BlackRock Resources and Commodities Strategy Trust


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.

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:

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:

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.

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:



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	$	—



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	)



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	)



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	)



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	)



	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	)




	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	)


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