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Bunge Ltd. 100.00000000 97.50000000 USD 2022-11-18 XXXX 107294.43000000 N N N Freeport-McMoRan Inc 549300IRDTHJQ1PVET45 Freeport-McMoRan Inc 35671D857 888929.00000000 NS USD 24294429.57000000 2.859384613848 Long EC CORP US N 1 N N N Canadian Natural Resources Ltd 549300T15RIMIKZC5Q38 Canadian Natural Resources Ltd 136385101 346549.00000000 NS 16131393.71000000 1.898618728272 Long EC CORP CA N 1 N N N Vale SA 254900SMTWBX7RU2SR20 Vale SA 91912E105 697461.00000000 NS USD 9290180.52000000 1.093427576153 Long EC CORP BR N 1 N N N Deere & Co PWFTNG3EI0Y73OXWDH08 Deere & Co 244199105 74881.00000000 NS USD 25002017.09000000 2.942665633548 Long EC CORP US N 1 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 NEWMONT CORP 000000000 -74.00000000 NC USD -1295.00000000 -0.00015241778 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Newmont Corp Newmont Corp 100.00000000 45.00000000 USD 2022-10-07 XXXX 8042.32000000 N N N MORGAN STANLEY & CO. INTERNATIONAL 4PQUHN3JPFGFNF3BB653 NOV22 TTE FP C @ 49.6847 000000000 -108900.00000000 NC -188368.73000000 -0.02217045873 N/A DE US N 2 MORGAN STANLEY & CO. INTERNATIONAL 4PQUHN3JPFGFNF3BB653 Call Written TotalEnergies SE TotalEnergies SE 1.00000000 49.68470000 EUR 2022-11-15 XXXX -5615.21000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 EXXON MOBIL CORP 000000000 -494.00000000 NC USD -93860.00000000 -0.01104705253 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Exxon Mobil Corp. Exxon Mobil Corp. 100.00000000 94.00000000 USD 2022-11-04 XXXX 2451.93000000 N N N ROYAL BANK OF CANADA ES7IP3U3RHIGC71XBU11 NOV22 ENI IM C @ 12.2824 000000000 -59700.00000000 NC -5003.63000000 -0.00058891288 N/A DE US N 2 ROYAL BANK OF CANADA ES7IP3U3RHIGC71XBU11 Call Written Eni SpA Eni SpA 1.00000000 12.28240000 EUR 2022-11-04 XXXX 13572.67000000 N N N The Montreal Exchange / Bourse De Montreal N/A STELCO HOLDINGS INC 000000000 -796.00000000 NC -9219.97000000 -0.00108516399 N/A DE CA N 1 The Montreal Exchange / Bourse De Montreal N/A Call Written Stelco Holdings Inc Stelco Holdings Inc 100.00000000 38.00000000 CAD 2022-10-21 XXXX 38599.44000000 N N N Eni SpA BUCRF72VH5RBN7X3VL35 Eni SpA 000000000 569474.00000000 NS 6052765.05000000 0.712393069585 Long EC CORP IT N 2 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 TECK RESOURCES LTD 000000000 -534.00000000 NC USD -6141.00000000 -0.00072277806 N/A DE CA N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Teck Resources Ltd. Teck Resources Ltd. 100.00000000 36.00000000 USD 2022-10-14 XXXX 49154.85000000 N N N The Montreal Exchange / Bourse De Montreal N/A CANADIAN NATURAL RESOURCES LTD 000000000 -381.00000000 NC -13515.04000000 -0.00159068140 N/A DE CA N 1 The Montreal Exchange / Bourse De Montreal N/A Call Written Canadian Natural Resources Ltd. Canadian Natural Resources Ltd. 100.00000000 74.00000000 CAD 2022-10-07 XXXX 46972.22000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 FMC CORP 000000000 -268.00000000 NC USD -23450.00000000 -0.00275999767 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written FMC Corp FMC Corp 100.00000000 115.00000000 USD 2022-10-21 XXXX 60370.65000000 N N N The Montreal Exchange / Bourse De Montreal N/A CENOVUS ENERGY INC 000000000 -1532.00000000 NC -42144.28000000 -0.00496026076 N/A DE CA N 1 The Montreal Exchange / Bourse De Montreal N/A Call Written Cenovus Energy, Inc. Cenovus Energy, Inc. 100.00000000 26.00000000 CAD 2022-11-18 XXXX 177226.39000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 VALE SA 000000000 -1172.00000000 NC USD -70906.00000000 -0.00834543263 N/A DE BR N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Vale SA Vale SA 100.00000000 14.00000000 USD 2022-11-04 XXXX -26639.61000000 N N N BlackRock Liquidity Funds 5493007YVNX55LTRQ706 BlackRock Liquidity Funds: T-Fund, Institutional Shares 09248U718 19288493.59000000 NS USD 19288493.59000000 2.270200320474 Long STIV RF US N 1 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 WHEATON PRECIOUS METALS CORP 000000000 -723.00000000 NC USD -115680.00000000 -0.01361520389 N/A DE