# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0000940400-25-005411
**Filing Date:** 2025-10
**Character Count:** 115639
**Document Hash:** 8d0f1674773b87f100d2288d0a5892db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005411.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0000940400-25-005411

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260531

**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:** 251419567

**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              |  |

## Nport-Ex

Consolidated Schedule of Investments (unaudited)

August 31, 2025

**BlackRock Commodity Strategies Fund**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Chemicals — 8.6%** | **Chemicals — 8.6%** | **Chemicals — 8.6%** |
| CF Industries Holdings, Inc. | 12194 | $1056366 |
| Corteva, Inc. | 289876 | 21505901 |
| Mosaic Co. (The) | 410478 | 13709965 |
| Novonesis (Novozymes) B, B Shares | 58354 | 3712035 |
| Nutrien Ltd. | 327623 | 18877637 |
|  |  | 58861904 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Alimentation Couche-Tard, Inc. | 14637 | 741895 |
| **Containers & Packaging — 5.0%** | **Containers & Packaging — 5.0%** | **Containers & Packaging — 5.0%** |
| Graphic Packaging Holding Co. | 161722 | 3601549 |
| Packaging Corp. of America | 60569 | 13201619 |
| Smurfit WestRock PLC | 361258 | 17109179 |
|  |  | 33912347 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| TechnipFMC PLC | 46373 | 1704671 |
| **Food Products — 1.4%** | **Food Products — 1.4%** | **Food Products — 1.4%** |
| Bunge Global SA | 62050 | 5225851 |
| Darling Ingredients, Inc.<sup>(a)</sup> | 125787 | 4271727 |
|  |  | 9497578 |
| **Machinery — 0.6%** | **Machinery — 0.6%** | **Machinery — 0.6%** |
| Deere & Co. | 8252 | 3949737 |
| **Metals & Mining — 19.6%** | **Metals & Mining — 19.6%** | **Metals & Mining — 19.6%** |
| Agnico Eagle Mines Ltd. | 73091 | 10538281 |
| Alamos Gold, Inc., Class A | 75925 | 2313104 |
| Alcoa Corp. | 8508 | 273872 |
| Allied Gold Corp.<sup>(a)</sup> | 60407 | 846714 |
| Anglo American PLC | 89206 | 2747095 |
| Anglogold Ashanti PLC | 89125 | 5049822 |
| ArcelorMittal SA | 43142 | 1437268 |
| Artemis Gold, Inc.<sup>(a)</sup> | 54008 | 1134941 |
| Aya Gold & Silver, Inc.<sup>(a)(b)</sup> | 33955 | 337486 |
| B2Gold Corp. | 86853 | 358580 |
| Barrick Mining Corp. | 306234 | 8155011 |
| Bellevue Gold Ltd.<sup>(a)</sup> | 1241388 | 708342 |
| BHP Group Ltd. | 174169 | 4854612 |
| Blackstone Minerals Ltd.<sup>(a)(b)</sup> | 849513 | 37806 |
| Capricorn Metals Ltd.<sup>(a)</sup> | 70516 | 477714 |
| Centerra Gold, Inc. | 79445 | 648472 |
| Chalice Mining Ltd.<sup>(a)(b)</sup> | 86228 | 100942 |
| Challenger Gold Ltd.<sup>(a)</sup> | 1264054 | 99174 |
| Champion Iron Ltd. | 79887 | 234530 |
| Develop Global Ltd.<sup>(a)</sup> | 427720 | 1082291 |
| Discovery Silver Corp.<sup>(a)(b)</sup> | 407358 | 1296213 |
| Dundee Precious Metals, Inc.<sup>(b)</sup> | 105861 | 1962516 |
| Eldorado Gold Corp.<sup>(a)(b)</sup> | 117452 | 2910461 |
| Emerald Resources NL<sup>(a)</sup> | 188015 | 469186 |
| Endeavour Mining PLC | 136726 | 4753826 |
| Equinox Gold Corp.<sup>(a)</sup> | 60852 | 532153 |
| ERO Copper Corp.<sup>(a)(b)</sup> | 9758 | 140116 |
| FireFly Metals Ltd.<sup>(a)</sup> | 421590 | 341820 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | 40473 | 709349 |
| Foran Mining Corp.<sup>(a)</sup> | 337577 | 739875 |
| Founders Metals, Inc.<sup>(a)</sup> | 230890 | 689299 |
| Founders Metals, Inc.<sup>(a)(b)</sup> | 17684 | 52794 |
| Franco-Nevada Corp. | 14981 | 2823411 |
| Freeport-McMoRan, Inc. | 97158 | 4313815 |
| G Mining Ventures Corp.<sup>(a)(b)</sup> | 107483 | 1611443 |
| Glencore PLC | 631600 | 2495168 |
| Gold Fields Ltd., ADR | 49001 | 1640553 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Greatland Resources Ltd.<sup>(a)</sup> | 52137 | $188348 |
| Grupo Mexico SAB de CV, Series B | 150591 | 987803 |
| IAMGOLD Corp.<sup>(a)(b)</sup> | 198954 | 1852262 |
| Iluka Resources Ltd. | 36978 | 152624 |
| Ivanhoe Electric, Inc.<sup>(a)(b)</sup> | 18947 | 169007 |
| Ivanhoe Mines Ltd., Class A<sup>(a)</sup> | 52335 | 462626 |
| Kinross Gold Corp. | 415243 | 8680691 |
| Lithium Royalty Corp.<sup>(a)(b)</sup> | 56034 | 238686 |
| Lundin Gold, Inc. | 51863 | 3189158 |
| Lundin Mining Corp. | 34222 | 395957 |
| Lynas Rare Earths Ltd.<sup>(a)</sup> | 143603 | 1300724 |
| MAG Silver Corp. | 46249 | 1132189 |
| Newmont Corp. | 132642 | 9868565 |
| NGEx Minerals Ltd.<sup>(a)</sup> | 35836 | 551624 |
| Nickel Industries Ltd. | 1191982 | 543513 |
| Norsk Hydro ASA | 185646 | 1203318 |
| Northern Star Resources Ltd. | 332805 | 4153330 |
| Nucor Corp. | 17746 | 2639363 |
| OR Royalties, Inc. | 65413 | 2101923 |
| Pan American Silver Corp. | 30828 | 1045686 |
| Polyus PJSC<sup>(a)(c)</sup> | 462520 | 6 |
| Predictive Discovery Ltd.<sup>(a)</sup> | 2536639 | 776108 |
| Reliance, Inc. | 562 | 166161 |
| Rio Tinto PLC | 68801 | 4300879 |
| Robex Resources, Inc.<sup>(a)(b)</sup> | 126471 | 307579 |
| Rupert Resources Ltd.<sup>(a)(b)</sup> | 62411 | 242673 |
| &nbsp;&nbsp;&nbsp; Rupert Resources Ltd. (Acquired 02/24/23, cost <br> $315,608)<sup>(a)(d)</sup><br>| 91372 | 355282 |
| Sigma Lithium Corp.<sup>(a)(b)</sup> | 64383 | 428486 |
| Skeena Resources Ltd.<sup>(a)</sup> | 36579 | 613135 |
| Sociedad Minera Cerro Verde SAA | 20814 | 852333 |
| Solaris Resources, Inc.<sup>(a)</sup> | 63953 | 352048 |
| Solaris Resources, Inc.<sup>(a)</sup> | 39000 | 214687 |
| Southern Copper Corp. | 9517 | 914489 |
| Steel Dynamics, Inc. | 10922 | 1429908 |
| Teck Resources Ltd., Class B | 8714 | 297964 |
| Titan Mining Corp.<sup>(a)</sup> | 70186 | 64393 |
| Titan Mining Corp.<sup>(a)</sup> | 20773 | 19058 |
| Torex Gold Resources, Inc.<sup>(a)</sup> | 47436 | 1582294 |
| Vale SA, ADR | 333615 | 3429562 |
| Valterra Platinum Ltd. | 23560 | 1080418 |
| Wheaton Precious Metals Corp. | 66563 | 6684654 |
|  |  | 133887569 |
| **Oil, Gas & Consumable Fuels — 12.0%** | **Oil, Gas & Consumable Fuels — 12.0%** | **Oil, Gas & Consumable Fuels — 12.0%** |
| California Resources Corp. | 8700 | 432216 |
| Cameco Corp.<sup>(b)</sup> | 10965 | 848581 |
| Cameco Corp. (CAD) | 23785 | 1839967 |
| Canadian Natural Resources Ltd. | 90939 | 2879774 |
| Cheniere Energy, Inc. | 13734 | 3321156 |
| Chevron Corp. | 52713 | 8465708 |
| ConocoPhillips | 31133 | 3081233 |
| EOG Resources, Inc. | 23976 | 2992684 |
| EQT Corp. | 17754 | 920367 |
| Exxon Mobil Corp. | 145225 | 16597765 |
| Galp Energia SGPS SA, Class B | 56313 | 1094599 |
| Gazprom PJSC<sup>(a)(c)</sup> | 712200 | 89 |
| Gaztransport Et Technigaz SA | 3895 | 726936 |
| HF Sinclair Corp. | 18479 | 940212 |
| Kinder Morgan, Inc. | 106843 | 2882624 |
| Kosmos Energy Ltd.<sup>(a)</sup> | 198012 | 354441 |
| Pembina Pipeline Corp. | 40211 | 1518728 |
| Permian Resources Corp., Class A | 136168 | 1945841 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock Commodity Strategies Fund**

