Blackrock Resources & Commodities Strategy Trust (BCX) NPORT-P BlackRock Resources & Commodities Strategy Trust (Mar 2022 report)

Schedule of Investments (unaudited) March 31, 2022 BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Chemicals — 13.9%
CF Industries Holdings, Inc.(a)		274,408	$	28,280,489
FMC Corp.(a)		244,085		32,114,263
Koninklijke DSM NV		95,002		16,995,261
Nutrien Ltd.(a)		453,133		47,121,301
Sociedad Quimica y Minera de Chile SA, ADR(a)		230,335		19,716,676
				144,227,990
Containers & Packaging — 0.5%
Packaging Corp. of America(a)		33,028		5,156,001
Electrical Equipment — 0.6%
Vestas Wind Systems A/S		224,068		6,572,990
Food Products — 7.8%
Bunge Ltd.(a)(b)		287,931		31,905,634
Darling Ingredients, Inc.(a)(c)		163,291		13,125,331
Hofseth International A/S, (Acquired 05/26/21, Cost: $10,198,056)(d)(e)		18,993,283		12,965,876
Kerry Group PLC, Class A		132,739		14,845,776
Nestle SA, Registered Shares		62,375		8,109,914
				80,952,531
Machinery(a) — 6.0%
AGCO Corp.		192,406		28,097,048
Deere & Co.		82,254		34,173,247
				62,270,295
Metals & Mining — 32.9%
Alcoa Corp.(a)		255,095		22,966,203
Anglo American PLC		325,559		16,916,801
ArcelorMittal SA(a)		783,800		25,089,438
BHP Group Ltd.		597,319		23,025,147
First Quantum Minerals Ltd.		1,080,104		37,393,034
Freeport-McMoRan, Inc.(a)		161,194		8,017,790
Glencore PLC		8,526,959		55,482,394
Newcrest Mining Ltd.		774,054		15,641,605
Newmont Corp.(a)		387,199		30,762,960
Polyus PJSC, Registered Shares, GDR(d)		209,464		2,095
Stelco Holdings, Inc.		469,689		19,532,961
Teck Resources Ltd., Class B(a)		429,020		17,328,118
Vale SA, ADR(a)		2,599,413		51,962,266
Wheaton Precious Metals Corp.(a)		369,106		17,562,063
				341,682,875
Oil, Gas & Consumable Fuels — 36.7%
Cenovus Energy Inc.		323,500		5,392,745
Chevron Corp.(a)(b)		339,273		55,243,823
ConocoPhillips(a)		349,513		34,951,300
EOG Resources, Inc.(a)		152,211		18,148,118
Equinor ASA		453,785		16,942,801

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Exxon Mobil Corp.(a)(b)		642,039	$	53,026,001
Gazprom PJSC, ADR(d)		2,715,000		27,150
Hess Corp.		142,376		15,239,927
Kosmos Energy Ltd.(c)		775,843		5,578,311
Marathon Petroleum Corp.(a)		157,733		13,486,171
Pioneer Natural Resources Co.(a)		66,112		16,529,983
Shell PLC, ADR(a)		964,024		52,953,838
Suncor Energy, Inc.		939,065		30,572,288
TotalEnergies SE		996,254		50,409,973
Valero Energy Corp.(a)		121,874		12,375,086
				380,877,515
Paper & Forest Products — 2.2%
Precious Woods Holding AG, Registered Shares(c)		20,000		281,370
UPM-Kymmene OYJ		708,737		23,143,799
				23,425,169
Total Long-Term Investments — 100.6% (Cost: $720,119,944)				1,045,165,366
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21%(f)(g)		14,755,364		14,755,364
Total Short-Term Securities — 1.4% (Cost: $14,755,364)				14,755,364
Total Investments Before Options Written — 102.0% (Cost: $734,875,308)				1,059,920,730
Options Written — (1.4)% (Premiums Received: $(10,519,221))				(14,885,753	)
Total Investments, Net of Options Written — 100.6% (Cost: $724,356,087)				1,045,034,977
Liabilities in Excess of Other Assets — (0.6)%				(6,447,212	)
Net Assets — 100.0%			$	1,038,587,765

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

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

^(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 $12,965,876, representing 1.3% of its net assets as of period end, and an original cost of $10,198,056.

