# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001752724-23-009972
**Filing Date:** 2023-1
**Character Count:** 76521
**Document Hash:** f2b7702c7ac8c4542c91d1f63d4b47f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-009972.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001752724-23-009972

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**PERIOD START**: 20230531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779
- **IRS NUMBER:** 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:** 23548939

**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:** 2023-05-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $1847323824.87

**Total Liabilities:** $82166962.99

**Net Assets:** $1765156861.88

**Amount of Assets Invested in Other Investment Companies:** $101336013.22

**Cash Not Reported:** $47212357.60

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1.51000000 | **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:** 0.03000000 | **1-Year:** 0.06000000 | **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 | -7.62%               | 6.50%                | 6.22%                |
| Class ID C000198241 | -7.64%               | 6.55%                | 6.26%                |
| Class ID C000103251 | -7.64%               | 6.45%                | 6.06%                |
| Class ID C000103252 | -7.55%               | 6.44%                | 6.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9660950.13             | $-69441230.46                              |
| Month 2  | $-16169422.10            | $111110414.94                              |
| Month 3  | $-9672686.43             | $95179347.30                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SOCIETE GENERALE                           | TRS BCOMTR INDEX                           | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $-1145831.57  | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $347597.11    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Steel Dynamics Inc                         | Steel Dynamics Inc                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     50291 | NS      | $5226743.63   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| CONOCOPHILLIPS                             | CONOCOPHILLIPS                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    228659 | NS      | $28241673.09  | 1.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Kosmos Energy Ltd                          | Kosmos Energy Ltd                          | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |    426539 | NS      | $2836484.35   | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $45434.24     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| CHEVRON CORP                               | CHEVRON CORP                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    193893 | NS      | $35542525.83  | 2.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Albemarle Corp                             | Albemarle Corp                             | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |     11771 | NS      | $3272220.29   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Kinder Morgan Inc                          | Kinder Morgan Inc                          | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    455200 | NS      | $8703424.00   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Tourmaline Oil Corp                        | Tourmaline Oil Corp                        | CUSIP: 89156V106<br>LEI: 549300LCHLN94A7Y1572 | Long             | EC               | CORP              | CA        |    135519 | NS      | $8248106.55   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Predictive Discovery Ltd                   | Predictive Discovery Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   3699940 | NS      | $530883.51    | 0.03%             |  |  |  | No            | 2                  | On Loan: —       |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMAGTR INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-59239.10    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Bunge Ltd                                  | Bunge Ltd                                  | CUSIP: 000000000<br>LEI: 5493007M0RIN8HY3MM77 | Long             | EC               | CORP              | US        |     54988 | NS      | $5764941.92   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| TC Energy Corp                             | TC Energy Corp                             | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    299850 | NS      | $13285551.80  | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Diamondback Energy Inc                     | Diamondback Energy Inc                     | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     65150 | NS      | $9643503.00   | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| OZ Minerals Ltd                            | OZ Minerals Ltd                            | CUSIP: 000000000<br>LEI: 529900O2VBT5CL7EZT27 | Long             | EC               | CORP              | AU        |    145612 | NS      | $2736110.83   | 0.16%             |  |  |  | No            | 2                  | On Loan: No      |
| KINCROSS GOLDCORP CVR                      | KINCROSS GOLDCORP CVR                      | CUSIP: 000000000<br>LEI: N/A                  | Long             |  | CORP              | CA        |     11812 | NS      | $0.09         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Yamana Gold Inc                            | Yamana Gold Inc                            | CUSIP: 98462Y100<br>LEI: 54930002VY22NXG01418 | Long             | EC               | CORP              | CA        |    220032 | NS      | $1201374.72   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Northam Platinum Holdings Ltd              | Northam Platinum Holdings Ltd              | CUSIP: 000000000<br>LEI: 3789009D0712C7101695 | Long             | EC               | CORP              | ZA        |    130846 | NS      | $1486065.33   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Gold Fields Ltd                            | Gold Fields Ltd                            | CUSIP: 000000000<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |    217435 | NS      | $2414382.78   | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| MAG Silver Corp                            | MAG Silver Corp                            | CUSIP: 55903Q104<br>LEI: 254900LGL904N7F3EL14 | Long             | EC               | CORP              | CA        |    138679 | NS      | $2179440.26   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Robertet SA                                | Robertet SA                                | CUSIP: 000000000<br>LEI: 969500EUEC3HIYQOCS92 | Long             | EC               | CORP              | FR        |      4654 | NS      | $4027543.78   | 0.23%             |  |  |  | No            | 2                  | On Loan: No      |
