# EDGAR Filing Document

**Accession Number:** 0001506289
**File Stem:** 0001410368-25-032163
**Filing Date:** 2025-11
**Character Count:** 88829
**Document Hash:** c24a0022d10445ee8752ea6a9b55c682
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032163.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032163

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Resources & Commodities Strategy Trust
- **CENTRAL INDEX KEY:** 0001506289

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22501
- **FILM NUMBER:** 251525890

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 1-800-882-0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Nport-Ex

September 30, 2025

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BlackRock Resources & Commodities Strategy Trust (BCX)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

September 30, 2025

**BlackRock Resources & Commodities Strategy Trust (BCX)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Chemicals — 13.5%** | **Chemicals — 13.5%** |  |
| Corteva, Inc.<sup>(a)</sup> | 541701 | &nbsp;&nbsp; $36635238 |
| Mosaic Co. | 891060 | &nbsp;&nbsp; 30901961 |
| Novonesis Novozymes B, Class B | 144902 | &nbsp;&nbsp; 8917852 |
| Nutrien Ltd. | 625065 | &nbsp;&nbsp; 36697566 |
|  |  | &nbsp;&nbsp; 113152617 |
| **Construction Materials — 2.6%** | **Construction Materials — 2.6%** |  |
| CRH PLC | 115092 | &nbsp;&nbsp; 13799531 |
| Heidelberg Materials AG | 33498 | &nbsp;&nbsp; 7572082 |
|  |  | &nbsp;&nbsp; 21371613 |
| **Containers & Packaging — 6.3%** | **Containers & Packaging — 6.3%** |  |
| Graphic Packaging Holding Co.<sup>(b)</sup> | 329826 | &nbsp;&nbsp; 6454695 |
| Packaging Corp. of America<sup>(b)</sup> | 77620 | &nbsp;&nbsp; 16915727 |
| Smurfit WestRock PLC | 689362 | &nbsp;&nbsp; 29346140 |
|  |  | &nbsp;&nbsp; 52716562 |
| **Energy Equipment & Services — 0.8%** | **Energy Equipment & Services — 0.8%** |  |
| TechnipFMC PLC | 166236 | &nbsp;&nbsp; 6558010 |
| **Food Products — 2.8%** | **Food Products — 2.8%** |  |
| Bunge Global SA | 197278 | &nbsp;&nbsp; 16028837 |
| &nbsp;&nbsp;&nbsp; Hofseth International, (Acquired 05/26/21, Cost: <br> $10,198,056)<sup>(c)(d)(e)</sup><br>| 18993283 | &nbsp;&nbsp; 7536753 |
|  |  | &nbsp;&nbsp; 23565590 |
| **Machinery — 1.3%** | **Machinery — 1.3%** |  |
| Deere & Co. | 24236 | &nbsp;&nbsp; 11082153 |
| **Metals & Mining — 40.8%** | **Metals & Mining — 40.8%** |  |
| Anglo American PLC | 1021967 | &nbsp;&nbsp; 38535616 |
| Anglogold Ashanti PLC | 120639 | &nbsp;&nbsp; 8484541 |
| ArcelorMittal SA, ADR, Registered Shares<sup>(f)</sup> | 417404 | &nbsp;&nbsp; 15089155 |
| Barrick Mining Corp. | 943508 | &nbsp;&nbsp; 30918757 |
| First Quantum Minerals Ltd.<sup>(d)</sup> | 502952 | &nbsp;&nbsp; 11376682 |
| Freeport-McMoRan, Inc. | 441643 | &nbsp;&nbsp; 17321239 |
| Glencore PLC | 5020073 | &nbsp;&nbsp; 23120571 |
| Ivanhoe Mines Ltd., Class A<sup>(d)</sup> | 405229 | &nbsp;&nbsp; 4297751 |
| Kinross Gold Corp.<sup>(f)</sup> | 634264 | &nbsp;&nbsp; 15761460 |
| Newmont Corp.<sup>(a)</sup> | 442294 | &nbsp;&nbsp; 37289807 |
| Norsk Hydro ASA | 2246345 | &nbsp;&nbsp; 15273167 |
| Polyus PJSC<sup>(c)(d)</sup> | 1047320 | &nbsp;&nbsp; 13 |
| Rio Tinto PLC | 254487 | &nbsp;&nbsp; 16771305 |
| Teck Resources Ltd., Class B | 357937 | &nbsp;&nbsp; 15709855 |
| Vale SA, ADR | 2860154 | &nbsp;&nbsp; 31061272 |
| Valterra Platinum Ltd. | 126608 | &nbsp;&nbsp; 9035340 |
| Wheaton Precious Metals Corp.<sup>(f)</sup> | 467961 | &nbsp;&nbsp; 52336758 |
|  |  | &nbsp;&nbsp; 342383289 |
| **Oil, Gas & Consumable Fuels — 27.9%** | **Oil, Gas & Consumable Fuels — 27.9%** |  |
| Chevron Corp.<sup>(b)</sup> | 274320 | &nbsp;&nbsp; 42599126 |
| EOG Resources, Inc. | 131121 | &nbsp;&nbsp; 14701287 |
| EQT Corp. | 167801 | &nbsp;&nbsp; 9133408 |
| Exxon Mobil Corp.<sup>(b)</sup> | 495025 | &nbsp;&nbsp; 55814069 |
| Gazprom PJSC<sup>(c)(d)</sup> | 5430000 | &nbsp;&nbsp; 655 |
| HF Sinclair Corp. | 159266 | &nbsp;&nbsp; 8335982 |
| Permian Resources Corp., Class A | 432396 | &nbsp;&nbsp; 5534669 |
| Shell PLC, ADR<sup>(b)</sup> | 858064 | &nbsp;&nbsp; 61377318 |
| Suncor Energy, Inc. | 667251 | &nbsp;&nbsp; 27923186 |
| Williams Cos., Inc. | 138754 | &nbsp;&nbsp; 8790066 |
|  |  | &nbsp;&nbsp; 234209766 |
| **Paper & Forest Products — 2.2%** | **Paper & Forest Products — 2.2%** |  |
| Mondi PLC | 645124 | &nbsp;&nbsp; 8923404 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Paper & Forest Products (continued)** | **Paper & Forest Products (continued)** |  |
| Precious Woods Holding AG, Registered Shares<sup>(d)</sup> | 20000 | &nbsp;&nbsp; $125620 |
| UPM-Kymmene OYJ | 351411 | &nbsp;&nbsp; 9623963 |
|  |  | &nbsp;&nbsp; 18672987 |
| **Total Common Stocks — 98.2%** <br>**(Cost: $667,907,360)** | **Total Common Stocks — 98.2%** <br>**(Cost: $667,907,360)** | &nbsp;&nbsp; 823712587 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** | **Metals & Mining — 1.0%** |
| Allied Gold Corp., 8.75%, 09/07/28<sup>(d)(g)(h)</sup> | $7200 | &nbsp;&nbsp; 8244000 |
| **Total Corporate Bonds — 1.0%** <br>**(Cost: $7,200,000)** | **Total Corporate Bonds — 1.0%** <br>**(Cost: $7,200,000)** | &nbsp;&nbsp; 8244000 |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $675,107,360)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $675,107,360)** | &nbsp;&nbsp; 831956587 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.9%** | **Money Market Funds — 3.9%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.26%<sup>(i)(j)(k)</sup><br>| 13523214 | &nbsp;&nbsp; 13529976 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 4.01%<sup>(i)(j)</sup><br>| 18897441 | &nbsp;&nbsp; 18897441 |
| **Total Short-Term Securities — 3.9%** <br>**(Cost: $32,428,536)** | **Total Short-Term Securities — 3.9%** <br>**(Cost: $32,428,536)** | &nbsp;&nbsp; 32427417 |
| **Total Investments Before Options Written — 103.1%** <br>**(Cost: $707,535,896)** | **Total Investments Before Options Written — 103.1%** <br>**(Cost: $707,535,896)** | &nbsp;&nbsp; 864384004 |
| **Options Written — (1.2)%** <br>**(Premiums Received: $(6521785))** | **Options Written — (1.2)%** <br>**(Premiums Received: $(6521785))** | &nbsp;&nbsp; (10581363)<br>|
| **Total Investments, Net of Options Written — 101.9%** <br>**(Cost: $701,014,111)** | **Total Investments, Net of Options Written — 101.9%** <br>**(Cost: $701,014,111)** | &nbsp;&nbsp; 853802641 |
| **Liabilities in Excess of Other Assets — (1.9)%** | **Liabilities in Excess of Other Assets — (1.9)%** | &nbsp;&nbsp; (15537459)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $838265182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives. 