CA N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Wheaton Precious Metals Corp. Wheaton Precious Metals Corp. 100.00000000 33.00000000 USD 2022-11-04 XXXX -59023.01000000 N N N MORGAN STANLEY & CO. INTERNATIONAL 4PQUHN3JPFGFNF3BB653 NOV22 AAL LN C @ 28.755 000000000 -26900.00000000 NC -37632.93000000 -0.00442928782 N/A DE US N 2 MORGAN STANLEY & CO. INTERNATIONAL 4PQUHN3JPFGFNF3BB653 Call Written Anglo American PLC Anglo American PLC 1.00000000 28.75500000 GBP 2022-11-17 XXXX 4594.40000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 FREEPORT-MCMORAN INC 000000000 -800.00000000 NC USD -16800.00000000 -0.00197731176 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Freeport-McMoRan, Inc. Freeport-McMoRan, Inc. 100.00000000 33.00000000 USD 2022-10-21 XXXX 50331.12000000 N N N TC Energy Corp 549300UGKOFV2IWJJG27 TC Energy Corp 87807B107 67313.00000000 NS 2711329.73000000 0.319115725302 Long EC CORP CA N 1 N N N Sociedad Quimica y Minera de Chile SA TJ88LXZZW5PWIN93ZC81 Sociedad Quimica y Minera de Chile SA 833635105 259535.00000000 NS USD 23552801.25000000 2.772097089714 Long EC CORP CL N 1 N N N Franco-Nevada Corp N/A Franco-Nevada Corp 351858105 81919.00000000 NS USD 9787682.12000000 1.151982086203 Long EC CORP CA N 1 N N N Norsk Hydro ASA 549300N1SDN71ZZ8BO45 Norsk Hydro ASA 000000000 2506928.00000000 NS 13451976.26000000 1.583258986709 Long EC CORP NO N 2 N N N ROYAL BANK OF CANADA ES7IP3U3RHIGC71XBU11 NOV22 AAL LN C @ 30.9573 000000000 -31300.00000000 NC -12236.04000000 -0.00144014677 N/A DE US N 2 ROYAL BANK OF CANADA ES7IP3U3RHIGC71XBU11 Call Written Anglo American PLC Anglo American PLC 1.00000000 30.95730000 GBP 2022-11-02 XXXX 30338.86000000 N N N CF Industries Holdings Inc 529900CG8YAQFZ2JMV97 CF Industries Holdings Inc 125269100 428447.00000000 NS USD 41238023.75000000 4.853597005704 Long EC CORP US N 1 N N N Wheaton Precious Metals Corp 549300XSFG5ZCGVYD886 Wheaton Precious Metals Corp 962879102 712968.00000000 NS USD 23071644.48000000 2.715466319231 Long EC CORP CA N 1 N N N MERRILL LYNCH INTERNATIONAL GGDZP1UYGU9STUHRDP48 NOV22 NHY NO C @ 65.15 000000000 -200000.00000000 NC -20474.74000000 -0.00240981811 N/A DE US N 2 MERRILL LYNCH INTERNATIONAL GGDZP1UYGU9STUHRDP48 Call Written Norsk Hydro ASA Norsk Hydro ASA 1.00000000 65.15000000 NOK 2022-11-08 XXXX 27180.05000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 DEERE + CO 000000000 -79.00000000 NC USD -4424.00000000 -0.00052069209 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Deere & Co. Deere & Co. 100.00000000 380.00000000 USD 2022-10-14 XXXX 72317.89000000 N N N JANE STREET EXECUTION SERVICES, LLC 549300HXJLXCPDWAH070 OCT22 SHEL US 000000000 -1137.00000000 NC USD -10223.90000000 -0.00120332367 N/A DE US N 2 JANE STREET EXECUTION SERVICES, LLC 549300HXJLXCPDWAH070 Call Written Shell PLC Shell PLC 100.00000000 55.00000000 USD 2022-10-12 XXXX 249882.54000000 N N N Glencore PLC 2138002658CPO9NBH955 Glencore PLC 000000000 11210597.00000000 NS 58911823.92000000 6.933752546245 Long EC CORP JE N 2 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 DARLING INGREDIENTS INC 000000000 -219.00000000 NC USD -16425.00000000 -0.00193317534 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Darling Ingredients Inc Darling Ingredients Inc 100.00000000 85.00000000 USD 2022-10-21 XXXX 34112.65000000 N N N UBS AG BFM8T61CT2L1QCEMIK50 OCT22 EQNR NO C @ 383.1407 000000000 -58312.00000000 NC -22630.78000000 -0.00266357783 N/A DE NO N 2 UBS AG BFM8T61CT2L1QCEMIK50 Call Written Equinor ASA Equinor ASA 1.00000000 383.14070000 NOK 2022-10-12 XXXX 62220.15000000 N N N UPM-Kymmene Oyj 213800EC6PW5VU4J9U64 UPM-Kymmene Oyj 000000000 549120.00000000 NS 17426009.10000000 2.050991242982 Long EC CORP FI N 2 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 CHEVRON CORP 000000000 -417.00000000 NC USD -11467.50000000 -0.00134969182 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Chevron Corp Chevron Corp 100.00000000 165.00000000 USD 2022-10-21 XXXX 189843.30000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 ALCOA CORP 000000000 -396.00000000 NC USD -4554.00000000 -0.00053599272 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Alcoa Corp. Alcoa Corp. 100.00000000 50.00000000 USD 2022-10-28 XXXX 60208.76000000 N N N The Montreal Exchange / Bourse De Montreal N/A STELCO HOLDINGS INC 000000000 -847.00000000 NC -52119.30000000 -0.00613429198 N/A DE CA N 1 The Montreal Exchange / Bourse De Montreal N/A Call Written Stelco Holdings, Inc. Stelco Holdings, Inc. 100.00000000 38.00000000 CAD 2022-11-18 XXXX 36121.40000000 N N N Precious Woods Holding AG N/A Precious Woods Holding AG 000000000 20000.00000000 NS 224992.40000000 0.026480959552 Long EC CORP CH N 2 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 WHEATON PRECIOUS METALS CORP 000000000 -390.00000000 NC USD -19500.00000000 -0.00229509401 N/A DE CA N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Wheaton Precious Metals Corp. Wheaton Precious Metals Corp. 100.00000000 35.00000000 USD 2022-10-21 XXXX 7320.00000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 ARCHER-DANIELS-MIDLAND CO 000000000 -230.00000000 NC USD -3450.00000000 -0.00040605509 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Archer-Daniels-Midland Co Archer-Daniels-Midland Co 100.00000000 86.00000000 USD 2022-09-30 XXXX 57851.39000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 HESS CORP 000000000 -97.00000000 NC USD -40740.00000000 -0.00479498104 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Hess Corp. Hess Corp. 100.00000000 117.00000000 USD 2022-11-04 XXXX -2642.11000000 N N N The Montreal Exchange / Bourse De Montreal N/A CENOVUS ENERGY INC 000000000 -584.00000000 NC -2959.42000000 -0.00034831523 N/A DE CA N 1 The Montreal Exchange / Bourse De Montreal N/A Call Written Cenovus Energy Inc Cenovus Energy Inc 100.00000000 26.00000000 CAD 2022-10-21 XXXX 37089.54000000 N N N Alcoa Corp 549300T12EZ1F6PWWU29 Alcoa Corp 013872106 222674.00000000 NS USD 7495206.84000000 0.882164327182 Long EC CORP US N 1 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 FREEPORT-MCMORAN INC 000000000 -178.00000000 NC USD -178.00000000 -0.00002095008 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Freeport-McMoRan Inc Freeport-McMoRan Inc 100.00000000 34.00000000 USD 2022-09-30 XXXX 14020.87000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 EOG RESOURCES INC 000000000 -219.00000000 NC USD -104025.00000000 -0.01224344385 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written EOG Resources, Inc. EOG Resources, Inc. 100.00000000 114.50000000 USD 2022-10-28 XXXX -43095.69000000 N N N Koninklijke DSM NV 724500SNT1MK246AHP04 Koninklijke DSM NV 000000000 75846.00000000 NS 8630555.86000000 1.015791647378 Long EC CORP NL N 2 N N N GOLDMAN SACHS INTERNATIONAL W22LROWP2IHZNBB6K528 OCT22 ENI IM C @ 11.6716 000000000 -151100.00000000 NC -767.82000000 -0.00009037020 N/A DE US N 2 GOLDMAN SACHS INTERNATIONAL W22LROWP2IHZNBB6K528 Call Written Eni SpA Eni SpA 1.00000000 11.67160000 EUR 2022-10-04 XXXX 58671.19000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 FREEPORT-MCMORAN INC 000000000 -833.00000000 NC USD -6664.00000000 -0.00078433366 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Freeport-McMoRan, Inc. Freeport-McMoRan, Inc. 100.00000000 33.00000000 USD 2022-10-14 XXXX 44815.17000000 N N N SUSQUEHANNA FINANCIAL GROUP LLLP 549300E8QX0ZMRDC2M81 FNV US FLEX 000000000 -189.00000000 NC USD -72327.84000000 -0.00851277912 N/A DE US N 2 SUSQUEHANNA FINANCIAL GROUP LLLP 549300E8QX0ZMRDC2M81 Call Written Franco-Nevada Corp. Franco-Nevada Corp. 100.00000000 127.00000000 USD 2022-11-18 XXXX 53121.96000000 N N N JP MORGAN CHASE BANK 7H6GLXDRUGQFU57RNE97 OCT22 TTE FP C @ 51.787 000000000 -105000.00000000 NC -28927.81000000 -0.00340472018 N/A DE US N 2 JP MORGAN CHASE BANK 7H6GLXDRUGQFU57RNE97 Call Written TotalEnergies SE TotalEnergies SE 1.00000000 51.78700000 EUR 2022-10-18 XXXX 102867.26000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 BHP GROUP LTD 000000000 -224.00000000 NC USD -8960.00000000 -0.00105456627 N/A DE AU N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written BHP Group Ltd. BHP Group Ltd. 100.00000000 55.00000000 