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March 31, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Resources & Commodities Strategy Trust (BCX)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
March 31, 2025
BlackRock Resources & Commodities Strategy Trust (BCX)
(Percentages shown are based on Net Assets)

 
Security
 
 
Shares
Value
Common Stocks
Chemicals — 8.8%
CF Industries Holdings, Inc.(a)(b)
 
77,909
$ 6,088,589
Corteva, Inc.(a)
 
478,912
30,137,932
Nutrien Ltd.
 
658,736
32,719,417
 
 
68,945,938
Construction Materials — 2.2%
CRH PLC
 
92,293
8,119,015
Heidelberg Materials AG
 
51,140
8,815,386
 
 
16,934,401
Containers & Packaging — 9.1%
Graphic Packaging Holding Co.
 
688,552
17,874,810
International Paper Co.
 
123,209
6,573,178
Packaging Corp. of America(b)
 
99,997
19,801,406
Smurfit WestRock PLC
 
613,770
27,656,476
 
 
71,905,870
Energy Equipment & Services — 0.8%
TechnipFMC PLC
 
200,622
6,357,711
Food Products — 1.0%
Hofseth International, (Acquired 05/26/21, Cost:
$10,198,056)(c)(d)(e)
 
18,993,283
8,105,909
Metals & Mining — 38.8%
Anglo American Platinum Ltd.
 
115,865
4,659,901
Anglo American PLC
 
1,004,629
28,158,098
Anglogold Ashanti PLC
 
162,692
6,039,127
ArcelorMittal SA, ADR
 
231,756
6,686,170
Barrick Gold Corp.
 
1,300,716
25,285,919
BHP Group Ltd., ADR(f)
 
244,374
11,861,914
First Quantum Minerals Ltd.(d)
 
843,547
11,342,646
Freeport-McMoRan, Inc.(a)
 
404,599
15,318,118
Glencore PLC
 
3,393,334
12,420,032
Ivanhoe Mines Ltd., Class A(d)
 
569,127
4,832,863
Kinross Gold Corp.
 
634,437
8,000,251
Newmont Corp.(a)
 
318,876
15,395,333
Norsk Hydro ASA
 
4,832,947
27,939,214
Polyus PJSC(c)(d)
 
1,047,320
12
Rio Tinto PLC
 
415,333
24,924,208
Teck Resources Ltd., Class B
 
404,229
14,726,062
U.S. Steel Corp.
 
350,647
14,818,342
Vale SA, ADR
 
3,018,095
30,120,588
Wheaton Precious Metals Corp.
 
556,831
43,226,791
 
 
305,755,589
Oil, Gas & Consumable Fuels — 31.5%
BP PLC
 
4,351,735
24,419,541
Chevron Corp.(a)(b)
 
181,547
30,370,998
EOG Resources, Inc.
 
106,471
13,653,841
EQT Corp.
 
160,338
8,566,859
Exxon Mobil Corp.(b)
 
428,960
51,016,213
Gazprom PJSC(c)(d)
 
5,430,000
641
Hess Corp.
 
85,135
13,598,614
Permian Resources Corp.
 
380,431
5,268,969
Shell PLC, ADR(b)
 
929,433
68,108,850
Suncor Energy, Inc.
 
438,232
16,968,338
Targa Resources Corp.
 
39,121
7,842,587
Williams Cos., Inc.
 
145,478
8,693,765
 
 
248,509,216
Paper & Forest Products — 2.9%
Mondi PLC
 
647,220
9,654,719
Security
 
 
Shares
Value
Paper & Forest Products (continued)
Precious Woods Holding AG, Registered Shares(d)
 
20,000
$ 124,336
UPM-Kymmene OYJ
 
497,616
13,350,186
 
 
23,129,241
Total Common Stocks — 95.1%
(Cost: $678,778,056)
749,643,875
 
 
 
Par
(000)
 
Corporate Bonds
Metals & Mining — 0.9%
Allied Gold Corp., 8.75%, 09/07/28(d)(g)(h)
$
7,200
7,200,000
Total Corporate Bonds — 0.9%
(Cost: $7,200,000)
7,200,000
Total Long-Term Investments — 96.0%
(Cost: $685,978,056)
756,843,875
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 5.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.50%(i)(j)(k)
 
4,237,304
4,239,423
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.22%(i)(j)
 
36,071,819
36,071,819
Total Short-Term Securities — 5.1%
(Cost: $40,311,242)
40,311,242
Total Investments Before Options Written — 101.1%
(Cost: $726,289,298)
797,155,117
Options Written — (0.8)%
(Premiums Received: $(6,368,452))
(6,024,323
)
Total Investments, Net of Options Written — 100.3%
(Cost: $719,920,846)
791,130,794
Liabilities in Excess of Other Assets — (0.3)%
(2,508,718
)
Net Assets — 100.0%
$ 788,622,076
 