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

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

<sup>(d)</sup> Non-income producing security.

<sup>(e)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $7,536,753, representing 0.9% of its net assets as of period end, and an original cost of $10,198,056. 

<sup>(f)</sup> All or a portion of this security is on loan.

<sup>(g)</sup> Convertible security.

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

<sup>(i)</sup> Affiliate of the Trust.

<sup>(j)</sup> Annualized 7-day yield as of period end.

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

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

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Resources & Commodities Strategy Trust (BCX)** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $1847286 | $11686379 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2710)<br>| $(979)<br>| $13529976 | 13523214 | $21352 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares<br>| 28918529 |  | &nbsp;&nbsp; (10021088 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 18897441 | 18897441 | 678193 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(2710)<br>| $(979)<br>| $32427417 |  | $699545 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

**Derivative Financial Instruments Outstanding as of Period End**

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CRH PLC | &nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | USD | 112.00 | USD | 1942 | &nbsp;&nbsp;&nbsp;&nbsp; $(133650)<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | USD | 125.00 | USD | 964 | &nbsp;&nbsp;&nbsp;&nbsp; (18490)<br>|
| &nbsp;&nbsp;&nbsp; Mosaic Co. | &nbsp;&nbsp; 607 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | USD | 34.00 | USD | 2105 | &nbsp;&nbsp;&nbsp;&nbsp; (60093)<br>|
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | &nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | USD | 61.00 | USD | 4022 | &nbsp;&nbsp;&nbsp;&nbsp; (6850)<br>|
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | &nbsp;&nbsp; 1094 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | CAD | 58.00 | CAD | 6371 | &nbsp;&nbsp;&nbsp;&nbsp; (52275)<br>|
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA, ADR, Registered Shares | &nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 36.00 | USD | 1222 | &nbsp;&nbsp;&nbsp;&nbsp; (35490)<br>|
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 165.00 | USD | 1289 | &nbsp;&nbsp;&nbsp;&nbsp; (1079)<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 57.00 | USD | 1089 | &nbsp;&nbsp;&nbsp;&nbsp; (8100)<br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. | &nbsp;&nbsp; 572 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | CAD | 27.00 | CAD | 1801 | &nbsp;&nbsp;&nbsp;&nbsp; (187009)<br>|
| &nbsp;&nbsp;&nbsp; Mosaic Co. | &nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 34.00 | USD | 2591 | &nbsp;&nbsp;&nbsp;&nbsp; (93001)<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | &nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 76.00 | USD | 3205 | &nbsp;&nbsp;&nbsp;&nbsp; (4480)<br>|
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | CAD | 58.00 | CAD | 1194 | &nbsp;&nbsp;&nbsp;&nbsp; (14951)<br>|
| &nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 65.00 | USD | 1864 | &nbsp;&nbsp;&nbsp;&nbsp; (176225)<br>|
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA, ADR, Registered Shares | &nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 37.00 | USD | 1945 | &nbsp;&nbsp;&nbsp;&nbsp; (52455)<br>|
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | &nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 27.00 | USD | 1888 | &nbsp;&nbsp;&nbsp;&nbsp; (339840)<br>|
| &nbsp;&nbsp;&nbsp; Bunge Global SA | &nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 87.50 | USD | 2381 | &nbsp;&nbsp;&nbsp;&nbsp; (10988)<br>|
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | &nbsp;&nbsp; 2004 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 75.00 | USD | 13553 | &nbsp;&nbsp;&nbsp;&nbsp; (20040)<br>|
| &nbsp;&nbsp;&nbsp; CRH PLC | &nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 120.00 | USD | 2662 | &nbsp;&nbsp;&nbsp;&nbsp; (68820)<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 110.00 | USD | 5649 | &nbsp;&nbsp;&nbsp;&nbsp; (201652)<br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. | &nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | CAD | 26.00 | CAD | 2251 | &nbsp;&nbsp;&nbsp;&nbsp; (287706)<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 1073 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 48.00 | USD | 4208 | &nbsp;&nbsp;&nbsp;&nbsp; (5902)<br>|
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | &nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 23.65 | USD | 1194 | &nbsp;&nbsp;&nbsp;&nbsp; (14194)<br>|
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | &nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 55.00 | USD | 1340 | &nbsp;&nbsp;&nbsp;&nbsp; (14720)<br>|
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | &nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 60.00 | USD | 2736 | &nbsp;&nbsp;&nbsp;&nbsp; (44270)<br>|
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | &nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 200.00 | USD | 3116 | &nbsp;&nbsp;&nbsp;&nbsp; (275275)<br>|
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | &nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 220.00 | USD | 3138 | &nbsp;&nbsp;&nbsp;&nbsp; (54720)<br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Corp., Class A | &nbsp;&nbsp; 843 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 15.00 | USD | 1079 | &nbsp;&nbsp;&nbsp;&nbsp; (4215)<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | &nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 75.00 | USD | 1688 | &nbsp;&nbsp;&nbsp;&nbsp; (5900)<br>|
| &nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | &nbsp;&nbsp; 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 45.00 | USD | 5428 | &nbsp;&nbsp;&nbsp;&nbsp; (66937)<br>|
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | &nbsp;&nbsp; 813 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | CAD | 54.00 | CAD | 4735 | &nbsp;&nbsp;&nbsp;&nbsp; (259959)<br>|
| &nbsp;&nbsp;&nbsp; TechnipFMC PLC | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 36.00 | USD | 809 | &nbsp;&nbsp;&nbsp;&nbsp; (75850)<br>|
| &nbsp;&nbsp;&nbsp; TechnipFMC PLC | &nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 42.00 | USD | 1617 | &nbsp;&nbsp;&nbsp;&nbsp; (13325)<br>|
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | &nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 43.00 | USD | 1374 | &nbsp;&nbsp;&nbsp;&nbsp; (63383)<br>|
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | &nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | USD | 30.50 | USD | 3310 | &nbsp;&nbsp;&nbsp;&nbsp; (289365)<br>|
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | USD | 157.50 | USD | 4038 | &nbsp;&nbsp;&nbsp;&nbsp; (66690)<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | USD | 55.00 | USD | 1704 | &nbsp;&nbsp;&nbsp;&nbsp; (59157)<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | USD | 115.00 | USD | 3698 | &nbsp;&nbsp;&nbsp;&nbsp; (52152)<br>|
| &nbsp;&nbsp;&nbsp; First Quantum Minerals Ltd. | &nbsp;&nbsp; 573 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | CAD | 28.50 | CAD | 1804 | &nbsp;&nbsp;&nbsp;&nbsp; (141016)<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 1129 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | USD | 47.00 | USD | 4428 | &nbsp;&nbsp;&nbsp;&nbsp; (20322)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Resources & Commodities Strategy Trust (BCX)** 

