| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | RREEF America LLC | 6,974,281 | 6,965,815 | 69,812,552.81 | 0.323 | 0.5517 | 12/31/2025 |
| 2 | SSgA Funds Management, Inc. | 5,667,599 | 1,410,154 | 56,732,665.99 | 0.0019 | 0.4483 | 12/31/2025 |
| 3 | Goldman Sachs & Co. LLC (Private Banking) | 4,359,334 | 4,329,711 | 43,636,933.34 | 0.0201 | 0.3449 | 12/31/2025 |
| 4 | UBS Securities LLC | 3,950,094 | -137,977 | 39,540,440.94 | 0.0167 | 0.3125 | 12/31/2025 |
| 5 | American Century Investment Management, Inc. | 1,870,695 | 279,362 | 18,725,656.95 | 0.0071 | 0.148 | 12/31/2025 |
| 6 | Compass Rose Asset Management LP | 1,600,000 | 1,600,000 | 16,016,000 | 5.304 | 0.1266 | 12/31/2025 |
| 7 | Parametric Portfolio Associates LLC | 1,492,814 | 91,227 | 14,943,068.14 | 0.0039 | 0.1181 | 12/31/2025 |
| 8 | JPMorgan Mansart Management Ltd. | 1,310,720 | 1,310,720 | 13,120,307.2 | 0.0767 | 0.1037 | 12/31/2025 |
| 9 | AzValor Asset Management SGIIC SA | 1,202,849 | 210,967 | 12,040,518.49 | 0.3682 | 0.0952 | 12/31/2025 |
| 10 | Northern Trust Investments, Inc.(Investment Management) | 930,501 | 35,348 | 9,314,315.01 | 0.0014 | 0.0736 | 12/31/2025 |
| 11 | Merrill Lynch International (Investment Management) | 924,823 | 57,867 | 9,257,478.23 | 0.042 | 0.0732 | 12/31/2025 |
| 12 | Ramirez Asset Management, Inc. | 850,261 | 850,261 | 8,511,112.61 | 1.0398 | 0.0673 | 12/31/2025 |
| 13 | Itau USA Asset Management, Inc. | 828,449 | -41,563 | 8,292,774.49 | 0.135 | 0.0655 | 12/31/2025 |
| 14 | Kapitalo Investimentos Ltda. | 784,450 | 88,534 | 7,852,344.5 | 0.1983 | 0.0621 | 12/31/2025 |
| 15 | Deka Investment GmbH | 778,866 | 0 | 7,796,448.66 | 0.006 | 0.0616 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | State Street SPDR S&P Global Natural Resources ETF | 5,446,340 | 1,229,993 | 54,517,863.4 | 1.1742 | 0.4308 | 02/27/2026 |
| 2 | UniRak | 2,714,650 | 0 | 27,173,646.5 | 0.4404 | 0.2147 | 09/30/2025 |
| 3 | DWS RREEF Real Assets Fund | 2,327,000 | 2,327,000 | 23,293,270 | 0.6046 | 0.1841 | 01/31/2026 |
| 4 | Avantis Emerging Markets Equity ETF | 1,933,908 | 621,402 | 19,358,419.08 | 0.0962 | 0.153 | 02/27/2026 |
| 5 | azValor Internacional, FI | 1,110,511 | 118,629 | 11,116,215.11 | 0.3297 | 0.0878 | 12/31/2025 |
| 6 | Schroder ISF - Emerging Markets Equity Alpha | 657,183 | 0 | 6,578,401.83 | 1.033 | 0.052 | 06/30/2025 |
| 7 | State Street SPDR Portfolio Emerging Markets ETF | 489,970 | 65,005 | 4,904,599.7 | 0.0301 | 0.0388 | 02/27/2026 |
| 8 | UniRak Konservativ | 437,786 | 0 | 4,382,237.86 | 0.4705 | 0.0346 | 09/30/2025 |
| 9 | Avantage Fund, FI | 359,954 | 61,189 | 3,603,139.54 | 2.6074 | 0.0285 | 12/31/2025 |
| 10 | Eaton Vance Global Opportunities Portfolio | 330,200 | 35,100 | 3,305,302 | -0.2167 | 0.0261 | 10/31/2025 |