^(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) March 31, 2022 BlackRock Resources & Commodities Strategy Trust (BCX)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/22		Shares Held at 03/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	16,654,313	$	—	$	(1,898,949	)(a)	$	—	$	—	$	14,755,364		14,755,364	$	3,250	$	—

^(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
Exxon Mobil Corp.		299		04/01/22		USD	82.65		USD	2,469	$	(15,783	)
Pioneer Natural Resources Co.		103		04/01/22		USD	235.00		USD	2,575		(162,740	)
Teck Resources Ltd., Class B		784		04/01/22		USD	38.00		USD	3,167		(196,784	)
Alcoa Corp.		290		04/08/22		USD	80.00		USD	2,611		(305,950	)
ArcelorMittal SA		768		04/08/22		USD	35.00		USD	2,458		(7,296	)
Cenovus Energy Inc.		577		04/08/22		CAD	20.50		CAD	1,202		(34,385	)
ConocoPhillips		174		04/08/22		USD	96.01		USD	1,740		(84,241	)
Deere & Co.		93		04/08/22		USD	390.00		USD	3,864		(250,402	)
EOG Resources, Inc.		322		04/08/22		USD	114.00		USD	3,839		(203,665	)
Valero Energy Corp.		280		04/08/22		USD	88.00		USD	2,843		(399,000	)
Wheaton Precious Metals Corp.		450		04/08/22		USD	50.00		USD	2,141		(10,350	)
AGCO Corp.		310		04/14/22		USD	135.00		USD	4,527		(370,450	)
Alcoa Corp.		160		04/14/22		USD	85.00		USD	1,440		(114,400	)
ArcelorMittal SA		288		04/14/22		USD	35.00		USD	922		(6,048	)
ArcelorMittal SA		288		04/14/22		USD	36.00		USD	922		(3,456	)
Bunge Ltd.		613		04/14/22		USD	105.00		USD	6,793		(413,775	)
Cenovus Energy Inc.		572		04/14/22		CAD	19.50		CAD	1,192		(72,750	)
Darling Ingredients, Inc.		370		04/14/22		USD	75.00		USD	2,974		(229,400	)
Deere & Co.		64		04/14/22		USD	400.00		USD	2,659		(127,680	)
Exxon Mobil Corp.		491		04/14/22		USD	75.00		USD	4,055		(389,117	)
FMC Corp.		446		04/14/22		USD	125.00		USD	5,868		(327,810	)
Freeport-McMoRan, Inc.		85		04/14/22		USD	46.00		USD	423		(36,125	)
Nutrien Ltd.		802		04/14/22		USD	95.00		USD	8,340		(769,920	)
Packaging Corp. of America		150		04/14/22		USD	150.00		USD	2,342		(111,750	)
Pioneer Natural Resources Co.		103		04/14/22		USD	235.00		USD	2,575		(182,310	)
Shell PLC, ADR		1,140		04/14/22		USD	52.50		USD	6,262		(342,000	)
Sociedad Quimica y Minera de Chile SA, ADR		240		04/14/22		USD	70.00		USD	2,054		(385,200	)
Stelco Holdings Inc.		869		04/14/22		CAD	40.00		CAD	4,518		(835,878	)
Suncor Energy Inc.		959		04/14/22		CAD	39.00		CAD	3,903		(168,380	)
Valero Energy Corp.		72		04/14/22		USD	90.00		USD	731		(85,680	)
Wheaton Precious Metals Corp.		450		04/14/22		USD	55.00		USD	2,141		(2,475	)
ArcelorMittal SA		568		04/22/22		USD	31.00		USD	1,818		(109,908	)
CF Industries Holdings, Inc.		380		04/22/22		USD	95.00		USD	3,916		(395,200	)
Chevron Corp.		482		04/22/22		USD	170.00		USD	7,848		(91,580	)
ConocoPhillips		279		04/22/22		USD	101.00		USD	2,790		(83,839	)
Deere & Co.		73		04/22/22		USD	440.00		USD	3,033		(26,645	)
EOG Resources, Inc.		15		04/22/22		USD	119.00		USD	179		(6,788	)
Exxon Mobil Corp.		413		04/22/22		USD	78.00		USD	3,411		(219,922	)
Marathon Petroleum Corp.		193		04/22/22		USD	78.00		USD	1,650		(157,295	)
Newmont Corp.		527		04/22/22		USD	70.00		USD	4,187		(520,412	)
Teck Resources Ltd., Class B		330		04/22/22		USD	43.00		USD	1,333		(26,895	)
Vale SA, ADR		2,400		04/22/22		USD	21.50		USD	4,798		(73,200	)
Wheaton Precious Metals Corp.		450		04/22/22		USD	55.00		USD	2,141		(36,900	)
Shell PLC, ADR		759		04/28/22		USD	55.00		USD	4,169		(144,326	)
Alcoa Corp.		203		04/29/22		USD	110.00		USD	1,828		(28,623	)

