otherDesc="Internal" value="887399103"/>
        </identifiers>
        <balance>52889.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1032393.28000000</valUSD>
        <pctVal>0.039961425353</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TREKOR METALS LIMITED</name>
        <lei>549300XKUO1JSLU7KX54</lei>
        <title>TREKOR METALS LTD</title>
        <cusip>89472Y107</cusip>
        <identifiers>
          <isin value="CA89472Y1079"/>
          <other otherDesc="Internal" value="BRSCTT8"/>
        </identifiers>
        <balance>542471.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>4916076.16000000</valUSD>
        <pctVal>0.190289315425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Trilogy Metals Inc</name>
        <lei>N/A</lei>
        <title>TRILOGY METALS INC</title>
        <cusip>89621C105</cusip>
        <identifiers>
          <isin value="CA89621C1059"/>
          <other otherDesc="Internal" value="89621C105"/>
        </identifiers>
        <balance>160390.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>579007.90000000</valUSD>
        <pctVal>0.022411983323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="228152.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>United States Antimony Corp</name>
        <lei>N/A</lei>
        <title>UNITED STATES ANTIMONY CORP</title>
        <cusip>911549103</cusip>
        <identifiers>
          <isin value="US9115491030"/>
          <other otherDesc="Internal" value="911549103"/>
        </identifiers>
        <balance>189437.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>922558.19000000</valUSD>
        <pctVal>0.035709976961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="388587.04000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USA Rare Earth, Inc.</name>
        <lei>N/A</lei>
        <title>USA RARE EARTH INC</title>
        <cusip>91733P107</cusip>
        <identifiers>
          <isin value="US91733P1075"/>
          <other otherDesc="Internal" value="91733P107"/>
        </identifiers>
        <balance>257790.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4593817.80000000</valUSD>
        <pctVal>0.177815480456</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="8820.90000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Versamet Royalties Corporation</name>
        <lei>529900W4YMNK6YDBX055</lei>
        <title>VERSAMET ROYALTIES CORP</title>
        <cusip>92528V200</cusip>
        <identifiers>
          <isin value="CA92528V2003"/>
          <other otherDesc="Internal" value="BMVFC34"/>
        </identifiers>
        <balance>44842.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>457171.95000000</valUSD>
        <pctVal>0.017696010917</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="417553.50751900"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WARRIOR MET COAL, INC.</name>
        <lei>N/A</lei>
        <title>WARRIOR MET COAL INC</title>
        <cusip>93627C101</cusip>
        <identifiers>
          <isin value="US93627C1018"/>
          <other otherDesc="Internal" value="93627C101"/>
        </identifiers>
        <balance>78774.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8526497.76000000</valUSD>
        <pctVal>0.330039927966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WORTHINGTON STEEL, INC.</name>
        <lei>2549009ZUUWL3QLK6G24</lei>
        <title>WORTHINGTON STEEL INC</title>
        <cusip>982104101</cusip>
        <identifiers>
          <isin value="US9821041012"/>
          <other otherDesc="Internal" value="982104101"/>
        </identifiers>
        <balance>48145.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1658595.25000000</valUSD>
        <pctVal>0.064200175997</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Companhia Siderurgica Nacional S. A.</name>
        <lei>529900K40TEND42S0T46</lei>
        <title>CIA SIDERURGICA NACIONAL SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRCSNAACNOR6"/>
          <other otherDesc="Internal" value="B019KX8"/>
        </identifiers>
        <balance>897654.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.18155000"/>
        <valUSD>921639.14000000</valUSD>
        <pctVal>0.035674402778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRADESPAR S.A.</name>
        <lei>N/A</lei>
        <title>BRADESPAR SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRBRAPACNPR2"/>
          <other otherDesc="Internal" value="B01SCS4"/>
        </identifiers>
        <balance>375633.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.18155000"/>
        <valUSD>1594875.28000000</valUSD>
        <pctVal>0.061733731403</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Acerinox, S.A.</name>
        <lei>95980020140005582721</lei>
        <title>ACERINOX SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ES0132105018"/>
          <other otherDesc="Internal" value="B01ZVZ5"/>
        </identifiers>
        <balance>269701.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>5603600.08000000</valUSD>
        <pctVal>0.216901689159</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Vale Indonesia Tbk</name>
        <lei>N/A</lei>
        <title>VALE INDONESIA TBK PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000109309"/>
          <other otherDesc="Internal" value="B0217K9"/>
        </identifiers>
        <balance>2835800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17715.00000000"/>
        <valUSD>838241.59000000</valUSD>
        <pctVal>0.032446287065</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HINDUSTAN COPPER LTD</name>
        <lei>33580013OQMTB8N3IV37</lei>
        <title>HINDUSTAN COPPER LTD</title>
        <cusip>Y3213W117</cusip>
        <identifiers>
          <isin value="INE531E01026"/>
          <other otherDesc="Internal" value="B02GZ11"/>
        </identifiers>
        <balance>436056.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>2402455.90000000</valUSD>
        <pctVal>0.092993207117</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerConditional desc="non-U.S. government agency" issuerCat="OTHER"/>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>METALS X LIMITED</name>
        <lei>N/A</lei>
        <title>METALS X LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000MLX7"/>
          <other otherDesc="Internal" value="B02HJ56"/>
        </identifiers>
        <balance>1277942.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1746025.24000000</valUSD>
        <pctVal>0.067584377625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EREGLI DEMIR VE CELIK FABRIKALARI TURK ANONIM SIRKETI</name>
        <lei>789000VYQF5IDGG49908</lei>
        <title>EREGLI DEMIR VE CELIK FABRIKALARI TAS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAEREGL91G3"/>
          <other otherDesc="Internal" value="B03MS97"/>
        </identifiers>
        <balance>4961095.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>3980250.75000000</valUSD>
        <pctVal>0.154065796742</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1374472.76460800"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KARDEMIR KARABUK DEMIR CELIK SANAYI VE TICARET ANONIM SIRKETI</name>
        <lei>789000HKISRM8ZEH0128</lei>
        <title>KARDEMIR KARABUK DEMIR CELIK SANAYI VE TICARET AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TRAKRDMR91G7"/>
          <other otherDesc="Internal" value="B03MV32"/>
        </identifiers>
        <balance>1139637.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>1117938.76000000</valUSD>
        <pctVal>0.043272682196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TR Anadolu Metal Madencilik Isletmeleri AS</name>
        <lei>789000DVKGVEC9701443</lei>
        <title>TR ANADOLU METAL MADENCILIK ISLETMELERI AS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="TREKOZA00014"/>
          <other otherDesc="Internal" value="B03MVQ5"/>
        </identifiers>
        <balance>268796.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>804954.33000000</valUSD>
        <pctVal>0.031157818434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Companhia de Ferro Ligas da Bahia (Ferbasa)</name>
        <lei>N/A</lei>
        <title>CIA FERRO LIGAS DA BAHIA FERBASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BRFESAACNPR5"/>
          <other otherDesc="Internal" value="B07C6Z5"/>
        </identifiers>
        <balance>216291.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.18155000"/>
        <valUSD>211217.20000000</valUSD>
        <pctVal>0.008175702549</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WELSPUN CORP LIMITED</name>
