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September 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Resources & Commodities Strategy Trust (BCX)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
September 30, 2025
BlackRock Resources & Commodities Strategy Trust (BCX)
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Chemicals — 13.5%
Corteva, Inc.(a)
 
541,701
$ 36,635,238
Mosaic Co.
 
891,060
30,901,961
Novonesis Novozymes B, Class B
 
144,902
8,917,852
Nutrien Ltd.
 
625,065
36,697,566
 
 
113,152,617
Construction Materials — 2.6%
CRH PLC
 
115,092
13,799,531
Heidelberg Materials AG
 
33,498
7,572,082
 
 
21,371,613
Containers & Packaging — 6.3%
Graphic Packaging Holding Co.(b)
 
329,826
6,454,695
Packaging Corp. of America(b)
 
77,620
16,915,727
Smurfit WestRock PLC
 
689,362
29,346,140
 
 
52,716,562
Energy Equipment & Services — 0.8%
TechnipFMC PLC
 
166,236
6,558,010
Food Products — 2.8%
Bunge Global SA
 
197,278
16,028,837
Hofseth International, (Acquired 05/26/21, Cost:
$10,198,056)(c)(d)(e)
 
18,993,283
7,536,753
 
 
23,565,590
Machinery — 1.3%
Deere & Co.
 
24,236
11,082,153
Metals & Mining — 40.8%
Anglo American PLC
 
1,021,967
38,535,616
Anglogold Ashanti PLC
 
120,639
8,484,541
ArcelorMittal SA, ADR, Registered Shares(f)
 
417,404
15,089,155
Barrick Mining Corp.
 
943,508
30,918,757
First Quantum Minerals Ltd.(d)
 
502,952
11,376,682
Freeport-McMoRan, Inc.
 
441,643
17,321,239
Glencore PLC
 
5,020,073
23,120,571
Ivanhoe Mines Ltd., Class A(d)
 
405,229
4,297,751
Kinross Gold Corp.(f)
 
634,264
15,761,460
Newmont Corp.(a)
 
442,294
37,289,807
Norsk Hydro ASA
 
2,246,345
15,273,167
Polyus PJSC(c)(d)
 
1,047,320
13
Rio Tinto PLC
 
254,487
16,771,305
Teck Resources Ltd., Class B
 
357,937
15,709,855
Vale SA, ADR
 
2,860,154
31,061,272
Valterra Platinum Ltd.
 
126,608
9,035,340
Wheaton Precious Metals Corp.(f)
 
467,961
52,336,758
 
 
342,383,289
Oil, Gas & Consumable Fuels — 27.9%
Chevron Corp.(b)
 
274,320
42,599,126
EOG Resources, Inc.
 
131,121
14,701,287
EQT Corp.
 
167,801
9,133,408
Exxon Mobil Corp.(b)
 
495,025
55,814,069
Gazprom PJSC(c)(d)
 
5,430,000
655
HF Sinclair Corp.
 
159,266
8,335,982
Permian Resources Corp., Class A
 
432,396
5,534,669
Shell PLC, ADR(b)
 
858,064
61,377,318
Suncor Energy, Inc.
 
667,251
27,923,186
Williams Cos., Inc.
 
138,754
8,790,066
 
 
234,209,766
Paper & Forest Products — 2.2%
Mondi PLC
 
645,124
8,923,404
Security
 
 
Shares
Value
Paper & Forest Products (continued)
Precious Woods Holding AG, Registered Shares(d)
 
20,000
$ 125,620
UPM-Kymmene OYJ
 
351,411
9,623,963
 
 
18,672,987
Total Common Stocks — 98.2%
(Cost: $667,907,360)
823,712,587
 
 
 
Par
(000)
 
Corporate Bonds
Metals & Mining — 1.0%
Allied Gold Corp., 8.75%, 09/07/28(d)(g)(h)
$
7,200
8,244,000
Total Corporate Bonds — 1.0%
(Cost: $7,200,000)
8,244,000
Total Long-Term Investments — 99.2%
(Cost: $675,107,360)
831,956,587
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 3.9%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.26%(i)(j)(k)
 
13,523,214
13,529,976
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.01%(i)(j)
 
18,897,441
18,897,441
Total Short-Term Securities — 3.9%
(Cost: $32,428,536)
32,427,417
Total Investments Before Options Written — 103.1%
(Cost: $707,535,896)
864,384,004
Options Written — (1.2)%
(Premiums Received: $(6,521,785))
(10,581,363
)
Total Investments, Net of Options Written — 101.9%
(Cost: $701,014,111)
853,802,641
Liabilities in Excess of Other Assets — (1.9)%
(15,537,459
)
Net Assets — 100.0%
$ 838,265,182
 
(a)
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
(b)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(c)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(d)
Non-income producing security.
(e)
Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $7,536,753, representing 0.9% of its net assets as of
period end, and an original cost of $10,198,056.
(f)
All or a portion of this security is on loan.
(g)
Convertible security.
(h)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(i)
Affiliate of the Trust.
(j)
Annualized 7-day yield as of period end.
(k)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
2
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Resources & Commodities Strategy Trust (BCX)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/25
Shares
Held at
09/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 1,847,286
$ 11,686,379
(a)
$ —
$ (2,710
)
$ (979
)
$ 13,529,976
13,523,214
$ 21,352
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional
Shares
28,918,529
—
(10,021,088
)(a)
—
—
18,897,441
18,897,441
678,193
—
 
$ (2,710
)
$ (979
)
$ 32,427,417
$ 699,545
$ —
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and
from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written 
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
CRH PLC
162
10/03/25
USD
112.00
USD
1,942
$ (133,650
)
EOG Resources, Inc.
86
10/03/25
USD
125.00
USD
964
(18,490
)
Mosaic Co.
607
10/03/25
USD
34.00
USD
2,105
(60,093
)
Nutrien Ltd.
685
10/03/25
USD
61.00
USD
4,022
(6,850
)
Suncor Energy, Inc.
1,094
10/03/25
CAD
58.00
CAD
6,371
(52,275
)
ArcelorMittal SA, ADR, Registered Shares
338
10/10/25
USD
36.00
USD
1,222
(35,490
)
Chevron Corp.
83
10/10/25
USD
165.00
USD
1,289
(1,079
)
EQT Corp.
200
10/10/25
USD
57.00
USD
1,089
(8,100
)
First Quantum Minerals Ltd.
572
10/10/25
CAD
27.00
CAD
1,801
(187,009
)
Mosaic Co.
747
10/10/25
USD
34.00
USD
2,591
(93,001
)
Shell PLC, ADR
448
10/10/25
USD
76.00
USD
3,205
(4,480
)
Suncor Energy, Inc.
205
10/10/25
CAD
58.00
CAD
1,194
(14,951
)
Anglogold Ashanti PLC
265
10/17/25
USD
65.00
USD
1,864
(176,225
)
ArcelorMittal SA, ADR, Registered Shares
538
10/17/25
USD
37.00
USD
1,945
(52,455
)
Barrick Mining Corp.
576
10/17/25
USD
27.00
USD
1,888
(339,840
)
Bunge Global SA
293
10/17/25
USD
87.50
USD
2,381
(10,988
)
Corteva, Inc.
2,004
10/17/25
USD
75.00
USD
13,553
(20,040
)
CRH PLC
222
10/17/25
USD
120.00
USD
2,662
(68,820
)
Exxon Mobil Corp.
501
10/17/25
USD
110.00
USD
5,649
(201,652
)
First Quantum Minerals Ltd.
715
10/17/25
CAD
26.00
CAD
2,251
(287,706
)
Freeport-McMoRan, Inc.
1,073
10/17/25
USD
48.00
USD
4,208
(5,902
)
Graphic Packaging Holding Co.
610
10/17/25
USD
23.65
USD
1,194
(14,194
)
HF Sinclair Corp.
256
10/17/25
USD
55.00
USD
1,340
(14,720
)
Nutrien Ltd.
466
10/17/25
USD
60.00
USD
2,736
(44,270
)
Packaging Corp. of America
143
10/17/25
USD
200.00
USD
3,116
(275,275
)
Packaging Corp. of America
144
10/17/25
USD
220.00
USD
3,138
(54,720
)
Permian Resources Corp., Class A
843
10/17/25
USD
15.00
USD
1,079
(4,215
)
Shell PLC, ADR
236
10/17/25
USD
75.00
USD
1,688
(5,900
)
Smurfit WestRock PLC
1,275
10/17/25
USD
45.00
USD
5,428
(66,937
)
Suncor Energy, Inc.
813
10/17/25
CAD
54.00
CAD
4,735
(259,959
)
TechnipFMC PLC
205
10/17/25
USD
36.00
USD
809
(75,850
)
TechnipFMC PLC
410
10/17/25
USD
42.00
USD
1,617
(13,325
)
Teck Resources Ltd., Class B
313
10/17/25
USD
43.00
USD
1,374
(63,383
)
Barrick Mining Corp.
1,010
10/24/25
USD
30.50
USD
3,310
(289,365
)
Chevron Corp.
260
10/24/25
USD
157.50
USD
4,038
(66,690
)
EQT Corp.
313
10/24/25
USD
55.00
USD
1,704
(59,157
)
Exxon Mobil Corp.
328
10/24/25
USD
115.00
USD
3,698
(52,152
)
First Quantum Minerals Ltd.
573
10/24/25
CAD
28.50
CAD
1,804
(141,016
)
Freeport-McMoRan, Inc.
1,129
10/24/25
USD
47.00
USD
4,428
(20,322
)
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Resources & Commodities Strategy Trust (BCX)
 