USD 2022-10-21 XXXX 9285.24000000 N N N Teck Resources Ltd T8KI5SQ2JRWHL7XY0E11 Teck Resources Ltd 878742204 818266.00000000 NS USD 24883469.06000000 2.928712870755 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 0.000000521398 Long LON CORP US N 3 N/A None 0.00000000 N N N N N N Options Clearing Corp. 549300CII6SLYGKNHA04 EXXON MOBIL CORP 000000000 -494.00000000 NC USD -106951.00000000 -0.01258782565 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Exxon Mobil Corp. Exxon Mobil Corp. 100.00000000 95.00000000 USD 2022-11-18 XXXX -3326.60000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 SOCIEDAD QUIMICA Y MINERA DE C 000000000 -101.00000000 NC USD -17422.50000000 -0.00205057823 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 115.00000000 USD 2022-11-18 XXXX 32977.45000000 N N N The Montreal Exchange / Bourse De Montreal N/A CANADIAN NATURAL RESOURCES LTD 000000000 -760.00000000 NC -10178.45000000 -0.00119797434 N/A DE CA N 1 The Montreal Exchange / Bourse De Montreal N/A Call Written Canadian Natural Resources Ltd Canadian Natural Resources Ltd 100.00000000 74.50000000 CAD 2022-10-21 XXXX 64111.89000000 N N N SUSQUEHANNA FINANCIAL GROUP LLLP 549300E8QX0ZMRDC2M81 NOV22 SQM US CALL 000000000 -510.00000000 NC USD -70817.58000000 -0.00833502585 N/A DE US N 2 SUSQUEHANNA FINANCIAL GROUP LLLP 549300E8QX0ZMRDC2M81 Call Written Sociedad Quimica y Minera de Chile SA Sociedad Quimica y Minera de Chile SA 100.00000000 114.50000000 USD 2022-11-11 XXXX 365615.52000000 N N N Bunge Ltd 5493007M0RIN8HY3MM77 Bunge Ltd 000000000 181589.00000000 NS USD 14993803.73000000 1.764727653517 Long EC CORP BM N 1 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 BHP GROUP LTD 000000000 -224.00000000 NC USD -15680.00000000 -0.00184549098 N/A DE AU N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written BHP Group Ltd. BHP Group Ltd. 100.00000000 57.50000000 USD 2022-11-18 XXXX 15307.95000000 N N N Equinor ASA OW6OFBNCKXC4US5C7523 Equinor ASA 000000000 129995.00000000 NS 4287067.77000000 0.504575568845 Long EC CORP NO N 2 N N N Anglo American PLC 549300S9XF92D1X8ME43 Anglo American PLC 000000000 157424.00000000 NS 4726784.89000000 0.556329011491 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 0.000000521398 Long LON CORP US N 3 N/A None 0.00000000 N N N N N N BHP Group Ltd WZE1WSENV6JSZFK0JC28 BHP Group Ltd 088606108 242329.00000000 NS USD 12126143.16000000 1.427212237155 Long EC CORP AU N 1 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 DEERE + CO 000000000 -48.00000000 NC USD -29640.00000000 -0.00348854290 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Deere & Co. Deere & Co. 100.00000000 360.00000000 USD 2022-11-04 XXXX -1692.65000000 N N N GOLDMAN SACHS INTERNATIONAL W22LROWP2IHZNBB6K528 OCT22 NHY NO C @ 68.55 000000000 -361815.00000000 NC -284.28000000 -0.00003345893 N/A DE US N 2 GOLDMAN SACHS INTERNATIONAL W22LROWP2IHZNBB6K528 Call Written Norsk Hydro ASA Norsk Hydro ASA 1.00000000 68.55000000 NOK 2022-10-06 XXXX 83946.41000000 N N N First Quantum Minerals Ltd 549300I7UVBGWRYMYZ18 First Quantum Minerals Ltd 335934105 968994.00000000 NS 16449784.12000000 1.936092365466 Long EC CORP CA N 1 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 TECK RESOURCES LTD 000000000 -929.00000000 NC USD -10219.00000000 -0.00120274696 N/A DE CA N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Teck Resources Ltd Teck Resources Ltd 100.00000000 37.00000000 USD 2022-10-07 XXXX 87110.84000000 N N N Options Clearing Corp. 549300CII6SLYGKNHA04 DEERE + CO 000000000 -37.00000000 NC USD -1036.00000000 -0.00012193422 N/A DE US N 1 Options Clearing Corp. 549300CII6SLYGKNHA04 Call Written Deere & Co Deere & Co 100.00000000 375.00000000 USD 2022-10-07 XXXX 46803.67000000 N N N ConocoPhillips WPTL2Z3FIYTHSP5V2253 ConocoPhillips 20825C104 233556.00000000 NS USD 23902121.04000000 2.813211026140 Long EC CORP US N 1 N N N 2022-10-31 BlackRock Resources & Commodities Strategy Trust Ann Frechette Ann Frechette Assistant Treasurer XXXX NPORT-EX 2 NPORT_LCXK_72288488_0922.htm BlackRock Resources and Commodities Strategy Trust