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | USD | 58.00 | USD | 616 | &nbsp;&nbsp;&nbsp;&nbsp; $(22838)<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | &nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | USD | 74.00 | USD | 1738 | &nbsp;&nbsp;&nbsp;&nbsp; (13973)<br>|
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | &nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | CAD | 60.00 | CAD | 1112 | &nbsp;&nbsp;&nbsp;&nbsp; (7960)<br>|
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA, ADR, Registered Shares | &nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 36.00 | USD | 470 | &nbsp;&nbsp;&nbsp;&nbsp; (28925)<br>|
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 165.00 | USD | 5311 | &nbsp;&nbsp;&nbsp;&nbsp; (37449)<br>|
| &nbsp;&nbsp;&nbsp; CRH PLC | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 115.00 | USD | 492 | &nbsp;&nbsp;&nbsp;&nbsp; (30955)<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 120.00 | USD | 1940 | &nbsp;&nbsp;&nbsp;&nbsp; (14273)<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 123.00 | USD | 8420 | &nbsp;&nbsp;&nbsp;&nbsp; (31918)<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 57.00 | USD | 582 | &nbsp;&nbsp;&nbsp;&nbsp; (16157)<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 1831 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 119.00 | USD | 20645 | &nbsp;&nbsp;&nbsp;&nbsp; (171198)<br>|
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp; 2202 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 44.00 | USD | 8636 | &nbsp;&nbsp;&nbsp;&nbsp; (158544)<br>|
| &nbsp;&nbsp;&nbsp; Mosaic Co. | &nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 36.00 | USD | 3367 | &nbsp;&nbsp;&nbsp;&nbsp; (90788)<br>|
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | &nbsp;&nbsp; 1056 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 60.00 | USD | 6200 | &nbsp;&nbsp;&nbsp;&nbsp; (153120)<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | &nbsp;&nbsp; 861 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 73.00 | USD | 6159 | &nbsp;&nbsp;&nbsp;&nbsp; (105472)<br>|
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | &nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 44.00 | USD | 1374 | &nbsp;&nbsp;&nbsp;&nbsp; (74337)<br>|
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | &nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 45.00 | USD | 1694 | &nbsp;&nbsp;&nbsp;&nbsp; (62725)<br>|
| &nbsp;&nbsp;&nbsp; Vale SA, ADR | &nbsp;&nbsp; 2496 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 11.00 | USD | 2711 | &nbsp;&nbsp;&nbsp;&nbsp; (74880)<br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Corp., Class A | &nbsp;&nbsp; 756 | &nbsp;&nbsp;&nbsp;&nbsp; 11/04/25 | USD | 14.00 | USD | 968 | &nbsp;&nbsp;&nbsp;&nbsp; (15966)<br>|
| &nbsp;&nbsp;&nbsp; ArcelorMittal SA, ADR, Registered Shares | &nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp; 11/07/25 | USD | 37.00 | USD | 1945 | &nbsp;&nbsp;&nbsp;&nbsp; (86080)<br>|
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | &nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp;&nbsp; 11/07/25 | USD | 35.00 | USD | 1222 | &nbsp;&nbsp;&nbsp;&nbsp; (35995)<br>|
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp; 11/07/25 | USD | 162.50 | USD | 5109 | &nbsp;&nbsp;&nbsp;&nbsp; (69748)<br>|
| &nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd., Class A | &nbsp;&nbsp; 1499 | &nbsp;&nbsp;&nbsp;&nbsp; 11/07/25 | CAD | 15.00 | CAD | 2213 | &nbsp;&nbsp;&nbsp;&nbsp; (82937)<br>|
| &nbsp;&nbsp;&nbsp; Mosaic Co. | &nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp;&nbsp; 11/07/25 | USD | 37.73 | USD | 3367 | &nbsp;&nbsp;&nbsp;&nbsp; (73488)<br>|
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | &nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp; 11/07/25 | CAD | 60.00 | CAD | 1008 | &nbsp;&nbsp;&nbsp;&nbsp; (11871)<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. | &nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp;&nbsp; 11/07/25 | USD | 63.00 | USD | 3250 | &nbsp;&nbsp;&nbsp;&nbsp; (125685)<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 110.00 | USD | 5649 | &nbsp;&nbsp;&nbsp;&nbsp; (279307)<br>|
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd., Class B | &nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 44.00 | USD | 1369 | &nbsp;&nbsp;&nbsp;&nbsp; (106080)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(5283215)<br>|

