Blackrock Resources & Commodities Strategy Trust (BCX) NPORT-P BlackRock Resources & Commodities Strategy Trust (Mar 2023 report)

Schedule of Investments (unaudited) March 31, 2023 BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Chemicals — 11.0%
Albemarle Corp.(a)		58,293	$	12,885,085
CF Industries Holdings, Inc.(a)		330,113		23,929,891
FMC Corp.(a)		164,846		20,132,642
Koninklijke DSM NV		11,859		1,403,445
Nutrien Ltd.(a)		489,870		36,176,899
Sociedad Quimica y Minera de Chile SA, ADR(a)		127,392		10,326,396
				104,854,358
Containers & Packaging — 1.1%
Packaging Corp. of America(a)		31,281		4,342,741
Smurfit Kappa Group PLC		182,189		6,608,009
				10,950,750
Energy Equipment & Services — 0.7%
Schlumberger NV(a)		129,579		6,362,329
Food Products — 6.7%
Archer-Daniels-Midland Co.(a)		264,359		21,058,838
Bunge Ltd.(a)		180,149		17,207,832
Darling Ingredients, Inc.(a)(b)		125,274		7,316,002
Hofseth International, (Acquired 05/26/21, Cost: $10,198,057)(c)(d)		18,993,283		8,163,458
Kerry Group PLC, Class A		99,575		9,930,144
				63,676,274
Machinery(a) — 5.1%
AGCO Corp.(e)		171,009		23,120,417
Deere & Co.		62,048		25,618,378
				48,738,795
Metals & Mining — 38.0%
Alcoa Corp.(a)		218,238		9,288,218
Anglo American PLC		307,302		10,221,322
ArcelorMittal SA, Registered Shares(a)		363,884		10,960,186
BHP Group Ltd., ADR(a)(f)		669,209		42,434,543
First Quantum Minerals Ltd.		1,123,377		25,825,618
Franco-Nevada Corp.(a)		80,287		11,705,845
Freeport-McMoRan, Inc.(a)(e)		728,981		29,822,613
Glencore PLC		10,163,509		58,483,018
Newmont Corp.(a)		224,435		11,001,804
Norsk Hydro ASA		2,792,496		20,841,575
Polyus PJSC(b)(c)		104,732		13
Stelco Holdings, Inc.		435,274		16,857,004
Teck Resources Ltd., Class B(a)		920,390		33,594,235
Vale SA, ADR(a)		2,785,227		43,950,882
Wheaton Precious Metals Corp.		765,463		36,864,698
				361,851,574
Oil, Gas & Consumable Fuels — 34.4%
BP PLC		7,425,844		46,935,186
Canadian Natural Resources Ltd.		371,689		20,568,717
Cenovus Energy, Inc.		560,932		9,786,738
Cheniere Energy, Inc.(a)		46,600		7,344,160

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Chevron Corp.(a)		124,072	$	20,243,588
ConocoPhillips(a)		183,261		18,181,324
Eni SpA		1,050,441		14,649,832
EOG Resources, Inc.(a)		95,521		10,949,572
Exxon Mobil Corp.(a)		485,641		53,255,392
Gazprom PJSC(c)		5,430,000		699
Hess Corp.(a)		60,904		8,060,035
Shell PLC, ADR(a)		1,196,673		68,856,564
TotalEnergies SE		835,349		49,255,244
				328,087,051
Paper & Forest Products — 1.2%
Precious Woods Holding AG, Registered Shares(b)		20,000		196,732
UPM-Kymmene OYJ		323,144		10,853,748
				11,050,480
Total Long-Term Investments — 98.2% (Cost: $773,781,627)				935,571,611
Short-Term Securities
Money Market Funds — 2.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.70%(g)(h)		22,953,138		22,953,138
SL Liquidity Series, LLC, Money Market Series, 5.01%(g)(h)(i)		221,847		221,847
Total Short-Term Securities — 2.4% (Cost: $23,175,005)				23,174,985
Total Investments Before Options Written — 100.6% (Cost: $796,956,632)				958,746,596
Options Written — (0.7)% (Premiums Received: $(9,083,347))				(6,870,307	)
Total Investments, Net of Options Written — 99.9% (Cost: $787,873,285)				951,876,289
Other Assets Less Liabilities — 0.1%				1,255,760
Net Assets — 100.0%			$	953,132,049

^(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)  Non-income producing security.

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

^(d)  Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $8,163,458, representing 0.9% of its net assets as of period end, and an original cost of $10,198,057.

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

^(f)  All or a portion of this security is on loan.

^(g)  Affiliate of the Trust.

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

⁽ⁱ⁾  All or a portion of this security was purchased with the cash collateral from loaned securities.

