Blackrock Resources & Commodities Strategy Trust (BCX) NPORT-P BlackRock Resources & Commodities Strategy Trust (Mar 2021 report)

Schedule of Investments (unaudited)  March 31, 2021 BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Chemicals — 13.4%
CF Industries Holdings, Inc.(a)		950,393	$	43,128,834
FMC Corp.		208,193		23,028,228
Koninklijke DSM NV		89,229		15,084,891
Nutrien Ltd.		535,680		28,867,795
				110,109,748
Containers & Packaging — 6.7%
International Paper Co.		258,768		13,991,586
Packaging Corp. of America(a)		146,597		19,714,364
Westrock Co.		408,554		21,265,236
				54,971,186
Electronic Equipment, Instruments & Components — 2.3%
Trimble, Inc.(b)		242,807		18,887,957
Food Products — 4.6%
Bunge Ltd.(a)		352,782		27,965,029
Darling Ingredients, Inc.(b)		127,716		9,397,343
				37,362,372
Machinery — 2.9%
Deere & Co.		62,559		23,405,824
Metals & Mining — 29.8%
Anglo American PLC		940,226		36,826,578
BHP Group PLC		920,299		26,497,252
First Quantum Minerals Ltd.		499,676		9,522,750
Freeport-McMoRan, Inc.		698,531		23,002,626
Glencore PLC(b)		5,146,152		20,205,869
Kinross Gold Corp.		2,507,451		16,700,378
Lundin Mining Corp.		1,091,969		11,235,107
Neo Lithium Corp.(b)		3,668,040		8,639,611
Newcrest Mining Ltd.		224,134		4,234,315
Newmont Corp.(a)		378,189		22,793,451
Polyus PJSC, Registered Shares, GDR		79,029		7,271,273
Stelco Holdings, Inc.		408,438		9,155,485
Vale SA, ADR		2,771,457		48,167,923
				244,252,618
Oil, Gas & Consumable Fuels — 39.5%
Aker BP ASA		374,947		10,636,225
Canadian Natural Resources Ltd.		731,916		22,626,670
Chevron Corp.(c)		433,641		45,441,240
CNOOC Ltd.		9,162,000		9,597,727
ConocoPhillips(c)		442,985		23,464,916
Equinor ASA		741,512		14,474,115
Exxon Mobil Corp.		377,621		21,082,581
Hess Corp.		145,177		10,272,725
Kosmos Energy Ltd.		1,673,634		5,138,056
Lukoil PJSC - ADR		160,959		13,007,023
Marathon Petroleum Corp.		174,011		9,307,848
Petroleo Brasileiro SA, ADR		1,054,061		8,938,437
Pioneer Natural Resources Co.		92,924		14,758,190

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Royal Dutch Shell PLC, Class B, ADR		909,639	$	33,502,004
Suncor Energy, Inc.		1,005,391		21,016,648
TOTAL SE		1,055,753		49,218,938
Valero Energy Corp.		150,346		10,764,774
				323,248,117
Paper & Forest Products — 0.0%
Precious Woods Holding AG, Registered Shares(b)		20,000		221,129
Total Common Stocks — 99.2% (Cost: $619,387,434)				812,458,951
	Par (000)
Corporate Bonds
Metals & Mining — 0.5%
Osisko Gold Royalties Ltd., 4.00%, 12/31/22(d)	CAD	5,556		4,454,261
Total Corporate Bonds — 0.5% (Cost: $4,434,866)				4,454,261
Total Long-Term Investments — 99.7% (Cost: $623,822,300)				816,913,212
	Shares
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(e)(f)		7,101,820		7,101,820
Total Short-Term Securities — 0.9% (Cost: $7,101,820)				7,101,820
Total Investments Before Options Written — 100.6% (Cost: $630,924,120)				824,015,032
Options Written — (0.7)%
(Premiums Received: $(10,079,285))				(5,868,341	)
Total Investments, Net of Options Written — 99.9% (Cost: $620,844,835)				818,146,691
Other Assets Less Liabilities — 0.1%				1,024,864
Net Assets — 100.0%			$	819,171,555

^(a)  All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

^(b)  Non-income producing security.

^(c)  All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

^(d)  Convertible security.

^(e)  Affiliate of the Trust.

^(f)  Annualized 7-day yield as of period end.

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

SCHEDULE OF INVESTMENTS 1

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Resources & Commodities Strategy Trust (BCX)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/21		Shares Held at 03/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	289,665	$	6,812,155	(a)	$	—	$	—	$	—	$	7,101,820		7,101,820	$	—	$	—

^(a)  Represents net amount purchased (sold).

