# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001752724-25-177015
**Filing Date:** 2025-7
**Character Count:** 63972
**Document Hash:** 6f3434eaef8af332fc6d8a62e2792358
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-177015.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001752724-25-177015

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250530

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**PERIOD START**: 20250531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 251146630

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### BlackRock Commodity Strategies Fund (Series ID: S000033601)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000103250 | Investor A Shares    |  |
| C000103251 | Investor C Shares    |  |
| C000103252 | Institutional Shares |  |
| C000198241 | Class K              |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** BlackRock Funds

- **b. Investment Company Act file number:** 811-05742

- **c. CIK number of Registrant:** 0000844779

- **d. LEI of Registrant:** 549300OZUEVJZHOBFP42

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

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

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

- **a. Name of Series:** BlackRock Commodity Strategies Fund

- **b. EDGAR series identifier (if any):** S000033601

- **c. LEI of Series:** P7WNZ2Q36SS1IIU5DB52

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

- **a. Date of fiscal year-end:** 2025-05-31

- **b. Date as of which information is reported:** 2025-05-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $636770898.63

**Total Liabilities:** $14918336.51

**Net Assets:** $621852562.12

**Amount of Assets Invested in Other Investment Companies:** $81938138.86

**Cash Not Reported:** $10266703.02

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 2.65000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.02000000 | **1-Year:** 0.01000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000103250 | 3.34%                | -2.45%               | 1.94%                |
| Class ID C000103251 | 3.27%                | -2.58%               | 1.93%                |
| Class ID C000103252 | 3.42%                | -2.43%               | 2.04%                |
| Class ID C000198241 | 3.31%                | -2.32%               | 2.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2637710.89              | $4351416.35                                |
| Month 2  | $7144432.05              | $-8690071.63                               |
| Month 3  | $2294827.21              | $9721536.48                                |