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, 2023 BlackRock Resources & Commodities Strategy Trust (BCX)     

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/22		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	19,404,102	$	3,549,036	(a)	$	—	$	—	$	—		$	22,953,138		22,953,138	$	216,564		$	—
SL Liquidity Series, LLC, Money Market Series		—		220,413	(a)		—		1,454		(20	)		221,847		221,847		2,728	(b)		—
								$	1,454	$	(20	)	$	23,174,985			$	219,292		$	—

^(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 fees and collateral investment expenses, 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
Alcoa Corp.		191		04/06/23		USD	53.00		USD	813	$	(191	)
ArcelorMittal SA, Registered Shares		542		04/06/23		USD	30.00		USD	1,633		(29,810	)
Archer-Daniels-Midland Co.		226		04/06/23		USD	83.00		USD	1,800		(2,260	)
CF Industries Holdings, Inc.		294		04/06/23		USD	90.00		USD	2,131		(1,470	)
ConocoPhillips		27		04/06/23		USD	111.00		USD	268		(108	)
EOG Resources, Inc.		138		04/06/23		USD	117.00		USD	1,582		(10,695	)
Exxon Mobil Corp.		266		04/06/23		USD	116.00		USD	2,917		(1,197	)
Teck Resources Ltd., Class B		589		04/06/23		USD	42.00		USD	2,150		(1,767	)
Vale SA, ADR		1,306		04/06/23		USD	16.75		USD	2,061		(4,896	)
Vale SA, ADR		1,306		04/11/23		USD	16.75		USD	2,061		(10,163	)
Alcoa Corp.		192		04/14/23		USD	53.00		USD	817		(576	)
ArcelorMittal SA, Registered Shares		263		04/14/23		USD	32.00		USD	792		(3,682	)
Archer-Daniels-Midland Co.		211		04/14/23		USD	80.00		USD	1,681		(25,320	)
Cheniere Energy, Inc.		128		04/14/23		USD	160.00		USD	2,017		(30,400	)
Deere & Co.		82		04/14/23		USD	425.00		USD	3,386		(21,402	)
Exxon Mobil Corp.		693		04/14/23		USD	114.00		USD	7,599		(41,580	)
Freeport-McMoRan, Inc.		682		04/14/23		USD	42.00		USD	2,790		(46,717	)
Hess Corp.		88		04/14/23		USD	141.00		USD	1,165		(6,820	)
Shell PLC, ADR		641		04/14/23		USD	63.00		USD	3,688		(9,615	)
Shell PLC, ADR		451		04/14/23		USD	58.00		USD	2,595		(41,718	)
Teck Resources Ltd., Class B		764		04/14/23		USD	44.00		USD	2,789		(5,348	)
AGCO Corp.		228		04/21/23		USD	135.00		USD	3,083		(99,180	)
Albemarle Corp.		108		04/21/23		USD	280.00		USD	2,387		(8,100	)
BHP Group Ltd., ADR		956		04/21/23		USD	67.20		USD	6,062		(43,508	)
Bunge Ltd.		561		04/21/23		USD	100.00		USD	5,359		(44,880	)
Cenovus Energy, Inc.		1,464		04/21/23		CAD	26.00		CAD	3,452		(12,999	)
Chevron Corp.		93		04/21/23		USD	162.50		USD	1,517		(39,293	)
ConocoPhillips		188		04/21/23		USD	105.00		USD	1,865		(17,672	)
Darling Ingredients, Inc.		199		04/21/23		USD	70.00		USD	1,162		(1,990	)
EOG Resources, Inc.		72		04/21/23		USD	124.00		USD	825		(3,780	)
Exxon Mobil Corp.		44		04/21/23		USD	115.00		USD	483		(3,344	)
FMC Corp.		341		04/21/23		USD	130.00		USD	4,165		(18,755	)
Franco-Nevada Corp.		148		04/21/23		USD	145.00		USD	2,158		(69,560	)
Hess Corp.		95		04/21/23		USD	135.00		USD	1,257		(31,825	)
Newmont Corp.		415		04/21/23		USD	51.00		USD	2,034		(34,860	)
Packaging Corp. of America		58		04/21/23		USD	145.00		USD	805		(3,770	)
Shell PLC, ADR		1,108		04/21/23		USD	60.00		USD	6,375		(55,400	)
Sociedad Quimica y Minera de Chile SA, ADR		235		04/21/23		USD	105.00		USD	1,905		(5,875	)
Sociedad Quimica y Minera de Chile SA, ADR		236		04/21/23		USD	85.00		USD	1,913		(35,990	)
Stelco Holdings, Inc.		415		04/21/23		CAD	52.00		CAD	2,172		(68,629	)
Vale SA, ADR		1,241		04/21/23		USD	18.00		USD	1,958		(4,344	)