| Emerald Resources NL                       | Emerald Resources NL                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    451161 | NS      | $347566.89    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Santos Ltd                                 | Santos Ltd                                 | CUSIP: 000000000<br>LEI: 5299000RK70B5O2M7077 | Long             | EC               | CORP              | AU        |    885781 | NS      | $4418403.12   | 0.25%             |  |  |  | No            | 2                  | On Loan: No      |
| Osisko Mining Inc                          | Osisko Mining Inc                          | CUSIP: 688281104<br>LEI: 254900SJU6CW31RVHW15 | Long             | EC               | CORP              | CA        |    867826 | NS      | $2316095.11   | 0.13%             |  |  |  | No            | 1                  | On Loan: —       |
| Ag Growth International Inc                | Ag Growth International Inc                | CUSIP: 001181106<br>LEI: 549300ZCF9VG3Z4PHL09 | Long             | EC               | CORP              | CA        |    138258 | NS      | $4485432.20   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Barry Callebaut AG                         | Barry Callebaut AG                         | CUSIP: 000000000<br>LEI: 213800Y5RWKLDPUTT265 | Long             | EC               | CORP              | CH        |      3386 | NS      | $6915584.84   | 0.39%             |  |  |  | No            | 2                  | On Loan: No      |
| Skeena Resources Ltd                       | Skeena Resources Ltd                       | CUSIP: 83056P715<br>LEI: 549300DCWSQFVVZ21289 | Long             | EC               | CORP              | CA        |    189529 | NS      | $1041236.52   | 0.06%             |  |  |  | No            | 1                  | On Loan: —       |
| TREASURY BILL                              | United States Treasury Bill                | CUSIP: 912796YB9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 150000000 | PA      | $148383754.50 | 8.41%             | 2023-03-02      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Symrise AG                                 | Symrise AG                                 | CUSIP: 000000000<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |     52148 | NS      | $5980788.38   | 0.34%             |  |  |  | No            | 2                  | On Loan: No      |
| ARC Resources Ltd                          | ARC Resources Ltd                          | CUSIP: 00208D408<br>LEI: FIR47I6FEYKYNJBYW622 | Long             | EC               | CORP              | CA        |    411785 | NS      | $6116391.70   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMAGTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-594663.22   | -0.03%            |  |  |  | No            | 2                  | On Loan: No      |
| TREASURY BILL                              | United States Treasury Bill                | CUSIP: 912796X79<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 136000000 | PA      | $135834192.88 | 7.70%             | 2022-12-15      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMENTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $2306271.80   | 0.13%             |  |  |  | No            | 2                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMENTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-314194.84   | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $38443.32     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMPRTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-1557109.70  | -0.09%            |  |  |  | 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      | $193270.71    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Fresnillo PLC                              | Fresnillo PLC                              | CUSIP: 000000000<br>LEI: 549300JXWH1UV5J0XV81 | Long             | EC               | CORP              | MX        |     67194 | NS      | $737222.40    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $-116914.58   | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| EOG RESOURCES INC                          | EOG RESOURCES INC                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    115826 | NS      | $16439184.18  | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMLITR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-35224.80    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Agronomics Ltd                             | Agronomics Ltd                             | CUSIP: 000000000<br>LEI: 21380029M8MPIEQ3TL31 | Long             | EC               | CORP              | IM        |  18268926 | NS      | $3204964.72   | 0.18%             |  |  |  | No            | 2                  | On Loan: —       |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMINTR INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $1036529.49   | 0.06%             |  |  |  | No            | 2                  | On Loan: No      |
| Nutrien Ltd                                | Nutrien Ltd                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     63743 | NS      | $5124937.20   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Lundin Mining Corp                         | Lundin Mining Corp                         | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |    143809 | NS      | $885208.73    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| ERO Copper Corp                            | ERO Copper Corp                            | CUSIP: 296006109<br>LEI: 549300KL8A21SEIO8I47 | Long             | EC               | CORP              | CA        |    159548 | NS      | $2019925.24   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Tenaris SA                                 | Tenaris SA                                 | CUSIP: 000000000<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |    243381 | NS      | $4224930.03   | 0.24%             |  |  |  | No            | 2                  | On Loan: No      |