SCHEDULE    OF    INVESTMENTS 2

Schedule of Investments (unaudited) (continued) March 31, 2022 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		411		04/29/22		USD	34.00		USD	1,316	$	(33,908	)
Chevron Corp.		439		04/29/22		USD	170.00		USD	7,148		(115,896	)
ConocoPhillips		206		04/29/22		USD	96.00		USD	2,060		(131,840	)
ConocoPhillips		222		04/29/22		USD	109.00		USD	2,220		(24,642	)
Deere & Co.		74		04/29/22		USD	450.00		USD	3,074		(25,493	)
Freeport-McMoRan, Inc.		177		04/29/22		USD	55.00		USD	880		(16,373	)
Vale SA, ADR		2,400		04/29/22		USD	22.00		USD	4,798		(78,000	)
ArcelorMittal SA		289		05/06/22		USD	38.00		USD	925		(6,792	)
ConocoPhillips		312		05/06/22		USD	101.00		USD	3,120		(132,600	)
Exxon Mobil Corp.		1,172		05/06/22		USD	88.00		USD	9,680		(154,704	)
Marathon Petroleum Corp.		206		05/06/22		USD	82.00		USD	1,761		(118,965	)
Newmont Corp.		410		05/06/22		USD	80.00		USD	3,257		(129,970	)
Vale SA, ADR		2,400		05/06/22		USD	22.00		USD	4,798		(98,400	)
Valero Energy Corp.		98		05/06/22		USD	98.00		USD	995		(69,090	)
Alcoa Corp.		290		05/13/22		USD	93.00		USD	2,611		(192,850	)
AGCO Corp.		210		05/20/22		USD	135.00		USD	3,067		(305,550	)
ArcelorMittal SA		288		05/20/22		USD	37.00		USD	922		(16,128	)
Bunge Ltd.		412		05/20/22		USD	110.00		USD	4,565		(228,660	)
Chevron Corp.		84		05/20/22		USD	160.00		USD	1,368		(71,190	)
ConocoPhillips		100		05/20/22		USD	100.00		USD	1,000		(53,500	)
Darling Ingredients, Inc.		220		05/20/22		USD	80.00		USD	1,768		(110,000	)
EOG Resources, Inc.		226		05/20/22		USD	125.00		USD	2,695		(101,135	)
FMC Corp.		490		05/20/22		USD	128.00		USD	6,447		(409,094	)
Freeport-McMoRan, Inc.		334		05/20/22		USD	50.00		USD	1,661		(108,550	)
Marathon Petroleum Corp.		184		05/20/22		USD	82.50		USD	1,573		(109,020	)
Newmont Corp.		500		05/20/22		USD	80.00		USD	3,973		(190,000	)
Packaging Corp. of America		158		05/20/22		USD	150.25		USD	2,467		(160,145	)
Shell PLC, ADR		665		05/20/22		USD	55.00		USD	3,653		(181,212	)
Sociedad Quimica y Minera de Chile SA, ADR		486		05/20/22		USD	85.00		USD	4,160		(320,760	)
Stelco Holdings Inc.		401		05/20/22		CAD	43.00		CAD	2,085		(311,139	)
Suncor Energy Inc.		1,114		05/20/22		CAD	41.00		CAD	4,534		(183,120	)
Teck Resources Ltd., Class B		562		05/20/22		USD	43.00		USD	2,270		(102,003	)
Chevron Corp.		250		06/17/22		USD	165.00		USD	4,071		(183,750	)
Suncor Energy Inc.		1,115		06/17/22		CAD	41.00		CAD	4,538		(220,298	)
											$	(13,261,510	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Kerry Group PLC	UBS AG		53,700		04/01/22		EUR	113.44		EUR	5,429	$	—
Shell PLC, ADR	Citibank N.A.		103,400		04/04/22		USD	52.75		USD	5,680		(239,015	)
Koninklijke Dsm N.V	Morgan Stanley & Co. International PLC		8,300		04/07/22		EUR	158.98		EUR	1,349		(39,793	)
Total SA	UBS AG		67,700		04/07/22		EUR	49.28		EUR	3,116		(4,014	)
Anglo American PLC	Goldman Sachs International		55,284		04/19/22		GBP	41.09		GBP	2,196		(48,073	)
BHP Group Ltd.	Morgan Stanley & Co. International PLC		121,000		04/19/22		AUD	51.81		AUD	6,262		(106,803	)
Anglo American PLC	Goldman Sachs International		11,135		05/04/22		GBP	41.22		GBP	442		(14,452	)
Newcrest Mining Ltd.	Morgan Stanley & Co. International PLC		84,000		05/04/22		AUD	26.50		AUD	2,246		(84,218	)
Nestle SA	Goldman Sachs International		10,100		05/05/22		CHF	120.52		CHF	1,214		(22,209	)
Total SA	Morgan Stanley & Co. International PLC		156,400		05/05/22		EUR	49.17		EUR	7,199		(79,106	)
BHP Group Ltd.	JPMorgan Chase Bank N.A.		121,000		05/10/22		AUD	52.33		AUD	6,262		(138,136	)
Statoil ASA	Goldman Sachs International		84,000		05/10/22		NOK	320.08		NOK	27,821		(194,278	)
Newcrest Mining Ltd.	JPMorgan Chase Bank N.A.		202,300		05/11/22		AUD	27.30		AUD	5,410		(157,419	)
Anglo American PLC	Morgan Stanley & Co. International PLC		54,000		05/13/22		GBP	39.91		GBP	2,145		(76,284	)
Nestle SA	Morgan Stanley & Co. International PLC		13,000		05/13/22		CHF	123.05		CHF	1,563		(16,190	)
Koninklijke Dsm N.V	Morgan Stanley & Co. International PLC		26,800		05/18/22		EUR	163.87		EUR	4,355		(130,094	)
Total SA	UBS AG		144,500		05/18/22		EUR	49.35		EUR	6,651		(89,234	)
Statoil ASA	Goldman Sachs International		84,000		05/31/22		NOK	323.30		NOK	27,821		(184,925	)
												$	(1,624,243	)