Exchange-Traded Options Written (continued)
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
Nutrien Ltd.
105
10/24/25
USD
58.00
USD
616
$ (22,838
)
Shell PLC, ADR
243
10/24/25
USD
74.00
USD
1,738
(13,973
)
Suncor Energy, Inc.
191
10/24/25
CAD
60.00
CAD
1,112
(7,960
)
ArcelorMittal SA, ADR, Registered Shares
130
10/31/25
USD
36.00
USD
470
(28,925
)
Chevron Corp.
342
10/31/25
USD
165.00
USD
5,311
(37,449
)
CRH PLC
41
10/31/25
USD
115.00
USD
492
(30,955
)
EOG Resources, Inc.
173
10/31/25
USD
120.00
USD
1,940
(14,273
)
EOG Resources, Inc.
751
10/31/25
USD
123.00
USD
8,420
(31,918
)
EQT Corp.
107
10/31/25
USD
57.00
USD
582
(16,157
)
Exxon Mobil Corp.
1,831
10/31/25
USD
119.00
USD
20,645
(171,198
)
Freeport-McMoRan, Inc.
2,202
10/31/25
USD
44.00
USD
8,636
(158,544
)
Mosaic Co.
971
10/31/25
USD
36.00
USD
3,367
(90,788
)
Nutrien Ltd.
1,056
10/31/25
USD
60.00
USD
6,200
(153,120
)
Shell PLC, ADR
861
10/31/25
USD
73.00
USD
6,159
(105,472
)
Teck Resources Ltd., Class B
313
10/31/25
USD
44.00
USD
1,374
(74,337
)
Teck Resources Ltd., Class B
386
10/31/25
USD
45.00
USD
1,694
(62,725
)
Vale SA, ADR
2,496
10/31/25
USD
11.00
USD
2,711
(74,880
)
Permian Resources Corp., Class A
756
11/04/25
USD
14.00
USD
968
(15,966
)
ArcelorMittal SA, ADR, Registered Shares
538
11/07/25
USD
37.00
USD
1,945
(86,080
)
Barrick Mining Corp.
373
11/07/25
USD
35.00
USD
1,222
(35,995
)
Chevron Corp.
329
11/07/25
USD
162.50
USD
5,109
(69,748
)
Ivanhoe Mines Ltd., Class A
1,499
11/07/25
CAD
15.00
CAD
2,213
(82,937
)
Mosaic Co.
971
11/07/25
USD
37.73
USD
3,367
(73,488
)
Suncor Energy, Inc.
173
11/07/25
CAD
60.00
CAD
1,008
(11,871
)
Williams Cos., Inc.
513
11/07/25
USD
63.00
USD
3,250
(125,685
)
Exxon Mobil Corp.
501
11/21/25
USD
110.00
USD
5,649
(279,307
)
Teck Resources Ltd., Class B
312
11/21/25
USD
44.00
USD
1,369
(106,080
)
 
 
 
$ (5,283,215
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
Vale SA, ADR
UBS AG
272,400
10/01/25
USD
10.40
USD
2,958
$ (125,713
)
Novonesis Novozymes B, Class B
Barclays Bank PLC
20,800
10/02/25
DKK
437.22
DKK
8,139
—
Anglo American PLC
UBS AG
162,487
10/03/25
GBP
22.01
GBP
4,556
(1,278,725
)
Glencore PLC
UBS AG
470,000
10/03/25
GBP
2.98
GBP
1,610
(278,119
)
Norsk Hydro ASA
UBS AG
341,900
10/03/25
NOK
65.59
NOK
23,199
(72,354
)
HF Sinclair Corp.
Morgan Stanley & Co. International PLC
33,300
10/07/25
USD
45.47
USD
1,743
(229,943
)
Vale SA, ADR
UBS AG
272,400
10/07/25
USD
10.50
USD
2,958
(129,082
)
Anglo American PLC
Morgan Stanley & Co. International PLC
238,309
10/08/25
GBP
22.83
GBP
6,682
(1,614,876
)
Mondi PLC
Barclays Bank PLC
90,500
10/08/25
GBP
10.91
GBP
931
(1,283
)
Norsk Hydro ASA
Goldman Sachs International
497,600
10/08/25
NOK
67.07
NOK
33,763
(59,490
)
UPM-Kymmene OYJ
Goldman Sachs International
71,700
10/08/25
EUR
25.06
EUR
1,673
(645
)
Novonesis Novozymes B, Class B
Barclays Bank PLC
20,800
10/09/25
DKK
407.29
DKK
8,139
(2,687
)
Valterra Platinum Ltd.
Bank of America N.A.
60,000
10/14/25
ZAR
1,064.16
ZAR
73,948
(616,143
)
UPM-Kymmene OYJ
Goldman Sachs International
21,500
10/16/25
EUR
24.35
EUR
502
(2,634
)
Heidelberg Materials AG
Goldman Sachs International
6,800
10/22/25
EUR
206.96
EUR
1,309
(10,040
)
Glencore PLC
Barclays Bank PLC
592,000
11/04/25
GBP
3.27
GBP
2,027
(182,938
)
Glencore PLC
Citibank N.A.
79,100
11/04/25
GBP
3.29
GBP
271
(23,145
)
Mondi PLC
Barclays Bank PLC
56,500
11/04/25
GBP
10.31
GBP
581
(24,593
)
UPM-Kymmene OYJ
Barclays Bank PLC
36,900
11/04/25
EUR
24.26
EUR
861
(6,744
)
Heidelberg Materials AG
Bank of America N.A.
5,600
11/05/25
EUR
192.66
EUR
1,078
(52,053
)
Graphic Packaging Holding Co.
Citibank N.A.
61,000
11/06/25
USD
21.02
USD
1,194
(23,448
)
Rio Tinto PLC
Bank of America N.A.
94,000
11/06/25
GBP
50.55
GBP
4,606
(107,556
)
Smurfit WestRock PLC
Goldman Sachs International
127,500
11/06/25
USD
46.21
USD
5,428
(108,877
)
Vale SA, ADR
UBS AG
34,200
11/06/25
USD
11.03
USD
371
(10,596
)
Barrick Mining Corp.
Goldman Sachs International
72,500
11/07/25
USD
36.56
USD
2,376
(43,968
)
Bunge Global SA
BNP Paribas SA
43,600
11/07/25
USD
82.98
USD
3,543
(123,451
)
4
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Resources & Commodities Strategy Trust (BCX)
 
OTC Options Written (continued)
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call (continued)
 
 
 
 
 
Deere & Co.
Barclays Bank PLC
8,900
11/07/25
USD
488.41
USD
4,070
$ (37,302
)
Glencore PLC
Bank of America N.A.
124,400
11/07/25
GBP
3.47
GBP
426
(20,845
)
Mondi PLC
Goldman Sachs International
35,200
11/07/25
GBP
10.42
GBP
362
(13,398
)
Shell PLC, ADR
Morgan Stanley & Co. International PLC
85,200
11/07/25
USD
73.27
USD
6,094
(97,500
)
 
 
 
 
 
 
$ (5,298,148
)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Common Stocks 
Chemicals
$ 104,234,765
$ 8,917,852
$ —
$ 113,152,617
Construction Materials
13,799,531
7,572,082
—
21,371,613
Containers & Packaging
52,716,562
—
—
52,716,562
Energy Equipment & Services
6,558,010
—
—
6,558,010
Food Products
16,028,837
—
7,536,753
23,565,590
Machinery
11,082,153
—
—
11,082,153
Metals & Mining
239,647,277
102,735,999
13
342,383,289
Oil, Gas & Consumable Fuels
234,209,111
—
655
234,209,766
Paper & Forest Products
—
18,672,987
—
18,672,987
Corporate Bonds
—
8,244,000
—
8,244,000
Short-Term Securities 
Money Market Funds
32,427,417
—
—
32,427,417
 
$710,703,663
$146,142,920
$7,537,421
$864,384,004
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (5,179,567
)
$ (5,401,796
)
$ —
$ (10,581,363
)
 
(a)
Derivative financial instruments are options written. Options written are shown at value.
Schedule of Investments
5
Schedule of Investments (unaudited)(continued)
September 30, 2025
BlackRock Resources & Commodities Strategy Trust (BCX)
 
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
 
Common
Stocks
Assets
Opening balance, as of December 31, 2024
$ 8,643,354
Transfers into Level 3
—
Transfers out of Level 3
—
Accrued discounts/premiums
—
Net realized gain (loss)
—
Net change in unrealized appreciation (depreciation)(a)
(1,105,933
)
Purchases
—
Sales
—
Closing balance, as of September 30, 2025
$ 7,537,421
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025(a)
$ (1,105,934
)
 
(a)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025 is
generally due to investments no longer held or categorized as Level 3 at period end.
 
Currency Abbreviation 
CAD
Canadian Dollar
DKK
Danish Krone
EUR
Euro
GBP
British Pound
NOK
Norwegian Krone
USD
United States Dollar
ZAR
South African Rand
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
PJSC
 Public Joint Stock Company
6