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
Conocophillips		214		04/01/21	USD	50.00	USD	1,134	$	(65,805	)
Exxon Mobil Corp.		304		04/01/21	USD	54.00	USD	1,697		(58,520	)
Exxon Mobil Corp.		627		04/01/21	USD	57.00	USD	3,500		(7,524	)
Hess Corp.		11		04/01/21	USD	64.00	USD	78		(7,480	)
Marathon Petroleum Corp.		200		04/01/21	USD	55.50	USD	1,070		(1,100	)
CF Industries Holdings, Inc.		231		04/09/21	USD	47.00	USD	1,048		(9,240	)
Chevron Corp.		162		04/09/21	USD	106.00	USD	1,698		(19,764	)
Deere & Co.		69		04/09/21	USD	357.50	USD	2,582		(127,305	)
Nutrien Ltd.		371		04/09/21	USD	58.50	USD	1,999		(7,420	)
Valero Energy Corp.		118		04/09/21	USD	78.50	USD	845		(1,770	)
Bunge Ltd.		826		04/16/21	USD	80.00	USD	6,548		(142,485	)
Canadian Natural Resources Ltd.		996		04/16/21	CAD	38.00	CAD	3,869		(121,260	)
CF Industries Holdings, Inc.		984		04/16/21	USD	52.50	USD	4,465		(7,380	)
ConocoPhillips		260		04/16/21	USD	60.00	USD	1,377		(4,160	)
Darling Ingredients, Inc.		316		04/16/21	USD	70.00	USD	2,325		(150,100	)
FMC Corp.		280		04/16/21	USD	115.00	USD	3,097		(18,200	)
Freeport-McMoRan, Inc.		730		04/16/21	USD	32.00	USD	2,404		(135,050	)
International Paper Co.		286		04/16/21	USD	52.50	USD	1,546		(62,205	)
Kinross Gold Corp.		2,135		04/16/21	CAD	10.00	CAD	1,787		(5,097	)
Lundin Mining Corp.		2,974		04/16/21	CAD	15.00	CAD	3,845		(14,199	)
Nutrien Ltd.		350		04/16/21	USD	60.00	USD	1,886		(4,375	)
Packaging Corp. of America		276		04/16/21	USD	140.00	USD	3,712		(19,320	)
Petroleo Brasileiro SA		1,517		04/16/21	USD	8.00	USD	1,286		(87,227	)
Royal Dutch Shell PLC, Class B, ADR		941		04/16/21	USD	45.00	USD	3,466		(4,705	)
Royal Dutch Shell PLC, Class B, ADR		985		04/16/21	USD	42.50	USD	3,628		(7,388	)
Suncor Energy, Inc.		933		04/16/21	CAD	26.00	CAD	2,451		(74,613	)
Trimble, Inc.		435		04/16/21	USD	75.00	USD	3,384		(174,000	)
Valeo SA, ADR		2,360		04/16/21	USD	17.00	USD	4,102		(185,260	)
Westrock Co.		414		04/16/21	USD	47.50	USD	2,155		(200,790	)
Westrock Co.		1,115		04/16/21	USD	55.00	USD	5,804		(58,537	)
Chevron Corp.		402		04/23/21	USD	110.00	USD	4,212		(46,833	)
ConocoPhillips		174		04/23/21	USD	61.00	USD	922		(6,699	)
Deere & Co.		69		04/23/21	USD	385.00	USD	2,582		(38,985	)
Freeport-McMoRan, Inc.		439		04/23/21	USD	34.50	USD	1,446		(55,972	)
Hess Corp.		363		04/23/21	USD	73.00	USD	2,569		(84,034	)
International Paper Co.		223		04/23/21	USD	55.50	USD	1,206		(18,398	)
Newmont Corp.		259		04/23/21	USD	60.00	USD	1,561		(51,800	)
Nutrien Ltd.		341		04/23/21	USD	56.00	USD	1,838		(23,018	)
Pioneer Natural Resources Co.		165		04/23/21	USD	167.50	USD	2,620		(55,687	)
CF Industries Holdings, Inc.		456		04/30/21	USD	51.00	USD	2,069		(18,240	)
Chevron Corp.		364		04/30/21	USD	115.00	USD	3,814		(24,388	)
ConocoPhillips		205		04/30/21	USD	52.00	USD	1,086		(43,665	)
Deere & Co.		93		04/30/21	USD	380.00	USD	3,479		(84,397	)
Freeport-McMoRan, Inc.		631		04/30/21	USD	41.00	USD	2,078		(19,877	)
Hess Corp.		169		04/30/21	USD	75.00	USD	1,196		(34,983	)