---

**OTC Options Written** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Vale SA, ADR | UBS AG | 272400 | 10/01/25 | USD | 10.40 | &nbsp;&nbsp; USD | 2958 | &nbsp;&nbsp; $(125713)<br>|
| &nbsp;&nbsp;&nbsp; Novonesis Novozymes B, Class B | Barclays Bank PLC | 20800 | 10/02/25 | DKK | 437.22 | &nbsp;&nbsp; DKK | 8139 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Anglo American PLC | UBS AG | 162487 | 10/03/25 | GBP | 22.01 | &nbsp;&nbsp; GBP | 4556 | &nbsp;&nbsp; (1278725)<br>|
| &nbsp;&nbsp;&nbsp; Glencore PLC | UBS AG | 470000 | 10/03/25 | GBP | 2.98 | &nbsp;&nbsp; GBP | 1610 | &nbsp;&nbsp; (278119)<br>|
| &nbsp;&nbsp;&nbsp; Norsk Hydro ASA | UBS AG | 341900 | 10/03/25 | NOK | 65.59 | &nbsp;&nbsp; NOK | 23199 | &nbsp;&nbsp; (72354)<br>|
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | Morgan Stanley & Co. International PLC | 33300 | 10/07/25 | USD | 45.47 | &nbsp;&nbsp; USD | 1743 | &nbsp;&nbsp; (229943)<br>|
| &nbsp;&nbsp;&nbsp; Vale SA, ADR | UBS AG | 272400 | 10/07/25 | USD | 10.50 | &nbsp;&nbsp; USD | 2958 | &nbsp;&nbsp; (129082)<br>|
| &nbsp;&nbsp;&nbsp; Anglo American PLC | Morgan Stanley & Co. International PLC | 238309 | 10/08/25 | GBP | 22.83 | &nbsp;&nbsp; GBP | 6682 | &nbsp;&nbsp; (1614876)<br>|
| &nbsp;&nbsp;&nbsp; Mondi PLC | Barclays Bank PLC | 90500 | 10/08/25 | GBP | 10.91 | &nbsp;&nbsp; GBP | 931 | &nbsp;&nbsp; (1283)<br>|
| &nbsp;&nbsp;&nbsp; Norsk Hydro ASA | Goldman Sachs International | 497600 | 10/08/25 | NOK | 67.07 | &nbsp;&nbsp; NOK | 33763 | &nbsp;&nbsp; (59490)<br>|
| &nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | Goldman Sachs International | 71700 | 10/08/25 | EUR | 25.06 | &nbsp;&nbsp; EUR | 1673 | &nbsp;&nbsp; (645)<br>|
| &nbsp;&nbsp;&nbsp; Novonesis Novozymes B, Class B | Barclays Bank PLC | 20800 | 10/09/25 | DKK | 407.29 | &nbsp;&nbsp; DKK | 8139 | &nbsp;&nbsp; (2687)<br>|
| &nbsp;&nbsp;&nbsp; Valterra Platinum Ltd. | Bank of America N.A. | 60000 | 10/14/25 | ZAR | 1064.16 | &nbsp;&nbsp; ZAR | 73948 | &nbsp;&nbsp; (616143)<br>|
| &nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | Goldman Sachs International | 21500 | 10/16/25 | EUR | 24.35 | &nbsp;&nbsp; EUR | 502 | &nbsp;&nbsp; (2634)<br>|
| &nbsp;&nbsp;&nbsp; Heidelberg Materials AG | Goldman Sachs International | 6800 | 10/22/25 | EUR | 206.96 | &nbsp;&nbsp; EUR | 1309 | &nbsp;&nbsp; (10040)<br>|
| &nbsp;&nbsp;&nbsp; Glencore PLC | Barclays Bank PLC | 592000 | 11/04/25 | GBP | 3.27 | &nbsp;&nbsp; GBP | 2027 | &nbsp;&nbsp; (182938)<br>|
| &nbsp;&nbsp;&nbsp; Glencore PLC | Citibank N.A. | 79100 | 11/04/25 | GBP | 3.29 | &nbsp;&nbsp; GBP | 271 | &nbsp;&nbsp; (23145)<br>|
| &nbsp;&nbsp;&nbsp; Mondi PLC | Barclays Bank PLC | 56500 | 11/04/25 | GBP | 10.31 | &nbsp;&nbsp; GBP | 581 | &nbsp;&nbsp; (24593)<br>|
| &nbsp;&nbsp;&nbsp; UPM-Kymmene OYJ | Barclays Bank PLC | 36900 | 11/04/25 | EUR | 24.26 | &nbsp;&nbsp; EUR | 861 | &nbsp;&nbsp; (6744)<br>|
| &nbsp;&nbsp;&nbsp; Heidelberg Materials AG | Bank of America N.A. | 5600 | 11/05/25 | EUR | 192.66 | &nbsp;&nbsp; EUR | 1078 | &nbsp;&nbsp; (52053)<br>|
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | Citibank N.A. | 61000 | 11/06/25 | USD | 21.02 | &nbsp;&nbsp; USD | 1194 | &nbsp;&nbsp; (23448)<br>|
| &nbsp;&nbsp;&nbsp; Rio Tinto PLC | Bank of America N.A. | 94000 | 11/06/25 | GBP | 50.55 | &nbsp;&nbsp; GBP | 4606 | &nbsp;&nbsp; (107556)<br>|
| &nbsp;&nbsp;&nbsp; Smurfit WestRock PLC | Goldman Sachs International | 127500 | 11/06/25 | USD | 46.21 | &nbsp;&nbsp; USD | 5428 | &nbsp;&nbsp; (108877)<br>|
| &nbsp;&nbsp;&nbsp; Vale SA, ADR | UBS AG | 34200 | 11/06/25 | USD | 11.03 | &nbsp;&nbsp; USD | 371 | &nbsp;&nbsp; (10596)<br>|
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | Goldman Sachs International | 72500 | 11/07/25 | USD | 36.56 | &nbsp;&nbsp; USD | 2376 | &nbsp;&nbsp; (43968)<br>|
| &nbsp;&nbsp;&nbsp; Bunge Global SA | BNP Paribas SA | 43600 | 11/07/25 | USD | 82.98 | &nbsp;&nbsp; USD | 3543 | &nbsp;&nbsp; (123451)<br>|

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Resources & Commodities Strategy Trust (BCX)** 

**OTC Options Written (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Deere & Co. | Barclays Bank PLC | 8900 | 11/07/25 | USD | 488.41 | &nbsp;&nbsp; USD | 4070 | &nbsp;&nbsp; $(37302)<br>|
| &nbsp;&nbsp;&nbsp; Glencore PLC | Bank of America N.A. | 124400 | 11/07/25 | GBP | 3.47 | &nbsp;&nbsp; GBP | 426 | &nbsp;&nbsp; (20845)<br>|
| &nbsp;&nbsp;&nbsp; Mondi PLC | Goldman Sachs International | 35200 | 11/07/25 | GBP | 10.42 | &nbsp;&nbsp; GBP | 362 | &nbsp;&nbsp; (13398)<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | Morgan Stanley & Co. International PLC | 85200 | 11/07/25 | USD | 73.27 | &nbsp;&nbsp; USD | 6094 | &nbsp;&nbsp; (97500)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(5298148)<br>|

---

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 that may not have a secondary market and/or may have 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; $104234765 | &nbsp;&nbsp;&nbsp;&nbsp; $8917852 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $113152617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp; 13799531 | &nbsp;&nbsp;&nbsp;&nbsp; 7572082 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21371613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp; 52716562 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52716562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp; 6558010 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6558010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp; 16028837 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7536753 | &nbsp;&nbsp;&nbsp;&nbsp; 23565590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp; 11082153 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11082153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp; 239647277 | &nbsp;&nbsp;&nbsp;&nbsp; 102735999 | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 342383289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 234209111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp;&nbsp; 234209766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18672987 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18672987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8244000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8244000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 32427417 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32427417 |
|  | &nbsp;&nbsp; $710703663 | &nbsp;&nbsp;&nbsp;&nbsp; $146142920 | &nbsp;&nbsp;&nbsp;&nbsp; $7537421 | &nbsp;&nbsp;&nbsp;&nbsp; $864384004 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; $(5179567)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(5401796)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(10581363)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are options written. Options written are shown at value.