        <lei>335800XKRIPYYRZNRQ31</lei>
        <title>WELSPUN CORP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE191B01025"/>
          <other otherDesc="Internal" value="B07PYG1"/>
        </identifiers>
        <balance>137548.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>3450249.71000000</valUSD>
        <pctVal>0.133550749417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HINDALCO INDUSTRIES LIMITED</name>
        <lei>335800KXLE5NO5B4GF90</lei>
        <title>HINDALCO INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE038A01020"/>
          <other otherDesc="Internal" value="B0GWF48"/>
        </identifiers>
        <balance>1927973.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>20551851.38000000</valUSD>
        <pctVal>0.795512030843</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIMS LIMITED</name>
        <lei>5493002YM7ZHVDMFC916</lei>
        <title>SIMS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SGM7"/>
          <other otherDesc="Internal" value="B0LCW75"/>
        </identifiers>
        <balance>237849.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>4137893.25000000</valUSD>
        <pctVal>0.160167753350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UACJ Corporation</name>
        <lei>353800GO7FBE4RSRH831</lei>
        <title>UACJ CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3826900007"/>
          <other otherDesc="Internal" value="B0N9WZ2"/>
        </identifiers>
        <balance>238952.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>3482479.07000000</valUSD>
        <pctVal>0.134798269319</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Norsk Hydro ASA</name>
        <lei>549300N1SDN71ZZ8BO45</lei>
        <title>NORSK HYDRO ASA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NO0005052605"/>
          <other otherDesc="Internal" value="B11HK39"/>
        </identifiers>
        <balance>1929092.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.34375000"/>
        <valUSD>19476165.89000000</valUSD>
        <pctVal>0.753874869651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ashapura Minechem Ltd</name>
        <lei>335800BSI9EHP97MPU18</lei>
        <title>ASHAPURA MINECHEM LTD</title>
        <cusip>Y0255P133</cusip>
        <identifiers>
          <isin value="INE348A01023"/>
          <other otherDesc="Internal" value="B11W6D6"/>
        </identifiers>
        <balance>72704.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>430487.40000000</valUSD>
        <pctVal>0.016663117083</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MAHARASHTRA SEAMLESS LIMITED</name>
        <lei>3358005CN9WUZJFMHV66</lei>
        <title>MAHARASHTRA SEAMLESS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE271B01025"/>
          <other otherDesc="Internal" value="B12G541"/>
        </identifiers>
        <balance>44206.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>307644.97000000</valUSD>
        <pctVal>0.011908186291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Advanced Building Industries Co. SJSC</name>
        <lei>N/A</lei>
        <title>ADVANCED BUILDING INDUSTRIES CO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SA0007879410"/>
          <other otherDesc="Internal" value="B136LS6"/>
        </identifiers>
        <balance>34719.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75460000"/>
        <valUSD>261691.71000000</valUSD>
        <pctVal>0.010129447699</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SSAB AB</name>
        <lei>529900329VS14ZIML164</lei>
        <title>SSAB AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000171100"/>
          <other otherDesc="Internal" value="B17H0S8"/>
        </identifiers>
        <balance>326250.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.57765000"/>
        <valUSD>3509242.38000000</valUSD>
        <pctVal>0.135834211761</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SSAB AB</name>
        <lei>529900329VS14ZIML164</lei>
        <title>SSAB AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0000120669"/>
          <other otherDesc="Internal" value="B17H3F6"/>
        </identifiers>
        <balance>888559.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.57765000"/>
        <valUSD>9619268.90000000</valUSD>
        <pctVal>0.372338432989</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MINERAL RESOURCES LIMITED</name>
        <lei>5299007V1ACKFFX2P066</lei>
        <title>MINERAL RESOURCES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000MIN4"/>
          <other otherDesc="Internal" value="B17ZL56"/>
        </identifiers>
        <balance>257985.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>11923186.27000000</valUSD>
        <pctVal>0.461517453994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="11077515.15591000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IMPALA PLATINUM HOLDINGS LIMITED</name>
        <lei>254900BZFIFB4PD2Z778</lei>
        <title>IMPALA PLATINUM HOLDINGS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000083648"/>
          <other otherDesc="Internal" value="B1FFT76"/>
        </identifiers>
        <balance>1357682.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.10375000"/>
        <valUSD>18994874.20000000</valUSD>
        <pctVal>0.735245242438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KYOEI STEEL LTD.</name>
        <lei>N/A</lei>
        <title>KYOEI STEEL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3247400009"/>
          <other otherDesc="Internal" value="B1HHF49"/>
        </identifiers>
        <balance>24000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>308917.69000000</valUSD>
        <pctVal>0.011957450177</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LIONTOWN LIMITED</name>
        <lei>529900LT0V2IEL7WZY56</lei>
        <title>LIONTOWN LIMITED</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000LTR4"/>
          <other otherDesc="Internal" value="B1J89V5"/>
        </identifiers>
        <balance>3142355.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>2753108.79000000</valUSD>
        <pctVal>0.106566125074</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2557612.83777000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTURY IRON AND STEEL INDUSTRIAL CO., LTD.</name>
        <lei>N/A</lei>
        <title>CENTURY IRON STEEL INDUSTRIAL CO LTD</title>
        <cusip>Y1248T109</cusip>
        <identifiers>
          <isin value="TW0009958009"/>
          <other otherDesc="Internal" value="B1LJ5C9"/>
        </identifiers>
        <balance>253000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.72200000"/>
        <valUSD>719841.74000000</valUSD>
        <pctVal>0.027863317707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CENTURY IRON STEEL INDUS RTS</name>
        <lei>N/A</lei>
        <title>CENTURY IRON STEEL INDUS RTS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <other otherDesc="Internal" value="B1LJ5RR"/>
        </identifiers>
        <balance>253000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.72200000"/>
        <valUSD>3537.19000000</valUSD>
        <pctVal>0.000136915995</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="RIGHTS"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CMOC Group Limited</name>
        <lei>2549008KG3638J59U652</lei>
        <title>CHINA MOLYBDENUM CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100000114"/>
          <other otherDesc="Internal" value="B1VRCG6"/>
        </identifiers>
        <balance>5376000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>11454572.20000000</valUSD>
        <pctVal>0.443378546524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AMG Critical Materials N.V.</name>
        <lei>5493006MN6OH67U2YI74</lei>
        <title>AMG CRITICAL MATERIALS NV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NL0000888691"/>
          <other otherDesc="Internal" value="B1Z95S1"/>
        </identifiers>
        <balance>51539.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>1950067.38000000</valUSD>
        <pctVal>0.075482351106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PLS GROUP LIMITED</name>
        <lei>5299000VV1CZVF5K9C16</lei>
        <title>PLS GROUP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000PLS0"/>
          <other otherDesc="Internal" value="B2368L5"/>
        </identifiers>
        <balance>4687199.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>18096813.10000000</valUSD>