| 11 | Principal Funds, Inc. - Diversified Real Asset Fund | 291,510 | 209,109 | 2,918,015.1 | 0.114 | 0.0231 | 01/31/2026 |
| 12 | Handelsbanken Latinamerika Impact Tema | 271,655 | 271,655 | 2,719,266.55 | 0.7976 | 0.0215 | 02/28/2026 |
| 13 | DWS Global Natural Resource Equity Type | 266,745 | 166,544 | 2,670,117.45 | 2.8861 | 0.0211 | 01/30/2026 |
| 14 | Seafarer Overseas Value Fund | 265,000 | 265,000 | 2,652,650 | 1.8952 | 0.021 | 12/31/2025 |
| 15 | CIBC Emerging Markets Fund | 222,200 | 0 | 2,224,222 | 0.2165 | 0.0176 | 06/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | RREEF America LLC | 6,974,281 | 6,965,815 | 69,812,552.81 | 0.323 | 0.5517 | 12/31/2025 |
| 2 | Goldman Sachs & Co. LLC (Private Banking) | 4,359,334 | 4,329,711 | 43,636,933.34 | 0.0201 | 0.3449 | 12/31/2025 |
| 3 | Compass Rose Asset Management LP | 1,600,000 | 1,600,000 | 16,016,000 | 5.304 | 0.1266 | 12/31/2025 |
| 4 | SSgA Funds Management, Inc. | 5,667,599 | 1,410,154 | 56,732,665.99 | 0.0019 | 0.4483 | 12/31/2025 |
| 5 | JPMorgan Mansart Management Ltd. | 1,310,720 | 1,310,720 | 13,120,307.2 | 0.0767 | 0.1037 | 12/31/2025 |
| 6 | Ramirez Asset Management, Inc. | 850,261 | 850,261 | 8,511,112.61 | 1.0398 | 0.0673 | 12/31/2025 |
| 7 | SG Americas Securities LLC | 529,300 | 512,177 | 5,298,293 | 0.0072 | 0.0419 | 12/31/2025 |
| 8 | Principal Global Investors LLC | 490,488 | 391,188 | 4,909,784.88 | 0.0023 | 0.0388 | 12/31/2025 |
| 9 | JPMorgan Securities LLC (Investment Management) | 568,816 | 323,172 | 5,693,848.16 | 0.0039 | 0.045 | 12/31/2025 |
| 10 | American Century Investment Management, Inc. | 1,870,695 | 279,362 | 18,725,656.95 | 0.0071 | 0.148 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Goldman Sachs International | 115,337 | -3,432,058 | 1,154,523.37 | 0.0113 | 0.0091 | 12/31/2025 |
| 2 | Union Investment Institutional GmbH | 0 | -3,212,890 | 0 | 0 | 0 | |
| 3 | Two Sigma Advisers LP | 67,000 | -1,165,100 | 670,670 | 0.0013 | 0.0053 | 12/31/2025 |
| 4 | Millennium Management LLC | 776,173 | -1,068,721 | 7,769,491.73 | 0.0058 | 0.0614 | 12/31/2025 |
| 5 | Two Sigma Investments LP | 187,554 | -1,006,301 | 1,877,415.54 | 0.0029 | 0.0148 | 12/31/2025 |
| 6 | Bank of America, NA (Private Banking) | 50,485 | -898,845 | 505,354.85 | 0.0002 | 0.004 | 12/31/2025 |
| 7 | Janus Henderson Investors (Australia) Instl. Funds Mgmt. Ltd. | 0 | -848,857 | 0 | 0 | 0 | |
| 8 | Marshall Wace LLP | 75,279 | -846,058 | 753,542.79 | 0.0007 | 0.006 | 12/31/2025 |
| 9 | Morgan Stanley Latam LLC | 76,700 | -648,526 | 767,767 | 0.1686 | 0.0061 | 12/31/2025 |
| 10 | RBC Dominion Securities, Inc. (Investment Management) | 184 | -550,800 | 1,841.84 | 0 | 0 | 12/31/2025 |
Data provided by FactSet Research Systems Inc.