Blackrock Resources & Commodities Strategy Trust (BCX) NPORT-P BlackRock Resources & Commodities Strategy Trust (Mar 2024 report)

Schedule of Investments (unaudited) March 31, 2024 BlackRock Resources & Commodities Strategy Trust (BCX) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Chemicals — 6.4%
Albemarle Corp.		19,588	$	2,580,523
CF Industries Holdings, Inc.(a)		129,277		10,757,139
Corteva, Inc.		301,413		17,382,488
Nutrien Ltd.		480,097		26,074,068
				56,794,218
Construction Materials — 0.8%
CRH PLC		80,150		6,913,739
Containers & Packaging — 9.6%
Avery Dennison Corp.		83,177		18,569,265
Graphic Packaging Holding Co.		469,812		13,709,114
Packaging Corp. of America(a)		102,319		19,418,100
Smurfit Kappa Group PLC		736,451		33,579,091
				85,275,570
Energy Equipment & Services — 1.1%
Saipem SpA(b)		3,993,000		9,754,005
Food Products — 2.8%
Bunge Global SA		168,237		17,247,657
Hofseth International, (Acquired 05/26/21, Cost: $10,198,056)(b)(c)(d)		18,993,283		7,400,321
				24,647,978
Machinery — 1.9%
AGCO Corp.(e)		139,452		17,155,385
Metals & Mining — 38.5%
Alcoa Corp.		297,655		10,057,762
Anglo American PLC		459,496		11,323,276
ArcelorMittal SA, Registered Shares(f)		675,617		18,633,517
Barrick Gold Corp.		1,041,413		17,329,112
BHP Group Ltd., ADR(a)		560,712		32,347,475
Filo Corp.(b)		109,223		1,906,998
Filo Corp. Legend(b)		175,560		3,065,220
First Quantum Minerals Ltd.		666,478		7,163,944
Franco-Nevada Corp.		64,021		7,628,742
Freeport-McMoRan, Inc.(a)(e)		874,105		41,100,417
Glencore PLC		3,829,190		21,012,894
Newmont Corp.		348,688		12,496,978
Norsk Hydro ASA		4,174,600		22,941,034
Nucor Corp.		49,832		9,861,753
Polyus PJSC(b)(c)		104,732		11
Rio Tinto PLC		479,596		30,322,387
Steel Dynamics, Inc.		36,825		5,458,570
Stelco Holdings, Inc.		470,342		15,510,817
Teck Resources Ltd., Class B		678,846		31,077,570
Vale SA, ADR		608,383		7,416,189
Wheaton Precious Metals Corp.		746,104		35,163,882
				341,818,548
Oil, Gas & Consumable Fuels — 36.9%
BP PLC		7,380,213		46,299,210
Canadian Natural Resources Ltd.		309,181		23,585,451
Cheniere Energy, Inc.(e)		68,558		11,057,034
Chevron Corp.(a)(e)		77,923		12,291,574
ConocoPhillips(a)		154,798		19,702,689
Diamondback Energy, Inc.		52,900		10,483,193
Exxon Mobil Corp.(a)		468,300		54,435,192
Gazprom PJSC(b)(c)		5,430,000		587
Hess Corp.		139,550		21,300,912
Kosmos Energy Ltd.(b)(f)		1,167,000		6,955,320

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corp.		97,400	$	19,626,100
Shell PLC, ADR(a)		1,040,175		69,733,341
TotalEnergies SE		472,736		32,519,217
				327,989,820
Paper & Forest Products — 1.4%
Precious Woods Holding AG, Registered Shares(b)		20,000		133,060
UPM-Kymmene OYJ		363,992		12,126,994
				12,260,054
Total Common Stocks — 99.4% (Cost: $751,117,978)				882,609,317
	Par (000)
Corporate Bonds
Metals & Mining — 0.8%
Allied Gold Corp., 8.75%, 09/07/28(g)(h)	$	7,200		7,200,000
Total Corporate Bonds — 0.8% (Cost: $7,200,000)				7,200,000
Total Long-Term Investments — 100.2% (Cost: $758,317,978)				889,809,317
	Shares
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(i)(j)(k)		1,468,574		1,469,162
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.19%(i)(j)		11,282,607		11,282,607
Total Short-Term Securities — 1.4% (Cost: $12,751,916)				12,751,769
Total Investments Before Options Written — 101.6% (Cost: $771,069,894)				902,561,086
Options Written — (1.6)% (Premiums Received: $(7,016,816))				(14,177,297	)
Total Investments, Net of Options Written — 100.0% (Cost: $764,053,078)				888,383,789
Liabilities in Excess of Other Assets — 0.0%				(47,301	)
Net Assets — 100.0%			$	888,336,488

^(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 $7,400,321, representing 0.8% of its net assets as of period end, and an original cost of $10,198,056.