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Repsol SA | 62926 | $1031741 |
| Shell PLC | 239593 | 8821663 |
| Suncor Energy, Inc. | 62135 | 2568467 |
| Targa Resources Corp. | 15005 | 2517239 |
| TC Energy Corp. | 63458 | 3304705 |
| TotalEnergies SE | 91411 | 5738878 |
| Tourmaline Oil Corp. | 24280 | 1031062 |
| Valero Energy Corp. | 17046 | 2591162 |
| Williams Cos., Inc. (The) | 52822 | 3057337 |
|  |  | 81505175 |
| **Paper & Forest Products — 1.7%** | **Paper & Forest Products — 1.7%** | **Paper & Forest Products — 1.7%** |
| Mondi PLC | 318171 | 4478994 |
| UPM-Kymmene Oyj | 252071 | 7178550 |
|  |  | 11657544 |
| **Total Common Stocks — 49.3%** <br>**(Cost: $245,579,590)** | **Total Common Stocks — 49.3%** <br>**(Cost: $245,579,590)** | 335718420 |
| **Rights** | **Rights** | **Rights** |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| Kincross Gold Corp., CVR<sup>(a)</sup> | 11812 | 12993 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 12993 |
| **Warrants**<sup>(a)</sup> | **Warrants**<sup>(a)</sup> | **Warrants**<sup>(a)</sup> |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp; Robex Resources, Inc., (Issued 07/10/24/Exercisable <br> 07/10/25, 1 Share for 1 Warrant, Expires 06/27/26, <br> Strike Price CAD 2.55)<br>| 124394 | 86048 |
| **Total Warrants — 0.0%** <br>**(Cost: $2)** | **Total Warrants — 0.0%** <br>**(Cost: $2)** | 86048 |
| **Total Long-Term Investments — 49.3%** <br>**(Cost: $245,579,592)** | **Total Long-Term Investments — 49.3%** <br>**(Cost: $245,579,592)** | 335817461 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.9%** | **Money Market Funds — 1.9%** | **Money Market Funds — 1.9%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.44%<sup>(e)(f)(g)</sup><br>| 6648285 | $6651609 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.16%<sup>(e)(f)</sup><br>| 6224652 | 6224652 |
|  |  | 12876261 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations**<sup>(h)</sup> **— 47.8%** | **U.S. Treasury Obligations**<sup>(h)</sup> **— 47.8%** | **U.S. Treasury Obligations**<sup>(h)</sup> **— 47.8%** | **U.S. Treasury Obligations**<sup>(h)</sup> **— 47.8%** |
| U.S. Treasury Bills, 4.12%, 11/28/25 | USD  | 329000 | 325781502 |
| **Total Short-Term Securities — 49.7%** <br>**(Cost: $338,596,450)** | **Total Short-Term Securities — 49.7%** <br>**(Cost: $338,596,450)** | **Total Short-Term Securities — 49.7%** <br>**(Cost: $338,596,450)** | 338657763 |
| **Total Investments — 99.0%** <br>**(Cost: $584,176,042)** | **Total Investments — 99.0%** <br>**(Cost: $584,176,042)** | **Total Investments — 99.0%** <br>**(Cost: $584,176,042)** | 674475224 |
| **Other Assets Less Liabilities — 1.0%** | **Other Assets Less Liabilities — 1.0%** | **Other Assets Less Liabilities — 1.0%** | 7124979 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $681600203 |