3

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Resources & Commodities Strategy Trust (BCX)

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	$	127,232,729		$	16,995,261		$	—	$	144,227,990
Containers & Packaging		5,156,001			—			—		5,156,001
Electrical Equipment		—			6,572,990			—		6,572,990
Food Products		59,876,741			8,109,914			12,965,876		80,952,531
Machinery		62,270,295			—			—		62,270,295
Metals & Mining		230,614,833			111,065,947			2,095		341,682,875
Oil, Gas & Consumable Fuels		313,497,591			67,352,774			27,150		380,877,515
Paper & Forest Products		—			23,425,169			—		23,425,169
Short-Term Securities
Money Market Funds		14,755,364			—			—		14,755,364
	$	813,403,554		$	233,522,055		$	12,995,121	$	1,059,920,730
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(12,105,921	)	$	(2,779,832	)	$	—	$	(14,885,753	)

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

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, 2021	$	9,834,654
Transfers into Level 3(a)		28,028,121
Transfers out of Level 3(b)		—
Accrued discounts/premiums		—
Net realized gain (loss)		(45,466	)
Net change in unrealized appreciation (depreciation)(c)		(38,626,859	)

SCHEDULE    OF    INVESTMENTS 4

Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Resources & Commodities Strategy Trust (BCX)

	Common Stocks
Purchases	$	14,219,305
Sales		(414,634	)
Closing balance, as of March 31, 2022	$	12,995,121
Net change in unrealized appreciation (depreciation) on investments still held at March 31, 2022(c)	$	(38,626,859	)

^(a)  As of December 31, 2021, the Trust used observable inputs in determining the value of certain investments. As of March 31, 2022, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the fair value hierarchy.

^(b)  As of December 31, 2021, the Trust used significant unobservable inputs in determining the value of certain investments. As of March 31, 2022, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the fair value hierarchy.

^(c)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at March 31, 2022 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. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $29,245. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

		Value	Valuation Approach	Unobservable Inputs(a)	Range of Unobservable Inputs Utilized	(a)
Assets
Common Stocks	$	12,965,876	Market	EBITDA Multiple	23.00x
	$	12,965,876

^(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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