**Designated Index Information**

- **Index Name:** Bloomberg Commodity Index Total Return

- **Index Identifier:** BCOMTR

### Schedule of Portfolio Investments

| Name                                       | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-6810.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-50819.45    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Capricorn Metals Ltd                       | Capricorn Metals Ltd                       | CUSIP: 000000000<br>LEI: 529900CRG304NUYMOV23 | Long             | EC               | CORP              | AU        |     70516 | NS      | $445958.21    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| NGEX MINERALS LTD PLACEMENT                | NGEX MINERALS LTD PLACEMENT                | CUSIP: 000000000<br>LEI: 549300M2DU5ORAGOIG27 | Long             | EC               | CORP              | CA        |     35836 | NS      | $411016.61    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                        | Cheniere Energy Inc                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     13138 | NS      | $3113574.62   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                             | TechnipFMC PLC                             | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     52266 | NS      | $1628085.90   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                         | Franco-Nevada Corp                         | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     11898 | NS      | $2004197.66   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd             | Canadian Natural Resources Ltd             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |    103324 | NS      | $3137327.27   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Founders Metals Inc                        | Founders Metals Inc                        | CUSIP: 350590105<br>LEI: 984500F8843F89AC8H21 | Long             | EC               | CORP              | CA        |     17684 | NS      | $56440.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Nickel Industries Ltd                      | Nickel Industries Ltd                      | CUSIP: 000000000<br>LEI: 54930007K0WX53TSIK16 | Long             | EC               | CORP              | AU        |   1120175 | NS      | $494499.58    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Rupert Resources Ltd                       | Rupert Resources Ltd                       | CUSIP: 78165J105<br>LEI: 529900EEVS5CSPMXKZ88 | Long             | EC               | CORP              | CA        |     62411 | NS      | $231935.07    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Anglogold Ashanti Plc                      | Anglogold Ashanti Plc                      | CUSIP: 000000000<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     77625 | NS      | $3400751.25   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $3932.65      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| B2Gold Corp                                | B2Gold Corp                                | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |     86853 | NS      | $291756.72    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                       | Freeport-McMoRan Inc                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     69822 | NS      | $2686750.56   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Chalice Mining Ltd                         | Chalice Mining Ltd                         | CUSIP: 000000000<br>LEI: 5299008IXHWMQDOE1437 | Long             | EC               | CORP              | AU        |     86228 | NS      | $64336.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| CONOCOPHILLIPS                             | CONOCOPHILLIPS                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     22233 | NS      | $1897586.55   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp                      | Pembina Pipeline Corp                      | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |     39161 | NS      | $1467592.25   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                    | Vale SA                                    | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    353711 | NS      | $3229381.43   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaztransport Et Technigaz SA               | Gaztransport Et Technigaz SA               | CUSIP: 000000000<br>LEI: 969500BVOHVZUUFWDT54 | Long             | EC               | CORP              | FR        |      3799 | NS      | $705961.91    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Cameco Corp                                | Cameco Corp                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     20650 | NS      | $1208644.50   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                         | Anglo American PLC                         | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     74864 | NS      | $2220417.10   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Centerra Gold Inc                          | Centerra Gold Inc                          | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | CA        |     78308 | NS      | $558629.59    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $89201.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Steel Dynamics Inc                         | Steel Dynamics Inc                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     13368 | NS      | $1645199.76   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Bellevue Gold Ltd                          | Bellevue Gold Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1241388 | NS      | $798241.42    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Wheaton Precious Metals Corp               | Wheaton Precious Metals Corp               | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     91128 | NS      | $7895967.12   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                            | Alamos Gold Inc                            | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |     97641 | NS      | $2528626.91   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Polyus PJSC                                | Polyus PJSC                                | CUSIP: 000000000<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |    462520 | NS      | $5.97         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Foran Mining Corp                          | Foran Mining Corp                          | CUSIP: 344911201<br>LEI: 529900LRYPIWB6RISB58 | Long             | EC               | CORP              | CA        |    379975 | NS      | $827868.44    | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| TITAN MINING CORP                          | TITAN MINING CORP                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     20773 | NS      | $8779.35      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Graphic Packaging Holding Co               | Graphic Packaging Holding Co               | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    381716 | NS      | $8481729.52   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP                               | CHEVRON CORP                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54171 | NS      | $7405175.70   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLARIS RESOURCES INC                      | SOLARIS RESOURCES INC                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     39000 | NS      | $173352.28    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $17984.65     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mosaic Co/The                              | Mosaic Co/The                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    226466 | NS      | $8184481.24   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Minera Cerro Verde SA             | Sociedad Minera Cerro Verde SAA            | CUSIP: 000000000<br>LEI: 5493002F857O2TX7EU13 | Long             | EC               | CORP              | PE        |     18601 | NS      | $744040.00    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America                  | Packaging Corp of America                