        <pctVal>0.700483488070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="15297779.28549900"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TIANGONG INTERNATIONAL COMPANY LIMITED</name>
        <lei>N/A</lei>
        <title>TIANGONG INTERNATIONAL CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG888311134"/>
          <other otherDesc="Internal" value="B236JB2"/>
        </identifiers>
        <balance>1936000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>794413.85000000</valUSD>
        <pctVal>0.030749822167</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xinjiang Xinxin Mining Industry Co., Ltd.</name>
        <lei>N/A</lei>
        <title>XINJIANG XINXIN MINING INDUSTRY CO LTD</title>
        <cusip>Y9723Q102</cusip>
        <identifiers>
          <isin value="CNE1000007G2"/>
          <other otherDesc="Internal" value="B24FHB4"/>
        </identifiers>
        <balance>1124000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>288620.59000000</valUSD>
        <pctVal>0.011171798951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>THE SANDUR MANGANESE AND IRON ORES LIMITED</name>
        <lei>254900NF50X4VKSUO257</lei>
        <title>SANDUR MANGANESE IRON ORES LTD THE</title>
        <cusip>Y7499H116</cusip>
        <identifiers>
          <isin value="INE149K01016"/>
          <other otherDesc="Internal" value="B2PFFZ3"/>
        </identifiers>
        <balance>170938.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>362705.14000000</valUSD>
        <pctVal>0.014039431153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>POONGSAN CORPORATION</name>
        <lei>2549007P08ZD5QJS1369</lei>
        <title>POONGSAN CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KR7103140000"/>
          <other otherDesc="Internal" value="B3BDFS1"/>
        </identifiers>
        <balance>24896.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KRW" exchangeRt="1368.60000000"/>
        <valUSD>1485627.96000000</valUSD>
        <pctVal>0.057505034154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saudi Arabian Mining Company SJSC</name>
        <lei>254900R4HAVLB4GY9713</lei>
        <title>SAUDI ARABIAN MINING CO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SA123GA0ITH7"/>
          <other otherDesc="Internal" value="B3C8VY3"/>
        </identifiers>
        <balance>1740276.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75460000"/>
        <valUSD>30788757.15000000</valUSD>
        <pctVal>1.191757680350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Bumi Resources Minerals Tbk</name>
        <lei>N/A</lei>
        <title>BUMI RESOURCES MINERALS TBK PT</title>
        <cusip>Y711AT100</cusip>
        <identifiers>
          <isin value="ID1000117609"/>
          <other otherDesc="Internal" value="B3R5893"/>
        </identifiers>
        <balance>84641000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17715.00000000"/>
        <valUSD>3578171.40000000</valUSD>
        <pctVal>0.138502285973</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Saudi Steel Pipes Company SJSC</name>
        <lei>N/A</lei>
        <title>SAUDI STEEL PIPE CO</title>
        <cusip>M82597101</cusip>
        <identifiers>
          <isin value="SA12B050KK11"/>
          <other otherDesc="Internal" value="B3W1HL1"/>
        </identifiers>
        <balance>26973.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75460000"/>
        <valUSD>385780.14000000</valUSD>
        <pctVal>0.014932608111</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA HONGQIAO GROUP LIMITED</name>
        <lei>3003009Q4IBFSDE24571</lei>
        <title>CHINA HONGQIAO GROUP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG211501005"/>
          <other otherDesc="Internal" value="B44ZV94"/>
        </identifiers>
        <balance>4808500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>13948317.13000000</valUSD>
        <pctVal>0.539905329294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STANMORE RESOURCES LIMITED</name>
        <lei>52990090OHRBVS7DDA54</lei>
        <title>STANMORE RESOURCES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000SMR4"/>
          <other otherDesc="Internal" value="B4KDPZ6"/>
        </identifiers>
        <balance>411642.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>807164.37000000</valUSD>
        <pctVal>0.031243363691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Moil Ltd</name>
        <lei>335800KIMZB1TBYBFI12</lei>
        <title>MOIL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE490G01020"/>
          <other otherDesc="Internal" value="B4NRBT1"/>
        </identifiers>
        <balance>17222.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>44743.42000000</valUSD>
        <pctVal>0.001731908636</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GLENCORE PLC</name>
        <lei>2138002658CPO9NBH955</lei>
        <title>GLENCORE PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00B4T3BW64"/>
          <other otherDesc="Internal" value="B4T3BW6"/>
        </identifiers>
        <balance>14034564.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>111995649.19000000</valUSD>
        <pctVal>4.335078367656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nippon Light Metal Holdings Company, Ltd.</name>
        <lei>353800J9KCFJSF2CGT47</lei>
        <title>NIPPON LIGHT METAL HOLDINGS CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JP3700200003"/>
          <other otherDesc="Internal" value="B51WP26"/>
        </identifiers>
        <balance>85140.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.75000000"/>
        <valUSD>1605739.62000000</valUSD>
        <pctVal>0.062154263501</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MECHEL PAO</name>
        <lei>N/A</lei>
        <title>MECHEL PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU000A0JPV70"/>
          <other otherDesc="Internal" value="B52XJB5"/>
        </identifiers>
        <balance>96000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="86.30000000"/>
        <valUSD>11.12000000</valUSD>
        <pctVal>0.000000430428</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA METAL RECYCLING HOLDINGS LTD</name>
        <lei>N/A</lei>
        <title>CHINA METAL RECYCLING HOLDINGS LTD</title>
        <cusip>G21131100</cusip>
        <identifiers>
          <isin value="KYG211311009"/>
          <other otherDesc="Internal" value="B54DPL5"/>
        </identifiers>
        <balance>132000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>0.17000000</valUSD>
        <pctVal>0.000000006580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APERAM SA</name>
        <lei>5493001136GE6L4R7M63</lei>
        <title>APERAM SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU0569974404"/>
          <other otherDesc="Internal" value="B58C6H1"/>
        </identifiers>
        <balance>65492.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>3575336.87000000</valUSD>
        <pctVal>0.138392568232</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOVOLIPETSK STEEL PAO</name>
        <lei>N/A</lei>
        <title>NOVOLIPETSK STEEL PJSC</title>
        <cusip>X58996103</cusip>
        <identifiers>
          <isin value="RU0009046452"/>
          <other otherDesc="Internal" value="B59FPC7"/>
        </identifiers>
        <balance>11120.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="86.30000000"/>
        <valUSD>1.29000000</valUSD>
        <pctVal>0.000000049932</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GMK NORIL'SKIY NIKEL' PAO</name>
        <lei>253400JPTEEW143W3E47</lei>
        <title>GMK NORILSKIY NICKEL PAO</title>
        <cusip>X5424N118</cusip>
        <identifiers>
          <isin value="RU0007288411"/>
          <other otherDesc="Internal" value="B5B1TX2"/>
        </identifiers>
        <balance>47600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="86.30000000"/>
        <valUSD>0.06000000</valUSD>
        <pctVal>0.000000002322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEVERSTAL' PAO</name>
        <lei>213800OKDPTV6K4ONO53</lei>
        <title>SEVERSTAL PAO</title>
        <cusip>X7803S106</cusip>
        <identifiers>
          <isin value="RU0009046510"/>
          <other otherDesc="Internal" value="B5B9C59"/>
        </identifiers>
        <balance>233400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="86.30000000"/>
        <valUSD>27.05000000</valUSD>
        <pctVal>0.000001047039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AK ALROSA PAO</name>
        <lei>N/A</lei>
        <title>ALROSA PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU0007252813"/>