2

Schedule of Investments (unaudited) (continued) March 31, 2021 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)
International Paper Co.		227		04/30/21	USD	56.00	USD	1,227	$	(24,403	)
Marathon Petroleum Corp.		250		04/30/21	USD	58.50	USD	1,337		(22,125	)
Newmont Corp.		215		04/30/21	USD	65.00	USD	1,296		(14,943	)
Nutrien Ltd.		363		04/30/21	USD	60.00	USD	1,956		(5,445	)
Valero Energy Corp.		204		04/30/21	USD	86.50	USD	1,461		(9,690	)
CF Industries Holdings, Inc.		495		05/07/21	USD	49.00	USD	2,246		(45,788	)
Chevron Corp.		342		05/07/21	USD	108.00	USD	3,584		(90,288	)
Freeport-McMoRan, Inc.		630		05/07/21	USD	37.00	USD	2,075		(56,385	)
International Paper Co.		221		05/07/21	USD	56.50	USD	1,195		(24,310	)
Newmont Corp.		476		05/07/21	USD	62.00	USD	2,869		(84,014	)
Canadian Natural Resources Ltd.		1,495		05/21/21	CAD	40.00	CAD	5,808		(161,194	)
CF Industries Holdings, Inc.		1,350		05/21/21	USD	52.50	USD	6,126		(67,500	)
Chevron Corp.		334		05/21/21	USD	110.00	USD	3,500		(81,663	)
Darling Ingredients, Inc.		263		05/21/21	USD	80.00	USD	1,935		(69,037	)
Exxon Mobil Corp.		616		05/21/21	USD	62.50	USD	3,439		(41,580	)
First Quantum Minerals Ltd.		1,848		05/21/21	CAD	28.00	CAD	4,426		(87,496	)
Freeport-McMoRan, Inc.		154		05/21/21	USD	36.00	USD	507		(22,869	)
Marathon Petroleum Corp.		193		05/21/21	USD	55.00	USD	1,032		(53,558	)
Newmont Corp.		449		05/21/21	USD	65.00	USD	2,706		(56,125	)
Nutrien Ltd.		211		05/21/21	USD	55.00	USD	1,137		(39,563	)
Packaging Corp. of America		266		05/21/21	USD	140.00	USD	3,577		(84,455	)
Royal Dutch Shell PLC, Class B, ADR		875		05/21/21	USD	42.50	USD	3,223		(30,625	)
Suncor Energy, Inc.		1,706		05/21/21	CAD	29.00	CAD	4,482		(90,275	)
Trimble, Inc.		470		05/21/21	USD	80.00	USD	3,656		(169,200	)
Valero Energy Corp.		234		05/21/21	USD	80.00	USD	1,675		(41,769	)
Suncor Energy, Inc.		912		06/18/21	CAD	30.00	CAD	2,396		(57,694	)
									$	(3,921,249	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Glencore PLC	Citibank N.A.		555,000		04/07/21	GBP	3.10	GBP	1,578	$	(2,662	)
Lukoil PJSC - ADR	Credit Suisse International		8,700		04/07/21	USD	79.03	USD	703		(20,556	)
TOTAL SE	Credit Suisse International		106,500		04/07/21	EUR	39.65	EUR	4,236		(95,544	)
Kinross Gold Corp.	Credit Suisse International		296,300		04/08/21	CAD	8.68	CAD	2,480		(26,902	)
ConocoPhillips	Bank of America N.A.		44,200		04/09/21	USD	57.61	USD	2,341		(8,463	)
Nutrien Ltd.	Citibank N.A.		34,600		04/09/21	USD	58.32	USD	1,865		(861	)
BHP Group PLC	Barclays Bank PLC		239,000		04/13/21	GBP	23.39	GBP	5,006		(6,007	)
Koninklijke DSM NV	Credit Suisse International		22,500		04/13/21	EUR	144.01	EUR	3,247		(64,155	)
Anglo American PLC	Credit Suisse International		8,400		04/15/21	GBP	30.73	GBP	239		(2,885	)
BHP Group PLC	Credit Suisse International		108,000		04/15/21	GBP	24.21	GBP	2,262		(787	)
Anglo American PLC	Barclays Bank PLC		109,000		04/21/21	GBP	30.46	GBP	3,098		(64,845	)
Equinor ASA	Barclays Bank PLC		184,200		04/21/21	NOK	168.98	NOK	30,817		(76,449	)
Kinross Gold Corp.	Credit Suisse International		296,300		04/22/21	CAD	8.68	CAD	2,480		(60,062	)
Petroleo Brasileiro SA, ADR	UBS AG		56,100		04/27/21	USD	8.70	USD	476		(13,074	)
Public Joint Stock Polyus, GDR	Credit Suisse International		14,800		04/27/21	USD	96.96	USD	1,362		(20,514	)
Aker BP ASA	Credit Suisse International		87,900		04/29/21	NOK	270.38	NOK	21,342		(9,414	)
Anglo American PLC	Morgan Stanley & Co. International PLC		237,200		04/29/21	GBP	30.79	GBP	6,742		(168,026	)
Lukoil PJSC - ADR	Morgan Stanley & Co. International PLC		46,600		04/29/21	USD	89.79	USD	3,768		(19,020	)
Royal Dutch Shell PLC, Class B, ADR	JPMorgan Chase Bank N.A.		56,400		04/29/21	USD	42.69	USD	2,077		(13,099	)
Bunge Ltd.	Credit Suisse International		49,500		05/04/21	USD	81.68	USD	3,924		(90,118	)
Equinor ASA	UBS AG		50,700		05/04/21	NOK	176.28	NOK	8,482		(13,332	)
FMC Corp.	Barclays Bank PLC		49,000		05/04/21	USD	110.64	USD	5,420		(182,629	)
TOTAL SE	Goldman Sachs International		82,400		05/04/21	EUR	41.99	EUR	3,277		(52,735	)
ConocoPhillips	Credit Suisse International		20,500		05/06/21	USD	53.66	USD	1,086		(50,109	)
Glencore PLC	UBS AG		888,900		05/06/21	GBP	2.86	GBP	2,527		(143,142	)
Koninklijke DSM NV	Credit Suisse International		11,000		05/06/21	EUR	150.53	EUR	1,587		(18,105	)
Newcrest Mining Ltd.	Morgan Stanley & Co. International PLC		83,000		05/06/21	AUD	25.62	AUD	2,027		(36,591	)

SCHEDULE OF INVESTMENTS 3

Schedule of Investments (unaudited) (continued) March 31, 2021 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)
Statoil ASA	Morgan Stanley & Co. International PLC		39,500		05/06/21	NOK	175.15	NOK	6,608	$	(12,813	)
TOTAL SE	Credit Suisse International		124,300		05/06/21	EUR	40.82	EUR	4,944		(135,454	)
Aker BP ASA	Credit Suisse International		52,500		05/11/21	NOK	267.39	NOK	12,747		(12,595	)
Public Joint Stock Polyus, GDR	Credit Suisse International		14,800		05/11/21	USD	98.72	USD	1,362		(23,080	)
Lukoil PJSC - ADR	Goldman Sachs International		4,300		05/14/21	USD	83.29	USD	348		(10,616	)
TOTAL SE	Goldman Sachs International		77,500		05/14/21	EUR	40.97	EUR	3,083		(92,184	)
Lundin Mining Corp.	Credit Suisse International		187,000		05/17/21	CAD	15.14	CAD	2,418		(25,842	)
Stelco Holdings, Inc.	Credit Suisse International		152,000		05/27/21	CAD	26.95	CAD	4,282		(299,190	)
Glencore PLC	Goldman Sachs International		460,000		06/04/21	GBP	2.96	GBP	1,308		(75,232	)
										$	(1,947,092	)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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 for identical assets or liabilities that the Trust has the ability to access;

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are 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 investments categorized in the fair value hierarchy. The breakdown of the Trust’s investments 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	$	95,024,857	$	15,084,891	$	—	$	110,109,748
Containers & Packaging		54,971,186		—		—		54,971,186
Electronic Equipment, Instruments & Components		18,887,957		—		—		18,887,957
Food Products		37,362,372		—		—		37,362,372
Machinery		23,405,824		—		—		23,405,824
Metals & Mining		149,217,331		95,035,287		—		244,252,618
Oil, Gas & Consumable Fuels		226,314,089		96,934,028		—		323,248,117
Paper & Forest Products		—		221,129		—		221,129
Corporate Bonds		4,454,261		—		—		4,454,261
Short-Term Securities
Money Market Funds		7,101,820		—		—		7,101,820
	$	616,739,697	$	207,275,335	$	—	$	824,015,032

4

Schedule of Investments (unaudited) (continued) March 31, 2021 BlackRock Resources & Commodities Strategy Trust (BCX)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(3,921,249	)	$	(1,947,092	)	$	—	$	(5,868,341	)

^(a)  Derivative financial instruments are options written. Options written are shown at value.

Currency Abbreviation
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
NOK	Norwegian Krone
USD	United States Dollar
Portfolio Abbreviation
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PJSC	Public Joint Stock Company

SCHEDULE OF INVESTMENTS 5