---

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

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

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

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

<sup>(d)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $355,282, representing 0.1% of its net assets as of period end, and an original cost of $315,608. 

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

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

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

<sup>(h)</sup> Rates are discount rates or a range of discount rates as of period end.

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*05/31/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| &nbsp;&nbsp; $6935794<br>| &nbsp;&nbsp; $—<br> &nbsp;&nbsp; $(284877 )<sup>(a)</sup><br>| &nbsp;&nbsp; $269 | &nbsp;&nbsp; $423 | &nbsp;&nbsp; $6651609 | &nbsp;&nbsp; 6648285 | &nbsp;&nbsp; $30773 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, <br> Institutional Shares<br>| &nbsp;&nbsp; 7285557<br>| &nbsp;&nbsp; —<br> &nbsp;&nbsp; (1060905 )<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6224652 | &nbsp;&nbsp; 6224652 | &nbsp;&nbsp; 59961 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $269 | &nbsp;&nbsp; $423 | &nbsp;&nbsp; $12876261 |  | &nbsp;&nbsp; $90734 | &nbsp;&nbsp; $— |

---

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

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

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

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

------

Consolidated Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock Commodity Strategies Fund**

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

**OTC Total Return Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)* | *Notional* <br>*Amount* <br>*(000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 09/02/25 | USD | 474 | &nbsp;&nbsp; $(5282)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5282)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Merrill Lynch International | 09/03/25 | USD | 1328 | &nbsp;&nbsp; 163533 | &nbsp;&nbsp; — | &nbsp;&nbsp; 163533 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 09/30/25 | USD | 163 | &nbsp;&nbsp; 2856 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2856 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 10/14/25 | USD | 5028 | &nbsp;&nbsp; 158942 | &nbsp;&nbsp; — | &nbsp;&nbsp; 158942 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 10/14/25 | USD | 15777 | &nbsp;&nbsp; (857488)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (857488)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 10/29/25 | USD | 461 | &nbsp;&nbsp; (37438)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (37438)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 10/29/25 | USD | 762 | &nbsp;&nbsp; (38588)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (38588)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 10/29/25 | USD | 587 | &nbsp;&nbsp; 16291 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16291 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRPRT | Quarterly | Societe Generale SA | 10/29/25 | USD | 447 | &nbsp;&nbsp; 18892 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18892 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Societe Generale SA | 10/29/25 | USD | 151 | &nbsp;&nbsp; 9365 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9365 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 10/31/25 | USD | 3814 | &nbsp;&nbsp; (186027)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (186027)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 10/31/25 | USD | 9621 | &nbsp;&nbsp; 365906 | &nbsp;&nbsp; — | &nbsp;&nbsp; 365906 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Societe Generale SA | 10/31/25 | USD | 2460 | &nbsp;&nbsp; 171208 | &nbsp;&nbsp; — | &nbsp;&nbsp; 171208 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 12/02/25 | USD | 3061 | &nbsp;&nbsp; 4598 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4598 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 12/22/25 | USD | 1125 | &nbsp;&nbsp; 42171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42171 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 12/22/25 | USD | 584 | &nbsp;&nbsp; (10236)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (10236)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 12/22/25 | USD | 1118 | &nbsp;&nbsp; (87608)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (87608)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 12/22/25 | USD | 957 | &nbsp;&nbsp; (12788)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12788)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Societe Generale SA | 12/22/25 | USD | 225 | &nbsp;&nbsp; 21422 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21422 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock Commodity Strategies Fund**