| FMC Corp                                   | FMC Corp                                   | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     53233 | NS      | $6954359.12   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $511246.03    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMLITR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $12237.09     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Lynas Rare Earths Ltd                      | Lynas Rare Earths Ltd                      | CUSIP: 000000000<br>LEI: 529900SGT9M1FJPXXI35 | Long             | EC               | CORP              | MY        |    417376 | NS      | $2475886.09   | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMENTR INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-2730857.56  | -0.15%            |  |  |  | No            | 2                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMLITR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-43808.50    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Mineral Resources Ltd                      | Mineral Resources Ltd                      | CUSIP: 000000000<br>LEI: 5299007V1ACKFFX2P066 | Long             | EC               | CORP              | AU        |     49991 | NS      | $3011075.77   | 0.17%             |  |  |  | No            | 2                  | On Loan: No      |
| Pan American Silver Corp                   | Pan American Silver Corp                   | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     73585 | NS      | $1206058.15   | 0.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Hofseth BioCare ASA                        | Hofseth BioCare ASA                        | CUSIP: 000000000<br>LEI: 5967007LIEEXZXGGEO44 | Long             | EC               | CORP              | NO        |   4027610 | NS      | $1141058.69   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Agnico Eagle Mines Ltd                     | Agnico Eagle Mines Ltd                     | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |    183683 | NS      | $9251401.89   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| TREASURY BILL                              | United States Treasury Bill                | CUSIP: 912796W47<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 120000000 | PA      | $117492320.40 | 6.66%             | 2023-05-18      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Nucor Corp                                 | Nucor Corp                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     49617 | NS      | $7440069.15   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION  | TRS BCOMTR INDEX                           | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCO              | CORP              | US        |         1 | NC      | $-1374117.21  | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |
| Artemis Gold Inc                           | Artemis Gold Inc                           | CUSIP: 04302L100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    204466 | NS      | $706811.06    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Cameco Corp                                | Cameco Corp                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     75468 | NS      | $1839909.84   | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| EXXON MOBIL CORP                           | EXXON MOBIL CORP                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    565573 | NS      | $62970897.82  | 3.57%             |  |  |  | No            | 1                  | On Loan: No      |
| SSR Mining Inc                             | SSR Mining Inc                             | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |     11756 | NS      | $178111.94    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $796133.88    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMENTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-326906.51   | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| Barrick Gold Corp                          | Barrick Gold Corp                          | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   1393472 | NS      | $22741463.04  | 1.29%             |  |  |  | No            | 1                  | On Loan: No      |
| TotalEnergies SE                           | TotalEnergies SE                           | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    386593 | NS      | $24162099.52  | 1.37%             |  |  |  | No            | 2                  | On Loan: No      |
| Solaris Resources Inc                      | Solaris Resources Inc                      | CUSIP: 83419D201<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    167903 | NS      | $892470.32    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Challenger Exploration Ltd                 | Challenger Exploration Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   2705693 | NS      | $315356.40    | 0.02%             |  |  |  | No            | 2                  | On Loan: —       |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMAGTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-1117046.57  | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMINTR INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $405444.43    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $9725568.09   | 0.55%             |  |  |  | No            | 2                  | On Loan: No      |