(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 $8,105,909, representing 1.0% 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.
1
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Resources & Commodities Strategy Trust (BCX)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/25
Shares
Held at
03/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$ 1,847,286
$ 2,394,001
(a)
$ —
$ (2,004
)
$ 140
$ 4,239,423
4,237,304
$ 8,523
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional Shares
28,918,529
7,153,290
(a)
—
—
—
36,071,819
36,071,819
224,583
—
 
$ (2,004
)
$ 140
$ 40,311,242
$ 233,106
$ —
 
(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 
 
 
Chevron Corp.
254
04/04/25
USD
162.50
USD
4,249
$ (144,145
)
EOG Resources, Inc.
160
04/04/25
USD
128.00
USD
2,052
(30,000
)
EQT Corp.
296
04/04/25
USD
52.00
USD
1,582
(55,056
)
First Quantum Minerals Ltd.
504
04/04/25
CAD
19.50
CAD
975
(18,387
)
Teck Resources Ltd., Class B
584
04/04/25
USD
43.00
USD
2,128
(14,600
)
U.S. Steel Corp.
233
04/04/25
USD
42.00
USD
985
(46,833
)
Vale SA, ADR
1,500
04/04/25
USD
10.50
USD
1,497
(3,750
)
Williams Cos., Inc.
264
04/04/25
USD
59.00
USD
1,578
(33,660
)
ArcelorMittal SA, ADR
100
04/11/25
USD
32.00
USD
289
(1,500
)
EQT Corp.
297
04/11/25
USD
52.00
USD
1,587
(70,538
)
Hess Corp.
299
04/11/25
USD
150.00
USD
4,776
(309,465
)
Shell PLC, ADR
394
04/11/25
USD
69.00
USD
2,887
(181,240
)
Vale SA, ADR
1,127
04/11/25
USD
9.85
USD
1,125
(33,241
)
Williams Cos., Inc.
274
04/11/25
USD
57.00
USD
1,637
(87,680
)
Barrick Gold Corp.
945
04/17/25
USD
20.00
USD
1,837
(31,185
)
BHP Group Ltd., ADR
716
04/17/25
USD
51.49
USD
3,475
(18,315
)
Chevron Corp.
272
04/17/25
USD
160.00
USD
4,550
(218,280
)
Corteva, Inc.
896
04/17/25
USD
66.71
USD
5,639
(48,414
)
Exxon Mobil Corp.
440
04/17/25
USD
115.00
USD
5,233
(224,400
)
First Quantum Minerals Ltd.
465
04/17/25
CAD
20.00
CAD
900
(23,912
)
Freeport-McMoRan, Inc.
660
04/17/25
USD
40.00
USD
2,499
(44,550
)
Hess Corp.
8
04/17/25
USD
160.00
USD
128
(2,080
)
Nutrien Ltd.
1,602
04/17/25
USD
52.50
USD
7,957
(56,070
)
Packaging Corp. of America
178
04/17/25
USD
220.00
USD
3,525
(3,115
)
Permian Resources Corp.
775
04/17/25
USD
15.00
USD
1,073
(9,688
)
Smurfit WestRock PLC
733
04/17/25
USD
55.00
USD
3,303
(25,655
)
Suncor Energy, Inc.
407
04/17/25
CAD
58.00
CAD
2,268
(7,495
)
Targa Resources Corp.
110
04/17/25
USD
210.00
USD
2,205
(28,600
)
TechnipFMC PLC
405
04/17/25
USD
30.00
USD
1,283
(86,062
)
Vale SA, ADR
1,500
04/17/25
USD
10.00
USD
1,497
(39,750
)
Vale SA, ADR
1,127
04/22/25
USD
9.85
USD
1,125
(43,752
)
ArcelorMittal SA, ADR
192
04/25/25
USD
32.00
USD
554
(4,800
)
Barrick Gold Corp.
590
04/25/25
USD
19.00
USD
1,147
(53,100
)
CF Industries Holdings, Inc.
190
04/25/25
USD
83.00
USD
1,485
(19,000
)
CRH PLC
127
04/25/25
USD
100.00
USD
1,117
(8,890
)
Exxon Mobil Corp.
400
04/25/25
USD
118.00
USD
4,757
(140,000
)
Shell PLC, ADR
525
04/25/25
USD
69.00
USD
3,847
(252,000
)
Suncor Energy, Inc.
407
04/25/25
CAD
56.00
CAD
2,268
(32,525
)
Teck Resources Ltd., Class B
539
04/25/25
USD
44.00
USD
1,964
(21,021
)
U.S. Steel Corp.
321
04/25/25
USD
42.00
USD
1,357
(123,585
)
Vale SA, ADR
1,969
04/25/25
USD
10.50
USD
1,965
(28,551
)
Schedule of Investments
2
Schedule of Investments (unaudited)(continued)
March 31, 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)
 
