<SEC-DOCUMENT>0001752724-20-037969.txt : 20200227
<SEC-HEADER>0001752724-20-037969.hdr.sgml : 20200227
<ACCEPTANCE-DATETIME>20200226210417
ACCESSION NUMBER:		0001752724-20-037969
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200227
PERIOD START:           	20191231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Resources & Commodities Strategy Trust
		CENTRAL INDEX KEY:			0001506289
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22501
		FILM NUMBER:		20658145

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		1-800-882-0052

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>Graphic Packaging Holding Co</name>
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      <invstOrSec>
        <name>Teck Resources Ltd</name>
        <lei>T8KI5SQ2JRWHL7XY0E11</lei>
        <title>Teck Resources Ltd</title>
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        <balance>741734.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Kosmos Energy Ltd</name>
        <lei>213800YDFJ3OT9B5P157</lei>
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        <name>The Montreal Exchange / Bourse De Montreal</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>Newcrest Mining Ltd</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>CREDIT SUISSE INTERNATIONAL</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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      <invstOrSec>
        <name>International Paper Co</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BlackRock Liquidity Funds</name>
        <lei>5493007YVNX55LTRQ706</lei>
        <title>BlackRock Liquidity Funds: T-Fund, Institutional Shares</title>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issuerName>Equinor ASA</issuerName>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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        <name>Nutrien Ltd</name>
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        <name>Freeport-McMoRan Inc</name>
        <lei>549300IRDTHJQ1PVET45</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>CITIBANK NA</name>
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            <shareNo>1.00000000</shareNo>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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        <name>Lehman Brothers Holdings Inc</name>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>BARRICK GOLD CORP JAN20 18 CALL</title>
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                <issuerName>Barrick Gold Corp</issuerName>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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                <issuerName>Gazprom PJSC</issuerName>
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        <name>CREDIT SUISSE INTERNATIONAL</name>
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                <issuerName>Lundin Mining Corp</issuerName>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>EOG RESOURCES INC JAN20 78 CALL</title>
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                <issuerName>EOG Resources Inc</issuerName>
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            <shareNo>100.00000000</shareNo>
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        <name>Options Clearing Corp.</name>
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        <name>Options Clearing Corp.</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>Marathon Petroleum Corp</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <name>Trimble Inc</name>
        <lei>549300E2MI7NSZFQWS19</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>Koninklijke DSM NV</name>
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        <name>Options Clearing Corp.</name>
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        <name>BANK OF AMERICA NA</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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      <invstOrSec>
        <name>TOTAL SA</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>TOTAL SA</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO LLC</name>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <unrealizedAppr>-5871.1</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <delta>XXXX</delta>
            <unrealizedAppr>-53526.18</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CF Industries Holdings Inc</name>
        <lei>529900CG8YAQFZ2JMV97</lei>
        <title>CF Industries Holdings Inc</title>
        <cusip>125269100</cusip>
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          <isin value="US1252691001"/>
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        <units>NS</units>
        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>TECK RESOURCES LTD JAN20 18 CALL</title>
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        <balance>-156.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-6084.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>Teck Resources Ltd</issuerName>
                <issueTitle>Teck Resources Ltd</issueTitle>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2020-01-31</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-297.38</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CNOOC Ltd</name>
        <lei>549300XIVJCBIGMRUD48</lei>
        <title>CNOOC Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="HK0883013259"/>
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        <balance>9618000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
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        <pctVal>1.943819877381</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>WILLIAMS COS INC/THE FEB20 24 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94B5UZ30"/>
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        <balance>-499.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-33183.50000000</valUSD>
        <pctVal>-0.00403316287</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Williams Companies Inc/The</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-18831.97</unrealizedAppr>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>BRW07K193 JAN20 SALM NO CALL JAN20 464.05115 CALL</title>
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          <other otherDesc="BlackRock Identifier" value="BRW07K193"/>
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        <balance>-33000.00000000</balance>
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        <currencyConditional curCd="NOK" exchangeRt="8.77930000"/>
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        <assetCat>DE</assetCat>
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        <invCountry>BV</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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                <issuerName>Salmar ASA</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>9684.13</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>BP PLC JAN20 38 CALL</title>
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          <other otherDesc="BlackRock Identifier" value="Z94FWMPH9"/>
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        <valUSD>-60711.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>10125.09</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>TRACTOR SUPPLY CO JAN20 98.5 CALL</title>
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        <balance>-185.00000000</balance>
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        <valUSD>-8787.50000000</valUSD>
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            <unrealizedAppr>5964.26</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PETROLEO BRASILEIRO SA JAN20 16 CALL</title>
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          <other otherDesc="BlackRock Identifier" value="Z94FSVZ91"/>
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        <balance>-585.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-25155.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <unrealizedAppr>-6575.1</unrealizedAppr>
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      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>BRW023W92 JAN20 UMI BB C JAN20 43.1601 CALL</title>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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                <issuerName>Umicore SA</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2020-01-29</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-18102.98</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>JBS SA</name>
        <lei>N/A</lei>
        <title>JBS SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BRJBSSACNOR8"/>
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        <balance>2200208.00000000</balance>
        <units>NS</units>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Options Clearing Corp.</name>
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        <name>Options Clearing Corp.</name>
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        <name>Options Clearing Corp.</name>
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        <name>Kerry Group PLC</name>
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        <name>Options Clearing Corp.</name>
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        <name>Options Clearing Corp.</name>
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        <name>Options Clearing Corp.</name>
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        <name>Options Clearing Corp.</name>
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        <name>Options Clearing Corp.</name>
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        <name>JP MORGAN CHASE BANK</name>
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        <name>Options Clearing Corp.</name>
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        <name>SUSQUEHANNA FINANCIAL GROUP LLLP</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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        <name>MORGAN STANLEY &amp; CO LLC</name>
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                <issuerName>Koninklijke DSM NV</issuerName>
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      <invstOrSec>
        <name>Salmar ASA</name>
        <lei>5967007LIEEXZXGDBK67</lei>
        <title>Salmar ASA</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>FREEPORT-MCMORAN INC JAN20 14.5 CALL</title>
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        <valUSD>-17204.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Freeport-McMoRan Inc</issuerName>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>DEERE + CO JAN20 180 CALL</title>
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        <valUSD>-7475.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Deere &amp; Co</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>58530.92</unrealizedAppr>
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      <invstOrSec>
        <name>CITIBANK NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>BRW0CBYY6 MAR20 LUN CN CALL MAR20 7.989 CALL</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CITIBANK NA</counterpartyName>
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                <issuerName>Lundin Mining Corp</issuerName>
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            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
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            <expDt>2020-03-03</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-122.43</unrealizedAppr>
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      <invstOrSec>
        <name>FMC Corp</name>
        <lei>CKDHZ2X64EEBQCSP7013</lei>
        <title>FMC Corp</title>
        <cusip>302491303</cusip>
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          <isin value="US3024913036"/>
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        <balance>256777.00000000</balance>
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        <valUSD>25631480.14000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>TECK RESOURCES LTD JAN20 17.5 CALL</title>
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        <balance>-219.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-6460.50000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>-2132.9</unrealizedAppr>
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      <invstOrSec>
        <name>JP MORGAN CHASE BANK</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>BRTXZCUN9 JAN20 GPK US CALL JAN20 15.072 CALL</title>
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        <balance>-87000.00000000</balance>
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        <assetCat>DE</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>EOG RESOURCES INC FEB20 80 CALL</title>
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            <unrealizedAppr>-35966.06</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>ROYAL DUTCH SHELL PLC JAN20 58 CALL</title>
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        <balance>-156.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-28080.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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                <issuerName>Royal Dutch Shell PLC</issuerName>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>58</exercisePrice>
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            <expDt>2020-01-31</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-6277.71</unrealizedAppr>
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      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
        <title>SUNCOR ENERGY INC JAN20 42 CALL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="Z92CQPW64"/>
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        <balance>-92.00000000</balance>
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        <assetCat>DE</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>The Montreal Exchange / Bourse De Montreal</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
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        <name>Options Clearing Corp.</name>
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        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL</name>
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        <name>UBS AG</name>
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        <name>CREDIT SUISSE INTERNATIONAL</name>
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        <name>Neo Lithium Corp</name>
        <lei>254900R0YJWNNUFEYU56</lei>
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        <name>Barrick Gold Corp</name>
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        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
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        <name>The Montreal Exchange / Bourse De Montreal</name>
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        <name>Stelco Holdings Inc</name>
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        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>VALE SA FEB20 14 CALL</title>
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      <invstOrSec>
        <name>EOG Resources Inc</name>
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      <invstOrSec>
        <name>UBS AG</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>FREEPORT-MCMORAN INC JAN20 14 CALL</title>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>Freeport-McMoRan Inc</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>11395.63</unrealizedAppr>
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      <invstOrSec>
        <name>SUSQUEHANNA FINANCIAL GROUP LLLP</name>
        <lei>549300E8QX0ZMRDC2M81</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>SUSQUEHANNA FINANCIAL GROUP LLLP</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Williams Companies Inc/The</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-14128.98</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SUSQUEHANNA FINANCIAL GROUP LLLP</name>
        <lei>549300E8QX0ZMRDC2M81</lei>
        <title>BRTYKERP8 JAN20 RDSA US CALL JAN20 60.5 CALL</title>
        <cusip>000000000</cusip>
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        <balance>-756.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-12607.81000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issuerName>Royal Dutch Shell PLC</issuerName>
                <issueTitle>Royal Dutch Shell PLC</issueTitle>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>65078.01</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Precious Woods Holdings AG</name>
        <lei>N/A</lei>
        <title>PRECIOUS WOODS HLDG AG REG COMMON STOCK CHF1.</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CH0013283368"/>
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        <balance>20000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.96780000"/>
        <valUSD>167389.96000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CITIBANK NA</name>
        <lei>E57ODZWZ7FF32TWEFA76</lei>
        <title>BRW0CBYZ3 FEB20 LUN CN CALL FEB20 7.989 CALL</title>
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        <balance>-196000.00000000</balance>
        <units>NC</units>
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        <assetCat>DE</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CITIBANK NA</counterpartyName>
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            <putOrCall>Call</putOrCall>
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            <descRefInstrmnt>
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                <issuerName>Lundin Mining Corp</issuerName>
                <issueTitle>Lundin Mining Corp</issueTitle>
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            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
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            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-02-25</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-175.4</unrealizedAppr>
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      </invstOrSec>
      <invstOrSec>
        <name>Fresnillo PLC</name>
        <lei>549300JXWH1UV5J0XV81</lei>
        <title>Fresnillo PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <balance>844741.00000000</balance>
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        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>JP MORGAN CHASE BANK</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>BRTYFSKY1 JAN20 VALE US CALL JAN20 12.979 CALL</title>
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        <balance>-162800.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-58586.84000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JP MORGAN CHASE BANK</counterpartyName>
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                <issuerName>Vale SA</issuerName>
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            <shareNo>1.00000000</shareNo>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>INTERNATIONAL PAPER CO JAN20 47.5 CALL</title>
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                <issuerName>International Paper Co</issuerName>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
        <title>FRANCO-NEVADA CORP JAN20 135 CALL</title>
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        <balance>-270.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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                <issuerName>Franco-Nevada Corp</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>21159.04</unrealizedAppr>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>BRTZCZK90 JAN20 LUN CN CALL JAN20 7.435 CALL</title>
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        <balance>-63600.00000000</balance>
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        <assetCat>DE</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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                <issuerName>Lundin Mining Corp</issuerName>
                <issueTitle>Lundin Mining Corp</issueTitle>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>7.435</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-01-08</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-7040.55</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>VALE SA JAN20 13.5 CALL</title>
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        <name>Options Clearing Corp.</name>
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        <name>BANK OF AMERICA NA</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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      <invstOrSec>
        <name>Anglo American PLC</name>
        <lei>549300S9XF92D1X8ME43</lei>
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        <name>CREDIT SUISSE INTERNATIONAL</name>
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        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL</name>
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        <name>JP MORGAN CHASE BANK</name>
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        <name>CREDIT SUISSE INTERNATIONAL</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
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        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL</name>
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        <valUSD>-41515.15000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>MORGAN STANLEY &amp; CO. INTERNATIONAL</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>JBS SA</issuerName>
                <issueTitle>JBS SA</issueTitle>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>104985.15</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL</name>
        <lei>4PQUHN3JPFGFNF3BB653</lei>
        <title>BRTYP8Q93 JAN20 AAL LN CALL JAN20 21.06 CALL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="BRTYP8Q93"/>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>MORGAN STANLEY &amp; CO. INTERNATIONAL</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>Anglo American PLC</issuerName>
                <issueTitle>Anglo American PLC</issueTitle>
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            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-21810.94</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC</title>
        <cusip>055622104</cusip>
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          <isin value="US0556221044"/>
        </identifiers>
        <balance>1178306.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44469268.44000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>WESTROCK CO JAN20 42.5 CALL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="Z94AAB6T3"/>
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        <balance>-395.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-46412.50000000</valUSD>
        <pctVal>-0.00564103158</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>WestRock Co</issuerName>
                <issueTitle>WestRock Co</issueTitle>
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                  <cusip value="96145D105"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>42.5</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-12932.54</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>BRTZE3TD1 JAN20 KRZ ID CALL JAN20 119.646 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTZE3TD1"/>
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        <balance>-13300.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>-4180.34000000</valUSD>
        <pctVal>-0.00050808359</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Kerry Group PLC</issuerName>
                <issueTitle>Kerry Group PLC</issueTitle>
                <identifiers>
                  <isin value="IE0004906560"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>119.646</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2020-01-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>32050.62</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Franco-Nevada Corp</name>
        <lei>N/A</lei>
        <title>Franco-Nevada Corp</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA3518581051"/>
        </identifiers>
        <balance>136639.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>14109524.86000000</valUSD>
        <pctVal>1.714888778772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BHP Group PLC</name>
        <lei>549300C116EOWV835768</lei>
        <title>BHP Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BH0P3Z91"/>
        </identifiers>
        <balance>1814999.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>42532522.77000000</valUSD>
        <pctVal>5.169454446899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Petroleo Brasileiro SA</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>Petroleo Brasileiro SA</title>
        <cusip>71654V408</cusip>
        <identifiers>
          <isin value="US71654V4086"/>
        </identifiers>
        <balance>557900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8892926.00000000</valUSD>
        <pctVal>1.080857020996</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>MARATHON PETROLEUM CORP JAN20 63.5 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94FX5CN6"/>
        </identifiers>
        <balance>-358.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-40275.00000000</valUSD>
        <pctVal>-0.00489507238</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Marathon Petroleum Corp</issuerName>
                <issueTitle>Marathon Petroleum Corp</issueTitle>
                <identifiers>
                  <cusip value="56585A102"/>
                  <isin value="US56585A1025"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>63.5</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-31</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>17634.29</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>BRW03GLY9 JAN20 BHP LN C JAN20 17.6358 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRW03GLY9"/>
        </identifiers>
        <balance>-237000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>-112472.70000000</valUSD>
        <pctVal>-0.01367006848</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
              <counterpartyLei>BFM8T61CT2L1QCEMIK50</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>BHP Group PLC</issuerName>
                <issueTitle>BHP Group PLC</issueTitle>
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                  <isin value="GB00BH0P3Z91"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>17.6358</exercisePrice>
            <exercisePriceCurCd>GBP</exercisePriceCurCd>
            <expDt>2020-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-10714.45</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>TECK RESOURCES LTD JAN20 18.5 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94FXGT61"/>
        </identifiers>
        <balance>-233.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-5708.50000000</valUSD>
        <pctVal>-0.00069381801</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Teck Resources Ltd</issuerName>
                <issueTitle>Teck Resources Ltd</issueTitle>
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                  <isin value="CA8787422044"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>18.5</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-31</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>3322.66</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN CHASE BANK</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>BRTYG5WT8 JAN20 883 HK CALL JAN20 12.9013 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTYG5WT8"/>
        </identifiers>
        <balance>-1738000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
        <valUSD>-55380.56000000</valUSD>
        <pctVal>-0.00673102048</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>JP MORGAN CHASE BANK</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>CNOOC Ltd</issuerName>
                <issueTitle>CNOOC Ltd</issueTitle>
                <identifiers>
                  <isin value="HK0883013259"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>12.9013</exercisePrice>
            <exercisePriceCurCd>HKD</exercisePriceCurCd>
            <expDt>2020-01-09</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>32241.11</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>TYSON FOODS INC JAN20 91.5 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94FLT2T5"/>
        </identifiers>
        <balance>-166.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-17430.00000000</valUSD>
        <pctVal>-0.00211846335</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Tyson Foods Inc</issuerName>
                <issueTitle>Tyson Foods Inc</issueTitle>
                <identifiers>
                  <cusip value="902494103"/>
                  <isin value="US9024941034"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>91.5</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-10</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>5935.86</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE INTERNATIONAL</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
        <title>BRTYVL5U3 JAN20 FP FP CALL JAN20 49.3486 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTYVL5U3"/>
        </identifiers>
        <balance>-60500.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>-34063.83000000</valUSD>
        <pctVal>-0.00414015924</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CREDIT SUISSE INTERNATIONAL</counterpartyName>
              <counterpartyLei>E58DKGMJYYYJLN8C3868</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>TOTAL SA</issuerName>
                <issueTitle>TOTAL SA</issueTitle>
                <identifiers>
                  <isin value="FR0000120271"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>49.3486</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2020-01-22</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>20625.84</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>INTERNATIONAL PAPER CO JAN20 47 CALL</title>
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          <other otherDesc="BlackRock Identifier" value="Z94FX10T5"/>
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        <curCd>USD</curCd>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>International Paper Co</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>2990.79</unrealizedAppr>
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      <invstOrSec>
        <name>First Quantum Minerals Ltd</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd</title>
        <cusip>000000000</cusip>
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        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
        <cusip>20825C104</cusip>
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          <isin value="US20825C1045"/>
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        <balance>287339.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CREDIT SUISSE SECURITIES (USA) LLC</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
        <title>BRW07V0U3 FEB20 FMC US CALL FEB20 102.19 CALL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="BRW07V0U3"/>
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        <balance>-36200.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-54899.11000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>CREDIT SUISSE SECURITIES (USA) LLC</counterpartyName>
              <counterpartyLei>1V8Y6QCX6YMJ2OELII46</counterpartyLei>
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            <putOrCall>Call</putOrCall>
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              <otherRefInst>
                <issuerName>FMC Corp</issuerName>
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                  <cusip value="302491303"/>
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            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
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            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-02-05</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>8277.13</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Vale SA</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>Vale SA</title>
        <cusip>91912E105</cusip>
        <identifiers>
          <isin value="US91912E1055"/>
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        <balance>2026989.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26756254.80000000</valUSD>
        <pctVal>3.251987687308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PETROLEO BRASILEIRO SA JAN20 16 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94FGYSL9"/>
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        <balance>-293.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3076.50000000</valUSD>
        <pctVal>-0.00037392154</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>Petroleo Brasileiro SA</issuerName>
                <issueTitle>Petroleo Brasileiro SA</issueTitle>
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                  <cusip value="71654V408"/>
                  <isin value="US71654V4086"/>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>16</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-03</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>7401.3</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Exxon Mobil Corp</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp</title>
        <cusip>30231G102</cusip>
        <identifiers>
          <isin value="US30231G1022"/>
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        <balance>323708.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22588344.24000000</valUSD>
        <pctVal>2.745414778497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Rio Tinto PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
        <title>Rio Tinto PLC</title>
        <cusip>767204100</cusip>
        <identifiers>
          <isin value="US7672041008"/>
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        <balance>230629.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13690137.44000000</valUSD>
        <pctVal>1.663915922659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CONOCOPHILLIPS JAN20 65 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94FWR259"/>
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        <balance>-187.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-37026.00000000</valUSD>
        <pctVal>-0.00450018498</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ConocoPhillips</issuerName>
                <issueTitle>ConocoPhillips</issueTitle>
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                  <cusip value="20825C104"/>
                  <isin value="US20825C1045"/>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>65</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-31</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-10453.47</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Albemarle Corp</name>
        <lei>HDBLS2Q6GV1LSKQPBS54</lei>
        <title>Albemarle Corp</title>
        <cusip>012653101</cusip>
        <identifiers>
          <isin value="US0126531013"/>
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        <balance>131688.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9618491.52000000</valUSD>
        <pctVal>1.169043135047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CONOCOPHILLIPS JAN20 63 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94FWQWE9"/>
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        <balance>-36.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-11610.00000000</valUSD>
        <pctVal>-0.00141109349</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>ConocoPhillips</issuerName>
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                  <isin value="US20825C1045"/>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>63</exercisePrice>
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            <expDt>2020-01-31</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-3842.77</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>WestRock Co</name>
        <lei>549300JEB576INN13W07</lei>
        <title>WestRock Co</title>
        <cusip>96145D105</cusip>
        <identifiers>
          <isin value="US96145D1054"/>
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        <balance>457004.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19610041.64000000</valUSD>
        <pctVal>2.383428265188</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Polyus PJSC</name>
        <lei>549300FUXVT7TF6ZKV71</lei>
        <title>Polyus PJSC</title>
        <cusip>73181M117</cusip>
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          <isin value="US73181M1172"/>
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        <balance>173403.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9831950.10000000</valUSD>
        <pctVal>1.194987149974</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>BANK OF MONTREAL</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>SUNCOR ENERGY INC JAN20 43.5 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTYRSSR5"/>
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        <balance>-990.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
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        <pctVal>-0.00120460104</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>BANK OF MONTREAL</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Suncor Energy Inc</issuerName>
                <issueTitle>Suncor Energy Inc</issueTitle>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>34949.03</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>RIO TINTO PLC JAN20 54.39 CALL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="Z94CGSRK2"/>
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        <balance>-584.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-300760.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
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              <otherRefInst>
                <issuerName>Rio Tinto PLC</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-206877.44</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Deere &amp; Co</name>
        <lei>PWFTNG3EI0Y73OXWDH08</lei>
        <title>Deere &amp; Co</title>
        <cusip>244199105</cusip>
        <identifiers>
          <isin value="US2441991054"/>
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        <balance>40395.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6998837.70000000</valUSD>
        <pctVal>0.850647229816</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>BRTZCRH50 JAN20 UMI BB CALL JAN20 40.4438 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTZCRH50"/>
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        <balance>-41550.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>-164932.16000000</valUSD>
        <pctVal>-0.02004605493</pctVal>
        <payoffProfile>N/A</payoffProfile>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>UBS AG</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Umicore SA</issuerName>
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            <shareNo>1.00000000</shareNo>
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        <name>JP MORGAN CHASE BANK</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issuerName>CNOOC Ltd</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-67929.42</unrealizedAppr>
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      <invstOrSec>
        <name>LBHI GUARANTEE CLAIM USD LBHI GUAR TCL USD</name>
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        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="BRSM8H6M2"/>
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        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <maturityDt>N/A</maturityDt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
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      <invstOrSec>
        <name>Lundin Mining Corp</name>
        <lei>549300FQDIM6C8HTN269</lei>
        <title>Lundin Mining Corp</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PETROLEO BRASILEIRO SA FEB20 17 CALL</title>
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        <balance>-456.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-14592.00000000</valUSD>
        <pctVal>-0.00177352939</pctVal>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Petroleo Brasileiro SA</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>346.78</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>TRACTOR SUPPLY CO JAN20 97.5 CALL</title>
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        <balance>-80.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3600.00000000</valUSD>
        <pctVal>-0.00043754836</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Tractor Supply Co</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>8320.65</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PACKAGING CORP OF AMERICA JAN20 115 CALL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="Z94A9QF54"/>
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        <balance>-155.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-10462.50000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>35689.52</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PETROLEO BRASILEIRO SA JAN20 17 CALL</title>
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        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z92EAFUV6"/>
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        <balance>-138.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1242.00000000</valUSD>
        <pctVal>-0.00015095418</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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                <issuerName>Petroleo Brasileiro SA</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>4244.93</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>EXXON MOBIL CORP JAN20 70 CALL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="Z94FT7Q44"/>
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        <balance>-233.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-26212.50000000</valUSD>
        <pctVal>-0.00318589906</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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                <issuerName>Exxon Mobil Corp</issuerName>
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                  <cusip value="30231G102"/>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>70</exercisePrice>
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            <expDt>2020-01-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-862.36</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CF INDUSTRIES HOLDINGS INC JAN20 50 CALL</title>
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        <balance>-433.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-11691.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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                <issuerName>CF Industries Holdings Inc</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>35834.59</unrealizedAppr>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>BRW023WJ0 JAN20 EQNR NO JAN20 170.22841 CALL</title>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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                <issuerName>Equinor ASA</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <expDt>2020-01-29</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-15426.41</unrealizedAppr>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL</name>
        <lei>4PQUHN3JPFGFNF3BB653</lei>
        <title>BRTYRURX8 JAN20 FRES LN CALL JAN20 6.5956 CALL</title>
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        <balance>-5300.00000000</balance>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>MORGAN STANLEY &amp; CO. INTERNATIONAL</counterpartyName>
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                <issuerName>Fresnillo PLC</issuerName>
                <issueTitle>Fresnillo PLC</issueTitle>
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            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
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            <expDt>2020-01-14</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>728.24</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>JP MORGAN CHASE BANK</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>BRTZBXYL4 JAN20 883 HK CALL JAN20 11.4995 CALL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="BRTZBXYL4"/>
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        <balance>-296000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
        <valUSD>-56502.60000000</valUSD>
        <pctVal>-0.00686739459</pctVal>
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        <assetCat>DE</assetCat>
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        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>JP MORGAN CHASE BANK</counterpartyName>
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                <issuerName>CNOOC Ltd</issuerName>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>11.4995</exercisePrice>
            <exercisePriceCurCd>HKD</exercisePriceCurCd>
            <expDt>2020-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-46448.77</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>DEERE + CO JAN20 175 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z92GGNMK1"/>
        </identifiers>
        <balance>-46.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-10005.00000000</valUSD>
        <pctVal>-0.00121601984</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Deere &amp; Co</issuerName>
                <issueTitle>Deere &amp; Co</issueTitle>
                <identifiers>
                  <cusip value="244199105"/>
                  <isin value="US2441991054"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>175</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>69.31</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>BRTYFLND9 JAN20 GPK US CALL JAN20 16.263 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTYFLND9"/>
        </identifiers>
        <balance>-18600.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-8811.94000000</valUSD>
        <pctVal>-0.00107101388</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
              <counterpartyLei>BFM8T61CT2L1QCEMIK50</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Graphic Packaging Holding Co</issuerName>
                <issueTitle>Graphic Packaging Holding Co</issueTitle>
                <identifiers>
                  <cusip value="388689101"/>
                  <isin value="US3886891015"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>16.263</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>975.38</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>BP PLC JAN20 38.5 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94FS8HE1"/>
        </identifiers>
        <balance>-914.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-26963.00000000</valUSD>
        <pctVal>-0.00327711574</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>BP PLC</issuerName>
                <issueTitle>BP PLC</issueTitle>
                <identifiers>
                  <cusip value="055622104"/>
                  <isin value="US0556221044"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>38.5</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>10291.94</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PETROLEO BRASILEIRO SA JAN20 16.5 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94FXATE7"/>
        </identifiers>
        <balance>-456.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-13680.00000000</valUSD>
        <pctVal>-0.00166268380</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Petroleo Brasileiro SA</issuerName>
                <issueTitle>Petroleo Brasileiro SA</issueTitle>
                <identifiers>
                  <cusip value="71654V408"/>
                  <isin value="US71654V4086"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>16.5</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-31</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-2845.13</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN CHASE BANK</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>BRTZFLKU1 JAN20 TRMB US CALL JAN20 41.192 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTZFLKU1"/>
        </identifiers>
        <balance>-34200.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-36663.08000000</valUSD>
        <pctVal>-0.00445607524</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>JP MORGAN CHASE BANK</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Trimble Inc</issuerName>
                <issueTitle>Trimble Inc</issueTitle>
                <identifiers>
                  <cusip value="896239100"/>
                  <isin value="US8962391004"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>41.192</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-9039.74</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NOMURA SECURITIES INTERNATIONAL INC</name>
        <lei>OXTKY6Q8X53C9ILVV871</lei>
        <title>BRW039HT1 WMB FLEX FEB20 23.31 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRW039HT1"/>
        </identifiers>
        <balance>-202.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-22118.19000000</valUSD>
        <pctVal>-0.00268827166</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>NOMURA SECURITIES INTERNATIONAL INC</counterpartyName>
              <counterpartyLei>OXTKY6Q8X53C9ILVV871</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Williams Companies Inc/The</issuerName>
                <issueTitle>Williams Companies Inc/The</issueTitle>
                <identifiers>
                  <cusip value="969457100"/>
                  <isin value="US9694571004"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>23.31</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-02-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-6208.77</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP MORGAN CHASE BANK</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>BRW04ZLW0 JAN20 GPK US CALL JAN20 16.766 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRW04ZLW0"/>
        </identifiers>
        <balance>-78500.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-13914.91000000</valUSD>
        <pctVal>-0.00169123505</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>JP MORGAN CHASE BANK</counterpartyName>
              <counterpartyLei>7H6GLXDRUGQFU57RNE97</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Graphic Packaging Holding Co</issuerName>
                <issueTitle>Graphic Packaging Holding Co</issueTitle>
                <identifiers>
                  <cusip value="388689101"/>
                  <isin value="US3886891015"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>16.766</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>13191.14</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tractor Supply Co</name>
        <lei>549300OJ9VZHZRO6I137</lei>
        <title>Tractor Supply Co</title>
        <cusip>892356106</cusip>
        <identifiers>
          <isin value="US8923561067"/>
        </identifiers>
        <balance>92625.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8654880.00000000</valUSD>
        <pctVal>1.051924621196</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OSISKO GOLD ROYALTIES</name>
        <lei>549300TJZTXZMPQ6K004</lei>
        <title>Osisko Gold Royalties Ltd</title>
        <cusip>68827LAA9</cusip>
        <identifiers>
          <isin value="CA68827LAA94"/>
        </identifiers>
        <balance>5652000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>4399554.58000000</valUSD>
        <pctVal>0.534727204190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2022-12-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
          <isMandatoryConvrtbl>N</isMandatoryConvrtbl>
          <isContngtConvrtbl>N</isContngtConvrtbl>
          <dbtSecRefInstruments>
            <dbtSecRefInstrument>
              <name>Osisko Gold Royalties Ltd</name>
              <title>Osisko Gold Royalties Ltd</title>
              <curCd>CAD</curCd>
              <identifiers>
                <isin value="CA68827L1013"/>
              </identifiers>
            </dbtSecRefInstrument>
          </dbtSecRefInstruments>
          <currencyInfos>
            <currencyInfo convRatio="43.68720000" curCd="CAD"/>
          </currencyInfos>
          <delta>XXXX</delta>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CONOCOPHILLIPS JAN20 60 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z92FMAAC5"/>
        </identifiers>
        <balance>-180.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-94500.00000000</valUSD>
        <pctVal>-0.01148564471</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ConocoPhillips</issuerName>
                <issueTitle>ConocoPhillips</issueTitle>
                <identifiers>
                  <cusip value="20825C104"/>
                  <isin value="US20825C1045"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>60</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-64663.61</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-27</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Resources &amp; Commodities Strategy Trust</ncom:nameOfApplicant>
      <ncom:signature>Ann Frechette</ncom:signature>
      <ncom:signerName>Ann Frechette</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