**OTC Total Return Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Termination*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 01/05/26 | USD | 290 | &nbsp;&nbsp; $(8799)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(8799)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/05/26 | USD | 424 | &nbsp;&nbsp; 10103 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10103 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/20/26 | USD | 6013 | &nbsp;&nbsp; 97653 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97653 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 01/21/26 | USD | 506 | &nbsp;&nbsp; 8596 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8596 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 01/21/26 | USD | 278 | &nbsp;&nbsp; (24579)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (24579)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 01/21/26 | USD | 456 | &nbsp;&nbsp; (20290)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (20290)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Merrill Lynch International | 01/21/26 | USD | 101 | &nbsp;&nbsp; 6978 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6978 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/21/26 | USD | 412 | &nbsp;&nbsp; 6742 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6742 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/26/26 | USD | 1288 | &nbsp;&nbsp; 28792 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28792 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 01/28/26 | USD | 2605 | &nbsp;&nbsp; (72396)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (72396)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 01/28/26 | USD | 9863 | &nbsp;&nbsp; 222689 | &nbsp;&nbsp; — | &nbsp;&nbsp; 222689 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 02/02/26 | USD | 2261 | &nbsp;&nbsp; 46013 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46013 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 02/26/26 | USD | 11324 | &nbsp;&nbsp; 43956 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43956 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 03/02/26 | USD | 18693 | &nbsp;&nbsp; (276539)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (276539)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 03/16/26 | USD | 7656 | &nbsp;&nbsp; (173168)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (173168)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 03/23/26 | USD | 140 | &nbsp;&nbsp; (1857)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1857)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 03/31/26 | USD | 6992 | &nbsp;&nbsp; 427849 | &nbsp;&nbsp; — | &nbsp;&nbsp; 427849 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 03/31/26 | USD | 4717 | &nbsp;&nbsp; 82712 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82712 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Societe Generale SA | 03/31/26 | USD | 1725 | &nbsp;&nbsp; 169227 | &nbsp;&nbsp; — | &nbsp;&nbsp; 169227 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 04/01/26 | USD | 14703 | &nbsp;&nbsp; 292667 | &nbsp;&nbsp; — | &nbsp;&nbsp; 292667 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock Commodity Strategies Fund**

**OTC Total Return Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Termination*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 04/07/26 | USD | 9990 | &nbsp;&nbsp; $(301626)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(301626)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 04/30/26 | USD | 437 | &nbsp;&nbsp; 11173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11173 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 04/30/26 | USD | 1258 | &nbsp;&nbsp; (61353)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (61353)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 04/30/26 | USD | 2321 | &nbsp;&nbsp; 88257 | &nbsp;&nbsp; — | &nbsp;&nbsp; 88257 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Merrill Lynch International | 04/30/26 | USD | 276 | &nbsp;&nbsp; 19223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19223 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 05/12/26 | USD | 417 | &nbsp;&nbsp; 16414 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16414 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 05/12/26 | USD | 389 | &nbsp;&nbsp; 7105 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7105 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 05/12/26 | USD | 204 | &nbsp;&nbsp; (434)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (434)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 05/12/26 | USD | 102 | &nbsp;&nbsp; 4419 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4419 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 05/12/26 | USD | 458 | &nbsp;&nbsp; 14452 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14452 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 06/01/26 | USD | 2787 | &nbsp;&nbsp; 220995 | &nbsp;&nbsp; — | &nbsp;&nbsp; 220995 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 06/01/26 | USD | 2180 | &nbsp;&nbsp; 64602 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64602 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 06/01/26 | USD | 1476 | &nbsp;&nbsp; (2046)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2046)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 06/01/26 | USD | 1130 | &nbsp;&nbsp; 10774 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10774 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 06/01/26 | USD | 177 | &nbsp;&nbsp; 22791 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22791 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 06/05/26 | USD | 213 | &nbsp;&nbsp; (4438)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4438)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 06/05/26 | USD | 415 | &nbsp;&nbsp; (8285)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8285)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 06/05/26 | USD | 484 | &nbsp;&nbsp; (6011)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6011)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Societe Generale SA | 06/05/26 | USD | 98 | &nbsp;&nbsp; 9194 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9194 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRPRT | Quarterly | Societe Generale SA | 06/05/26 | USD | 428 | &nbsp;&nbsp; 19361 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19361 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock Commodity Strategies Fund**

**OTC Total Return Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Termination*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 06/25/26 | USD | 547 | &nbsp;&nbsp; $27732 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27732 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 06/25/26 | USD | 540 | &nbsp;&nbsp; (17888)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (17888)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 06/25/26 | USD | 265 | &nbsp;&nbsp; (6610)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6610)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 06/25/26 | USD | 604 | &nbsp;&nbsp; 9671 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9671 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Societe Generale SA | 06/25/26 | USD | 125 | &nbsp;&nbsp; 12662 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12662 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 07/01/26 | USD | 5078 | &nbsp;&nbsp; (201703)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (201703)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 07/01/26 | USD | 13676 | &nbsp;&nbsp; 272275 | &nbsp;&nbsp; — | &nbsp;&nbsp; 272275 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 07/08/26 | USD | 1310 | &nbsp;&nbsp; 71888 | &nbsp;&nbsp; — | &nbsp;&nbsp; 71888 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 07/08/26 | USD | 1389 | &nbsp;&nbsp; (70675)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (70675)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Macquarie Bank Ltd. | 07/08/26 | USD | 183 | &nbsp;&nbsp; 13789 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13789 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 07/08/26 | USD | 1220 | &nbsp;&nbsp; (97563)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (97563)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 07/08/26 | USD | 1302 | &nbsp;&nbsp; 35394 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35394 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | JPMorgan Chase Bank N.A. | 07/21/26 | USD | 52254 | &nbsp;&nbsp; (2321980)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2321980)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRPRT | Quarterly | Societe Generale SA | 07/21/26 | USD | 68162 | &nbsp;&nbsp; 1157699 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1157699 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Societe Generale SA | 07/21/26 | USD | 11650 | &nbsp;&nbsp; 806379 | &nbsp;&nbsp; — | &nbsp;&nbsp; 806379 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRPRT | Quarterly | JPMorgan Chase Bank N.A. | 07/31/26 | USD | 265 | &nbsp;&nbsp; 16020 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16020 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Macquarie Bank Ltd. | 07/31/26 | USD | 1996 | &nbsp;&nbsp; 51037 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51037 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Merrill Lynch International | 07/31/26 | USD | 2693 | &nbsp;&nbsp; 102425 | &nbsp;&nbsp; — | &nbsp;&nbsp; 102425 |
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRPRT | Quarterly | Goldman Sachs International | 08/31/26 | USD | 2312 | &nbsp;&nbsp; (790)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (790)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRENT | Quarterly | Goldman Sachs International | 08/31/26 | USD | 3713 | &nbsp;&nbsp; (1268)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1268)<br>|

