BlackRock Commodity Strategies Fund

C000103250 Fund Overview

BlackRock Commodity Strategies Fund is a US mutual fund managed by Blackrock Funds, categorised as Commodity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Blackrock Funds
• Category: Commodity
• Assets under management: $1.27B
• 1-year return: 40.5%
• SEC CIK: 0000844779
• SEC series ID: S000033601
• Share class ID: C000103250

C000103250 Investment Objective and Strategy

BlackRock Commodity Strategies Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Blackrock Funds.

Investment objective

The investment objective of BlackRock Commodity Strategies Fund (the “Fund”), a series of BlackRock Funds SM (the “Trust”), is to seek total return.

Principal investment strategy

The Fund utilizes two strategies and under normal circumstances expects to invest approximately 50% of its total assets in each strategy; provided, however, that from time to time, Fund management may alter the weightings if it deems it prudent to do so based on market conditions, trends or movements or other similar factors. One strategy focuses on investments in commodity-linked derivatives. To meet coverage and collateral requirements associated with these derivative investments, and to invest excess cash, the Fund holds a portion of its portfolio in investment-grade short-term fixed-income securities. The other strategy focuses on equity investments in commodity-related companies, including, but not limited to, companies operating in the mining, energy and agricultural sectors. The Fund invests in equity securities of such companies in order to complement the commodity exposures achieved through investments in commodity-linked derivatives.

Taken together, these two strategies offer broad exposure to global commodities market trends across asset classes, industries, sectors, and regions. Commodities are assets that have tangible properties, such as oil and other energy products, metals, and agricultural products. Commodity-linked derivative instruments include, but are not limited to, commodity-linked notes, swap agreements, commodity options, futures and options on futures, that provide exposure to the investment returns of the commodities markets, without investing directly in physical commodities. Commodity-related companies include, but are not limited to, companies in commodities, natural resources and energy businesses and in associated businesses and companies that provide services or have exposure to such businesses (collectively, the Commodities Sector).

These companies include, without limitation, companies engaged in the exploration, ownership, production, refinement, processing, transportation, distribution or marketing of commodities, companies that use commodities extensively in their products and companies that provide technology and services to commodity-related companies. This includes companies that are engaged in businesses such as integrated oil, oil and gas exploration and production, energy services and technology, chemicals and oil products, coal and other consumable fuel, gold and precious metals, metals and minerals, forest products, agricultural chemicals and services, farm land, alternative energy sources, environmental services and agricultural products (including crop growers, owners of plantations, and companies that produce and process foods), as well as related transportation companies, equipment manufacturers, service providers and engineering, procurement and construction (EPC) companies.

The Fund may make investments directly or through investments in the Subsidiary, a wholly-owned subsidiary of the Fund formed in the Cayman Islands. The Subsidiary is managed by BlackRock and has the same investment objective as the Fund. The assets of the Subsidiary are subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund, except that the Subsidiary does not invest in equity securities of commodity-related companies, and may invest without limitation in commodity-linked derivative instruments. The Fund will not invest more than 25% of its total assets (measured at the time of investment) in the Subsidiary. The Fund manages the term structure of its commodity-linked derivative positions and has the flexibility to gain exposure to futures maturities which differ from those in the Funds benchmark, the Bloomberg Commodity Index Total Return SM .

This is done in an effort to achieve efficient investment results and minimize any adverse effects on returns caused by commodity term structures. Equity securities held by the Fund may include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, and other instruments whose price is linked to the value of common stock, and equity interests in master limited partnerships. In addition, the Fund may also invest in fixed-income instruments (of any credit quality and any duration) of commodity-related companies. There are no restrictions on investment in terms of geography or market capitalization. As such, the Fund may invest in both U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated in both U.S. dollars and foreign currencies.

C000103250 Holdings

Top 10 holdings of BlackRock Commodity Strategies Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000103250 holdings

C000103250 Portfolio Allocation

Asset-class allocation of BlackRock Commodity Strategies Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000103250 Performance

Total returns for C000103250 (as of 2026-10-01), from SEC filings.

C000103250 Risk Information

Risk metrics for C000103250, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 12.9%

C000103250 Costs and Fees

C000103250 costs about $100 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.00%
• Gross expense ratio: 1.15%
• Portfolio turnover: 88%
• Brokerage commissions: 2.57 bps of average net assets (SEC N-CEN)

C000103250 Cashflows

Over the 12 months to 2026-05, BlackRock Commodity Strategies Fund had net inflows of $386.24M, from monthly SEC N-PORT filings.

C000103250 Debt Constituents

Largest debt holdings of BlackRock Commodity Strategies Fund by percentage of net assets, from the latest SEC N-PORT filing.

C000103250 Prospectus and SEC Filings

Official BlackRock Commodity Strategies Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-09-24
• Prospectus (485BPOS) — filed 2025-09-25
• Prospectus (485BPOS) — filed 2024-09-24
• Portfolio holdings (N-PORT) — filed 2026-07-27
• Portfolio holdings (N-PORT) — filed 2026-04-24
• Portfolio holdings (N-PORT) — filed 2026-01-26
• Annual census (N-CEN) — filed 2026-08-13
• Annual census (N-CEN) — filed 2025-08-11

Related Funds

Other Commodity funds tracked on ABC INVEST:

• VanEck Vectors Gold Miners ETF (GDX)
• VanEck Vectors Junior Gold Miners ETF (GDXJ)
• Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC)
• PIMCO CommoditiesPLUS Strategy Fund (PCLAX)
• First Eagle Gold Fund (SGGDX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.