Schedule of Investments  (unaudited)

September 30, 2022

   

BlackRock Resources & Commodities Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

  

Common Stocks

    

Chemicals — 18.1%

    

Albemarle Corp.(a)

     68,701     $ 18,167,292  

CF Industries Holdings, Inc.(a)(b)

     428,447       41,238,024  

FMC Corp.(a)

     168,197       17,778,423  

Koninklijke DSM NV

     75,846       8,630,556  

Nutrien Ltd.

     531,161       44,288,204  

Sociedad Quimica y Minera de Chile SA, ADR

     259,535       23,552,801  
   

 

 

  
      153,655,300  
Containers & Packaging — 0.4%            

Packaging Corp. of America(a)

     31,917       3,583,960  
   

 

 

  

Food Products — 7.4%

    

Archer-Daniels-Midland Co.

     269,732       21,699,939  

Bunge Ltd.

     181,589       14,993,804  

Darling Ingredients, Inc.(c)

     151,324       10,010,083  

Hofseth International A/S, (Acquired 05/26/21, Cost: $10,198,057)(d)(e)

     18,993,283       6,942,487  

Kerry Group PLC, Class A

     104,781       9,339,368  
   

 

 

  
      62,985,681  
Machinery — 5.2%            

AGCO Corp.

     196,961       18,941,739  

Deere & Co.(a)

     74,881       25,002,017  
   

 

 

  
      43,943,756  
Metals & Mining — 27.4%            

Alcoa Corp.

     222,674       7,495,207  

Anglo American PLC

     157,424       4,726,785  

ArcelorMittal SA, Registered Shares

     371,280       7,392,185  

BHP Group Ltd., ADR

     242,329       12,126,143  

First Quantum Minerals Ltd.

     968,994       16,449,784  

Franco-Nevada Corp.

     81,919       9,787,682  

Freeport-McMoRan, Inc.

     888,929       24,294,430  

Glencore PLC

     11,210,597       58,911,824  

Newmont Corp.

     228,997       9,624,744  

Norsk Hydro ASA

     2,506,928       13,451,976  

Polyus PJSC(c)(d)

     104,732       17  

Stelco Holdings, Inc.

     444,121       11,063,238  

Teck Resources Ltd., Class B

     818,266       24,883,469  

Vale SA, ADR

     697,461       9,290,181  

Wheaton Precious Metals Corp.

     712,968       23,071,644  
   

 

 

  
      232,569,309  
Oil, Gas & Consumable Fuels — 36.6%  

BP PLC, ADR

     6,604,643       31,559,534  

Canadian Natural Resources Ltd.

     346,549       16,131,394  

Cenovus Energy, Inc.

     571,921       8,785,727  

Chevron Corp.(a)(b)

     171,888       24,695,149  

ConocoPhillips(a)

     233,556       23,902,121  
Security   Shares     Value  

 

  

Oil, Gas & Consumable Fuels (continued)

 

Eni SpA

     569,474     $ 6,052,765  

EOG Resources, Inc.(a)

     112,623       12,583,368  

Equinor ASA

     129,995       4,287,068  

Exxon Mobil Corp.(a)(b)

     634,173       55,369,644  

Gazprom PJSC(c)(d)

     5,430,000       902  

Hess Corp.

     84,185       9,175,323  

Kinder Morgan, Inc.

     1,021,350       16,995,264  

Shell PLC, ADR

     1,261,342       62,764,378  

TotalEnergies SE

     831,736       39,020,516  
   

 

 

  
      311,323,153  
Paper & Forest Products — 2.1%  

Precious Woods Holding AG, Registered Shares(c)

     20,000       224,993  

UPM-Kymmene OYJ

     549,120       17,426,009  
   

 

 

  
      17,651,002  
   

 

 

  

Total Long-Term Investments — 97.2%
(Cost: $781,346,949)

 

     825,712,161  
   

 

 

  

Short-Term Securities

 

Money Market Funds — 2.3%

 

BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.79%(f)(g)

     19,288,494       19,288,494  
   

 

 

  

Total Short-Term Securities — 2.3%
(Cost: $19,288,494)

 

     19,288,494  
   

 

 

  

Total Investments Before Options Written — 99.5%
(Cost: $800,635,443)

 

     845,000,655  
   

 

 

  

Options Written — (0.4)%
(Premiums Received: $(8,902,876))

 

     (3,501,544 ) 
   

 

 

  

Total Investments, Net of Options Written — 99.1%
(Cost: $791,732,567)

 

     841,499,111  

Other Assets Less Liabilities — 0.9%

 

     7,964,693  
   

 

 

  

Net Assets — 100.0%

 

   $  849,463,804  
   

 

 

  

 

(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 $6,942,487, representing 0.8% of its net assets as of period end, and an original cost of $10,198,057.