| Nickel Industries Ltd                      | Nickel Industries Ltd                      | CUSIP: 000000000<br>LEI: 54930007K0WX53TSIK16 | Long             | EC               | CORP              | AU        |   2371651 | NS      | $1598393.22   | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Vale SA                                    | Vale SA                                    | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |   1248777 | NS      | $20604820.50  | 1.17%             |  |  |  | No            | 1                  | On Loan: —       |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMPRTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $200231.37    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Koninklijke DSM NV                         | Koninklijke DSM NV                         | CUSIP: 000000000<br>LEI: 724500SNT1MK246AHP04 | Long             | EC               | CORP              | NL        |     48479 | NS      | $6287886.32   | 0.36%             |  |  |  | No            | 2                  | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMTR INDEX                           | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $-1189859.18  | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMAGTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-364742.45   | -0.02%            |  |  |  | No            | 2                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMENTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-7740826.55  | -0.44%            |  |  |  | No            | 2                  | On Loan: No      |
| AGRONOMICS LTD                             | AGRONOMICS LTD                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | GB        |   3909350 | NC      | $13240.00     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Archer-Daniels-Midland Co                  | Archer-Daniels-Midland Co                  | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     61113 | NS      | $5958517.50   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| RG ONE CORP                                | RG ONE CORP                                | CUSIP: 34344J110<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    306414 | NC      | $1138.96      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Trident Royalties PLC                      | Trident Royalties PLC                      | CUSIP: 000000000<br>LEI: 213800V6U8KJ7U2BV956 | Long             | EC               | CORP              | GB        |   1301625 | NS      | $772958.47    | 0.04%             |  |  |  | No            | 2                  | On Loan: No      |
| Gold Fields Ltd                            | Gold Fields Ltd                            | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |    186261 | NS      | $2076810.15   | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Sibanye Stillwater Ltd                     | Sibanye Stillwater Ltd                     | CUSIP: 000000000<br>LEI: 378900F238434B74D281 | Long             | EC               | CORP              | ZA        |    647143 | NS      | $1800623.32   | 0.10%             |  |  |  | No            | 2                  | On Loan: No      |
| Eldorado Gold Corp                         | Eldorado Gold Corp                         | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |     53517 | NS      | $409940.22    | 0.02%             |  |  |  | No            | 1                  | On Loan: —       |
| Graphic Packaging Holding Co               | Graphic Packaging Holding Co               | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    295856 | NS      | $6798770.88   | 0.39%             |  |  |  | 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        |  10286269 | NS      | $10286268.78  | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Newmont Corp                               | Newmont Corp                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    267904 | NS      | $12717402.88  | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Norsk Hydro ASA                            | Norsk Hydro ASA                            | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |    727938 | NS      | $5481463.39   | 0.31%             |  |  |  | No            | 2                  | On Loan: No      |
| Iluka Resources Ltd                        | Iluka Resources Ltd                        | CUSIP: 000000000<br>LEI: 2549009N2Y1F4YNB0955 | Long             | EC               | CORP              | AU        |    137308 | NS      | $955596.24    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| Patterson-UTI Energy Inc                   | Patterson-UTI Energy Inc                   | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |    105483 | NS      | $1893419.85   | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Glencore PLC                               | Glencore PLC                               | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | CH        |   3643055 | NS      | $24860629.40  | 1.41%             |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMPRTR INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-1042825.76  | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| AGRONOMICS LTD                             | AGRONOMICS LTD                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | GB        |   3014355 | NC      | $1707.53      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Polymetal International PLC                | Polymetal International PLC                | CUSIP: 000000000<br>LEI: 213800JKJ5HJWYS4GR61 | Long             | EC               | CORP              | CY        |    381486 | NS      | $1085094.96   | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Ivanhoe Mines Ltd                          | Ivanhoe Mines Ltd                          | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |    331771 | NS      | $2969574.28   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| AGCO Corp                                  | AGCO Corp                                  | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     43511 | NS      | $5774779.92   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Deere & Co                                 | Deere & Co                                 | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     15694 | NS      | $6921054.00   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Ovintiv Inc                                | Ovintiv Inc                                | CUSIP: 69047Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102900 | NS      | $5737704.00   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Eni SpA                                    | Eni SpA                                    | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |    543686 | NS      | $8106357.61   | 0.46%             |  |  |  | No            | 2                  | On Loan: No      |