 
ArcelorMittal SA, ADR
565
05/02/25
USD
33.00
USD
1,630
$ (14,125
)
Barrick Gold Corp.
649
05/02/25
USD
20.00
USD
1,262
(26,934
)
Chevron Corp.
270
05/02/25
USD
167.50
USD
4,517
(118,800
)
EOG Resources, Inc.
226
05/02/25
USD
132.00
USD
2,898
(59,890
)
Exxon Mobil Corp.
163
05/02/25
USD
115.00
USD
1,939
(103,912
)
Exxon Mobil Corp.
384
05/02/25
USD
119.00
USD
4,567
(144,960
)
First Quantum Minerals Ltd.
1,076
05/02/25
CAD
22.50
CAD
2,082
(34,021
)
Freeport-McMoRan, Inc.
418
05/02/25
USD
46.00
USD
1,583
(13,376
)
Hess Corp.
7
05/02/25
USD
162.50
USD
112
(1,925
)
International Paper Co.
227
05/02/25
USD
59.00
USD
1,211
(11,350
)
Shell PLC, ADR
794
05/02/25
USD
69.00
USD
5,818
(393,030
)
Shell PLC, ADR
927
05/02/25
USD
72.00
USD
6,793
(247,972
)
Suncor Energy, Inc.
376
05/02/25
CAD
55.00
CAD
2,095
(50,428
)
Suncor Energy, Inc.
215
05/02/25
CAD
57.00
CAD
1,198
(13,297
)
Teck Resources Ltd., Class B
186
05/02/25
USD
45.00
USD
678
(3,348
)
U.S. Steel Corp.
393
05/02/25
USD
45.00
USD
1,661
(117,114
)
Vale SA, ADR
1,971
05/02/25
USD
10.50
USD
1,967
(33,507
)
Barrick Gold Corp.
1,702
05/16/25
USD
21.00
USD
3,309
(66,378
)
BHP Group Ltd., ADR
487
05/16/25
USD
52.50
USD
2,364
(26,785
)
CF Industries Holdings, Inc.
100
05/16/25
USD
82.50
USD
782
(28,000
)
Corteva, Inc.
875
05/16/25
USD
65.00
USD
5,506
(166,250
)
CRH PLC
214
05/16/25
USD
95.00
USD
1,883
(46,545
)
Exxon Mobil Corp.
390
05/16/25
USD
115.00
USD
4,638
(251,550
)
First Quantum Minerals Ltd.
1,076
05/16/25
CAD
23.00
CAD
2,082
(39,255
)
Freeport-McMoRan, Inc.
419
05/16/25
USD
47.00
USD
1,586
(10,685
)
International Paper Co.
227
05/16/25
USD
60.00
USD
1,211
(11,350
)
Ivanhoe Mines Ltd., Class A
2,105
05/16/25
CAD
16.00
CAD
2,572
(21,210
)
Nutrien Ltd.
835
05/16/25
USD
55.00
USD
4,147
(45,925
)
Packaging Corp. of America
192
05/16/25
USD
210.00
USD
3,802
(59,520
)
Permian Resources Corp.
632
05/16/25
USD
15.00
USD
875
(22,120
)
Shell PLC, ADR
798
05/16/25
USD
72.50
USD
5,848
(211,470
)
Smurfit WestRock PLC
900
05/16/25
USD
47.00
USD
4,055
(119,875
)
Suncor Energy, Inc.
216
05/16/25
CAD
58.00
CAD
1,204
(13,434
)
Targa Resources Corp.
34
05/16/25
USD
210.00
USD
682
(20,400
)
TechnipFMC PLC
405
05/16/25
USD
30.00
USD
1,283
(113,400
)
Teck Resources Ltd., Class B
186
05/16/25
USD
46.00
USD
678
(3,441
)
U.S. Steel Corp.
350
05/16/25
USD
46.00
USD
1,479
(70,700
)
Vale SA, ADR
1,972
05/16/25
USD
11.00
USD
1,968
(22,678
)
 
 
 