S C H E D U L E    O F   I N  V E S T M E N T S 2

Schedule of Investments (unaudited) (continued) March 31, 2023 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)
Alcoa Corp.		143		04/28/23		USD	47.00		USD	609	$	(15,587	)
Archer-Daniels-Midland Co.		272		04/28/23		USD	80.00		USD	2,167		(60,520	)
Cheniere Energy, Inc.		44		04/28/23		USD	157.50		USD	693		(24,200	)
Deere & Co.		86		04/28/23		USD	410.00		USD	3,551		(115,025	)
EOG Resources, Inc.		143		04/28/23		USD	113.00		USD	1,639		(67,210	)
Exxon Mobil Corp.		266		04/28/23		USD	110.00		USD	2,917		(89,110	)
Freeport-McMoRan, Inc.		944		04/28/23		USD	41.00		USD	3,862		(179,360	)
Hess Corp.		42		04/28/23		USD	135.00		USD	556		(18,690	)
Newmont Corp.		415		04/28/23		USD	51.00		USD	2,034		(50,215	)
Nutrien Ltd.		481		04/28/23		USD	83.00		USD	3,552		(15,633	)
Nutrien Ltd.		424		04/28/23		USD	79.00		USD	3,131		(38,160	)
Shell PLC, ADR		642		04/28/23		USD	63.00		USD	3,694		(9,630	)
Shell PLC, ADR		451		04/28/23		USD	58.00		USD	2,595		(67,650	)
Teck Resources Ltd., Class B		534		04/28/23		USD	41.00		USD	1,949		(23,229	)
Vale SA, ADR		1,306		04/28/23		USD	16.75		USD	2,061		(35,327	)
Vale SA, ADR		1,715		04/28/23		USD	16.50		USD	2,706		(59,167	)
Alcoa Corp.		281		05/05/23		USD	44.00		USD	1,196		(67,580	)
ArcelorMittal SA, Registered Shares		541		05/05/23		USD	30.00		USD	1,629		(84,396	)
Archer-Daniels-Midland Co.		269		05/05/23		USD	79.00		USD	2,143		(82,717	)
CF Industries Holdings, Inc.		463		05/05/23		USD	77.00		USD	3,356		(87,970	)
Chevron Corp.		366		05/05/23		USD	165.00		USD	5,972		(172,935	)
ConocoPhillips		463		05/05/23		USD	103.00		USD	4,593		(125,704	)
Deere & Co.		4		05/05/23		USD	395.00		USD	165		(10,250	)
Freeport-McMoRan, Inc.		221		05/05/23		USD	43.00		USD	904		(28,951	)
Schlumberger Ltd.		237		05/05/23		USD	51.00		USD	1,164		(39,461	)
Shell PLC, ADR		1,134		05/05/23		USD	56.00		USD	6,525		(348,705	)
Teck Resources Ltd., Class B		778		05/05/23		USD	38.00		USD	2,840		(111,643	)
AGCO Corp.		246		05/19/23		USD	140.00		USD	3,326		(119,310	)
Albemarle Corp.		108		05/19/23		USD	240.00		USD	2,387		(83,160	)
BHP Group Ltd., ADR		230		05/19/23		USD	62.50		USD	1,458		(80,500	)
BHP Group Ltd., ADR		535		05/19/23		USD	65.00		USD	3,392		(115,025	)
Bunge Ltd.		105		05/19/23		USD	105.00		USD	1,003		(11,288	)
Canadian Natural Resources Ltd.		489		05/19/23		CAD	80.00		CAD	3,657		(52,826	)
Canadian Natural Resources Ltd.		562		05/19/23		CAD	72.00		CAD	4,203		(222,471	)
Cenovus Energy, Inc.		611		05/19/23		CAD	26.00		CAD	1,441		(26,447	)
CF Industries Holdings, Inc.		463		05/19/23		USD	77.50		USD	3,356		(101,860	)
Darling Ingredients, Inc.		264		05/19/23		USD	64.00		USD	1,542		(27,921	)
Deere & Co.		57		05/19/23		USD	420.00		USD	2,353		(86,070	)
Exxon Mobil Corp.		514		05/19/23		USD	110.00		USD	5,637		(222,305	)
FMC Corp.		268		05/19/23		USD	125.00		USD	3,273		(97,820	)
Franco-Nevada Corp.		149		05/19/23		USD	150.00		USD	2,172		(81,205	)
Freeport-McMoRan, Inc.		850		05/19/23		USD	42.00		USD	3,477		(179,350	)
Nutrien Ltd.		910		05/19/23		USD	80.00		USD	6,720		(161,525	)
Packaging Corp. of America		57		05/19/23		USD	135.00		USD	791		(47,310	)
Schlumberger Ltd.		242		05/19/23		USD	50.00		USD	1,188		(61,468	)
Stelco Holdings, Inc.		780		05/19/23		CAD	54.00		CAD	4,083		(171,987	)
Teck Resources Ltd., Class B		740		05/19/23		USD	40.00		USD	2,701		(83,990	)
Vale SA, ADR		1,715		05/19/23		USD	17.00		USD	2,706		(66,885	)
Canadian Natural Resources Ltd.		324		06/16/23		CAD	73.50		CAD	2,423		(124,661	)
Stelco Holdings, Inc.		415		06/16/23		CAD	58.00		CAD	2,172		(70,932	)
Vale SA, ADR		1,715		06/16/23		USD	17.00		USD	2,706		(106,330	)
											$	(5,331,160	)