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     53449 | NS      | $10324743.33  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC/THE                       | WILLIAMS COS INC                           | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     50542 | NS      | $3058296.42   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                                | Cameco Corp                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     23615 | NS      | $1382467.37   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                       | Targa Resources Corp                       | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     14338 | NS      | $2264400.34   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                                 | Alcoa Corp                                 | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      7995 | NS      | $214026.15    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                     | Permian Resources Corp                     | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    137526 | NS      | $1734202.86   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp                       | Southern Copper Corp                       | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      9076 | NS      | $825099.16    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Capstone Copper Corp                       | Capstone Copper Corp                       | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |     62371 | NS      | $338135.49    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $146476.94    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CF Industries Holdings Inc                 | CF Industries Holdings Inc                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     53731 | NS      | $4873939.01   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Predictive Discovery Ltd                   | Predictive Discovery Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   2536639 | NS      | $631506.91    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Teck Resources Ltd                         | Teck Resources Ltd                         | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      8553 | NS      | $316978.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Discovery Silver Corp                      | Discovery Silver Corp                      | CUSIP: 254677107<br>LEI: 98450041CCB3E8QD3F53 | Long             | EC               | CORP              | CA        |    403781 | NS      | $959176.64    | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Nutrien Ltd                                | Nutrien Ltd                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    484635 | NS      | $28608004.05  | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Minerals Ltd                    | Blackstone Minerals Ltd                    | CUSIP: 000000000<br>LEI: 529900WXEF13Q8S2X594 | Long             | EC               | CORP              | AU        |    849513 | NS      | $41069.71     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| OR Royalties Inc                           | OR Royalties Inc                           | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |     71702 | NS      | $1832323.49   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                          | Suncor Energy Inc                          | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     59286 | NS      | $2107745.07   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerald Resources NL                       | Emerald Resources NL                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    188015 | NS      | $578577.43    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Solaris Resources Inc                      | Solaris Resources Inc                      | CUSIP: 83419D201<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     63953 | NS      | $284266.62    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $-98639.28    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Nucor Corp                                 | Nucor Corp                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     14763 | NS      | $1614481.68   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC                       | Smurfit WestRock PLC                       | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |    313561 | NS      | $13586598.13  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Iron Ltd                          | Champion Iron Ltd                          | CUSIP: 000000000<br>LEI: 894500WQI96G4T75O202 | Long             | EC               | CORP              | AU        |     79887 | NS      | $223162.57    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                     | Agnico Eagle Mines Ltd                     | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     83440 | NS      | $9835748.02   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                          | EOG Resources Inc                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     25315 | NS      | $2748449.55   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO | BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |   7034152 | NS      | $7034151.71   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                               | Reliance Inc                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       552 | NS      | $161636.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Iluka Resources Ltd                        | Iluka Resources Ltd                        | CUSIP: 000000000<br>LEI: 2549009N2Y1F4YNB0955 | Long             | EC               | CORP              | AU        |     34750 | NS      | $82236.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp                        | Barrick Mining Corp                        | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    208899 | NS      | $4002504.84   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sigma Lithium Corp                         | Sigma Lithium Corp                         | CUSIP: 826599102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     64383 | NS      | $300721.41    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| SOCIETE GENERALE                           | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $-6246.09     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Mexico SAB de CV                     | Grupo Mexico SAB de CV                     | CUSIP: 000000000<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |    136329 | NS      | $753337.92    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Dundee Precious Metals Inc                 | Dundee Precious Metals Inc                 | CUSIP: 265269209<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |    105861 | NS      | $1631478.96   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Challenger Gold Ltd                        | Challenger Gold Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1264054 | NS      | $78465.31     | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| Robex Resources Inc                        | Robex Resources Inc                        | CUSIP: 76125Y600<br>LEI: 529900UBILRW1I57HF58 | Long             | EC               | CORP              | CA        |    126471 | NS      | $308724.34    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA                           | ArcelorMittal SA                           | CUSIP: 000000000<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |     38859 | NS      | $1178118.96   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Lithium Royalty Corp                       | Lithium Royalty Corp                       | CUSIP: 53680W105<br>LEI: 549300PNTZ1SGOX9FY92 | Long             | EC               | CORP              | CA        |     52658 | NS      | $197608.99    | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Tenaris SA                                 | Tenaris SA                                 | CUSIP: 000000000<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |     34188 | NS      | $572563.11    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Gold