^(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)  Convertible security.

^(h)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

SCHEDULE  OF  INVESTMENTS 1

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Resources & Commodities Strategy Trust (BCX)

⁽ⁱ⁾  Affiliate of the Trust.

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

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

 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,469,312	(a)	$	—		$	(4	)	$	(146	)	$	1,469,162		1,468,574	$	—		$	—
BlackRock Liquidity Funds, T-Fund, Institutional Class		14,160,077		—			(2,877,470	)(a)		—			—			11,282,607		11,282,607		203,375			—
SL Liquidity Series, LLC, Money Market Series(b)		6,150,469		—			(6,150,097	)(a)		(871	)		499			—		—		6,542	(c)		—
									$	(875	)	$	353		$	12,751,769			$	209,917		$	—

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

^(b)  As of period end, the entity is no longer held.

^(c)  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
Barrick Gold Corp.		600		04/05/24		USD	15.50		USD	998	$	(66,900	)
CF Industries Holdings, Inc.		149		04/05/24		USD	83.00		USD	1,240		(18,625	)
Freeport-McMoRan, Inc.		412		04/05/24		USD	41.00		USD	1,937		(250,290	)
Newmont Corp.		150		04/05/24		USD	32.00		USD	538		(53,775	)
Nucor Corp.		92		04/05/24		USD	200.00		USD	1,821		(13,570	)
Nutrien Ltd.		350		04/05/24		USD	55.00		USD	1,901		(13,125	)
Shell PLC, ADR		658		04/05/24		USD	64.00		USD	4,411		(205,625	)
Albemarle Corp.		35		04/12/24		USD	145.00		USD	461		(3,693	)
Alcoa Corp.		460		04/12/24		USD	30.00		USD	1,554		(195,500	)
Cheniere Energy, Inc.		85		04/12/24		USD	160.00		USD	1,371		(27,625	)
Freeport-McMoRan, Inc.		1,000		04/12/24		USD	41.00		USD	4,702		(610,000	)
Nucor Corp.		92		04/12/24		USD	190.00		USD	1,821		(82,110	)
AGCO Corp.		258		04/19/24		USD	115.17		USD	3,174		(228,598	)
Alcoa Corp.		184		04/19/24		USD	30.00		USD	622		(77,740	)
Avery Dennison Corp.		178		04/19/24		USD	210.00		USD	3,974		(249,200	)
Barrick Gold Corp.		650		04/19/24		USD	17.00		USD	1,082		(22,100	)
BHP Group Ltd., ADR		956		04/19/24		USD	61.53		USD	5,515		(21,752	)
Bunge Global SA		292		04/19/24		USD	95.00		USD	2,994		(239,440	)
CF Industries Holdings, Inc.		148		04/19/24		USD	82.50		USD	1,232		(37,000	)
Chevron Corp.		110		04/19/24		USD	155.00		USD	1,735		(48,400	)
ConocoPhillips		171		04/19/24		USD	115.00		USD	2,176		(215,032	)
Corteva, Inc.		600		04/19/24		USD	56.72		USD	3,460		(108,122	)
CRH PLC		148		04/19/24		USD	85.00		USD	1,277		(51,430	)
Diamondback Energy, Inc.		98		04/19/24		USD	175.00		USD	1,942		(235,200	)
Exxon Mobil Corp.		897		04/19/24		USD	105.00		USD	10,427		(1,020,337	)
Filo Corp.		202		04/19/24		CAD	26.00		CAD	478		(3,728	)
Franco-Nevada Corp.		118		04/19/24		USD	120.00		USD	1,406		(36,580	)
Freeport-McMoRan, Inc.		903		04/19/24		USD	42.00		USD	4,246		(467,302	)
Marathon Petroleum Corp.		106		04/19/24		USD	180.00		USD	2,136		(238,765	)

2

Schedule of Investments (unaudited) (continued) March 31, 2024 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)
Newmont Corp.		328		04/19/24		USD	37.50		USD	1,176	$	(18,532)
Nutrien Ltd.		476		04/19/24		USD	55.00		USD	2,585		(45,220)
Packaging Corp. of America		182		04/19/24		USD	170.00		USD	3,454		(374,010)
Shell PLC, ADR		960		04/19/24		USD	67.50		USD	6,436		(91,200)
Stelco Holdings, Inc.		560		04/19/24		CAD	41.00		CAD	2,502		(177,771)
Vale SA, ADR		905		04/19/24		USD	13.00		USD	1,103		(6,788)
Albemarle Corp.		37		04/26/24		USD	130.00		USD	487		(30,710)
Alcoa Corp.		314		04/26/24		USD	35.00		USD	1,061		(47,257)
ArcelorMittal SA, Registered Shares		1,432		04/26/24		USD	27.00		USD	3,949		(164,680)
Barrick Gold Corp.		916		04/26/24		USD	16.00		USD	1,524		(87,020)
Cheniere Energy, Inc.		62		04/26/24		USD	165.00		USD	1,000		(13,175)
Chevron Corp.		38		04/26/24		USD	160.00		USD	599		(9,101)
ConocoPhillips		143		04/26/24		USD	121.00		USD	1,820		(107,607)
Exxon Mobil Corp.		315		04/26/24		USD	110.00		USD	3,662		(215,775)
Freeport-McMoRan, Inc.		575		04/26/24		USD	45.00		USD	2,704		(181,125)
Hess Corp.		208		04/26/24		USD	152.50		USD	3,175		(93,600)
Newmont Corp.		207		04/26/24		USD	36.00		USD	742		(28,773)
Nutrien Ltd.		475		04/26/24		USD	56.00		USD	2,580		(40,375)
Shell PLC, ADR		960		04/26/24		USD	65.00		USD	6,436		(266,400)
Vale SA, ADR		673		04/26/24		USD	12.50		USD	820		(18,844)
Alcoa Corp.		143		05/03/24		USD	32.00		USD	483		(44,402)
ArcelorMittal SA, Registered Shares		1,067		05/03/24		USD	28.00		USD	2,943		(90,695)
Barrick Gold Corp.		687		05/03/24		USD	16.50		USD	1,143		(40,190)
CF Industries Holdings, Inc.		181		05/03/24		USD	85.00		USD	1,506		(44,345)
Cheniere Energy, Inc.		106		05/03/24		USD	165.00		USD	1,710		(33,390)
Chevron Corp.		140		05/03/24		USD	160.00		USD	2,208		(41,300)
Hess Corp.		308		05/03/24		USD	160.00		USD	4,701		(80,080)
Newmont Corp.		155		05/03/24		USD	38.00		USD	556		(13,330)
Shell PLC, ADR		340		05/03/24		USD	69.00		USD	2,279		(28,900)
AGCO Corp.		257		05/17/24		USD	120.00		USD	3,162		(172,190)
Barrick Gold Corp.		1,000		05/17/24		USD	17.00		USD	1,664		(66,000)
BHP Group Ltd., ADR		755		05/17/24		USD	57.50		USD	4,356		(177,425)
Bunge Global SA		330		05/17/24		USD	97.50		USD	3,383		(202,950)
Canadian Natural Resources Ltd.		941		05/17/24		CAD	100.00		CAD	9,723		(392,503)
ConocoPhillips		87		05/17/24		USD	125.00		USD	1,107		(49,155)
CRH PLC		148		05/17/24		USD	84.15		USD	1,277		(71,696)
Diamondback Energy, Inc.		98		05/17/24		USD	185.00		USD	1,942		(177,870)
Exxon Mobil Corp.		233		05/17/24		USD	110.00		USD	2,708		(176,497)
Filo Corp.		202		05/17/24		CAD	25.00		CAD	478		(16,404)
Franco-Nevada Corp.		118		05/17/24		USD	120.00		USD	1,406		(64,900)
Freeport-McMoRan, Inc.		344		05/17/24		USD	45.00		USD	1,617		(129,000)
Marathon Petroleum Corp.		141		05/17/24		USD	195.00		USD	2,841		(177,307)
Newmont Corp.		450		05/17/24		USD	37.50		USD	1,613		(58,275)
Nutrien Ltd.		475		05/17/24		USD	55.00		USD	2,580		(102,125)
Packaging Corp. of America		196		05/17/24		USD	187.50		USD	3,720		(145,858)
Shell PLC, ADR		930		05/17/24		USD	67.50		USD	6,235		(160,425)
Stelco Holdings, Inc.		590		05/17/24		CAD	44.00		CAD	2,636		(145,916)
Vale SA, ADR		673		05/17/24		USD	13.00		USD	820		(16,152)
Canadian Natural Resources Ltd.		202		06/21/24		CAD	98.00		CAD	2,087		(119,674)
ConocoPhillips		171		06/21/24		USD	130.00		USD	2,176		(76,095)
Exxon Mobil Corp.		287		06/21/24		USD	115.00		USD	3,336		(149,240)
Stelco Holdings, Inc.		590		06/21/24		CAD	44.00		CAD	2,636		(173,139)
											$	(10,296,955	)