(f) 

Affiliate of the Trust.

(g) 

Annualized 7-day yield as of period end.

 

 

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

 

 

1  

Schedule of Investments  (unaudited) (continued)

September 30, 2022

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 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

09/30/22

    

Shares

Held at

09/30/22

     Income    

Capital Gain

Distributions

from
Underlying

Funds

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

   $ 16,654,313     $ 2,634,181 (a)    $ —     $ —     $ —     $ 19,288,494       19,288,494     $ 162,258     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (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

                    

Alcoa Corp.

     281        10/07/22        USD        55.00        USD        946      $ (562 ) 

ArcelorMittal SA, Registered Shares

     553        10/07/22        USD        25.50        USD        1,101        (2,212 ) 

Archer-Daniels-Midland Co.

     286        10/07/22        USD        94.00        USD        2,301        (1,430 ) 

Canadian Natural Resources Ltd.

     381        10/07/22        CAD        74.00        CAD        2,450        (13,515 ) 

ConocoPhillips

     348        10/07/22        USD        114.00        USD        3,561        (4,524 ) 

Deere & Co.

     37        10/07/22        USD        375.00        USD        1,235        (1,036 ) 

Exxon Mobil Corp.

     784        10/07/22        USD        94.00        USD        6,845        (11,760 ) 

Freeport-McMoRan, Inc.

     678        10/07/22        USD        32.00        USD        1,853        (2,373 ) 

Newmont Corp.

     74        10/07/22        USD        45.00        USD        311        (1,295 ) 

Teck Resources Ltd., Class B

     929        10/07/22        USD        37.00        USD        2,825        (10,219 ) 

Vale SA, ADR

     1,408        10/07/22        USD        13.50        USD        1,875        (50,688 ) 

Wheaton Precious Metals Corp.

     799        10/07/22        USD        35.00        USD        2,586        (7,990 ) 

Shell PLC, ADR

     1,137        10/12/22        USD        55.00        USD        5,658        (10,224 ) 

Archer-Daniels-Midland Co.

     230        10/14/22        USD        88.00        USD        1,850        (5,175 ) 

ConocoPhillips

     487        10/14/22        USD        107.00        USD        4,984        (98,617 ) 

Deere & Co.

     79        10/14/22        USD        380.00        USD        2,638        (4,424 ) 

Freeport-McMoRan, Inc.

     833        10/14/22        USD        33.00        USD        2,277        (6,664 ) 

Shell PLC, ADR

     1,426        10/14/22        USD        55.52        USD        7,096        (13,422 ) 

Teck Resources Ltd., Class B

     534        10/14/22        USD        36.00        USD        1,624        (6,141 ) 

AGCO Corp.

     500        10/21/22        USD        115.00        USD        4,809        (11,250 ) 

Albemarle Corp.

     82        10/21/22        USD        300.00        USD        2,168        (26,240 ) 

Archer-Daniels-Midland Co.

     137        10/21/22        USD        87.50        USD        1,102        (7,193 ) 

BHP Group Ltd., ADR

     224        10/21/22        USD        57.50        USD        1,121        (3,920 ) 

BHP Group Ltd., ADR

     224        10/21/22        USD        55.00        USD        1,121        (8,960 ) 

Bunge Ltd.

     274        10/21/22        USD        97.50        USD        2,262        (4,795 ) 

Canadian Natural Resources Ltd.

     760        10/21/22        CAD        74.50        CAD        4,887        (10,178 ) 

Cenovus Energy, Inc.

     584        10/21/22        CAD        26.00        CAD        1,239        (2,959 ) 

Chevron Corp.

     417        10/21/22        USD        165.00        USD        5,991        (11,468 ) 

Darling Ingredients, Inc.

     219        10/21/22        USD        85.00        USD        1,449        (16,425 ) 

Deere & Co.

     56        10/21/22        USD        370.00        USD        1,870        (11,312 ) 

EOG Resources, Inc.

     197        10/21/22        USD        125.70        USD        2,201        (19,207 ) 

Exxon Mobil Corp.

     270        10/21/22        USD        94.00        USD        2,357        (26,730 ) 

FMC Corp.

     268        10/21/22        USD        115.00        USD        2,833        (23,450 ) 

Franco-Nevada Corp.

     114        10/21/22        USD        140.00        USD        1,362        (3,705 ) 

Freeport-McMoRan, Inc.

     800        10/21/22        USD        33.00        USD        2,186        (16,800 ) 

Packaging Corp. of America

     58        10/21/22        USD        155.00        USD        651        (4,350 ) 

Shell PLC, ADR

     1,667        10/21/22        USD        55.00        USD        8,295        (45,842 ) 

Shell PLC, ADR

     436        10/21/22        USD        50.00        USD        2,170        (78,480 ) 

Sociedad Quimica y Minera de Chile SA, ADR

     349        10/21/22        USD        100.00        USD        3,167        (68,055 ) 

Stelco Holdings, Inc.