Inc                            | Lundin Gold Inc                            | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |     76790 | NS      | $3710383.58   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| UPM-Kymmene Oyj                            | UPM-Kymmene Oyj                            | CUSIP: 000000000<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |    278564 | NS      | $7709883.90   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| METALS ACQUISITION LTD                     | METALS ACQUISITION LTD                     | CUSIP: 000000000<br>LEI: 984500A55FX8DC465F12 | Long             | EC               | CORP              | JE        |     83477 | NS      | $1015080.32   | 0.16%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-181769.39   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Corteva Inc                                | Corteva Inc                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    317501 | NS      | $22479070.80  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Torex Gold Resources Inc                   | Torex Gold Resources Inc                   | CUSIP: 891054603<br>LEI: 549300QL07027186GQ85 | Long             | EC               | CORP              | CA        |     47436 | NS      | $1522957.09   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                           | EXXON MOBIL CORP                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    145800 | NS      | $14915340.00  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Electric Inc / US                  | Ivanhoe Electric Inc / US                  | CUSIP: 46578C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18947 | NS      | $139260.45    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Kinder Morgan Inc                          | Kinder Morgan Inc                          | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    102174 | NS      | $2864958.96   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Star Resources Ltd                | Northern Star Resources Ltd                | CUSIP: 000000000<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |    417132 | NS      | $5672461.31   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                  | Shell PLC                                  | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    240839 | NS      | $7946465.81   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                          | Kinross Gold Corp                          | CUSIP: 496902198<br>LEI: 549300UEBMAQDN0K0R06 | Long             |  | CORP              | CA        |     11812 | NS      | $8386.52      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $6352.96      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-25382.04    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-375661.50   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $-11224.44    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $5589.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $268497.32    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $99574.42     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $102380.92    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-167004.53   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $-1380.72     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $11183.36     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-74757.31    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-316982.38   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $-1545.71     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $527.23       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-16950.64    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-211072.30   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $-577192.13   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $-2077525.32  | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $58275.90     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $-4245.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $542248.50    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-14806.45    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $-244076.61   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $4868.39      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-11966.01    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION  | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCO              | CORP              | US        |         1 | NC      | $-365205.56   | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION  | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCO              | CORP              | US        |         1 | NC      | $-4910.54     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-24788.16    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-965.50      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-10105.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $-205161.56   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-620395.72   | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-1128.60     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-12411.55    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $-61603.14    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-835.05      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-3405.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-297913.37   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-554112.76   | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $-50900.97    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-49388.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION  | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCO              | CORP              | US        |         1 | NC      | $-288238.94   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $14597.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Steel Corp                   | United States Steel Corp                   | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |      8943 | NS      | $481312.26    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                             | TC Energy Corp                             | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     60698 | NS      | $3075701.48   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-1610.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp                               | Newmont Corp                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    141152 | NS      | $7441533.44   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corp                         | Lundin Mining Corp                         | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |     33590 | NS      | $317946.66    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Limited                  | Valterra Platinum Limited                  | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     14337 | NS      | $563091.81    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Develop Global Ltd                         | Develop Global Ltd                         | CUSIP: 000000000<br>LEI: 5299008N5CYXCI98G291 | Long             | EC               | CORP              | AU        |    508671 | NS      | $1314168.29   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| RUPERT RESOURCES LTD                       | RUPERT RESOURCES LTD                       | CUSIP: 000000000<br>LEI: 529900EEVS5CSPMXKZ88 | Long             | EC               | CORP              | CA        |     91372 | NS      | $339561.48    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Glencore PLC                               | Glencore PLC                               | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | CH        |    694519 | NS      | $2642606.38   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| FireFly Metals Ltd                         | FireFly Metals Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    421590 | NS      | $296687.62    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ERO Copper Corp                            | ERO Copper Corp                            | CUSIP: 296006109<br>LEI: 549300KL8A21SEIO8I47 | Long             | EC               | CORP              | CA        |      9170 | NS      | $129496.