OTC Options Written

Description

Counterparty

Number of Contracts

Expiration Date

Exercise Price

Notional  Amount (000)

Value

Call

BP PLC

UBS AG

1,500,000

04/02/24

GBP

4.81

GBP

7,456

$

(285,025

)

SCHEDULE  OF  INVESTMENTS 3

Schedule of Investments (unaudited) (continued) March 31, 2024 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)
Glencore PLC	Morgan Stanley & Co. International PLC		461,400		04/02/24		GBP	4.40		GBP	2,006	$	(19,136	)
Smurfit Kappa Group PLC	Goldman Sachs International		115,400		04/02/24		EUR	36.30		EUR	4,877		(746,108	)
TotalEnergies SE	Morgan Stanley & Co. International PLC		258,800		04/02/24		EUR	62.06		EUR	16,502		(420,404	)
Corteva, Inc.	Citibank N.A.		51,500		04/03/24		USD	56.37		USD	2,970		(81,168	)
Rio Tinto PLC	Bank of America N.A.		124,400		04/03/24		GBP	54.62		GBP	6,232		(163	)
UPM-Kymmene OYJ	Bank of America N.A.		127,300		04/03/24		EUR	29.33		EUR	3,931		(218,328	)
BHP Group Ltd., ADR	JPMorgan Chase Bank N.A.		64,800		04/10/24		USD	60.81		USD	3,738		(9,361	)
UPM-Kymmene OYJ	Goldman Sachs International		53,400		04/16/24		EUR	31.03		EUR	1,649		(21,198	)
Avery Dennison Corp.	JPMorgan Chase Bank N.A.		12,900		04/24/24		USD	220.18		USD	2,880		(80,331	)
Saipem SpA	Goldman Sachs International		738,700		04/24/24		EUR	2.34		EUR	1,673		(54,495	)
Anglo American PLC	Bank of America N.A.		104,700		04/25/24		GBP	18.56		GBP	2,044		(182,548	)
BP PLC	Bank of America N.A.		267,100		04/25/24		GBP	4.75		GBP	1,328		(82,574	)
BP PLC	Bank of America N.A.		264,300		04/25/24		GBP	4.79		GBP	1,314		(69,406	)
Glencore PLC	Bank of America N.A.		955,400		04/25/24		GBP	4.16		GBP	4,154		(299,849	)
Smurfit Kappa Group PLC	UBS AG		152,500		04/25/24		EUR	39.24		EUR	6,445		(381,758	)
UPM-Kymmene OYJ	Bank of America N.A.		53,400		04/25/24		EUR	30.45		EUR	1,649		(45,151	)
Graphic Packaging Holding, Co.	Bank of America N.A.		69,800		04/29/24		USD	24.38		USD	2,037		(384,815	)
Rio Tinto PLC	Bank of America N.A.		53,000		04/30/24		GBP	49.53		GBP	2,655		(123,128	)
Saipem SpA	Goldman Sachs International		738,700		05/02/24		EUR	2.34		EUR	1,673		(66,083	)
Anglo American PLC	Morgan Stanley & Co. International PLC		65,300		05/07/24		GBP	19.48		GBP	1,275		(77,808	)
BP PLC	Bank of America N.A.		699,200		05/21/24		GBP	5.15		GBP	3,475		(60,892	)
Graphic Packaging Holding, Co.	Bank of America N.A.		104,000		05/28/24		USD	29.00		USD	3,035		(170,613	)
												$	(3,880,342	)

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.

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	$	56,794,218	$	—	$	—	$	56,794,218
Construction Materials		6,913,739		—		—		6,913,739
Containers & Packaging		51,696,479		33,579,091		—		85,275,570
Energy Equipment & Services		—		9,754,005		—		9,754,005

4

Schedule of Investments (unaudited) (continued) March 31, 2024 BlackRock Resources & Commodities Strategy Trust (BCX)

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Common Stocks (continued)
Food Products	$	17,247,657		$	—		$	7,400,321	$	24,647,978
Machinery		17,155,385			—			—		17,155,385
Metals & Mining		253,153,726			88,664,811			11		341,818,548
Oil, Gas & Consumable Fuels		249,170,806			78,818,427			587		327,989,820
Paper & Forest Products		—			12,260,054			—		12,260,054
Corporate Bonds		—			7,200,000			—		7,200,000
Short-Term Securities
Money Market Funds		12,751,769			—			—		12,751,769
	$	664,883,779		$	230,276,388		$	7,400,919	$	902,561,086
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(9,720,929	)	$	(4,456,368	)	$	—	$	(14,177,297	)

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

SCHEDULE  OF  INVESTMENTS 5