---

------

Consolidated Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock Commodity Strategies Fund**

**OTC Total Return Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |
| *Rate* | *Frequency* | *Reference* | *Frequency* | *Counterparty* | *Termination*<br> *Date*<br>| *Notional*<br> *Amount*<br> *(000)* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRINT | Quarterly | Goldman Sachs International | 08/31/26 | USD | 932 | &nbsp;&nbsp; $(318)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(318)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRAGT | Quarterly | Macquarie Bank Ltd. | 08/31/26 | USD | 3926 | &nbsp;&nbsp; (1341)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1341)<br>|
| &nbsp;&nbsp;&nbsp; 3-month U.S. <br> Treasury Bill, <br> 4.15%<sup>(a)</sup> <br>| Quarterly | BCOMRLIT | Quarterly | Societe Generale SA | 08/31/26 | USD | 570 | &nbsp;&nbsp; (195)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (195)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $587285 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $587285 |

---

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

<sup>(a)</sup> All or a portion of the security is held by a wholly-owned subsidiary.

**Fair Value Hierarchy as of Period End**

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; $55149869 | &nbsp;&nbsp; $3712035 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $58861904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp; 741895 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 741895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp; 33912347 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33912347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp; 1704671 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1704671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp; 9497578 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9497578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp; 3949737 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3949737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp; 103498557 | &nbsp;&nbsp; 30389006 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 133887569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 64091269 | &nbsp;&nbsp; 17413817 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 81505175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 11657544 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11657544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights  | &nbsp;&nbsp; — | &nbsp;&nbsp; 12993 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants  | &nbsp;&nbsp; 86048 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 86048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 12876261 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12876261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 325781502 | &nbsp;&nbsp; — | &nbsp;&nbsp; 325781502 |
|  | &nbsp;&nbsp; $285508232 | &nbsp;&nbsp; $388966897 | &nbsp;&nbsp; $95 | &nbsp;&nbsp; $674475224 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5504892 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5504892 |

---

------

Consolidated Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock Commodity Strategies Fund**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4917607)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4917607)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $587285 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $587285 |

---

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

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

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| CAD | Canadian Dollar |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| BCOMRAGT | Bloomberg Roll Select Agriculture Subindex Total Return<sup>SM</sup> <br>|
| BCOMRENT | Bloomberg Roll Select Energy Subindex Total Return<sup>SM</sup> <br>|
| BCOMRINT | Bloomberg Roll Select Industrial Metals Subindex Total Return<sup>SM</sup> <br>|
| BCOMRLIT | Bloomberg Roll Select Livestock Subindex Total Return<sup>SM</sup> <br>|
| BCOMRPRT | Bloomberg Roll Select Precious Metals Subindex Total Return<sup>SM</sup> <br>|
| CVR | Contingent Value Rights |
| OTC | Over-the-Counter |

---

------

## 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:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-29

**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:** $693716411.99

**Total Liabilities:** $12223194.67

**Net Assets:** $681493217.32

**Amount of Assets Invested in Other Investment Companies:** $96317875.02

**Cash Not Reported:** $21068775.83

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 1.72000000 | **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:** 0.01000000 | **1-Year:** 0.03000000 | **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 | 2.58%                | -0.42%               | 5.24%                |
| Class ID C000103251 | 2.60%                | -0.53%               | 5.16%                |
| Class ID C000103252 | 2.55%                | -0.43%               | 5.30%                |
| Class ID C000198241 | 2.55%                | -0.41%               | 5.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $644881.51               | $7192818.65                                |
| Month 2  | $718965.02               | $-2266726.24                               |
| Month 3  | $-232994.06              | $25310058.61                               |