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**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 and derivative financial instruments 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* <br>*Stocks*<br>|
| **Assets** |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp; $8643354 |
| Transfers into Level 3 | &nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — |
| Accrued discounts/premiums | &nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp; (1105933)<br>|
| Purchases | &nbsp;&nbsp; — |
| Sales | &nbsp;&nbsp; — |
| Closing balance, as of September 30, 2025 | &nbsp;&nbsp; $7537421 |
| Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025<sup>(a)</sup> | &nbsp;&nbsp; $(1105934)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| CAD | Canadian Dollar |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| NOK | Norwegian Krone |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| PJSC | Public Joint Stock Company |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Resources & Commodities Strategy Trust

- **b. Investment Company Act file number:** 811-22501

- **c. CIK number of Registrant:** 0001506289

- **d. LEI of Registrant:** 8DZAUY8151XS5PISSX42

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 BELLEVUE PARKWAY

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock Resources & Commodities Strategy Trust

- **c. LEI of Series:** 8DZAUY8151XS5PISSX42

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $897585477.74

**Total Liabilities:** $59315634.40

**Net Assets:** $838269843.34

**Amount of Assets Invested in Other Investment Companies:** $15749.17

**Cash Not Reported:** $10199781.41

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.54%                | 5.81%                | 3.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $134140.15               | $1331617.98                                |
| Month 2  | $1427143.41              | $43463558.57                               |
| Month 3  | $5354666.12              | $22053809.14                               |

**Designated Index Information**

- **Index Name:** MSCI ACWI Select Liquidity Natural Resources Call Overwrite Index

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                       | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Options Clearing Corp.                     | TECK RESOURCES LTD                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |      -313 | NC      | $-63382.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | CORTEVA INC                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |     -2004 | NC      | $-20040.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | FIRST QUANTUM MINERALS LTD                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -572 | NC      | $-187008.69   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                   | EQT Corp                                                | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |    167801 | NS      | $9133408.43   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | TECK RESOURCES LTD                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |      -313 | NC      | $-74337.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                  | Shell PLC                                               | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    858064 | NS      | $61377317.92  | 7.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EQT CORP                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -313 | NC      | $-59157.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Hofseth International                      | Hofseth International                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NO        |  18993283 | NS      | $7536752.73   | 0.90%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Options Clearing Corp.                     | SHELL PLC                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -236 | NC      | $-5900.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | CRH PLC                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |      -162 | NC      | $-133650.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA NA                         | NOV25 HEI GY C @ 192.6609                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |     -5600 | NC      | $-52052.69    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | HF SINCLAIR CORP                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -256 | NC      | $-14720.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | TECK RESOURCES LTD                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |      -312 | NC      | $-106080.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | FIRST QUANTUM MINERALS LTD                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -715 | NC      | $-287705.68   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| BNP PARIBAS SA                             | NOV25 BG US C @ 82.977                                  | CUSIP: 000000000<br>LEI: QHSFEYI7HUOXXZ413E03 | N/A              | DE               |  | US        |    -43600 | NC      | $-123450.78   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                          | NOV25 UPM FH C @ 24.257                                 | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |    -36900 | NC      | $-6743.57     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | FREEPORT-MCMORAN INC                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |     -1129 | NC      | $-20322.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO LLC                    | PR.FLEX                                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      -756 | NC      | $-15965.96    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | BARRICK MINING CORP                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |      -373 | NC      | $-35994.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | CHEVRON CORP                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -260 | NC      | $-66690.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | NUTRIEN LTD                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |      -685 | NC      | $-6850.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EOG RESOURCES INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -173 | NC      | $-14272.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                     | Permian Resources Corp                                  | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    432396 | NS      | $5534668.80   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | ARCELORMITTAL SA                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | LU        |      -130 | NC      | $-28925.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | SMURFIT WESTROCK PLC                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |     -1275 | NC      | $-66937.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | MOSAIC CO/THE                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -747 | NC      | $-93001.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                          | NOV25 MNDI LN C @ 10.3104                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |    -56500 | NC      | $-24593.14    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL         | OCT25 DINO US C @ 45.473                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |    -33300 | NC      | $-229943.49   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Anglogold Ashanti Plc                      | Anglogold Ashanti Plc                                   | CUSIP: 000000000<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |    120639 | NS      | $8484540.87   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                          | EOG Resources Inc                                       | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    131121 | NS      | $14701286.52  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                | Nutrien Ltd                                             | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    625065 | NS      | $36697566.15  | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                       | Williams Cos Inc/The                                    | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    138754 | NS      | $8790065.90   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EOG RESOURCES INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -86 | NC      | $-18490.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | BUNGE GLOBAL SA                                         | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CH        |      -293 | NC      | $-10987.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | VALE SA                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | BR        |     -2296 | NC      | $-70028.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                              | Mosaic Co/The                                           | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    891060 | NS      | $30901960.80  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | SHELL PLC                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -861 | NC      | $-105472.50   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co               | Graphic Packaging Holding Co                            | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    329826 | NS      | $6454694.82   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                | Corteva Inc                                             | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    541701 | NS      | $36635238.63  | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA NA                         | NOV25 RIO LN C @ 50.55550                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |    -94000 | NC      | $-107556.08   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | NOV25 SW US C @ 46.21                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |   -127500 | NC      | $-108877.35   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                          | Kinross Gold Corp                                       | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |    634264 | NS      | $15761460.40  | 1.88%             |  |  |  | No            |                  1 | On Loan: —       |
| UBS AG                                     | OCT25 VALE US C @ 10.5                                  | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |   -272400 | NC      | $-129082.19   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | CRH PLC                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |      -222 | NC      | $-68820.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | SUNCOR ENERGY INC                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -813 | NC      | $-259959.04   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EQT CORP                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -107 | NC      | $-1230.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | NOV25 B US C @ 36.556                                   | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    -72500 | NC      | $-43967.63    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BlackRock Funds III                        | BlackRock Cash Funds: Institutional, SL Agency Shares   | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |  14428504 | NS      | $14435718.61  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | NUTRIEN LTD                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |     -1056 | NC      | $-153120.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                          | Suncor Energy Inc                                       | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |    667251 | NS      | $27923186.20  | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO LLC                    | GPK US FLEX                                             | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      -610 | NC      | $-14194.09    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Packaging Corp of America                  | Packaging Corp of America                               | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     77620 | NS      | $16915726.60  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                               | Newmont Corp                                            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    442294 | NS      | $37289807.14  | 4.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                               | Chevron Corp                                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    274320 | NS      | $42599125.62  | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | ARCELORMITTAL SA                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | LU        |      -538 | NC      | $-52455.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | NUTRIEN LTD                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |      -466 | NC      | $-44270.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds                  | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |  18897441 | NS      | $18897441.37  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | CHEVRON CORP                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -329 | NC      | $-69748.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EXXON MOBIL CORP                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -501 | NC      | $-279307.50   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                     | OCT25 AAL LN C @ 22.0058                                | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |   -162487 | NC      | $-1278724.94  | -0.15%            |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                     | OCT25 VALE US C @ 10.40                                 | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |   -272400 | NC      | $-125712.60   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp                           | Exxon Mobil Corp                                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    495025 | NS      | $55814068.75  | 6.66%             |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | SUNCOR ENERGY INC                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -205 | NC      | $-14951.14    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL         | NOV25 SHEL US C @ 73.272                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |    -85200 | NC      | $-97500.32    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                          | OCT25 NSIS B DC C @ 437.222                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |    -20800 | NC      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | SHELL PLC                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -243 | NC      | $-13972.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA                           | ArcelorMittal SA                                        | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |    417404 | NS      | $15089154.60  | 1.80%             |  |  |  | No            |                  1 | On Loan: —       |
| GOLDMAN SACHS INTERNATIONAL                | OCT25 HEI GY C @ 206.958                                | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |     -6800 | NC      | $-10040.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | EQT CORP                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -107 | NC      | $-16157.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | ARCELORMITTAL SA                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | LU        |      -538 | NC      | $-86080.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | TECHNIPFMC PLC                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -410 | NC      | $-13325.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | TECK RESOURCES LTD                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |      -386 | NC      | $-62725.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                            | Bunge Global SA                                         | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |    197278 | NS      | $16028837.50  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Novonesis Novozymes B                      | Novonesis Novozymes B                                   | CUSIP: 000000000<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |    144902 | NS      | $8917851.92   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS AG                                     | OCT25 NHY NO C @ 65.5894                                | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |   -341900 | NC      | $-72354.17    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Gazprom PJSC                               | Gazprom PJSC                                            | CUSIP: 000000000<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |   5430000 | NS      | $655.01       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                     | EOG RESOURCES INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -751 | NC      | $-31917.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                              | Rio Tinto PLC                                           | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    254487 | NS      | $16771304.92  | 2.00%             |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | IVANHOE MINES LTD                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |     -1499 | NC      | $-82936.70    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | OCT25 UPM FH C @ 24.3509                                | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    -21500 | NC      | $-2633.76     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BANK OF AMERICA NA                         | NOV25 GLEN LN C @ 3.4676                                | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |   -124400 | NC      | $-20844.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | PERMIAN RESOURCES CORP                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -843 | NC      | $-4215.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | SHELL PLC                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -534 | NC      | $-16020.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Polyus PJSC                                | Polyus PJSC                                             | CUSIP: 000000000<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |   1047320 | NS      | $12.63        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CITIBANK NA                                | NOV25 GPK US C @ 21.017                                 | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |    -61000 | NC      | $-23448.40    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TechnipFMC PLC                             | TechnipFMC PLC                                          | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |    166236 | NS      | $6558010.20   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc                       | Freeport-McMoRan Inc                                    | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    441643 | NS      | $17321238.46  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EXXON MOBIL CORP                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -328 | NC      | $-52152.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | MOSAIC CO/THE                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -971 | NC      | $-90788.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                    | Vale SA                                                 | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |   2860154 | NS      | $31061272.44  | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp                           | HF Sinclair Corp                                        | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |    159266 | NS      | $8335982.44   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | BARRICK MINING CORP                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |      -810 | NC      | $-514350.00   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                                 | Deere & Co                                              | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     24236 | NS      | $11082153.36  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | CHEVRON CORP                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -342 | NC      | $-37449.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                     | OCT25 GLEN LN C @ 2.977                                 | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |   -470000 | NC      | $-278118.89   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | ARCELORMITTAL SA                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | LU        |      -338 | NC      | $-35490.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | PACKAGING CORP OF AMERICA                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -144 | NC      | $-54720.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | SHELL PLC                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -448 | NC      | $-4480.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                          | OCT25 NSIS B DC C @ 407.286                             | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |    -20800 | NC      | $-2686.51     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Mondi PLC                                  | Mondi PLC                                               | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |    645124 | NS      | $8923404.10   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | VALE SA                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | BR        |     -2496 | NC      | $-74880.