| First Quantum Minerals Ltd                 | First Quantum Minerals Ltd                 | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |    313128 | NS      | $7444399.09   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| China Mengniu Dairy Co Ltd                 | China Mengniu Dairy Co Ltd                 | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | HK        |   1409000 | NS      | $6337225.96   | 0.36%             |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $267477.52    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMLITR INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $2056.99      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMLITR INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $41369.44     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Develop Global Ltd                         | Develop Global Ltd                         | CUSIP: 000000000<br>LEI: 5299008N5CYXCI98G291 | Long             | EC               | CORP              | AU        |   1431946 | NS      | $2845994.82   | 0.16%             |  |  |  | No            | 2                  | On Loan: —       |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION  | TRS BCOMENTR INDEX                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCO              | CORP              | US        |         1 | NC      | $-1667380.33  | -0.09%            |  |  |  | No            | 2                  | On Loan: No      |
| Northern Star Resources Ltd                | Northern Star Resources Ltd                | CUSIP: 000000000<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |    502270 | NS      | $3677495.15   | 0.21%             |  |  |  | No            | 2                  | On Loan: No      |
| Stelco Holdings Inc                        | Stelco Holdings Inc                        | CUSIP: 858522105<br>LEI: 549300K1TSD2M8EKF208 | Long             | EC               | CORP              | CA        |     76417 | NS      | $2552440.85   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Newcrest Mining Ltd                        | Newcrest Mining Ltd                        | CUSIP: 000000000<br>LEI: 5299006MN50OZJUJI655 | Long             | EC               | CORP              | AU        |   1043595 | NS      | $14210867.80  | 0.81%             |  |  |  | No            | 2                  | On Loan: No      |
| Rupert Resources Ltd                       | Rupert Resources Ltd                       | CUSIP: 78165J105<br>LEI: 529900EEVS5CSPMXKZ88 | Long             | EC               | CORP              | CA        |      5608 | NS      | $19803.00     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMPRTR INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $220448.73    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Shell PLC                                  | Shell PLC                                  | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |   1255013 | NS      | $36728950.06  | 2.08%             |  |  |  | No            | 2                  | On Loan: No      |
| PIONEER NATURAL RESOURCES CO               | PIONEER NATURAL RESOURCES CO               | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |     18534 | NS      | $4373838.66   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| WILLIAMS COS INC/THE                       | WILLIAMS COS INC                           | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    395102 | NS      | $13710039.40  | 0.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Anglo American PLC                         | Anglo American PLC                         | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    276609 | NS      | $11500051.49  | 0.65%             |  |  |  | No            | 2                  | On Loan: No      |
| TREASURY BILL                              | United States Treasury Bill                | CUSIP: 912796YU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 114000000 | PA      | $112197827.58 | 6.36%             | 2023-04-13      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMTR INDEX                           | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-195180.28   | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| BellRing Brands Inc                        | BellRing Brands Inc                        | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |     91924 | NS      | $2289826.84   | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Kerry Group PLC                            | Kerry Group PLC                            | CUSIP: 000000000<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |     72456 | NS      | $6887474.52   | 0.39%             |  |  |  | No            | 2                  | On Loan: No      |
| Sociedad Minera Cerro Verde SA             | Sociedad Minera Cerro Verde SAA            | CUSIP: 000000000<br>LEI: 5493002F857O2TX7EU13 | Long             | EC               | CORP              | PE        |     43528 | NS      | $1305840.00   | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Lundin Gold Inc                            | Lundin Gold Inc                            | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |    384361 | NS      | $3791748.48   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMTR INDEX                           | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-1059019.38  | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| Marathon Gold Corp                         | Marathon Gold Corp                         | CUSIP: 56580Q102<br>LEI: 52990063E8H31CA3UR10 | Long             | EC               | CORP              | CA        |    561041 | NS      | $417084.34    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMAGTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-3684188.25  | -0.21%            |  |  |  | No            | 2                  | On Loan: No      |