$ (5,383,850
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
UPM-Kymmene OYJ
Goldman Sachs International
75,000
04/01/25
EUR
28.61
EUR
1,861
$ —
Anglo American PLC
UBS AG
233,900
04/03/25
GBP
24.47
GBP
5,075
(103
)
BP PLC
Bank of America N.A.
832,000
04/03/25
GBP
4.76
GBP
3,614
(22
)
Norsk Hydro ASA
UBS AG
497,614
04/03/25
NOK
68.62
NOK
30,265
(15
)
Anglo American Platinum Ltd.
Bank of America N.A.
22,000
04/09/25
ZAR
691.35
ZAR
16,223
(58,990
)
Rio Tinto PLC
Goldman Sachs International
104,900
04/10/25
GBP
51.40
GBP
4,873
(1,260
)
BP PLC
Bank of America N.A.
814,100
04/15/25
GBP
4.64
GBP
3,537
(17,593
)
Rio Tinto PLC
UBS AG
52,200
04/15/25
GBP
52.64
GBP
2,425
(1,430
)
Graphic Packaging Holding Co.
UBS AG
103,900
04/22/25
USD
27.05
USD
2,697
(68,610
)
Barrick Gold Corp.
Citibank N.A.
92,600
04/29/25
USD
20.19
USD
1,800
(38,806
)
Graphic Packaging Holding Co.
Barclays Bank PLC
75,400
04/29/25
USD
26.45
USD
1,957
(68,153
)
Mondi PLC
BNP Paribas SA
52,800
04/29/25
GBP
12.87
GBP
610
(2,635
)
UPM-Kymmene OYJ
BNP Paribas SA
34,100
04/29/25
EUR
28.17
EUR
846
(3,071
)
Smurfit WestRock PLC
Morgan Stanley & Co. International PLC
47,300
04/30/25
USD
50.90
USD
2,131
(26,074
)
Glencore PLC
Bank of America N.A.
438,200
05/06/25
GBP
3.27
GBP
1,242
(10,262
)
3
Schedule of Investments (unaudited)(continued)
March 31, 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)
 
 
 
 
 
Mondi PLC
Bank of America N.A.
91,700
05/06/25
GBP
12.71
GBP
1,059
$ (6,650
)
Norsk Hydro ASA
UBS AG
674,600
05/06/25
NOK
72.17
NOK
41,029
(27,506
)
Glencore PLC
Barclays Bank PLC
817,400
05/08/25
GBP
3.16
GBP
2,316
(27,294
)
Anglo American Platinum Ltd.
Goldman Sachs International
20,900
05/13/25
ZAR
783.82
ZAR
15,412
(10,927
)
Heidelberg Materials AG
Citibank N.A.
18,900
05/13/25
EUR
171.88
EUR
3,013
(60,855
)
Mondi PLC
UBS AG
95,000
05/13/25
GBP
12.70
GBP
1,097
(7,604
)
UPM-Kymmene OYJ
Barclays Bank PLC
75,000
05/13/25
EUR
26.62
EUR
1,861
(25,982
)
Anglo American PLC
Bank of America N.A.
137,900
05/15/25
GBP
23.22
GBP
2,992
(112,344
)
Norsk Hydro ASA
Citibank N.A.
616,000
05/15/25
NOK
64.75
NOK
37,465
(64,287
)
 
 
 
 
 
 
$ (640,473
)
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
$ 68,945,938
$ —
$ —
$ 68,945,938
Construction Materials
8,119,015
8,815,386
—
16,934,401
Containers & Packaging
71,905,870
—
—
71,905,870
Energy Equipment & Services
6,357,711
—
—
6,357,711
Food Products
—
—
8,105,909
8,105,909
Metals & Mining
207,654,124
98,101,453
12
305,755,589
Oil, Gas & Consumable Fuels
224,089,034
24,419,541
641
248,509,216
Paper & Forest Products
—
23,129,241
—
23,129,241
Corporate Bonds
—
7,200,000
—
7,200,000
Short-Term Securities 
Money Market Funds
40,311,242
—
—
40,311,242
 
$627,382,934
$161,665,621
$8,106,562
$797,155,117
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (5,120,253
)
$ (904,070
)
$ —
$ (6,024,323
)
 
(a)
Derivative financial instruments are options written. Options written are shown at value.
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
March 31, 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)
(536,792
)
Purchases
—
Sales
—
Closing balance, as of March 31, 2025
$ 8,106,562
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025(a)
$ (536,792
)
 
(a)
Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2025 is
generally due to investments no longer held or categorized as Level 3 at period end.
The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $653. 
 
Value
Valuation
Approach
Unobservable
Inputs
Range of
Unobservable
Inputs
Utilized(a)
Weighted
Average of
Unobservable
Inputs Based
on Fair Value
Assets
 
 
 
 
Common Stocks
$8,105,909
Market
EBITDA Multiple
11.50x
—
 
 
 
 
 
 
$8,105,909
 
 
 
 
 
(a)
A significant change in unobservable input could result in a correlated or inverse change in value.
 
Currency Abbreviation 
CAD
Canadian Dollar
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
5