**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      | $-20290.27    | -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      | $35394.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                              | Rio Tinto PLC                              | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     79495 | NS      | $4969381.24   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Skeena Resources Ltd                       | Skeena Resources Ltd                       | CUSIP: 83056P715<br>LEI: 549300DCWSQFVVZ21289 | Long             | EC               | CORP              | CA        |     36579 | NS      | $613134.73    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp                   | Pan American Silver Corp                   | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     30828 | NS      | $1045685.76   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBEX RESOURCES INC                        | Robex Resources Inc                        | CUSIP: 76125Y139<br>LEI: 529900UBILRW1I57HF58 | N/A              | DE               | CORP              | CA        |    124394 | NC      | $86048.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MAG Silver Corp                            | MAG Silver Corp                            | CUSIP: 55903Q104<br>LEI: 254900LGL904N7F3EL14 | Long             | EC               | CORP              | CA        |     46249 | NS      | $1132188.72   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                         | Anglo American PLC                         | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     72833 | NS      | $2242889.01   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Titan Mining Corp                          | Titan Mining Corp                          | CUSIP: 88831L103<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     70186 | NS      | $64393.17     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Norsk Hydro ASA                            | Norsk Hydro ASA                            | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |    185646 | NS      | $1203317.84   | 0.18%             |  |  |  | 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      | $1611442.80   | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Mondi PLC                                  | Mondi PLC                                  | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |    298866 | NS      | $4207230.95   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-61353.09    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| California Resources Corp                  | California Resources Corp                  | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      8700 | NS      | $432216.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FOUNDERS METALS PLACEMENT                  | FOUNDERS METALS PLACEMENT                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    230890 | NS      | $689299.16    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunge Global SA                            | Bunge Global SA                            | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | US        |     57808 | NS      | $4868589.76   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                                 | Deere & Co                                 | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      7611 | NS      | $3642929.04   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd                 | First Quantum Minerals Ltd                 | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |     40473 | NS      | $709349.48    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                              | BHP Group Ltd                              | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    174169 | NS      | $4854612.08   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Lynas Rare Earths Ltd                      | Lynas Rare Earths Ltd                      | CUSIP: 000000000<br>LEI: 529900SGT9M1FJPXXI35 | Long             | EC               | CORP              | AU        |    143603 | NS      | $1300724.06   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Kosmos Energy Ltd                          | Kosmos Energy Ltd                          | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |    198012 | NS      | $354441.48    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                         | Valero Energy Corp                         | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     17526 | NS      | $2664127.26   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                   | EQT Corp                                   | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     18255 | NS      | $946339.20    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-201703.07   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                           | TotalEnergies SE                           | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     93987 | NS      | $5900602.47   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                          | Kinross Gold Corp                          | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |    526585 | NS      | $11008304.77  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Capricorn Metals Ltd                       | Capricorn Metals Ltd                       | CUSIP: 000000000<br>LEI: 529900CRG304NUYMOV23 | Long             | EC               | CORP              | AU        |     70516 | NS      | $477714.33    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                        | Cheniere Energy Inc                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     14121 | NS      | $3414740.22   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NGEX MINERALS LTD PLACEMENT                | NGEX MINERALS LTD PLACEMENT                | CUSIP: 000000000<br>LEI: 549300M2DU5ORAGOIG27 | Long             | EC               | CORP              | CA        |     35836 | NS      | $551624.16    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| TechnipFMC PLC                             | TechnipFMC PLC                             | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     47680 | NS      | $1752716.80   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp                         | Franco-Nevada Corp                         | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     12196 | NS      | $2298533.28   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd             | Canadian Natural Resources Ltd             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     93502 | NS      | $2960936.38   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Founders Metals Inc                        | Founders Metals Inc                        | CUSIP: 350590105<br>LEI: 984500F8843F89AC8H21 | Long             | EC               | CORP              | CA        |     17684 | NS      | $52793.83     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Nickel Industries Ltd                      | Nickel Industries Ltd                      | CUSIP: 000000000<br>LEI: 54930007K0WX53TSIK16 | Long             | EC               | CORP              | AU        |   1191982 | NS      | $543513.15    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $21421.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rupert Resources Ltd                       | Rupert Resources Ltd                       | CUSIP: 78165J105<br>LEI: 529900EEVS5CSPMXKZ88 | Long             | EC               | CORP              | CA        |     62411 | NS      | $242672.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Anglogold Ashanti Plc                      | Anglogold Ashanti Plc                      | CUSIP: 000000000<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |     79452 | NS      | $4501750.32   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                                | B2Gold Corp                                | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |     86853 | NS      | $358580.49    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                       | Freeport-McMoRan Inc                       | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    104706 | NS      | $4648946.40   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                              | United States Treasury Bill                | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        | 314000000 | PA      | $310928241.62 | 45.62%            | 2025-11-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chalice Mining Ltd                         | Chalice Mining Ltd                         | CUSIP: 000000000<br>LEI: 5299008IXHWMQDOE1437 | Long             | EC               | CORP              | AU        |     86228 | NS      | $100941.68    | 0.01%             |  |  |  | No            |                  2 | On Loan: —       |
| CONOCOPHILLIPS                             | CONOCOPHILLIPS                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     32010 | NS      | $3168029.70   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp                      | Pembina Pipeline Corp                      | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |     41345 | NS      | $1561557.61   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                    | Vale SA                                    | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    333615 | NS      | $3429562.20   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                                | Cameco Corp                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     13142 | NS      | $1017059.38   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-10236.25    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Gaztransport Et Technigaz SA               | Gaztransport Et Technigaz SA               | CUSIP: 000000000<br>LEI: 969500BVOHVZUUFWDT54 | Long             | EC               | CORP              | FR        |      4005 | NS      | $747465.76    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Centerra Gold Inc                          | Centerra Gold Inc                          | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | CA        |     79445 | NS      | $648471.58    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                         | Steel Dynamics Inc                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     14767 | NS      | $1933295.64   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Repsol SA                                  | Repsol SA                                  | CUSIP: 000000000<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |     64700 | NS      | $1060827.86   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Bellevue Gold Ltd                          | Bellevue Gold Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1241388 | NS      | $708342.37    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| HF Sinclair Corp                           | HF Sinclair Corp                           | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     19000 | NS      | $966720.