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

Schedule of Investments (unaudited) September 30, 2021 BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Chemicals — 12.2%
CF Industries Holdings, Inc.(a)(b)		555,370	$	31,000,753
FMC Corp.(b)		281,130		25,740,263
Koninklijke DSM NV		97,481		19,493,849
Nutrien Ltd.(b)		402,941		26,122,665
				102,357,530
Containers & Packaging(b) — 4.4%
International Paper Co.		187,334		10,475,717
Packaging Corp. of America		118,002		16,218,195
Westrock Co.		204,598		10,195,118
				36,889,030
Electronic Equipment, Instruments & Components — 1.4%
Trimble, Inc.(b)(c)		139,986		11,513,849
Food Products — 8.3%
Bunge Ltd.(b)		331,854		26,986,367
Darling Ingredients, Inc.(b)(c)		143,866		10,343,966
Hofseth International AS, (Acquired 05/26/21, Cost: $10,198,057)(d)(e)		18,993,283		9,603,376
Kerry Group PLC, Class A		106,414		14,298,699
Nestle SA, Registered Shares		70,298		8,470,207
				69,702,615
Machinery — 2.1%
Deere & Co.(b)		52,807		17,694,041
Metals & Mining — 28.6%
Anglo American PLC		882,972		30,946,972
ArcelorMittal SA		289,221		8,722,905
BHP Group PLC		1,129,981		28,469,128
First Quantum Minerals Ltd.		407,838		7,550,767
Freeport-McMoRan, Inc.(b)		292,833		9,525,858
Glencore PLC		9,019,027		42,426,443
Kinross Gold Corp.		2,873,803		15,405,907
Neo Lithium Corp.(c)		2,006,082		7,174,760
Newcrest Mining Ltd.		340,834		5,650,247
Newmont Corp.(a)		428,038		23,242,463
Polyus PJSC, Registered Shares, GDR		79,029		6,457,759
Stelco Holdings, Inc.		270,988		7,941,793
Teck Resources Ltd.(b)		613,109		15,272,545
Vale SA, ADR(b)		2,309,305		32,214,805
				241,002,352
Oil, Gas & Consumable Fuels — 41.9%
Aker BP ASA		334,397		10,838,887
Canadian Natural Resources Ltd.		734,248		26,845,906
Chevron Corp.(b)		453,629		46,020,662
ConocoPhillips(b)		391,126		26,506,609
Equinor ASA		1,005,662		25,574,800
Exxon Mobil Corp.(b)		411,276		24,191,254
Hess Corp.		175,677		13,722,130
Kosmos Energy Ltd.(c)		1,421,184		4,206,705
LUKOIL PJSC, ADR		155,259		14,745,614
Marathon Petroleum Corp.(b)		169,461		10,474,384
Pioneer Natural Resources Co.		97,974		16,313,651

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Royal Dutch Shell PLC, Class B, ADR(b)		986,728	$	43,682,449
Suncor Energy, Inc.		1,145,841		23,756,343
TotalEnergies SE		1,141,164		54,545,292
Valero Energy Corp.(b)		165,796		11,700,224
				353,124,910
Paper & Forest Products — 0.0%
Precious Woods Holding AG, Registered Shares(c)		20,000		268,255
Total Common Stocks — 98.9% (Cost: $648,482,775)				832,552,582
	Par (000)
Corporate Bonds
Metals & Mining — 0.5%
Osisko Gold Royalties Ltd., 4.00%, 12/31/22(c)	CAD	5,556		4,427,780
Total Corporate Bonds — 0.5% (Cost: $4,434,866)				4,427,780
Total Long-Term Investments — 99.4% (Cost: $652,917,641)				836,980,362
	Shares
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(f)(g)		11,638,716		11,638,716
Total Short-Term Securities — 1.4% (Cost: $11,638,716)				11,638,716
Total Investments Before Options Written — 100.8% (Cost: $664,556,357)				848,619,078
Options Written — (1.4)% (Premiums Received: $(6,622,396))				(11,624,695	)
Total Investments, Net of Options Written — 99.4% (Cost: $657,933,961)				836,994,383
Other Assets Less Liabilities — 0.6%				5,079,768
Net Assets — 100.0%			$	842,074,151

^(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)  Non-income producing security.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $9,603,376, representing 1.1% of its net assets as of period end, and an original cost of $10,198,057.

^(f)  Affiliate of the Trust.

^(g)  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.