     796        10/21/22        CAD        38.00        CAD        2,739        (9,220 ) 

Teck Resources Ltd., Class B

     592        10/21/22        USD        34.50        USD        1,800        (24,272 ) 

Wheaton Precious Metals Corp.

     390        10/21/22        USD        35.00        USD        1,262        (19,500 ) 

Alcoa Corp.

     396        10/28/22        USD        50.00        USD        1,333        (4,554 ) 

ArcelorMittal SA, Registered Shares

     290        10/28/22        USD        23.00        USD        577        (7,975 ) 

Deere & Co.

     57        10/28/22        USD        375.00        USD        1,903             (14,051 ) 

 

 

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)

September 30, 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)

                    

EOG Resources, Inc.

     219        10/28/22        USD        114.50        USD        2,447      $ (104,025 ) 

Exxon Mobil Corp.

     270        10/28/22        USD        95.00        USD        2,357        (33,615 ) 

Hess Corp.

     214        10/28/22        USD        115.00        USD        2,332        (86,670 ) 

Teck Resources Ltd., Class B

     330        10/28/22        USD        35.00        USD        1,004        (19,800 ) 

Wheaton Precious Metals Corp.

     417        10/28/22        USD        34.00        USD        1,349        (39,615 ) 

Wheaton Precious Metals Corp.

     307        10/28/22        USD        33.00        USD        993        (41,445 ) 

Alcoa Corp.

     146        11/04/22        USD        40.00        USD        491        (16,206 ) 

ArcelorMittal SA, Registered Shares

     530        11/04/22        USD        21.50        USD        1,055        (39,220 ) 

Archer-Daniels-Midland Co.

     230        11/04/22        USD        86.00        USD        1,850        (36,340 ) 

Chevron Corp.

     218        11/04/22        USD        155.00        USD        3,132        (58,424 ) 

Deere & Co.

     48        11/04/22        USD        360.00        USD        1,603        (29,640 ) 

Exxon Mobil Corp.

     494        11/04/22        USD        94.00        USD        4,313        (93,860 ) 

Freeport-McMoRan, Inc.

     178        11/04/22        USD        32.00        USD        486        (11,214 ) 

Hess Corp.

     97        11/04/22        USD        117.00        USD        1,057        (40,740 ) 

Newmont Corp.

     773        11/04/22        USD        45.00        USD        3,249        (93,146 ) 

Vale SA, ADR

     1,172        11/04/22        USD        14.00        USD        1,561        (70,906 ) 

Wheaton Precious Metals Corp.

     723        11/04/22        USD        33.00        USD        2,340        (115,680 ) 

Sociedad Quimica y Minera de Chile SA, ADR

     510        11/11/22        USD        114.50        USD        4,628        (70,818 ) 

Teck Resources Ltd., Class B

     642        11/11/22        USD        35.00        USD        1,952        (58,422 ) 

AGCO Corp.

     228        11/18/22        USD        120.00        USD        2,193        (20,520 ) 

Albemarle Corp.

     98        11/18/22        USD        301.00        USD        2,592        (98,364 ) 

Archer-Daniels-Midland Co.

     115        11/18/22        USD        90.00        USD        925        (12,938 ) 

BHP Group Ltd., ADR

     224        11/18/22        USD        57.50        USD        1,121        (15,680 ) 

BHP Group Ltd., ADR

     224        11/18/22        USD        55.00        USD        1,121        (26,880 ) 

Bunge Ltd.

     397        11/18/22        USD        97.50        USD        3,278        (26,797 ) 

Cenovus Energy, Inc.

     1,532        11/18/22        CAD        26.00        CAD        3,251        (42,144 ) 

Exxon Mobil Corp.

     34        11/18/22        USD        100.00        USD        297        (3,621 ) 

Exxon Mobil Corp.

     494        11/18/22        USD        95.00        USD        4,313        (106,951 ) 

Franco-Nevada Corp.

     189        11/18/22        USD        127.00        USD        2,258        (72,328 ) 

Freeport-McMoRan, Inc.

     800        11/18/22        USD        34.00        USD        2,186        (45,600 ) 

Packaging Corp. of America

     60        11/18/22        USD        130.00        USD        674        (8,400 ) 

Sociedad Quimica y Minera de Chile SA, ADR

     101        11/18/22        USD        115.00        USD        917        (17,423 ) 

Stelco Holdings, Inc.

     847        11/18/22        CAD        38.00        CAD        2,915        (52,119 ) 
                   

 

 

  
                    $  (2,342,713 ) 
                   

 

 

  

OTC Options Written

 

             
Description   Counterparty    Number of
Contracts		      Expiration
Date		      Exercise Price     

Notional

Amount (000)

      Value  

Call

                       

Eni SpA

   Goldman Sachs International      151,100        10/04/22        EUR        11.67        EUR        1,649      $ (768 ) 

Norsk Hydro ASA

   Goldman Sachs International      361,815        10/06/22        NOK        68.55        NOK        21,289        (284 ) 

Canadian Natural Resources Ltd.

   Morgan Stanley & Co. International PLC      51,100        10/12/22        CAD        72.24        CAD        3,286        (4,767 ) 

Statoil ASA

   UBS AG      58,312        10/12/22        NOK        383.14        NOK        20,882        (22,631 ) 

Total SA

   JPMorgan Chase Bank N.A.      117,100        10/14/22        EUR        53.38        EUR        5,653        (16,340 ) 

Kerry Group PLC

   Morgan Stanley & Co. International PLC      39,300        10/18/22        EUR        109.15        EUR        3,584        (1,518 ) 

Koninklijke DSM NV

   Morgan Stanley & Co. International PLC      20,500        10/18/22        EUR        132.38        EUR        2,408        (4,130 ) 

Total SA

   JPMorgan Chase Bank N.A.      105,000        10/18/22        EUR        51.79        EUR        5,069        (28,928 ) 

Darling Ingredients, Inc.

   Citibank N.A.      34,000        10/27/22        USD        79.06        USD        2,249        (8,939 ) 

FMC Corp.

   Citibank N.A.      35,400        11/01/22        USD        112.26        USD        3,742        (83,999 ) 

Anglo American PLC

   Royal Bank of Canada      31,300        11/02/22        GBP        30.96        GBP        856        (12,236 ) 

UPM-Kymmene OYJ

   Royal Bank of Canada      83,200        11/02/22        EUR        35.94        EUR        2,711        (19,765 ) 

Eni SpA

   Royal Bank of Canada      59,700        11/04/22        EUR        12.28        EUR        651        (5,004 ) 

Albemarle Corp.

   Royal Bank of Canada      7,400        11/08/22        USD        284.33        USD        1,957        (93,279 ) 

BP PLC, ADR

   Credit Suisse International      1,043,800        11/08/22        GBP        4.67        GBP        4,521        (110,226 ) 

Norsk Hydro ASA

   Merrill Lynch International      200,000        11/08/22        NOK        65.15        NOK        11,768        (20,475 ) 

BP PLC, ADR

   Goldman Sachs International      1,400,000        11/15/22        GBP        4.51        GBP        6,063        (217,299 ) 

Koninklijke DSM NV

   Morgan Stanley & Co. International PLC      7,600        11/15/22        EUR        119.37        EUR        893        (34,114 ) 

Total SA

   Morgan Stanley & Co. International PLC      108,900        11/15/22        EUR        49.68        EUR        5,257        (188,369 ) 

UPM-Kymmene OYJ

   JPMorgan Chase Bank N.A.      120,000        11/15/22        EUR        33.29        EUR        3,910           (126,232 ) 

 

 

3  

Schedule of Investments  (unaudited) (continued)

September 30, 2022

   

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

   Morgan Stanley & Co. International PLC      26,900        11/17/22        GBP        28.76        GBP        736      $ (37,633 ) 

Norsk Hydro ASA

   Royal Bank of Canada         378,810        11/17/22        NOK          59.62        NOK        22,289        (121,895 ) 
                      

 

 

  
                       $  (1,158,831 ) 
                      

 

 

  

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 categoriesis disclosed in the Schedule of Investments above.

 

                                                                                   
         
      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Common Stocks

                  

Chemicals

    $ 145,024,744        $ 8,630,556        $ —        $ 153,655,300  

Containers & Packaging

      3,583,960          —          —          3,583,960  

Food Products

      46,703,826          9,339,368          6,942,487          62,985,681  

Machinery

      43,943,756          —          —          43,943,756  

Metals & Mining

      155,478,707          77,090,585          17          232,569,309  

Oil, Gas & Consumable Fuels

      230,402,368          80,919,883          902          311,323,153  

Paper & Forest Products

      —          17,651,002          —          17,651,002  

Short-Term Securities

                  

Money Market Funds

      19,288,494          —          —          19,288,494  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 644,425,855        $ 193,631,394        $ 6,943,406        $ 845,000,655  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                  

Liabilities

                  

Equity Contracts

    $ (2,077,557 )       $ (1,423,987 )       $ —        $ (3,501,544 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Derivative financial instruments are options written. Options written are shown at value.

 

 

 

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)

September 30, 2022

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

 

 

  
   

Common

Stocks

  

 

  

Assets

  

Opening balance, as of December 31, 2021

   $ 9,834,654  

Transfers into Level 3

     —  

Transfers out of Level 3

     —  

Accrued discounts/premiums

     —  

Net realized gain (loss)

     —  

Net change in unrealized appreciation (depreciation)(a)

     (40,732,385 ) 

Purchases

     37,841,137  

Sales

     —  
 

 

 

  

Closing balance, as of September 30, 2022

   $ 6,943,406  
 

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022(a)

   $  (40,732,385 ) 
 

 

 

  

 

  (a) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

 

Currency Abbreviation

 

CAD

   Canadian Dollar

EUR

   Euro

GBP

   British Pound

NOK

   Norwegian Krone

USD

   United States Dollar
Portfolio Abbreviation

ADR

   American Depositary Receipt

PJSC

   Public Joint Stock Company

 

 

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