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp               | Wheaton Precious Metals Corp               | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     96031 | NS      | $9644005.91   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                            | Alamos Gold Inc                            | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |     97641 | NS      | $2974696.50   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Polyus PJSC                                | Polyus PJSC                                | CUSIP: 000000000<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |    462520 | NS      | $5.75         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Foran Mining Corp                          | Foran Mining Corp                          | CUSIP: 344911201<br>LEI: 529900LRYPIWB6RISB58 | Long             | EC               | CORP              | CA        |    394440 | NS      | $864502.42    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $11172.56     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TITAN MINING CORP                          | TITAN MINING CORP                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     20773 | NS      | $19058.49     | 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        |    150118 | NS      | $3343127.86   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP                               | CHEVRON CORP                               | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54199 | NS      | $8704359.40   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Novonesis Novozymes B                      | Novonesis Novozymes B                      | CUSIP: 000000000<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |     54721 | NS      | $3480931.24   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| SOLARIS RESOURCES INC                      | SOLARIS RESOURCES INC                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     39000 | NS      | $214686.71    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mosaic Co/The                              | Mosaic Co/The                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    379791 | NS      | $12685019.40  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Minera Cerro Verde SA             | Sociedad Minera Cerro Verde SAA            | CUSIP: 000000000<br>LEI: 5493002F857O2TX7EU13 | Long             | EC               | CORP              | PE        |     20814 | NS      | $852333.30    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America                  | Packaging Corp of America                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     56148 | NS      | $12238018.08  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC/THE                       | WILLIAMS COS INC                           | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     54311 | NS      | $3143520.68   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                                | Cameco Corp                                | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     24455 | NS      | $1891796.85   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $158942.39    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Targa Resources Corp                       | Targa Resources Corp                       | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     15428 | NS      | $2588201.28   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                                 | Alcoa Corp                                 | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      8508 | NS      | $273872.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                     | Permian Resources Corp                     | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    140006 | NS      | $2000685.74   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp                       | Southern Copper Corp                       | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      9517 | NS      | $914488.53    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                 | CF Industries Holdings Inc                 | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     11213 | NS      | $971382.19    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Predictive Discovery Ltd                   | Predictive Discovery Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   2536639 | NS      | $776108.30    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Teck Resources Ltd                         | Teck Resources Ltd                         | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      8714 | NS      | $297964.42    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Discovery Silver Corp                      | Discovery Silver Corp                      | CUSIP: 254677107<br>LEI: 98450041CCB3E8QD3F53 | Long             | EC               | CORP              | CA        |    407358 | NS      | $1296213.24   | 0.19%             |  |  |  | No            |                  1 | On Loan: —       |
| Nutrien Ltd                                | Nutrien Ltd                                | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    315383 | NS      | $18172368.46  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Minerals Ltd                    | Blackstone Minerals Ltd                    | CUSIP: 000000000<br>LEI: 529900WXEF13Q8S2X594 | Long             | EC               | CORP              | AU        |    849513 | NS      | $37805.54     | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $427849.42    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| OR Royalties Inc                           | OR Royalties Inc                           | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |     75216 | NS      | $2416923.64   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                          | Suncor Energy Inc                          | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     63886 | NS      | $2640847.72   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc                    | Darling Ingredients Inc                    | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |    117632 | NS      | $3994782.72   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerald Resources NL                       | Emerald Resources NL                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    188015 | NS      | $469185.95    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Solaris Resources Inc                      | Solaris Resources Inc                      | CUSIP: 83419D201<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     63953 | NS      | $352047.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                                 | Nucor Corp                                 | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     21059 | NS      | $3132105.07   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC                       | Smurfit WestRock PLC                       | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |    336229 | NS      | $15923805.44  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Iron Ltd                          | Champion Iron Ltd                          | CUSIP: 000000000<br>LEI: 894500WQI96G4T75O202 | Long             | EC               | CORP              | AU        |     79887 | NS      | $234530.47    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                     | Agnico Eagle Mines Ltd                     | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     84316 | NS      | $12156705.25  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                          | EOG Resources Inc                          | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     24651 | NS      | $3076937.82   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $51037.37     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO | BLACKROCK LIQUIDITY FUNDS T-FUND PORTFOLIO | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |   6094513 | NS      | $6094512.71   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                               | Reliance Inc                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       562 | NS      | $166160.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Iluka Resources Ltd                        | Iluka Resources Ltd                        | CUSIP: 000000000<br>LEI: 2549009N2Y1F4YNB0955 | Long             | EC               | CORP              | AU        |     36978 | NS      | $152623.68    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp                        | Barrick Mining Corp                        | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    251041 | NS      | $6685221.83   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sigma Lithium Corp                         | Sigma Lithium Corp                         | CUSIP: 826599102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     64383 | NS      | $428485.54    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Grupo Mexico SAB de CV                     | Grupo Mexico SAB de CV                     | CUSIP: 000000000<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |    150591 | NS      | $987803.38    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dundee Precious Metals Inc                 | Dundee Precious Metals Inc                 | CUSIP: 265269209<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |    105861 | NS      | $1962515.79   | 0.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Challenger Gold Ltd                        | Challenger Gold Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1264054 | NS      | $99173.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Robex Resources Inc                        | Robex Resources Inc                        | CUSIP: 76125Y600<br>LEI: 529900UBILRW1I57HF58 | Long             | EC               | CORP              | CA        |    126471 | NS      | $307578.65    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Lithium Royalty Corp                       | Lithium Royalty Corp                       | CUSIP: 53680W105<br>LEI: 549300PNTZ1SGOX9FY92 | Long             | EC               | CORP              | CA        |     56034 | NS      | $238685.62    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $71887.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                           | ArcelorMittal SA                           | CUSIP: 000000000<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |     59014 | NS      | $1966040.72   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| METALS ACQUISITION LTD                     | METALS ACQUISITION LTD                     | CUSIP: 000000000<br>LEI: 984500A55FX8DC465F12 | Long             | EC               | CORP              | JE        |     70500 | NS      | $855870.00    | 0.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| UPM-Kymmene Oyj                            | UPM-Kymmene Oyj                            | CUSIP: 000000000<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |    235579 | NS      | $6708886.15   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Gold Inc                            | Lundin Gold Inc                            | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |     76790 | NS      | $4721968.54   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                | Corteva Inc                                | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    269431 | NS      | $19989085.89  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Torex Gold Resources Inc                   | Torex Gold Resources Inc                   | CUSIP: 891054603<br>LEI: 549300QL07027186GQ85 | Long             | EC               | CORP              | CA        |     47436 | NS      | $1582293.78   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                           | EXXON MOBIL CORP                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    149318 | NS      | $17065554.22  | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Alimentation Couche-Tard Inc               | Alimentation Couche-Tard Inc               | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |     15050 | NS      | $762828.49    | 0.11%             |  |  |  | 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      | $169007.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Kinder Morgan Inc                          | Kinder Morgan Inc                          | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    109854 | NS      | $2963860.92   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $12661.77     | 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      | $82711.52     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd                | Northern Star Resources Ltd                | CUSIP: 000000000<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |    332805 | NS      | $4153330.25   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                  | Shell PLC                                  | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    246346 | NS      | $9070304.39   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                          | Kinross Gold Corp                          | CUSIP: 496902198<br>LEI: 254900O9KHF2A1ZXPT47 | Long             |  | CORP              | CA        |     11812 | NS      | $12993.20     | 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      | $-70675.10    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $18891.98     | 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      | $97653.48     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $16414.32     | 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      | $7105.08      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $19361.38     | 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      | $14451.95     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION  | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DCO              | CORP              | US        |         1 | NC      | $16020.27     | 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      | $-4437.59     | -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      | $222689.43    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $6977.92      | 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      | $163533.01    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $171208.18    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $-2046.05     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $169227.29    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $19223.31     | 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      | $-87607.92    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $46013.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-72396.27    | -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      | $-6011.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $-433.72      | -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      | $4418.76      | 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      | $-38588.47    | -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      | $365905.75    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $42171.47     | 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      | $-1856.55     | -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      | $8596.30      | 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      | $43956.29     | 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      | $16290.66     | 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      | $-186026.74   | -0.03%            |  |  |  | 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      | $-857487.99   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $9364.61      | 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      | $-12787.95    | -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      | $64601.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $-97563.33    | -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      | $-37438.38    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $27732.43     | 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      | $13788.97     | 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      | $-173168.46   | -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      | $10773.50     | 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      | $292667.14    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $9193.64      | 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      | $4597.77      | 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      | $10103.30     | 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      | $22790.87     | 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      | $6742.09      | 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      | $-24578.63    | -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      | $2856.10      | 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      | $220994.65    | 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      | $-301626.10   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRPRT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $1157699.05   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $102424.94    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-276539.03   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| SOCIETE GENERALE                           | TRS BCOMRLIT INDEX                         | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | N/A              | DCO              | CORP              | FR        |         1 | NC      | $806379.20    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $88256.98     | 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      | $272275.49    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MERRILL LYNCH INTERNATIONAL                | TRS BCOMRAGT INDEX                         | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $28791.83     | 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      | $9670.54      | 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      | $-2321979.71  | -0.34%            |  |  |  | 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      | $-5282.39     | -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      | $-8798.87     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MACQUARIE BANK LIMITED                     | TRS BCOMRINT INDEX                         | CUSIP: 000000000<br>LEI: 4ZHCHI4KYZG2WVRT8631 | N/A              | DCO              | CORP              | AU        |         1 | NC      | $-6609.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp                               | Newmont Corp                               | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    156580 | NS      | $11649552.00  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                             | TC Energy Corp                             | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     65247 | NS      | $3397870.49   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | TRS BCOMRENT INDEX                         | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-8285.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lundin Mining Corp                         | Lundin Mining Corp                         | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               | CORP              | CA        |     34222 | NS      | $395957.02    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd                      | Valterra Platinum Ltd                      | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     23560 | NS      | $1080417.84   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Develop Global Ltd                         | Develop Global Ltd                         | CUSIP: 000000000<br>LEI: 5299008N5CYXCI98G291 | Long             | EC               | CORP              | AU        |    427720 | NS      | $1082291.28   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| RUPERT RESOURCES LTD                       | RUPERT RESOURCES LTD                       | CUSIP: 000000000<br>LEI: 529900EEVS5CSPMXKZ88 | Long             | EC               | CORP              | CA        |     91372 | NS      | $355281.96    | 0.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Glencore PLC                               | Glencore PLC                               | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | CH        |    819094 | NS      | $3235872.70   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| FireFly Metals Ltd                         | FireFly Metals Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    421590 | NS      | $341820.23    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Greatland Resources Ltd                    | Greatland Resources Ltd                    | CUSIP: 000000000<br>LEI: 213800KQI75ZGE53GX44 | Long             | EC               | CORP              | AU        |     52137 | NS      | $188348.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ERO Copper Corp                            | ERO Copper Corp                            | CUSIP: 296006109<br>LEI: 549300KL8A21SEIO8I47 | Long             | EC               | CORP              | CA        |      9758 | NS      | $140115.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Ivanhoe Mines Ltd                          | Ivanhoe Mines Ltd                          | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |     52335 | NS      | $462625.62    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Galp Energia SGPS SA                       | Galp Energia SGPS SA                       | CUSIP: 000000000<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |     57900 | NS      | $1125446.23   | 0.17%             |  |  |  | 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      | $-17887.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Endeavour Mining PLC                       | Endeavour Mining PLC                       | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |    161451 | NS      | $5613489.10   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Gazprom PJSC                               | Gazprom PJSC                               | CUSIP: 000000000<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |    712200 | NS      | $88.58        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Tourmaline Oil Corp                        | Tourmaline Oil Corp                        | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |     24964 | NS      | $1060108.84   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Artemis Gold Inc                           | Artemis Gold Inc                           | CUSIP: 04302L100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     54008 | NS      | $1134940.75   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp                         | Eldorado Gold Corp                         | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |    130952 | NS      | $3244990.56   | 0.48%             |  |  |  | No            |                  1 | On Loan: —       |
| IAMGOLD Corp                               | IAMGOLD Corp                               | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |    198954 | NS      | $1852261.74   | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Allied Gold Corp                           | Allied Gold Corp                           | CUSIP: 01921D204<br>LEI: 894500S5G4JFSRGK8L37 | Long             | EC               | CORP              | CA        |     60407 | NS      | $846714.06    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Cash Funds - Institutional       | BlackRock Cash Funds - Institutional       | CUSIP: 066922519<br>LEI: 549300JDHS1T46VWOG19 | Long             | STIV             | RF                | US        |   6212958 | NS      | $6216064.37   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Aya Gold & Silver Inc                      | Aya Gold & Silver Inc                      | CUSIP: 05466C109<br>LEI: 549300BWX8KJOTUL4M51 | Long             | EC               | CORP              | CA        |     33955 | NS      | $337485.53    | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Gold Fields Ltd                            | Gold Fields Ltd                            | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     49001 | NS      | $1640553.48   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-27

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer