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INTERNATIONAL 4PQUHN3JPFGFNF3BB653 Call Written Newcrest Mining Ltd Newcrest Mining Ltd 1.00000000 26.49960000 AUD 2022-05-04 XXXX -24794.47000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 ALCOA CORP 000000000 -203.00000000 NC USD -28623.00000000 -0.00275555571 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Alcoa Corp Alcoa Corp 100.00000000 110.00000000 USD 2022-04-29 XXXX 19770.98000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 SHELL PLC 000000000 -665.00000000 NC USD -181212.50000000 -0.01744545084 N/A DE GB N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Shell PLC Shell PLC 100.00000000 55.00000000 USD 2022-05-20 XXXX -89296.11000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 ARCELORMITTAL SA 000000000 -288.00000000 NC USD -16128.00000000 -0.00155265354 N/A DE LU N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written ArcelorMittal SA ArcelorMittal SA 100.00000000 37.00000000 USD 2022-05-20 XXXX 11929.85000000 N N N SUSQUEHANNA FINANCIAL GROUP LLLP 549300E8QX0ZMRDC2M81 BRY06XJA2 MAY22 FMC US CALL 000000000 -490.00000000 NC USD -409093.65000000 -0.03938372441 N/A DE US N 2 SUSQUEHANNA FINANCIAL GROUP LLLP 549300E8QX0ZMRDC2M81 Call Written FMC Corp FMC Corp 100.00000000 128.00000000 USD 2022-05-20 XXXX -144117.29000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 CF INDUSTRIES HOLDINGS INC 000000000 -380.00000000 NC USD -395200.00000000 -0.03804617326 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written CF Industries Holdings Inc CF Industries Holdings Inc 100.00000000 95.00000000 USD 2022-04-22 XXXX -196548.10000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 VALERO ENERGY CORP 000000000 -98.00000000 NC USD -69090.00000000 -0.00665134137 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Valero Energy Corp Valero Energy Corp 100.00000000 98.00000000 USD 2022-05-06 XXXX -26944.01000000 N N N Freeport-McMoRan Inc 549300IRDTHJQ1PVET45 Freeport-McMoRan Inc 35671D857 161194.00000000 NS USD 8017789.56000000 0.771878063688 Long EC CORP US N 1 N N N The Montreal Exchange / Bourse De Montreal N/A CENOVUS ENERGY INC 000000000 -572.00000000 NC -72749.67000000 -0.00700366029 N/A DE CA N 1 The Montreal Exchange / Bourse De Montreal N/A Call Written Cenovus Energy Inc Cenovus Energy Inc 100.00000000 19.50000000 CAD 2022-04-14 XXXX -25316.62000000 N N N Vale SA 254900SMTWBX7RU2SR20 Vale SA 91912E105 2599413.00000000 NS USD 51962265.87000000 5.002442738669 Long EC CORP BR N 1 N N N The Montreal Exchange / Bourse De Montreal N/A SUNCOR ENERGY INC 000000000 -1115.00000000 NC -220297.56000000 -0.02120819619 N/A DE CA N 1 The Montreal Exchange / Bourse De Montreal N/A Call Written Suncor Energy Inc Suncor Energy Inc 100.00000000 41.00000000 CAD 2022-06-17 XXXX -50627.10000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 MARATHON PETROLEUM CORP 000000000 -193.00000000 NC USD -157295.00000000 -0.01514289681 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Marathon Petroleum Corp Marathon Petroleum Corp 100.00000000 78.00000000 USD 2022-04-22 XXXX -79560.63000000 N N N Deere & Co PWFTNG3EI0Y73OXWDH08 Deere & Co 244199105 82254.00000000 NS USD 34173246.84000000 3.289881756488 Long EC CORP US N 1 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 CONOCOPHILLIPS 000000000 -312.00000000 NC USD -132600.00000000 -0.01276549234 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written ConocoPhillips ConocoPhillips 100.00000000 101.00000000 USD 2022-05-06 XXXX -4752.15000000 N N N BHP Group Ltd WZE1WSENV6JSZFK0JC28 BHP Group Ltd 000000000 597319.00000000 NS 23025147.36000000 2.216646624032 Long EC CORP AU N 2 N N N MORGAN STANLEY & CO. INTERNATIONAL 4PQUHN3JPFGFNF3BB653 BRY0KCQN6 BLACKROCK 000000000 -26800.00000000 NC -130093.91000000 -0.01252422935 N/A DE US N 2 MORGAN STANLEY & CO. INTERNATIONAL 4PQUHN3JPFGFNF3BB653 Call Written Koninklijke DSM NV Koninklijke DSM NV 1.00000000 163.87400000 EUR 2022-05-18 XXXX -20802.88000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 PIONEER NATURAL RESOURCES CO 000000000 -103.00000000 NC USD -162740.00000000 -0.01566709067 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Pioneer Natural Resources Co Pioneer Natural Resources Co 100.00000000 235.00000000 USD 2022-04-01 XXXX -91482.53000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 CONOCOPHILLIPS 000000000 -206.00000000 NC USD -131840.00000000 -0.01269232662 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written ConocoPhillips ConocoPhillips 100.00000000 96.00000000 USD 2022-04-29 XXXX -32703.06000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 DARLING INGREDIENTS INC 000000000 -370.00000000 NC USD -229400.00000000 -0.02208449429 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Darling Ingredients Inc Darling Ingredients Inc 100.00000000 75.00000000 USD 2022-04-14 XXXX -165105.13000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 VALERO ENERGY CORP 000000000 -72.00000000 NC USD -85680.00000000 -0.00824847197 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Valero Energy Corp Valero Energy Corp 100.00000000 90.00000000 USD 2022-04-14 XXXX -66904.60000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 EXXON MOBIL CORP 000000000 -413.00000000 NC USD -219922.50000000 -0.02117208891 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Exxon Mobil Corp Exxon Mobil Corp 100.00000000 78.00000000 USD 2022-04-22 XXXX -101486.75000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 WHEATON PRECIOUS METALS CORP 000000000 -450.00000000 NC USD -10350.00000000 -0.00099640155 N/A DE CA N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Wheaton Precious Metals Corp Wheaton Precious Metals Corp 100.00000000 50.00000000 USD 2022-04-08 XXXX 80083.16000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 ALCOA CORP 000000000 -290.00000000 NC USD -148625.00000000 -0.01430823001 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Alcoa Corp Alcoa Corp 100.00000000 85.00000000 USD 2022-04-01 XXXX -47352.47000000 N N N UBS AG BFM8T61CT2L1QCEMIK50 BRY0K3LM3 BLACKROCK 000000000 -144500.00000000 NC -89233.51000000 -0.00859057080 N/A DE US N 2 UBS AG BFM8T61CT2L1QCEMIK50 Call Written TotalEnergies SE TotalEnergies SE 1.00000000 49.34900000 EUR 2022-05-18 XXXX 78896.75000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 FREEPORT-MCMORAN INC 000000000 -177.00000000 NC USD -16372.50000000 -0.00157619173 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Freeport-McMoRan Inc Freeport-McMoRan Inc 100.00000000 55.00000000 USD 2022-04-29 XXXX 4136.08000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 ARCELORMITTAL SA 000000000 -288.00000000 NC USD -3456.00000000 -0.00033271147 N/A DE LU N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written ArcelorMittal SA ArcelorMittal SA 100.00000000 36.00000000 USD 2022-04-14 XXXX 15269.90000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 PACKAGING CORP OF AMERICA 000000000 -150.00000000 NC USD -111750.00000000 -0.01075824863 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Packaging Corp of America Packaging Corp of America 100.00000000 150.00000000 USD 2022-04-14 XXXX -46084.71000000 N N N Sociedad Quimica y Minera de Chile SA TJ88LXZZW5PWIN93ZC81 Sociedad Quimica y Minera de Chile SA 833635105 230335.00000000 NS USD 19716676.00000000 1.898137832050 Long EC CORP CL N 1 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 SOCIEDAD QUIMICA Y MINERA DE C 000000000 -240.00000000 NC USD -385200.00000000 -0.03708346644 N/A DE CL N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Sociedad Quimica y Minera de Chile SA Sociedad Quimica y Minera de Chile SA 100.00000000 70.00000000 USD 2022-04-14 XXXX -327655.30000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 NEWMONT CORP 000000000 -500.00000000 NC USD -190000.00000000 -0.01829142945 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Newmont Corp Newmont Corp 100.00000000 80.00000000 USD 2022-05-20 XXXX 104383.91000000 N N N Pioneer Natural Resources Co FY8JBF7CCL2VE4F1B628 Pioneer Natural Resources Co 723787107 66112.00000000 NS USD 16529983.36000000 1.591352760413 Long EC CORP US N 1 N N N CF Industries Holdings Inc 529900CG8YAQFZ2JMV97 CF Industries Holdings Inc 125269100 274408.00000000 NS USD 28280488.48000000 2.722581894268 Long EC CORP US N 1 N N N Wheaton Precious Metals Corp 549300XSFG5ZCGVYD886 Wheaton Precious Metals Corp 962879102 369106.00000000 NS USD 17562063.48000000 1.690711816751 Long EC CORP CA N 1 N N N Glencore PLC 2138002658CPO9NBH955 Glencore PLC 000000000 8526959.00000000 NS 55482394.43000000 5.341327913504 Long EC CORP JE N 2 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 AGCO CORP 000000000 -210.00000000 NC USD -305550.00000000 -0.02941550667 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written AGCO Corp AGCO Corp 100.00000000 135.00000000 USD 2022-05-20 XXXX -192618.70000000 N N N UPM-Kymmene Oyj 213800EC6PW5VU4J9U64 UPM-Kymmene Oyj 000000000 577558.00000000 NS 18860149.76000000 1.815679467349 Long EC CORP FI N 2 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 ARCELORMITTAL SA 000000000 -289.00000000 NC USD -6791.50000000 -0.00065382233 N/A DE LU N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written ArcelorMittal SA ArcelorMittal SA 100.00000000 38.00000000 USD 2022-05-06 XXXX 16579.40000000 N N N GOLDMAN SACHS INTERNATIONAL W22LROWP2IHZNBB6K528 BRY0HQFY7 BLACKROCK 000000000 -10100.00000000 NC -22209.26000000 -0.00213810059 N/A DE US N 2 GOLDMAN SACHS INTERNATIONAL W22LROWP2IHZNBB6K528 Call Written Nestle SA Nestle SA 1.00000000 120.51960000 CHF 2022-05-05 XXXX -6988.48000000 N N N Precious Woods Holding AG N/A Precious Woods Holding AG 000000000 20000.00000000 NS 281370.06000000 0.027087687381 Long EC CORP CH N 2 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 CONOCOPHILLIPS 000000000 -222.00000000 NC USD -24642.00000000 -0.00237230212 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written ConocoPhillips ConocoPhillips 100.00000000 109.00000000 USD 2022-04-29 XXXX 32582.83000000 N N N The Montreal Exchange / Bourse De Montreal N/A CENOVUS ENERGY INC 000000000 -577.00000000 NC -34385.07000000 -0.00331027411 N/A DE CA N 1 The Montreal Exchange / Bourse De Montreal N/A Call Written Cenovus Energy Inc Cenovus Energy Inc 100.00000000 20.50000000 CAD 2022-04-08 XXXX -17077.12000000 N N N Alcoa Corp 549300T12EZ1F6PWWU29 Alcoa Corp 013872106 255095.00000000 NS USD 22966202.85000000 2.210971995894 Long EC CORP US N 1 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 CHEVRON CORP 000000000 -439.00000000 NC USD -115896.00000000 -0.01115738688 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Chevron Corp Chevron Corp 100.00000000 170.00000000 USD 2022-04-29 XXXX 71894.43000000 N N N Koninklijke DSM NV 724500SNT1MK246AHP04 Koninklijke DSM NV 000000000 95002.00000000 NS 16995261.43000000 1.636145397219 Long EC CORP NL N 2 N N N Teck Resources Ltd T8KI5SQ2JRWHL7XY0E11 Teck Resources Ltd 878742204 429020.00000000 NS USD 17328117.80000000 1.668189706743 Long EC CORP CA N 1 N N N LBHI GUARANTEE CLAIM USD N/A LBHI GUARANTEE CLAIM USD 000000000 443237.85000000 PA USD 4.43000000 0.000000426479 Long LON CORP US N 3 N/A None 0.00000000 N N N N N N Options Clearing Corp. 549300CII6SLYGKNHA04 