          <other otherDesc="Internal" value="B6QPBP2"/>
        </identifiers>
        <balance>2886002.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="86.30000000"/>
        <valUSD>334.42000000</valUSD>
        <pctVal>0.000012944582</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hanking Gold International Limited</name>
        <lei>529900DQ7MSTAHWWTJ04</lei>
        <title>HANKING GOLD INTERNATIONAL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG2115G1055"/>
          <other otherDesc="Internal" value="B6QSG78"/>
        </identifiers>
        <balance>1264000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>530193.20000000</valUSD>
        <pctVal>0.020522485369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="78018.93607500"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JASTRZEBSKA SPOLKA WEGLOWA SPOLKA AKCYJNA</name>
        <lei>259400D4E0H5BGXNIK97</lei>
        <title>JASTRZEBSKA SPOLKA WEGLOWA SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PLJSW0000015"/>
          <other otherDesc="Internal" value="B6R2S06"/>
        </identifiers>
        <balance>76810.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.72650000"/>
        <valUSD>682022.92000000</valUSD>
        <pctVal>0.026399443443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="544091.08769400"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Petrosea Tbk</name>
        <lei>N/A</lei>
        <title>PETROSEA TBK PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000122401"/>
          <other otherDesc="Internal" value="B6S7FR6"/>
        </identifiers>
        <balance>3760300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17715.00000000"/>
        <valUSD>1073803.90000000</valUSD>
        <pctVal>0.041564329432</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Nonferrous Mining Corporation Limited</name>
        <lei>529900VMGR2N3QX9OV63</lei>
        <title>CHINA NONFERROUS MINING CORP LTD</title>
        <cusip>Y13982106</cusip>
        <identifiers>
          <isin value="HK0000112026"/>
          <other otherDesc="Internal" value="B890GY2"/>
        </identifiers>
        <balance>2003000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>4211177.67000000</valUSD>
        <pctVal>0.163004414471</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3824329.59646900"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gravita India Ltd</name>
        <lei>335800PL6PSIRCLKWV57</lei>
        <title>GRAVITA INDIA LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE024L01027"/>
          <other otherDesc="Internal" value="B8F4NZ8"/>
        </identifiers>
        <balance>43658.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>824214.62000000</valUSD>
        <pctVal>0.031903337275</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yunnan Aluminium Co., Ltd.</name>
        <lei>N/A</lei>
        <title>YUNNAN ALUMINIUM CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000VG9"/>
          <other otherDesc="Internal" value="BD5CB75"/>
        </identifiers>
        <balance>322083.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>1299991.04000000</valUSD>
        <pctVal>0.050319481840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shanjin International Gold Co.,Ltd.</name>
        <lei>655600QGA2EHH1HUDW82</lei>
        <title>YINTAI GOLD CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000012L4"/>
          <other otherDesc="Internal" value="BD5CF40"/>
        </identifiers>
        <balance>246940.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>965978.81000000</valUSD>
        <pctVal>0.037390683237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Yunnan Tin Co., Ltd.</name>
        <lei>3003005QWPI5MVQF6K65</lei>
        <title>YUNNAN TIN CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000011D3"/>
          <other otherDesc="Internal" value="BD5CHF5"/>
        </identifiers>
        <balance>148200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>795628.64000000</valUSD>
        <pctVal>0.030796843724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tongling Nonferrous Metals Group Co., Ltd.</name>
        <lei>N/A</lei>
        <title>TONGLING NONFERROUS METALS GROUP CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000529"/>
          <other otherDesc="Internal" value="BD5CMD8"/>
        </identifiers>
        <balance>1212700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>1203224.06000000</valUSD>
        <pctVal>0.046573868107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INNER MONGOLIA XINGYE SILVER&amp;TIN MINING CO.,LTD</name>
        <lei>N/A</lei>
        <title>INNER MONGOLIA XINGYE SILVER TIN MINING CO LTD</title>
        <cusip>Y13689107</cusip>
        <identifiers>
          <isin value="CNE000000D24"/>
          <other otherDesc="Internal" value="BD5LTX4"/>
        </identifiers>
        <balance>146300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>867923.38000000</valUSD>
        <pctVal>0.033595196747</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Tungsten and Hightech Materials Co., Ltd.</name>
        <lei>N/A</lei>
        <title>CHINA TUNGSTEN AND HIGHTECH MATERIALS CO LTD</title>
        <cusip>Y2982R101</cusip>
        <identifiers>
          <isin value="CNE0000006M4"/>
          <other otherDesc="Internal" value="BD5M023"/>
        </identifiers>
        <balance>206200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>2014604.36000000</valUSD>
        <pctVal>0.077980420164</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hunan Valin Steel Co., Ltd.</name>
        <lei>N/A</lei>
        <title>HUNAN VALIN STEEL CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001006"/>
          <other otherDesc="Internal" value="BD5M0H8"/>
        </identifiers>
        <balance>560300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>302520.02000000</valUSD>
        <pctVal>0.011709811979</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GuoCheng Mining CO.,LTD</name>
        <lei>N/A</lei>
        <title>GUOCHENG MINING CO LTD</title>
        <cusip>Y2666C107</cusip>
        <identifiers>
          <isin value="CNE0000003F5"/>
          <other otherDesc="Internal" value="BD5M1R5"/>
        </identifiers>
        <balance>96300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>455086.73000000</valUSD>
        <pctVal>0.017615297137</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HENAN SHENHUO COAL &amp; POWER CO.,LTD</name>
        <lei>N/A</lei>
        <title>HENAN SHENHUO COAL POWER CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001097"/>
          <other otherDesc="Internal" value="BD6QWQ2"/>
        </identifiers>
        <balance>192300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>786774.62000000</valUSD>
        <pctVal>0.030454126209</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PRESS METAL ALUMINIUM HOLDINGS BERHAD</name>
        <lei>254900RO5GQ4M0YV5S47</lei>
        <title>PRESS METAL ALUMINIUM HOLDINGS BHD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MYL8869OO009"/>
          <other otherDesc="Internal" value="BF0J5S4"/>
        </identifiers>
        <balance>5528700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MYR" exchangeRt="4.02600000"/>
        <valUSD>10982025.11000000</valUSD>
        <pctVal>0.425087401445</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baiyin Nonferrous Group Co., Ltd.</name>
        <lei>N/A</lei>
        <title>BAIYIN NONFERROUS GROUP CO LTD</title>
        <cusip>Y8077W103</cusip>
        <identifiers>
          <isin value="CNE100002RP3"/>
          <other otherDesc="Internal" value="BFB4KH2"/>
        </identifiers>
        <balance>642000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>654404.73000000</valUSD>
        <pctVal>0.025330410683</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MISHRA DHATU NIGAM LIMITED</name>
        <lei>335800G1ZDM8GIT6DS63</lei>
        <title>MISHRA DHATU NIGAM LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE099Z01011"/>
          <other otherDesc="Internal" value="BFMNFV7"/>
        </identifiers>
        <balance>64913.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>281976.51000000</valUSD>
        <pctVal>0.010914622822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHINA RARE EARTH RESOURCES AND TECHNOLOGY CO., LTD.</name>
        <lei>N/A</lei>
        <title>CHINA RARE EARTH RESOURCES AND TECHNOLOGY CO LTD</title>
        <cusip>Y1521G105</cusip>
        <identifiers>
          <isin value="CNE000000WS2"/>