1

Schedule of Investments (unaudited) (continued) September 30, 2021 BlackRock Resources & Commodities Strategy Trust (BCX)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 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 09/30/21		Shares Held at 09/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	289,665	$	11,349,051	(a)	$	—	$	—	$	—	$	11,638,716		11,638,716	$	1,105	$	—

^(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
Chevron Corp.		505		10/01/21		USD	103.00		USD	5,123	$	(11,615	)
Freeport-McMoRan, Inc.		251		10/01/21		USD	38.00		USD	817		(251	)
Vale SA		956		10/01/21		USD	21.00		USD	1,334		(956	)
Valero Energy Corp.		161		10/01/21		USD	69.00		USD	1,136		(29,302	)
CF Industries Holdings, Inc.		420		10/08/21		USD	47.00		USD	2,344		(373,800	)
Chevron Corp.		377		10/08/21		USD	101.00		USD	3,825		(78,039	)
ConocoPhillips		121		10/08/21		USD	59.00		USD	820		(111,622	)
Deere & Co.		33		10/08/21		USD	395.00		USD	1,106		(2,475	)
Freeport-McMoRan, Inc.		412		10/08/21		USD	38.00		USD	1,340		(1,854	)
Marathon Petroleum Corp.		95		10/08/21		USD	59.00		USD	587		(31,113	)
Bunge Ltd.		751		10/15/21		USD	82.50		USD	6,107		(103,262	)
Canadian Natural Resources Ltd.		420		10/15/21		CAD	45.00		CAD	1,945		(68,640	)
Canadian Natural Resources Ltd.		1,491		10/15/21		CAD	42.00		CAD	6,905		(535,611	)
CF Industries Holdings, Inc.		167		10/15/21		USD	47.50		USD	932		(130,260	)
Chevron Corp.		485		10/15/21		USD	100.00		USD	4,920		(155,200	)
ConocoPhillips		205		10/15/21		USD	60.00		USD	1,389		(168,100	)
Darling Ingredients, Inc.		121		10/15/21		USD	85.00		USD	870		(1,513	)
Darling Ingredients, Inc.		314		10/15/21		USD	80.00		USD	2,258		(8,635	)
First Quantum Minerals Ltd.		924		10/15/21		CAD	26.00		CAD	2,167		(13,861	)
FMC Corp.		550		10/15/21		USD	95.00		USD	5,036		(48,125	)
Marathon Petroleum Corp.		95		10/15/21		USD	57.50		USD	587		(45,125	)
Packaging Corp. of America		170		10/15/21		USD	150.00		USD	2,336		(10,625	)
Royal Dutch Shell PLC, Class B, ADR		1,078		10/15/21		USD	42.50		USD	4,772		(242,550	)
Stelco Holdings, Inc.		1,270		10/15/21		CAD	50.00		CAD	4,714		(13,035	)
Suncor Energy, Inc.		1,897		10/15/21		CAD	24.00		CAD	4,982		(366,190	)
Trimble, Inc.		449		10/15/21		USD	95.00		USD	3,693		(2,245	)
Vale SA		1,546		10/15/21		USD	20.00		USD	2,157		(3,092	)
Valero Energy Corp.		161		10/15/21		USD	70.00		USD	1,136		(42,182	)
Westrock Co.		532		10/15/21		USD	52.50		USD	2,651		(21,280	)
Bunge Ltd.		404		10/22/21		USD	80.25		USD	3,285		(118,809	)
CF Industries Holdings, Inc.		734		10/22/21		USD	48.00		USD	4,097		(605,550	)
ConocoPhillips		121		10/22/21		USD	59.00		USD	820		(111,622	)
Deere & Co.		69		10/22/21		USD	380.00		USD	2,312		(4,692	)
Exxon Mobil Corp.		770		10/22/21		USD	59.00		USD	4,529		(131,285	)
International Paper Co.		223		10/22/21		USD	61.00		USD	1,247		(3,345	)
Marathon Petroleum Corp.		110		10/22/21		USD	61.00		USD	680		(31,845	)
Nutrien Ltd.		335		10/22/21		USD	63.00		USD	2,172		(90,450	)
Teck Resources Ltd.		825		10/22/21		USD	27.00		USD	2,055		(57,750	)
Vale SA		1,635		10/22/21		USD	18.50		USD	2,281		(120,990	)
CF Industries Holdings, Inc.		733		10/29/21		USD	48.00		USD	4,092		(645,041	)
Chevron Corp.		334		10/29/21		USD	100.00		USD	3,388		(137,775	)
ConocoPhillips		239		10/29/21		USD	59.00		USD	1,620		(233,025	)
Deere & Co.		93		10/29/21		USD	360.00		USD	3,116		(24,785	)
Exxon Mobil Corp.		393		10/29/21		USD	57.00		USD	2,312		(126,742	)
Freeport-McMoRan, Inc.		420		10/29/21		USD	35.00		USD	1,366		(39,690	)