| SOLARIS RESOURCES INC                      | SOLARIS RESOURCES INC                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     39000 | NS      | $207300.30    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMAGTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-1180510.93  | -0.07%            |  |  |  | No            | 2                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMLITR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $309896.75    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMAGTR INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-218142.40   | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $-344258.24   | -0.02%            |  |  |  | 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      | $-8924476.75  | -0.51%            |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMPRTR INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-58395.99    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $88364.28     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Teck Resources Ltd                         | Teck Resources Ltd                         | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    341997 | NS      | $12676631.17  | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Darling Ingredients Inc                    | Darling Ingredients Inc                    | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |     97597 | NS      | $7010392.51   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Salmar ASA                                 | Salmar ASA                                 | CUSIP: 000000000<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |    208681 | NS      | $7355861.05   | 0.42%             |  |  |  | No            | 2                  | On Loan: No      |
| Franco-Nevada Corp                         | Franco-Nevada Corp                         | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    150403 | NS      | $21969806.69  | 1.24%             |  |  |  | No            | 1                  | On Loan: No      |
| BlueScope Steel Ltd                        | BlueScope Steel Ltd                        | CUSIP: 000000000<br>LEI: 529900H6UQI16XACWC95 | Long             | EC               | CORP              | AU        |     67430 | NS      | $812729.36    | 0.05%             |  |  |  | No            | 2                  | On Loan: No      |
| NATURAL ORDER ACQUISITION CORP             | NATURAL ORDER ACQUISITION CORP             | CUSIP: 63889L115<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |    153024 | NC      | $1.53         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| VALERO ENERGY CORP                         | VALERO ENERGY CORP                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     84569 | NS      | $11300109.78  | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMLITR INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $3330.29      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Hess Corp                                  | Hess Corp                                  | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |     85410 | NS      | $12291353.10  | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Zoetis Inc                                 | Zoetis Inc                                 | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     45679 | NS      | $7040961.06   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| TREASURY BILL                              | United States Treasury Bill                | CUSIP: 912796XR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 154796800 | PA      | $154092474.56 | 8.73%             | 2023-01-12      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Polyus PJSC                                | Polyus PJSC                                | CUSIP: 000000000<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |     46252 | NS      | $7.58         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| HelloFresh SE                              | HelloFresh SE                              | CUSIP: 000000000<br>LEI: 391200ZAF4V6XD2M9G57 | Long             | EC               | CORP              | DE        |     83217 | NS      | $2060868.92   | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Freeport-McMoRan Inc                       | Freeport-McMoRan Inc                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    299739 | NS      | $11929612.20  | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMAGTR INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-2267954.57  | -0.13%            |  |  |  | No            | 2                  | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMPRTR INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $-956436.27   | -0.05%            |  |  |  | No            | 2                  | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $-92359.78    | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMAGTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-1086503.51  | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| Alcoa Corp                                 | Alcoa Corp                                 | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     92232 | NS      | $4623590.16   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| BHP Group Ltd                              | BHP Group Ltd                              | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    876684 | NS      | $27225743.04  | 1.54%             |  |  |  | No            | 2                  | On Loan: No      |
| TITAN MINING CORP                          | TITAN MINING CORP                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     20773 | NS      | $7644.23      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMINTR INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $95802.89     | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Titan Mining Corp                          | Titan Mining Corp                          | CUSIP: 88831L103<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    145304 | NS      | $53470.23     | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Centerra Gold Inc                          | Centerra Gold Inc                          | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | CA        |    541260 | NS      | $2893104.41   | 0.16%             |  |  |  | No            | 1                  | On Loan: —       |
| Sociedad Quimica y Minera de C             | Sociedad Quimica y Minera de Chile SA      | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               | CORP              | CL        |     38068 | NS      | $3774822.88   | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Champion Iron Ltd                          | Champion Iron Ltd                          | CUSIP: 000000000<br>LEI: 894500WQI96G4T75O202 | Long             | EC               | CORP              | AU        |    728938 | NS      | $3189205.08   | 0.18%             |  |  |  | No            | 2                  | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMPRTR INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $115770.51    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| Wheaton Precious Metals Corp               | Wheaton Precious Metals Corp               | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    395785 | NS      | $15447134.15  | 0.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Sigma Lithium Corp                         | Sigma Lithium Corp                         | CUSIP: 826599102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    189217 | NS      | $6494553.69   | 0.37%             |  |  |  | No            | 1                  | On Loan: —       |
| CF Industries Holdings Inc                 | CF Industries Holdings Inc                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     44940 | NS      | $4862058.60   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $132863.55    | 0.01%             |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMAGTR INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-28265.89    | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Osisko Gold Royalties Ltd                  | Osisko Gold Royalties Ltd                  | CUSIP: 68827L101<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |    309125 | NS      | $3899826.23   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Blackstone Minerals Ltd                    | Blackstone Minerals Ltd                    | CUSIP: 000000000<br>LEI: 529900WXEF13Q8S2X594 | Long             | EC               | CORP              | AU        |   1711069 | NS      | $176837.60    | 0.01%             |  |  |  | No            | 2                  | On Loan: —       |
| B2Gold Corp                                | B2Gold Corp                                | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |   1248452 | NS      | $4352852.75   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Hudbay Minerals Inc                        | Hudbay Minerals Inc                        | CUSIP: 443628102<br>LEI: 549300WI524AL577IX21 | Long             | EC               | CORP              | CA        |     39434 | NS      | $222506.08    | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Jamieson Wellness Inc                      | Jamieson Wellness Inc                      | CUSIP: 470748104<br>LEI: 254900EIXJ4NHQFFRO95 | Long             | EC               | CORP              | CA        |    181979 | NS      | $4480648.61   | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Cenovus Energy Inc                         | Cenovus Energy Inc                         | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |    531593 | NS      | $10571395.57  | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Grocery Outlet Holding Corp                | Grocery Outlet Holding Corp                | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    189462 | NS      | $5735014.74   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-243.36      | -0.00%            |  |  |  | No            | 2                  | On Loan: No      |
| Rio Tinto PLC                              | Rio Tinto PLC                              | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    266408 | NS      | $17934237.98  | 1.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Impala Platinum Holdings Ltd               | Impala Platinum Holdings Ltd               | CUSIP: 000000000<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |    164215 | NS      | $1995800.41   | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| Gazprom PJSC                               | Gazprom PJSC                               | CUSIP: 000000000<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |    712200 | NS      | $116.71       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Canadian Natural Resources Ltd             | Canadian Natural Resources Ltd             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |    261136 | NS      | $15590701.53  | 0.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Nestle SA                                  | Nestle SA                                  | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     53183 | NS      | $6330032.32   | 0.36%             |  |  |  | No            | 2                  | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMPRTR INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $-173285.74   | -0.01%            |  |  |  | No            | 2                  | On Loan: No      |
| Auteco Minerals Ltd                        | Auteco Minerals Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   9345238 | NS      | $357718.01    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| John Bean Technologies Corp                | John Bean Technologies Corp                | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |     56176 | NS      | $5160327.36   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $1903137.87   | 0.11%             |  |  |  | No            | 2                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMLITR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $12952.10     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Antofagasta PLC                            | Antofagasta PLC                            | CUSIP: 000000000<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | CL        |     86845 | NS      | $1502640.56   | 0.09%             |  |  |  | No            | 2                  | On Loan: No      |
| Woodside Energy Group Ltd                  | Woodside Energy Group Ltd                  | CUSIP: 000000000<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |     94689 | NS      | $2391328.08   | 0.14%             |  |  |  | No            | 2                  | On Loan: No      |