          <other otherDesc="Internal" value="BFY8HG9"/>
        </identifiers>
        <balance>95400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>879978.88000000</valUSD>
        <pctVal>0.034061835743</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Qatar Aluminum Manufacturing Company QPSC</name>
        <lei>27638CCN3VO5C1FBE839</lei>
        <title>QATAR ALUMINUM MANUFACTURING CO</title>
        <cusip>V7237V107</cusip>
        <identifiers>
          <isin value="QA000M2522L9"/>
          <other otherDesc="Internal" value="BH4NZS6"/>
        </identifiers>
        <balance>4177202.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="QAR" exchangeRt="3.64525000"/>
        <valUSD>1680593.74000000</valUSD>
        <pctVal>0.065051683880</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>QA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DETERRA ROYALTIES LIMITED</name>
        <lei>N/A</lei>
        <title>DETERRA ROYALTIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000107484"/>
          <other otherDesc="Internal" value="BJP5T05"/>
        </identifiers>
        <balance>621955.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1828403.26000000</valUSD>
        <pctVal>0.070773029819</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIOHALCO SA</name>
        <lei>549300U0BOLVY36TGJ31</lei>
        <title>VIOHALCO SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BE0974271034"/>
          <other otherDesc="Internal" value="BJVX2Q0"/>
        </identifiers>
        <balance>55564.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>1111843.25000000</valUSD>
        <pctVal>0.043036739874</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Western Superconducting Technologies Co., Ltd.</name>
        <lei>N/A</lei>
        <title>WESTERN SUPERCONDUCTING TECHNOLOGIES CO LTD</title>
        <cusip>Y9T35V103</cusip>
        <identifiers>
          <isin value="CNE100003MF3"/>
          <other otherDesc="Internal" value="BK71F00"/>
        </identifiers>
        <balance>49625.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>368416.74000000</valUSD>
        <pctVal>0.014260513255</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EVERGREEN STEEL CORPORATION</name>
        <lei>N/A</lei>
        <title>EVERGREEN STEEL CORP</title>
        <cusip>Y2R6D5101</cusip>
        <identifiers>
          <isin value="TW0002211000"/>
          <other otherDesc="Internal" value="BK7KCQ2"/>
        </identifiers>
        <balance>222000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.72200000"/>
        <valUSD>577977.88000000</valUSD>
        <pctVal>0.022372113762</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PERENTI LIMITED</name>
        <lei>N/A</lei>
        <title>PERENTI LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000061897"/>
          <other otherDesc="Internal" value="BKRKNV4"/>
        </identifiers>
        <balance>1254929.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>2028113.16000000</valUSD>
        <pctVal>0.078503312857</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VULCAN ENERGY RESOURCES LIMITED</name>
        <lei>8945006OYFHQ9HE4XE54</lei>
        <title>VULCAN ENERGY RESOURCES LTD</title>
        <cusip>Q9496S102</cusip>
        <identifiers>
          <isin value="AU0000066086"/>
          <other otherDesc="Internal" value="BKYBH63"/>
        </identifiers>
        <balance>510831.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>981431.03000000</valUSD>
        <pctVal>0.037988800978</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="911782.08994000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SIBANYE STILLWATER LIMITED</name>
        <lei>378900F238434B74D281</lei>
        <title>SIBANYE STILLWATER LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000259701"/>
          <other otherDesc="Internal" value="BL0L913"/>
        </identifiers>
        <balance>4223366.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.10375000"/>
        <valUSD>12504142.37000000</valUSD>
        <pctVal>0.484004847387</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CITIC Pacific Special Steel Group Co., Ltd</name>
        <lei>N/A</lei>
        <title>CITIC PACIFIC SPECIAL STEEL GROUP CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000008J6"/>
          <other otherDesc="Internal" value="BL4P3T7"/>
        </identifiers>
        <balance>239949.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>490853.07000000</valUSD>
        <pctVal>0.018999724907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Companhia Brasileira de Aluminio</name>
        <lei>5493001QYTIDILBVYO18</lei>
        <title>CIA BRASILEIRA DE ALUMINIO</title>
        <cusip>P3059U100</cusip>
        <identifiers>
          <isin value="BRCBAVACNOR5"/>
          <other otherDesc="Internal" value="BL73BJ4"/>
        </identifiers>
        <balance>242831.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.18155000"/>
        <valUSD>526288.88000000</valUSD>
        <pctVal>0.020371358667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHAMPION IRON LIMITED</name>
        <lei>N/A</lei>
        <title>CHAMPION IRON LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000CIA2"/>
          <other otherDesc="Internal" value="BLD1SB3"/>
        </identifiers>
        <balance>617367.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1547787.33000000</valUSD>
        <pctVal>0.059911071729</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>IperionX Limited</name>
        <lei>98450096B1C9E094C832</lei>
        <title>IPERIONX LTD</title>
        <cusip>Q4789U120</cusip>
        <identifiers>
          <isin value="AU0000208910"/>
          <other otherDesc="Internal" value="BMCB2H5"/>
        </identifiers>
        <balance>399173.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>847450.49000000</valUSD>
        <pctVal>0.032802741119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="787275.73697600"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vulcan Steel Ltd</name>
        <lei>98450060022AC677C824</lei>
        <title>VULCAN STEEL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000181984"/>
          <other otherDesc="Internal" value="BMG3PV2"/>
        </identifiers>
        <balance>103116.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>410844.56000000</valUSD>
        <pctVal>0.015902790665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NZ</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alleima AB</name>
        <lei>529900EBHTYGLA6PGP77</lei>
        <title>ALLEIMA AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0017615644"/>
          <other otherDesc="Internal" value="BMQ4ZX7"/>
        </identifiers>
        <balance>266924.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.57765000"/>
        <valUSD>3405055.26000000</valUSD>
        <pctVal>0.131801382509</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TIANSHAN ALUMINUM GROUP CO., LTD.</name>
        <lei>N/A</lei>
        <title>TIANSHAN ALUMINUM GROUP CO LTD</title>
        <cusip>Y9894M104</cusip>
        <identifiers>
          <isin value="CNE100000YJ6"/>
          <other otherDesc="Internal" value="BMQBT81"/>
        </identifiers>
        <balance>399260.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>785137.36000000</valUSD>
        <pctVal>0.030390751869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Minerals 260 Limited</name>
        <lei>N/A</lei>
        <title>MINERALS 260 LTD</title>
        <cusip>Q61955102</cusip>
        <identifiers>
          <isin value="AU0000173486"/>
          <other otherDesc="Internal" value="BMT8S71"/>
        </identifiers>
        <balance>2917909.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1839675.22000000</valUSD>
        <pctVal>0.071209339893</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="63313.78563900"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brazilian Rare Earths Ltd</name>
        <lei>9845008972A00C4E4C60</lei>
        <title>BRAZILIAN RARE EARTHS LTD</title>
        <cusip>Q17549108</cusip>
        <identifiers>
          <isin value="AU0000305815"/>
          <other otherDesc="Internal" value="BMVMLB6"/>
        </identifiers>
        <balance>212790.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>610874.67000000</valUSD>
        <pctVal>0.023645468251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Northam Platinum Holdings Limited</name>
        <lei>3789009D0712C7101695</lei>
        <title>NORTHAM PLATINUM HOLDINGS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ZAE000298253"/>