SCHEDULE     OF    INVESTMENTS 2

Schedule of Investments (unaudited) (continued) September 30, 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.		235		10/29/21		USD	60.00		USD	1,314	$	(10,575	)
Marathon Petroleum Corp.		111		10/29/21		USD	62.00		USD	686		(29,138	)
Nutrien Ltd.		64		10/29/21		USD	66.00		USD	415		(10,240	)
Teck Resources Ltd.		618		10/29/21		USD	28.00		USD	1,539		(31,209	)
Vale SA		1,546		10/29/21		USD	18.00		USD	2,157		(7,730	)
Westrock Co.		225		11/03/21		USD	52.50		USD	1,121		(22,158	)
ConocoPhillips		274		11/05/21		USD	65.00		USD	1,857		(125,355	)
Marathon Petroleum Corp.		200		11/05/21		USD	64.00		USD	1,236		(40,700	)
Nutrien Ltd.		675		11/05/21		USD	66.00		USD	4,376		(136,687	)
Vale SA		1,226		11/05/21		USD	16.00		USD	1,710		(25,746	)
ConocoPhillips		205		11/12/21		USD	65.30		USD	1,389		(95,427	)
Canadian Natural Resources Ltd.		807		11/19/21		CAD	46.00		CAD	3,737		(168,842	)
ConocoPhillips		413		11/19/21		USD	60.00		USD	2,799		(365,505	)
Darling Ingredients, Inc.		97		11/19/21		USD	80.00		USD	697		(15,035	)
Exxon Mobil Corp.		352		11/19/21		USD	62.50		USD	2,070		(39,072	)
First Quantum Minerals Ltd.		590		11/19/21		CAD	28.00		CAD	1,384		(19,331	)
FMC Corp.		490		11/19/21		USD	100.00		USD	4,486		(57,575	)
International Paper Co.		235		11/19/21		USD	60.00		USD	1,314		(14,688	)
Marathon Petroleum Corp.		16		11/19/21		USD	62.50		USD	99		(4,920	)
Nutrien Ltd.		416		11/19/21		USD	66.91		USD	2,697		(82,750	)
Packaging Corp. of America		266		11/19/21		USD	145.00		USD	3,656		(69,160	)
Suncor Energy, Inc.		2,342		11/19/21		CAD	25.00		CAD	6,150		(417,884	)
Teck Resources Ltd.		825		11/19/21		USD	28.00		USD	2,055		(68,887	)
Trimble, Inc.		449		11/19/21		USD	95.00		USD	3,693		(31,430	)
Vale SA		1,635		11/19/21		USD	20.00		USD	2,281		(8,175	)
Valero Energy Corp.		291		11/19/21		USD	70.00		USD	2,054		(123,675	)
											$	(7,125,848	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Royal Dutch Shell PLC, Class B, ADR	Barclays Bank PLC		96,400		10/01/21		USD	40.00		USD	4,268	$	(411,239	)
Lukoil PJSC, ADR	Credit Suisse International		8,700		10/05/21		USD	91.07		USD	834		(41,886	)
Total SA	Credit Suisse International		106,500		10/05/21		EUR	38.58		EUR	4,402		(333,416	)
Glencore International PLC	Goldman Sachs International		837,386		10/07/21		GBP	3.25		GBP	2,946		(281,180	)
Koninklijke Dsm N.V.	Goldman Sachs International		22,100		10/07/21		EUR	180.44		EUR	3,818		(9,502	)
Total SA	Credit Suisse International		77,500		10/07/21		EUR	38.60		EUR	3,203		(243,644	)
Koninklijke Dsm N.V.	UBS AG		19,800		10/08/21		EUR	178.45		EUR	3,420		(18,441	)
Newcrest Mining Ltd.	JPMorgan Chase Bank N.A.		83,000		10/08/21		AUD	27.44		AUD	1,879		—
BHP Group PLC	Goldman Sachs International		278,500		10/12/21		GBP	22.50		GBP	5,259		(705	)
Anglo American PLC	Credit Suisse International		190,560		10/13/21		GBP	33.89		GBP	4,997		(645	)
Lukoil PJSC, ADR	Credit Suisse International		9,900		10/13/21		USD	89.13		USD	949		(68,574	)
Glencore International PLC	Goldman Sachs International		887,938		10/15/21		GBP	3.48		GBP	3,124		(108,992	)
Glencore International PLC	Goldman Sachs International		158,000		10/15/21		GBP	3.41		GBP	556		(28,921	)
Total SA	Goldman Sachs International		130,900		10/15/21		EUR	39.38		EUR	5,411		(329,270	)
Glencore International PLC	Goldman Sachs International		581,000		10/20/21		GBP	3.39		GBP	2,044		(128,260	)
Glencore International PLC	Goldman Sachs International		158,000		10/20/21		GBP	3.41		GBP	556		(31,145	)
Nestle SA	Goldman Sachs International		13,000		10/21/21		CHF	117.43		CHF	1,465		(3,256	)
Statoil ASA	Morgan Stanley & Co. International PLC		161,000		10/26/21		NOK	204.85		NOK	35,847		(338,180	)
Royal Dutch Shell PLC, Class B, ADR	Citibank N.A.		82,900		10/27/21		USD	41.69		USD	3,670		(253,976	)
Aker BP	Goldman Sachs International		85,100		10/29/21		NOK	230.65		NOK	24,262		(513,090	)
Lukoil PJSC, ADR	Credit Suisse International		43,100		10/29/21		USD	88.58		USD	4,130		(338,933	)
Anglo American PLC	Goldman Sachs International		136,000		11/02/21		GBP	29.35		GBP	3,567		(25,131	)
Glencore International PLC	Morgan Stanley & Co. International PLC		760,000		11/02/21		GBP	3.43		GBP	2,674		(173,638	)
Public Joint Stock Polyus, GDR	UBS AG		16,000		11/02/21		USD	86.66		USD	1,315		(9,183	)
Royal Dutch Shell PLC, Class B, ADR	Citibank N.A.		82,900		11/04/21		USD	41.69		USD	3,670		(266,476	)
Statoil ASA	Morgan Stanley & Co. International PLC		161,000		11/09/21		NOK	204.85		NOK	35,847		(353,646	)
Nestle SA	UBS AG		13,000		11/10/21		CHF	110.50		CHF	1,465		(46,312	)