OTC Options Written

Description

Counterparty

Number of Contracts

Expiration Date

Exercise Price

Notional Amount (000)

Value

Call

Eni SpA

Morgan Stanley & Co. International PLC

332,900

04/04/23

EUR

15.27

EUR

4,296

$

—

TotalEnergies SE

Morgan Stanley & Co. International PLC

105,000

04/05/23

EUR

60.20

EUR

5,708

—

3

Schedule of Investments (unaudited) (continued) March 31, 2023 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)
Anglo American PLC	Goldman Sachs International		25,100		04/12/23		GBP	31.56		GBP	672	$	(6	)
BP PLC	Goldman Sachs International		971,000		04/12/23		GBP	5.53		GBP	4,960		(4,156	)
TotalEnergies SE	Goldman Sachs International		54,800		04/13/23		EUR	60.40		EUR	2,979		(263	)
AGCO Corp.	JPMorgan Chase Bank N.A.		24,000		04/14/23		USD	138.00		USD	3,245		(58,412	)
Kerry Group PLC	Goldman Sachs International		14,200		04/27/23		EUR	90.74		EUR	1,304		(38,115	)
Smurfit Kappa Group PLC	Morgan Stanley & Co. International PLC		33,500		05/02/23		EUR	34.72		EUR	1,117		(8,959	)
BHP Group Ltd., ADR	BNP Paribas SA		75,500		05/03/23		USD	66.44		USD	4,787		(80,910	)
Eni SpA	Goldman Sachs International		55,800		05/09/23		EUR	12.96		EUR	720		(22,713	)
Anglo American PLC	Morgan Stanley & Co. International PLC		88,700		05/10/23		GBP	27.51		GBP	2,375		(106,440	)
Glencore PLC	Morgan Stanley & Co. International PLC		2,108,400		05/10/23		GBP	4.69		GBP	9,796		(319,341	)
UPM-Kymmene OYJ	Morgan Stanley & Co. International PLC		82,300		05/10/23		EUR	32.74		EUR	2,547		(19,095	)
BP PLC	Morgan Stanley & Co. International PLC		1,776,500		05/16/23		GBP	5.23		GBP	9,074		(295,698	)
Smurfit Kappa Group PLC	UBS AG		34,000		05/16/23		EUR	32.63		EUR	1,133		(37,313	)
TotalEnergies SE	Morgan Stanley & Co. International PLC		149,200		05/16/23		EUR	54.32		EUR	8,111		(342,926	)
UPM-Kymmene OYJ	UBS AG		37,300		05/17/23		EUR	31.43		EUR	1,154		(23,997	)
Glencore PLC	Morgan Stanley & Co. International PLC		1,652,000		05/23/23		GBP	4.91		GBP	7,675		(180,803	)
												$	(1,539,147	)

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 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. 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.

Certain investments of the Trust were fair valued using net asset value (“NAV”) as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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	$	103,450,913	$	1,403,445	$	—	$	104,854,358
Containers & Packaging		4,342,741		6,608,009		—		10,950,750
Energy Equipment & Services		6,362,329		—		—		6,362,329
Food Products		45,582,672		9,930,144		8,163,458		63,676,274
Machinery		48,738,795		—		—		48,738,795
Metals & Mining		272,305,646		89,545,915		13		361,851,574

S C H E D U L E    O F   I N  V E S T M E N T S 4

Schedule of Investments (unaudited) (continued) March 31, 2023 BlackRock Resources & Commodities Strategy Trust (BCX)     

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Common Stocks (continued)
Oil, Gas & Consumable Fuels	$	217,246,090		$	110,840,262		$	699	$	328,087,051
Paper & Forest Products		—			11,050,480			—		11,050,480
Short-Term Securities
Money Market Funds		22,953,138			—			—		22,953,138
	$	720,982,324		$	229,378,255		$	8,164,170		958,524,749
Investments Valued at NAV(a)										221,847
									$	958,746,596
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(5,209,345	)	$	(1,660,962	)	$	—	$	(6,870,307	)

^(a)  Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (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 $712. 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		8,163,458	Market	EBITDA Multiple	11.50x
	$	8,163,458

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

Currency Abbreviation
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
USD	United States Dollar
Portfolio Abbreviation
ADR	American Depositary Receipt
PJSC	Public Joint Stock Company

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