BUNGE LTD 000000000 -613.00000000 NC USD -413775.00000000 -0.03983440116 N/A DE BM N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Bunge Ltd Bunge Ltd 100.00000000 105.00000000 USD 2022-04-14 XXXX -212852.51000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 TECK RESOURCES LTD 000000000 -562.00000000 NC USD -102003.00000000 -0.00981989830 N/A DE CA N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Teck Resources Ltd Teck Resources Ltd 100.00000000 43.00000000 USD 2022-05-20 XXXX 80198.78000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 BUNGE LTD 000000000 -412.00000000 NC USD -228660.00000000 -0.02201325399 N/A DE BM N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Bunge Ltd Bunge Ltd 100.00000000 110.00000000 USD 2022-05-20 XXXX -57457.29000000 N N N Bunge Ltd 5493007M0RIN8HY3MM77 Bunge Ltd 000000000 287931.00000000 NS USD 31905634.11000000 3.071577133982 Long EC CORP BM N 1 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 VALE SA 000000000 -2400.00000000 NC USD -78000.00000000 -0.00750911314 N/A DE BR N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Vale SA Vale SA 100.00000000 22.00000000 USD 2022-04-29 XXXX 15049.55000000 N N N UBS AG BFM8T61CT2L1QCEMIK50 APR22 KYGA ID C @ 113.4363 000000000 -53700.00000000 NC -0.06000000 -0.00000000577 N/A DE US N 2 UBS AG BFM8T61CT2L1QCEMIK50 Call Written Kerry Group PLC Kerry Group PLC 1.00000000 113.43630000 EUR 2022-04-01 XXXX 90188.23000000 N N N Equinor ASA OW6OFBNCKXC4US5C7523 Equinor ASA 000000000 453785.00000000 NS 16942801.30000000 1.631095024761 Long EC CORP NO N 2 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 EOG RESOURCES INC 000000000 -322.00000000 NC USD -203665.00000000 -0.01960696831 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written EOG Resources Inc EOG Resources Inc 100.00000000 114.00000000 USD 2022-04-08 XXXX -111003.27000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 DEERE + CO 000000000 -73.00000000 NC USD -26645.00000000 -0.00256513230 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Deere & Co Deere & Co 100.00000000 440.00000000 USD 2022-04-22 XXXX 46275.14000000 N N N Anglo American PLC 549300S9XF92D1X8ME43 Anglo American PLC 000000000 325559.00000000 NS 16916800.70000000 1.628591929284 Long EC CORP GB N 2 N N N Lehman Brothers Holdings Inc 549300FDK6ZP3YIHRJ47 LEHMAN DEFAULT CLAIM TRACKER 000000000 443237.85000000 PA USD 4.43000000 0.000000426479 Long LON CORP US N 3 N/A None 0.00000000 N N N N N N Options Clearing Corp. 549300CII6SLYGKNHA04 FREEPORT-MCMORAN INC 000000000 -334.00000000 NC USD -108550.00000000 -0.01045018245 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Freeport-McMoRan Inc Freeport-McMoRan Inc 100.00000000 50.00000000 USD 2022-05-20 XXXX 45275.17000000 N N N First Quantum Minerals Ltd 549300I7UVBGWRYMYZ18 First Quantum Minerals Ltd 335934105 1080104.00000000 NS 37393033.73000000 3.599852834120 Long EC CORP CA N 1 N N N Polyus PJSC 549300FUXVT7TF6ZKV71 Polyus PJSC 73181M117 209464.00000000 NS USD 2094.64000000 0.000201652419 Long EC CORP RU N 3 N N N ConocoPhillips WPTL2Z3FIYTHSP5V2253 ConocoPhillips 20825C104 349513.00000000 NS USD 34951300.00000000 3.364785464311 Long EC CORP US N 1 N N N 2022-05-02 BlackRock Resources & Commodities Strategy Trust Ann Frechette Ann Frechette Assistant Treasurer XXXX NPORT-EX 2 NPORT_LCXK_16765491_0322.htm BlackRock Resources and Commodities Strategy Trust

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 ) 

 

 

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, 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 ) 

 

 

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, 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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