| TITAN MINING WRNTS LEGEND CUSIP            | TITAN MINING WRNTS LEGEND CUSIP            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     10387 | NC      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMENTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $558220.12    | 0.03%             |  |  |  | No            | 2                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMLITR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $2395.52      | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| TREASURY BILL                              | United States Treasury Bill                | CUSIP: 912796XZ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 154000000 | PA      | $152773587.12 | 8.65%             | 2023-02-09      | None          | 0.00%                 | No            | 2                  | On Loan: No      |
| Kinross Gold Corp                          | Kinross Gold Corp                          | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    822120 | NS      | $3398124.18   | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Epiroc AB                                  | Epiroc AB                                  | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |    112495 | NS      | $2166202.80   | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| Marel HF                                   | Marel HF                                   | CUSIP: 000000000<br>LEI: 5299008YTLEN09WTHW26 | Long             | EC               | CORP              | IS        |    826501 | NS      | $3061802.71   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Torex Gold Resources Inc                   | Torex Gold Resources Inc                   | CUSIP: 891054603<br>LEI: 549300QL07027186GQ85 | Long             | EC               | CORP              | CA        |     41542 | NS      | $384490.87    | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Alamos Gold Inc                            | Alamos Gold Inc                            | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |    168761 | NS      | $1635983.67   | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Trimble Inc                                | Trimble Inc                                | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |     42119 | NS      | $2516610.25   | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Maple Leaf Foods Inc                       | Maple Leaf Foods Inc                       | CUSIP: 564905107<br>LEI: 549300LX07S5J8F76F37 | Long             | EC               | CORP              | CA        |    216016 | NS      | $4085378.61   | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| SunOpta Inc                                | SunOpta Inc                                | CUSIP: 8676EP108<br>LEI: 54930010CP0KEPPRPA40 | Long             | EC               | CORP              | US        |    411640 | NS      | $3848834.00   | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Cheniere Energy Inc                        | Cheniere Energy Inc                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     41990 | NS      | $7363366.40   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| BP PLC                                     | BP PLC                                     | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |   3450461 | NS      | $20605235.72  | 1.17%             |  |  |  | No            | 2                  | On Loan: No      |
| Endeavour Mining PLC                       | Endeavour Mining PLC                       | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |    435328 | NS      | $9239575.07   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| ArcelorMittal SA                           | ArcelorMittal SA                           | CUSIP: 000000000<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |    225490 | NS      | $6182735.98   | 0.35%             |  |  |  | No            | 2                  | On Loan: No      |
| SSR Mining Inc                             | SSR Mining Inc                             | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |    292462 | NS      | $4433723.92   | 0.25%             |  |  |  | No            | 1                  | On Loan: —       |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMLITR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $13266.00     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| Marathon Petroleum Corp                    | Marathon Petroleum Corp                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |     87319 | NS      | $10636327.39  | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Dundee Precious Metals Inc                 | Dundee Precious Metals Inc                 | CUSIP: 265269209<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |    310521 | NS      | $1465865.03   | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMENTR INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $275208.79    | 0.02%             |  |  |  | No            | 2                  | On Loan: No      |
| Bellevue Gold Ltd                          | Bellevue Gold Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   2811110 | NS      | $2131256.89   | 0.12%             |  |  |  | No            | 2                  | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL PLC     | TRS BCOMLITR INDEX                         | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $13568.12     | 0.00%             |  |  |  | No            | 2                  | On Loan: No      |
| MONEY MARKET SERIES LLC                    | MONEY MARKET SERIES LLC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  28007781 | NS      | $27996577.67  | 1.59%             |  |  |  | No            | N/A                | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMPRTR INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $-975656.67   | -0.06%            |  |  |  | No            | 2                  | On Loan: No      |
| BANK OF AMERICA, NATIONAL ASSOCIATION      | TRS BCOMENTR INDEX                         | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DCO              | CORP              | US        |         1 | NC      | $-1461600.55  | -0.08%            |  |  |  | No            | 2                  | On Loan: No      |

### Signature

**Date Signed:** 2023-01-24

**Name of Applicant:** BlackRock Funds

**Signature:** Ann Frechette

**Name of Signer:** Ann Frechette

**Title:** Assistant Treasurer