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                          | OCT25 MNDI LN C @ 10.9117                               | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |    -90500 | NC      | $-1282.86     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                          | NOV25 GLEN LN C @ 3.2722                                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |   -592000 | NC      | $-182938.39   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Ivanhoe Mines Ltd                          | Ivanhoe Mines Ltd                                       | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |    405229 | NS      | $4297750.98   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidelberg Materials AG                    | Heidelberg Materials AG                                 | CUSIP: 000000000<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |     33498 | NS      | $7572081.73   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Valterra Platinum Ltd                      | Valterra Platinum Ltd                                   | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |    126608 | NS      | $9035340.08   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | ANGLOGOLD ASHANTI PLC                                   | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -265 | NC      | $-176225.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | SUNCOR ENERGY INC                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |     -1094 | NC      | $-52274.92    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | CRH PLC                                                 | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | IE        |       -41 | NC      | $-30955.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | FREEPORT-MCMORAN INC                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |     -1073 | NC      | $-5901.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Norsk Hydro ASA                            | Norsk Hydro ASA                                         | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |   2246345 | NS      | $15273166.97  | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | PACKAGING CORP OF AMERICA                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -143 | NC      | $-275275.00   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | TECHNIPFMC PLC                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -205 | NC      | $-75850.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | OCT25 NHY NO C @ 67.0736                                | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |   -497600 | NC      | $-59489.81    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp                        | Barrick Mining Corp                                     | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    943508 | NS      | $30918757.16  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA NA                         | OCT25 VAL SJ C @ 1064.16                                | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |    -60000 | NC      | $-616143.16   | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Wheaton Precious Metals Corp               | Wheaton Precious Metals Corp                            | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    467961 | NS      | $52336758.24  | 6.24%             |  |  |  | No            |                  1 | On Loan: —       |
| CITIBANK NA                                | NOV25 GLEN LN C @ 3.2889                                | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DE               |  | US        |    -79100 | NC      | $-23145.44    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL         | OCT25 AAL LN C @ 22.832136                              | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |   -238309 | NC      | $-1614876.39  | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                               | Glencore PLC                                            | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |   5020073 | NS      | $23120570.55  | 2.76%             |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | SUNCOR ENERGY INC                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -191 | NC      | $-7960.05     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EXXON MOBIL CORP                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -501 | NC      | $-201652.50   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| UPM-Kymmene Oyj                            | UPM-Kymmene Oyj                                         | CUSIP: 000000000<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |    351411 | NS      | $9623962.26   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | CHEVRON CORP                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -83 | NC      | $-1079.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | FREEPORT-MCMORAN INC                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |     -2202 | NC      | $-158544.00   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Precious Woods Holding AG                  | Precious Woods Holding AG                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     20000 | NS      | $125620.25    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Smurfit WestRock PLC                       | Smurfit WestRock PLC                                    | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |    689362 | NS      | $29346140.34  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                     | NOV25 VALE US C @ 11.026                                | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |    -34200 | NC      | $-10595.84    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                          | NOV25 DE US C @ 488.415                                 | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |     -8900 | NC      | $-37301.95    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | EXXON MOBIL CORP                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |     -1831 | NC      | $-171198.50   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | MOSAIC CO/THE                                           | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -607 | NC      | $-60093.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | FIRST QUANTUM MINERALS LTD                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -573 | NC      | $-141016.38   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EQT CORP                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -200 | NC      | $-8100.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | WILLIAMS COS INC/THE                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -513 | NC      | $-125685.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd                         | Teck Resources Ltd                                      | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    357937 | NS      | $15709854.93  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | BARRICK MINING CORP                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |     -1010 | NC      | $-289365.00   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| LBHI GUARANTEE CLAIM USD                   | LBHI GUARANTEE CLAIM USD LBHI GUAR TCL USD              | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    443238 | PA      | $4.43         | 0.00%             | N/A             | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ALLIED GOLD CORP                           | Allied Gold Corp                                        | CUSIP: 01921DAA3<br>LEI: 894500S5G4JFSRGK8L37 | Long             | DBT              | CORP              | CA        |   7200000 | PA      | $8244000.00   | 0.98%             | 2028-09-07      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CRH PLC                                    | CRH PLC                                                 | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |    115092 | NS      | $13799530.80  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO LLC                    | MOS.FLEX                                                | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      -971 | NC      | $-73488.19    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                         | Anglo American PLC                                      | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |   1021967 | NS      | $38535616.38  | 4.60%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | OCT25 UPM FH C @ 25.0611                                | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    -71700 | NC      | $-644.81      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LEHMAN DEFAULT CLAIM TRACKER               | LEHMAN DEFAULT CLAIM TRACKER COMMON STOCK               | CUSIP: 000000000<br>LEI: 549300FDK6ZP3YIHRJ47 | Long             | LON              | CORP              | US        |    443238 | PA      | $4.43         | 0.00%             | N/A             | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | NOV25 MNDI LN C @ 10.4254                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    -35200 | NC      | $-13397.82    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | SUNCOR ENERGY INC                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -173 | NC      | $-11871.45    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd                 | First Quantum Minerals Ltd                              | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |    502952 | NS      | $11376682.45  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | BARRICK MINING CORP                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |      -576 | NC      | $-339840.00   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | NUTRIEN LTD                                             | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | CA        |      -105 | NC      | $-22837.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** BlackRock Resources & Commodities Strategy Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer