SCHEDULE: Wells Fargo Discloses 5.2% Stake in BlackRock Fund

Wells Fargo & Company has filed an amended Schedule 13G, disclosing a 5.2% beneficial ownership stake in BlackRock Resources & Commdty as of June 30, 2025.

Summary

• Wells Fargo & Company reported beneficial ownership of 3,954,502 Common Shares of Beneficial Interest in BlackRock Resources & Commdty.
• This ownership represents 5.2% of the total class of securities.
• The filing is an Amendment No. 14 to a Schedule 13G, indicating an update to a previously reported stake.
• Wells Fargo & Company, a Delaware-based parent holding company, filed on its own behalf and on behalf of its subsidiaries, Wells Fargo Advisors Financial Network, LLC and Wells Fargo Clearing Services, LLC.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: The filing indicates a significant, ongoing beneficial ownership stake by Wells Fargo & Company in BlackRock Resources & Commdty. While this is a routine disclosure and not a performance report, the continued holding by a major financial institution suggests a stable, long-term investment perspective, which can be viewed as a neutral to slightly positive signal for the issuer.

Positives

• Wells Fargo & Company, a major financial institution, maintains a significant 5.2% beneficial ownership stake in BlackRock Resources & Commdty, indicating continued institutional interest and confidence in the fund.

Negatives

• No specific negative information regarding the issuer's performance or outlook is contained within this ownership disclosure filing.

Risks

• This filing, being an ownership disclosure, does not detail operational or financial risks of the issuer.

Future Outlook

NA

Management Comments

• I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing reflects a routine disclosure of a significant institutional ownership stake by a major financial services firm, Wells Fargo, in a BlackRock fund focused on resources and commodities. Such disclosures are common and provide transparency into large institutional holdings within the investment management industry.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder, which can influence market perception and liquidity.

Next Steps

• NA

Key Dates

Keywords

Wells Fargo, BlackRock, Schedule 13G, Beneficial Ownership, Institutional Investor, Financial Services, Resources, Commodity, SEC Filing, Investment Fund