          <other otherDesc="Internal" value="BMZ1NS0"/>
        </identifiers>
        <balance>537231.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.10375000"/>
        <valUSD>9753593.34000000</valUSD>
        <pctVal>0.377537804378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WA1 Resources Ltd</name>
        <lei>529900DH6OUWPF9CMW60</lei>
        <title>WA1 RESOURCES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000196594"/>
          <other otherDesc="Internal" value="BN10LP1"/>
        </identifiers>
        <balance>77449.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>604372.65000000</valUSD>
        <pctVal>0.023393790919</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="156069.83950700"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNRISE ENERGY METALS LIMITED</name>
        <lei>N/A</lei>
        <title>SUNRISE ENERGY METALS LTD</title>
        <cusip>Q8804B108</cusip>
        <identifiers>
          <isin value="AU0000143729"/>
          <other otherDesc="Internal" value="BN4MX14"/>
        </identifiers>
        <balance>133273.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1614551.51000000</valUSD>
        <pctVal>0.062495350266</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="80937.76412500"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EQ Resources Ltd</name>
        <lei>9269000E864BE7BE5B89</lei>
        <title>EQ RESOURCES LTD</title>
        <cusip>Q3556J102</cusip>
        <identifiers>
          <isin value="AU0000122749"/>
          <other otherDesc="Internal" value="BN7FK31"/>
        </identifiers>
        <balance>4989665.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1515636.50000000</valUSD>
        <pctVal>0.058666591531</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>APL APOLLO TUBES LIMITED</name>
        <lei>335800ZU4GXSB7Q4IU95</lei>
        <title>APL APOLLO TUBES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE702C01027"/>
          <other otherDesc="Internal" value="BNDTGN9"/>
        </identifiers>
        <balance>269240.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>6278475.94000000</valUSD>
        <pctVal>0.243024487345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITED COMPANY RUSAL IPJSC</name>
        <lei>N/A</lei>
        <title>UNITED CO RUSAL INTERNATIONAL PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="RU000A1025V3"/>
          <other otherDesc="Internal" value="BNGCVY1"/>
        </identifiers>
        <balance>3450000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RUB" exchangeRt="86.30000000"/>
        <valUSD>399.77000000</valUSD>
        <pctVal>0.000015474121</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Al Masane Al Kobra Mining Company SJSC</name>
        <lei>N/A</lei>
        <title>AL MASANE AL KOBRA MINING CO</title>
        <cusip>M08569101</cusip>
        <identifiers>
          <isin value="SA15HG50KL10"/>
          <other otherDesc="Internal" value="BNNVLT6"/>
        </identifiers>
        <balance>53439.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75460000"/>
        <valUSD>1179910.80000000</valUSD>
        <pctVal>0.045671468685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sinomine Resource Group Co., Ltd.</name>
        <lei>N/A</lei>
        <title>SINOMINE RESOURCE GROUP CO LTD</title>
        <cusip>Y80027108</cusip>
        <identifiers>
          <isin value="CNE100001WV3"/>
          <other otherDesc="Internal" value="BNR4M32"/>
        </identifiers>
        <balance>63200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>506443.35000000</valUSD>
        <pctVal>0.019603186614</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Develop Global Limited</name>
        <lei>N/A</lei>
        <title>DEVELOP GLOBAL LTD</title>
        <cusip>Q9394G267</cusip>
        <identifiers>
          <isin value="AU0000179707"/>
          <other otherDesc="Internal" value="BNVQGB0"/>
        </identifiers>
        <balance>389885.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1508427.67000000</valUSD>
        <pctVal>0.058387555308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1136668.54517300"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CVK MADEN ISLETMELERI SANAYI VE TICARET ANONIM SIRKETI</name>
        <lei>7890001D4R4LNQHBQG34</lei>
        <title>CVK MADEN ISLETMELERI SANAYI VE TICARET AS</title>
        <cusip>M2681S106</cusip>
        <identifiers>
          <isin value="TRECVKM00021"/>
          <other otherDesc="Internal" value="BNXGKV6"/>
        </identifiers>
        <balance>636926.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TRY" exchangeRt="48.26000000"/>
        <valUSD>220985.05000000</valUSD>
        <pctVal>0.008553792194</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>East Pipes Integrated Company for Industry</name>
        <lei>N/A</lei>
        <title>EAST PIPES INTEGRATED CO FOR INDUSTRY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SA15GH80KKH0"/>
          <other otherDesc="Internal" value="BNYN3R3"/>
        </identifiers>
        <balance>23866.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SAR" exchangeRt="3.75460000"/>
        <valUSD>1250317.53000000</valUSD>
        <pctVal>0.048396741446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Baoshan Iron &amp; Steel Co.,Ltd.</name>
        <lei>N/A</lei>
        <title>BAOSHAN IRON STEEL CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000015R4"/>
          <other otherDesc="Internal" value="BP3R2Y0"/>
        </identifiers>
        <balance>1918913.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>1661699.38000000</valUSD>
        <pctVal>0.064320329297</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>China Northern Rare Earth (Group) High-Tech Co., Ltd.</name>
        <lei>N/A</lei>
        <title>CHINA NORTHERN RARE EARTH GROUP HIGH TECH CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000T18"/>
          <other otherDesc="Internal" value="BP3R370"/>
        </identifiers>
        <balance>328723.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>1985808.40000000</valUSD>
        <pctVal>0.076865798800</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zijin Mining Group Company Limited</name>
        <lei>N/A</lei>
        <title>ZIJIN MINING GROUP CO LTD</title>
        <cusip>Y9892H115</cusip>
        <identifiers>
          <isin value="CNE100000B24"/>
          <other otherDesc="Internal" value="BP3R400"/>
        </identifiers>
        <balance>1843100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>9231908.01000000</valUSD>
        <pctVal>0.357344637901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Inner Mongolia Baotou Steel Union Co., Ltd</name>
        <lei>N/A</lei>
        <title>INNER MONGOLIA BAOTOU STEEL UNION CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE0000017H1"/>
          <other otherDesc="Internal" value="BP3R488"/>
        </identifiers>
        <balance>3983621.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>1332488.67000000</valUSD>
        <pctVal>0.051577385820</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aluminum Corporation of China Limited</name>
        <lei>N/A</lei>
        <title>ALUMINUM CORP OF CHINA LTD</title>
        <cusip>Y0094N125</cusip>
        <identifiers>
          <isin value="CNE1000000T0"/>
          <other otherDesc="Internal" value="BP3R4D3"/>
        </identifiers>
        <balance>1199165.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>1744016.32000000</valUSD>
        <pctVal>0.067506617233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jiangxi Copper Company Limited</name>
        <lei>3003002E74YFQ6MEZY56</lei>
        <title>JIANGXI COPPER CO LTD</title>
        <cusip>Y4446C118</cusip>
        <identifiers>
          <isin value="CNE0000019P0"/>
          <other otherDesc="Internal" value="BP3R4R7"/>
        </identifiers>
        <balance>190925.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>1374694.86000000</valUSD>
        <pctVal>0.053211084473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CMOC Group Limited</name>
        <lei>2549008KG3638J59U652</lei>
        <title>CMOC GROUP LTD</title>
        <cusip>Y1503Z113</cusip>
        <identifiers>
          <isin value="CNE100001NR0"/>
          <other otherDesc="Internal" value="BP3R574"/>
        </identifiers>
        <balance>1559100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>4408390.66000000</valUSD>
        <pctVal>0.170638048214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jinduicheng Molybdenum Co Ltd</name>
        <lei>N/A</lei>
        <title>JINDUICHENG MOLYBDENUM CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE1000009Y1"/>
          <other otherDesc="Internal" value="BP3R5L8"/>
        </identifiers>
        <balance>256200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>860733.74000000</valUSD>
        <pctVal>0.033316903322</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xiamen Tungsten Co., Ltd.</name>
        <lei>N/A</lei>
        <title>XIAMEN TUNGSTEN CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001D15"/>
          <other otherDesc="Internal" value="BP3R6F9"/>
        </identifiers>
        <balance>141399.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>1132208.18000000</valUSD>
        <pctVal>0.043825016635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Western Mining Co., Ltd.</name>
        <lei>N/A</lei>
        <title>WESTERN MINING CO LTD</title>
        <cusip>Y9535G102</cusip>
        <identifiers>
          <isin value="CNE100000619"/>
          <other otherDesc="Internal" value="BP3R7X4"/>
        </identifiers>
        <balance>203425.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>1189571.88000000</valUSD>
        <pctVal>0.046045425523</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GUANGDONG HEC TECHNOLOGY HOLDING CO., LTD</name>
        <lei>N/A</lei>
        <title>GUANGDONG HEC TECHNOLOGY HOLDING CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000000BL1"/>
          <other otherDesc="Internal" value="BP3R819"/>
        </identifiers>
        <balance>272800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>1343439.35000000</valUSD>
        <pctVal>0.052001259928</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shandong Nanshan Aluminium Co., Ltd.</name>
        <lei>N/A</lei>
        <title>SHANDONG NANSHAN ALUMINUM CO LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE000001139"/>
          <other otherDesc="Internal" value="BP3R9D8"/>
        </identifiers>
        <balance>1022530.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>736635.12000000</valUSD>
        <pctVal>0.028513348479</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lygend Resources &amp; Technology Co., Ltd.</name>
        <lei>N/A</lei>
        <title>LYGEND RESOURCES TECHNOLOGY CO LTD H</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CNE100005M34"/>
          <other otherDesc="Internal" value="BP6W6R3"/>
        </identifiers>
        <balance>220600.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>517326.00000000</valUSD>
        <pctVal>0.020024427447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="445097.34723400"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GODAWARI POWER AND ISPAT LIMITED</name>
        <lei>335800BC29IHAN5IOG37</lei>
        <title>GODAWARI POWER AND ISPAT LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE177H01039"/>
          <other otherDesc="Internal" value="BP7ML77"/>
        </identifiers>
        <balance>321588.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>822097.55000000</valUSD>
        <pctVal>0.031821390660</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RAMKRISHNA FORGINGS LTD</name>
        <lei>335800DCYR2328NWUC07</lei>
        <title>RAMKRISHNA FORGINGS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE399G01023"/>
          <other otherDesc="Internal" value="BP95CX7"/>
        </identifiers>
        <balance>106685.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>832568.30000000</valUSD>
        <pctVal>0.032226687849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FireFly Metals Ltd</name>
        <lei>529900XFOBB3CJ170E75</lei>
        <title>FIREFLY METALS LTD</title>
        <cusip>Q1198K164</cusip>
        <identifiers>
          <isin value="AU0000313769"/>
          <other otherDesc="Internal" value="BPDXXB2"/>
        </identifiers>
        <balance>1081638.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1407941.00000000</valUSD>
        <pctVal>0.054497961449</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="600008.33170700"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TATA STEEL LIMITED</name>
        <lei>335800E6C75YGSGD5T66</lei>
        <title>TATA STEEL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE081A01020"/>
          <other otherDesc="Internal" value="BPQWCZ3"/>
        </identifiers>
        <balance>11223547.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>21692529.45000000</valUSD>
        <pctVal>0.839664896257</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JINDAL SAW LIMITED</name>
        <lei>335800DDPMLWP71NRQ10</lei>
        <title>JINDAL SAW LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE324A01032"/>
          <other otherDesc="Internal" value="BPSRBX7"/>
        </identifiers>
        <balance>335503.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1089382.94000000</valUSD>
        <pctVal>0.042167356066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Boliden AB</name>
        <lei>21380059QU7IM1ONDJ56</lei>
        <title>BOLIDEN AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0020050417"/>
          <other otherDesc="Internal" value="BPYTZ57"/>
        </identifiers>
        <balance>424056.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.57765000"/>
        <valUSD>24945671.15000000</valUSD>
        <pctVal>0.965586075451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dazhong Mining Co., Ltd</name>
        <lei>N/A</lei>
        <title>DAZHONG MINING CO LTD</title>
        <cusip>Y4R83D107</cusip>
        <identifiers>
          <isin value="CNE100004JY8"/>
          <other otherDesc="Internal" value="BQ3RQ67"/>
        </identifiers>
        <balance>127200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>533165.09000000</valUSD>
        <pctVal>0.020637519981</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NMDC STEEL LIMITED</name>
        <lei>335800XNI1D4ZCE7VG97</lei>
        <title>NMDC STEEL LTD</title>
        <cusip>Y62245108</cusip>
        <identifiers>
          <isin value="INE0NNS01018"/>
          <other otherDesc="Internal" value="BQPDVR9"/>
        </identifiers>
        <balance>1125560.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>545402.04000000</valUSD>
        <pctVal>0.021111182464</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Granges AB</name>
        <lei>5493006UG44TYSIXOB13</lei>
        <title>GRANGES AB</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SE0006288015"/>
          <other otherDesc="Internal" value="BRJ3BP0"/>
        </identifiers>
        <balance>153728.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.57765000"/>
        <valUSD>2891330.61000000</valUSD>
        <pctVal>0.111916354535</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SARDA ENERGY &amp; MINERALS LIMITED</name>
        <lei>3358008BGCGZ8DKYHY59</lei>
        <title>SARDA ENERGY MINERALS LTD</title>
        <cusip>Y7527G106</cusip>
        <identifiers>
          <isin value="INE385C01021"/>
          <other otherDesc="Internal" value="BRZS5S0"/>
        </identifiers>
        <balance>111920.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>585897.14000000</valUSD>
        <pctVal>0.022678648998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shandong Hongqiao Aluminum Industry Holding Company Limited</name>
        <lei>N/A</lei>
        <title>SHANDONG HONGQIAO ALUMINUM INDUSTRY HOLDING CO LTD</title>
        <cusip>Y7683V103</cusip>
        <identifiers>
          <isin value="CNE100000MW4"/>
          <other otherDesc="Internal" value="BSY22K1"/>
        </identifiers>
        <balance>247900.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>669000.28000000</valUSD>
        <pctVal>0.025895368817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chengtun Mining Group Co., Ltd.</name>
        <lei>N/A</lei>
        <title>CHENGTUN MINING GROUP CO LTD</title>
        <cusip>Y9722H103</cusip>
        <identifiers>
          <isin value="CNE000000KN8"/>
          <other otherDesc="Internal" value="BTFRHJ6"/>
        </identifiers>
        <balance>250200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.71820000"/>
        <valUSD>439849.07000000</valUSD>
        <pctVal>0.017025484491</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANGLO AMERICAN PLC</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>ANGLO AMERICAN ORD NPV</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BTK05J60"/>
          <other otherDesc="Internal" value="BTK05J6"/>
        </identifiers>
        <balance>1584925.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>89850114.38000000</valUSD>
        <pctVal>3.477878739015</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VEDANTA ALUMINIUM METAL LIMITED</name>
        <lei>335800NL21ZO4I8KAA12</lei>
        <title>VEDANTA ALUMINIUM METAL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE1CDF01017"/>
          <other otherDesc="Internal" value="BTXZ178"/>
        </identifiers>
        <balance>2042054.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>9335870.23000000</valUSD>
        <pctVal>0.361368761822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vedanta Iron And Steel Limited</name>
        <lei>335800Y89YF7J22XIQ21</lei>
        <title>VEDANTA IRON AND STEEL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE1CLE01013"/>
          <other otherDesc="Internal" value="BTXZ190"/>
        </identifiers>
        <balance>2142534.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>829044.87000000</valUSD>
        <pctVal>0.032090304469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ELEVRA LITHIUM LIMITED</name>
        <lei>N/A</lei>
        <title>ELEVRA LITHIUM LTD</title>
        <cusip>Q8329N306</cusip>
        <identifiers>
          <isin value="AU0000421851"/>
          <other otherDesc="Internal" value="BVBM1M0"/>
        </identifiers>
        <balance>262572.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1545112.52000000</valUSD>
        <pctVal>0.059807536359</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="678592.10266600"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jiaxin International Resources Investment Ltd</name>
        <lei>N/A</lei>
        <title>JIAXIN INTERNATIONAL RESOURCES INVESTMENT LTD</title>
        <cusip>Y4S4TM107</cusip>
        <identifiers>
          <isin value="HK0001188587"/>
          <other otherDesc="Internal" value="BVF8CT8"/>
        </identifiers>
        <balance>125200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83845000"/>
        <valUSD>1000236.48000000</valUSD>
        <pctVal>0.038716714071</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="949106.18070200"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PTC INDUSTRIES LIMITED</name>
        <lei>335800WHBPFCCRTAAO49</lei>
        <title>PTC INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE596F01018"/>
          <other otherDesc="Internal" value="BWBXV42"/>
        </identifiers>
        <balance>6765.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>1570246.68000000</valUSD>
        <pctVal>0.060780418378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOUTH32 LIMITED</name>
        <lei>213800LAZNPXSBKVHR17</lei>
        <title>SOUTH32 LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU000000S320"/>
          <other otherDesc="Internal" value="BWSW5D9"/>
        </identifiers>
        <balance>6694116.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>24629190.11000000</valUSD>
        <pctVal>0.953335866446</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ArcelorMittal SA</name>
        <lei>2EULGUTUI56JI9SAL165</lei>
        <title>ARCELORMITTAL SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU1598757687"/>
          <other otherDesc="Internal" value="BYPBS67"/>
        </identifiers>
        <balance>637313.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86091900"/>
        <valUSD>47489352.15000000</valUSD>
        <pctVal>1.838196971832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Atalaya Mining Copper, S.A.</name>
        <lei>549300QNQPXVRXGXOX56</lei>
        <title>ATALAYA MINING COPPER SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CY0106002112"/>
          <other otherDesc="Internal" value="BYZTVM8"/>
        </identifiers>
        <balance>181056.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73800700"/>
        <valUSD>2641936.95000000</valUSD>
        <pctVal>0.102262934350</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PT Merdeka Copper Gold Tbk.</name>
        <lei>894500DF5TJXCOE26L58</lei>
        <title>MERDEKA COPPER GOLD TBK PT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ID1000134406"/>
          <other otherDesc="Internal" value="BZ0W5W7"/>
        </identifiers>
        <balance>13023786.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="IDR" exchangeRt="17715.00000000"/>
        <valUSD>2157982.89000000</valUSD>
        <pctVal>0.083530253289</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ID</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NICKEL INDUSTRIES LIMITED</name>
        <lei>54930007K0WX53TSIK16</lei>
        <title>NICKEL INDUSTRIES LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AU0000018236"/>
          <other otherDesc="Internal" value="BZ7NDP2"/>
        </identifiers>
        <balance>3242373.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.39547900"/>
        <valUSD>1981485.15000000</valUSD>
        <pctVal>0.076698456339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JSW STEEL LIMITED</name>
        <lei>335800EK6HZSC4CVAJ09</lei>
        <title>JSW STEEL LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE019A01038"/>
          <other otherDesc="Internal" value="BZBYJJ7"/>
        </identifiers>
        <balance>912169.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.18125000"/>
        <valUSD>12507885.36000000</valUSD>
        <pctVal>0.484149729399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONSTELLIUM SE</name>
        <lei>724500KRJEMC79KAAU28</lei>
        <title>CONSTELLIUM SE</title>
        <cusip>F21107101</cusip>
        <identifiers>
          <isin value="FR0013467479"/>
          <other otherDesc="Internal" value="F21107101"/>
        </identifiers>
        <balance>182770.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4830611.10000000</valUSD>
        <pctVal>0.186981171443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Talon Metals Corp</name>
        <lei>9845003F1E9496A9MA60</lei>
        <title>TALON METALS CORP</title>
        <cusip>G86659201</cusip>
        <identifiers>
          <isin value="VGG866592014"/>
          <other otherDesc="Internal" value="BTZRRJ6"/>
        </identifiers>
        <balance>157066.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.38595000"/>
        <valUSD>859021.09000000</valUSD>
        <pctVal>0.033250610818</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="555564.03895900"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XAE ENERGY SEP26</name>
        <lei>N/A</lei>
        <title>XAE ENERGY SEP26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="1XAEU26"/>
          <other otherDesc="INTERNAL" value="IXPU62022"/>
        </identifiers>
        <balance>30.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>113867.90000000</valUSD>
        <pctVal>0.004407548629</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Index Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CHICAGO MERCANTILE EXCHANGE INC</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>E-mini Energy Select Sector Futures Sep 2026</indexName>
                <indexIdentifier>1XAEU26</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-09-18</expDate>
            <notionalAmt>3913032.10000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>113867.90000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MSCI EMGMKT SEP26</name>
        <lei>N/A</lei>
        <title>MSCI EMGMKT SEP26</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="N/A"/>
          <ticker value="MMEU26"/>
          <other otherDesc="INTERNAL" value="MESU62026"/>
        </identifiers>
        <balance>147.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>31291.88000000</valUSD>
        <pctVal>0.001211232338</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="Index Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE FUTURES U.S.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>US MSCI Emerging Markets Equity Index Future Sep 2026</indexName>
                <indexIdentifier>MMEU26</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-09-18</expDate>
            <notionalAmt>12545293.12000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>31291.88000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      
      
      
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      
      
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>iShares, Inc.</ncom:nameOfApplicant>
      <ncom:signature>Chuck Pulsfort </ncom:signature>
      <ncom:signerName>Chuck Pulsfort </ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