3

Schedule of Investments (unaudited) (continued) September 30, 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)
Total SA	UBS AG		107,300		11/10/21		EUR	42.43		EUR	4,435	$	(86,254	)
Aker BP	Goldman Sachs International		32,833		11/11/21		NOK	296.50		NOK	9,361		(26,235	)
BHP Group PLC	Goldman Sachs International		139,500		11/12/21		GBP	21.36		GBP	2,634		(28,717	)
												$	(4,498,847	)

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 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	$	82,863,681		$	19,493,849		$	—	$	102,357,530
Containers & Packaging		36,889,030			—			—		36,889,030
Electronic Equipment, Instruments & Components		11,513,849			—			—		11,513,849
Food Products		51,629,032			8,470,207			9,603,376		69,702,615
Machinery		17,694,041			—			—		17,694,041
Metals & Mining		127,051,803			113,950,549			—		241,002,352
Oil, Gas & Consumable Fuels		247,420,317			105,704,593			—		353,124,910
Paper & Forest Products		—			268,255			—		268,255
Corporate Bonds		4,427,780			—			—		4,427,780
Short-Term Securities
Money Market Funds		11,638,716			—			—		11,638,716
	$	591,128,249		$	247,887,453		$	9,603,376	$	848,619,078
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(6,806,704	)	$	(4,817,991	)	$	—	$	(11,624,695	)

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

SCHEDULE    OF    INVESTMENTS 4

Schedule of Investments (unaudited) (continued) September 30, 2021 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 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, 2020	$	—
Transfers into Level 3		—
Transfers out of Level 3		—
Accrued discounts/premiums		—
Net realized gain (loss)
Net change in unrealized appreciation (depreciation)(a)		(594,681	)
Purchases		10,198,057
Sales		—
Closing balance, as of September 30, 2021	$	9,603,376
Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2021(a)	$	(594,681	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2021 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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end.

		Value	Valuation Approach	Unobservable Inputs(a)	Range of Unobservable Inputs Utilized	(a)
Assets
Common Stocks	$	9,603,376	Market	EBITDA	16.25x
	$	9,603,376

^(a) A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

Currency Abbreviation
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
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

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