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Ivanhoe Mines Ltd                          | Ivanhoe Mines Ltd                          | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |    173254 | NS      | $1341997.32   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Mining PLC                       | Endeavour Mining PLC                       | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |    158500 | NS      | $4858888.04   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION  | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCO              | CORP              | US        |         1 | NC      | $-1214314.52  | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| International Paper Co                     | International Paper Co                     | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    118254 | NS      | $5653723.74   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Gazprom PJSC                               | Gazprom PJSC                               | CUSIP: 000000000<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |    712200 | NS      | $91.90        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Tourmaline Oil Corp                        | Tourmaline Oil Corp                        | CUSIP: 89156V106<br>LEI: 894500A5J1WTJ2WIUU03 | Long             | EC               | CORP              | CA        |     23684 | NS      | $1067924.31   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Artemis Gold Inc                           | Artemis Gold Inc                           | CUSIP: 04302L100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     54008 | NS      | $860680.56    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp                         | Eldorado Gold Corp                         | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |    122987 | NS      | $2470808.83   | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| IAMGOLD Corp                               | IAMGOLD Corp                               | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |    165429 | NS      | $1134842.94   | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Allied Gold Corp                           | Allied Gold Corp                           | CUSIP: 01921D204<br>LEI: 894500S5G4JFSRGK8L37 | Long             | EC               | CORP              | CA        |     60407 | NS      | $865378.09    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Cash Funds - Institutional       | BlackRock Cash Funds - Institutional       | CUSIP: 066922519<br>LEI: 549300JDHS1T46VWOG19 | Long             | STIV             | RF                | US        |   5719949 | NS      | $5722237.27   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Aya Gold & Silver Inc                      | Aya Gold & Silver Inc                      | CUSIP: 05466C109<br>LEI: 549300BWX8KJOTUL4M51 | Long             | EC               | CORP              | CA        |     37123 | NS      | $319198.02    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                            | Gold Fields Ltd                            | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     49001 | NS      | $1127023.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-71863.80    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                              | Rio Tinto PLC                              | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     73321 | NS      | $4339285.97   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan American Silver Corp                   | Pan American Silver Corp                   | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     60837 | NS      | $1483814.43   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Skeena Resources Ltd                       | Skeena Resources Ltd                       | CUSIP: 83056P715<br>LEI: 549300DCWSQFVVZ21289 | Long             | EC               | CORP              | CA        |     36579 | NS      | $468582.23    | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| ROBEX RESOURCES INC                        | Robex Resources Inc                        | CUSIP: 76125Y139<br>LEI: 529900UBILRW1I57HF58 | N/A              | DE               | CORP              | CA        |    124394 | NC      | $67982.29     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MAG Silver Corp                            | MAG Silver Corp                            | CUSIP: 55903Q104<br>LEI: 254900LGL904N7F3EL14 | Long             | EC               | CORP              | CA        |     46249 | NS      | $868127.11    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Mining Corp                          | Titan Mining Corp                          | CUSIP: 88831L103<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     70186 | NS      | $29662.90     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Norsk Hydro ASA                            | Norsk Hydro ASA                            | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |    168064 | NS      | $921335.33    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| G Mining Ventures Corp                     | G Mining Ventures Corp                     | CUSIP: 36270K102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    107483 | NS      | $1592253.72   | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Mondi PLC                                  | Mondi PLC                                  | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |    350549 | NS      | $5702021.09   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| FOUNDERS METALS PLACEMENT                  | FOUNDERS METALS PLACEMENT                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    230890 | NS      | $736909.83    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $13493.10     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd                 | First Quantum Minerals Ltd                 | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |     37332 | NS      | $553036.44    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                              | BHP Group Ltd                              | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    157675 | NS      | $3873288.23   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Lynas Rare Earths Ltd                      | Lynas Rare Earths Ltd                      | CUSIP: 000000000<br>LEI: 529900SGT9M1FJPXXI35 | Long             | EC               | CORP              | AU        |    132458 | NS      | $681095.45    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Kosmos Energy Ltd                          | Kosmos Energy Ltd                          | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |    198012 | NS      | $328699.92    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                         | Valero Energy Corp                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     16945 | NS      | $2185396.65   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                   | EQT Corp                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     33185 | NS      | $1829489.05   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                                  | Hess Corp                                  | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |     14201 | NS      | $1877230.19   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                           | TotalEnergies SE                           | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     93979 | NS      | $5532370.95   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                          | Kinross Gold Corp                          | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    527063 | NS      | $7781029.90   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                              | United States Treasury Bill                | CUSIP: 912797PQ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 305000000 | PA      | $301874619.25 | 48.54%            | 2025-08-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-24

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer