<SEC-DOCUMENT>0001752724-21-039966.txt : 20210225
<SEC-HEADER>0001752724-21-039966.hdr.sgml : 20210225
<ACCEPTANCE-DATETIME>20210225113822
ACCESSION NUMBER:		0001752724-21-039966
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210225
PERIOD START:           	20201231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Resources & Commodities Strategy Trust
		CENTRAL INDEX KEY:			0001506289
		IRS NUMBER:				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:		21678028

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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                <issuerName>Petroleo Brasileiro SA</issuerName>
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        <name>Options Clearing Corp.</name>
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        <name>OSISKO GOLD ROYALTIES</name>
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        <name>Tractor Supply Co</name>
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        <name>Options Clearing Corp.</name>
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        <name>Neo Lithium Corp</name>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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        <name>Stelco Holdings Inc</name>
        <lei>N/A</lei>
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        <name>Options Clearing Corp.</name>
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        <name>The Montreal Exchange / Bourse De Montreal</name>
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        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>VALE SA JAN21 18 CALL</title>
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        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <name>SUSQUEHANNA FINANCIAL GROUP LLLP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <valUSD>-62300.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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                <issuerName>Newmont Corp</issuerName>
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            <unrealizedAppr>-6367.25000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Royal Dutch Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Royal Dutch Shell PLC</title>
        <cusip>780259206</cusip>
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        <balance>728790.00000000</balance>
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        <valUSD>25609680.60000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CREDIT SUISSE INTERNATIONAL</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
        <title>BRWCGMCQ3 JAN21 BG US CALL JAN21 65.122 CALL</title>
        <cusip>000000000</cusip>
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        <balance>-51800.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-136066.17000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CREDIT SUISSE INTERNATIONAL</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Bunge Ltd</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <expDt>2021-01-27</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-14626.25000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>BUNGE LTD JAN21 62.5 CALL</title>
        <cusip>000000000</cusip>
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        <balance>-772.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-281780.00000000</valUSD>
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        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <delta>XXXX</delta>
            <unrealizedAppr>-109809.80000000</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CF INDUSTRIES HOLDINGS INC JAN21 35 CALL</title>
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          <other otherDesc="BlackRock Identifier" value="Z943H7E13"/>
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        <balance>-771.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-300690.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>-235338.19000000</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>VALERO ENERGY CORP JAN21 60 CALL</title>
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        <valUSD>-27170.00000000</valUSD>
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            <expDt>2021-01-22</expDt>
            <delta>XXXX</delta>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CONOCOPHILLIPS JAN21 45 CALL</title>
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            <delta>XXXX</delta>
            <unrealizedAppr>29817.73000000</unrealizedAppr>
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      <invstOrSec>
        <name>TOTAL SE</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>TOTAL SE</title>
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        <invCountry>FR</invCountry>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>BP PLC JAN21 23.5 CALL</title>
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        <balance>-1139.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-12529.00000000</valUSD>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>57818.95000000</unrealizedAppr>
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      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
        <title>SUNCOR ENERGY INC JAN21 25 CALL</title>
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        <assetCat>DE</assetCat>
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        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <counterparties>
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              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Suncor Energy Inc</issuerName>
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        <name>BlackRock Liquidity Funds</name>
        <lei>5493007YVNX55LTRQ706</lei>
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        <name>BARCLAYS BANK PLC</name>
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        <name>Options Clearing Corp.</name>
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        <name>Suncor Energy Inc</name>
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        <name>MMC Norilsk Nickel PJSC</name>
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        <name>Options Clearing Corp.</name>
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        <name>Options Clearing Corp.</name>
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        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL</name>
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        <name>Packaging Corp of America</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Lundin Mining Corp</name>
        <lei>549300FQDIM6C8HTN269</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
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                <issuerName>Fortescue Metals Group Ltd</issuerName>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>INTERNATIONAL PAPER CO JAN21 50 CALL</title>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>BRWBXQB62 JAN21 FP FP CALL JAN21 38.0585 CALL</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>TOTAL SE</issuerName>
                <issueTitle>TOTAL SE</issueTitle>
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            <unrealizedAppr>70928.49000000</unrealizedAppr>
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      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
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          <other otherDesc="BlackRock Identifier" value="Z94UQLGB8"/>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>The Montreal Exchange / Bourse De Montreal</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Lundin Mining Corp</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-210916.65000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
        <title>SUNCOR ENERGY INC JAN21 22 CALL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="Z94MX55C3"/>
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        <balance>-1893.00000000</balance>
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        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>The Montreal Exchange / Bourse De Montreal</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>Suncor Energy Inc</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>48225.16000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Newmont Corp</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp</title>
        <cusip>651639106</cusip>
        <identifiers>
          <isin value="US6516391066"/>
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        <balance>325966.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19522103.74000000</valUSD>
        <pctVal>2.613757418125</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Trimble Inc</name>
        <lei>549300E2MI7NSZFQWS19</lei>
        <title>Trimble Inc</title>
        <cusip>896239100</cusip>
        <identifiers>
          <isin value="US8962391004"/>
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        <balance>255445.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17056062.65000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Kerry Group PLC</name>
        <lei>635400TLVVBNXLFHWC59</lei>
        <title>Kerry Group PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IE0004906560"/>
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        <balance>81144.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.81856500"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Chevron Corp</name>
        <lei>N/A</lei>
        <title>Chevron Corp</title>
        <cusip>166764100</cusip>
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          <isin value="US1667641005"/>
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        <balance>426431.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36012097.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>FREEPORT-MCMORAN INC JAN21 20 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z943HDAP1"/>
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        <balance>-1012.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-609730.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>BP PLC JAN21 21 CALL</title>
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        <isRestrictedSec>N</isRestrictedSec>

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            <delta>XXXX</delta>
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      <invstOrSec>
        <name>BHP Group PLC</name>
        <lei>549300C116EOWV835768</lei>
        <title>BHP Group PLC</title>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>FMC CORP JAN21 120 CALL</title>
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        <valUSD>-30360.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>81743.74000000</unrealizedAppr>
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      <invstOrSec>
        <name>Symrise AG</name>
        <lei>529900D82I6R9601CF26</lei>
        <title>Symrise AG</title>
        <cusip>000000000</cusip>
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          <isin value="DE000SYM9999"/>
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        <balance>83664.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CHEVRON CORP JAN21 87.5 CALL</title>
        <cusip>000000000</cusip>
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        <balance>-321.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-39322.50000000</valUSD>
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        <name>CREDIT SUISSE INTERNATIONAL</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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            <unrealizedAppr>55308.64000000</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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            <unrealizedAppr>-51486.82000000</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PACKAGING CORP OF AMERICA JAN21 130 CALL</title>
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        <valUSD>-267460.00000000</valUSD>
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        <name>CREDIT SUISSE INTERNATIONAL</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
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      <invstOrSec>
        <name>Newcrest Mining Ltd</name>
        <lei>5299006MN50OZJUJI655</lei>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>Kosmos Energy Ltd</name>
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        <name>Options Clearing Corp.</name>
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        <name>Rio Tinto PLC</name>
        <lei>213800YOEO5OQ72G2R82</lei>
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        <name>Galp Energia SGPS SA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <balance>-333.00000000</balance>
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        <valUSD>-25308.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
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        <curCd>USD</curCd>
        <valUSD>-33114.15000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>CREDIT SUISSE INTERNATIONAL</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
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        <valUSD>-49639.43000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <unrealizedAppr>-11801.30000000</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>BUNGE LTD JAN21 65 CALL</title>
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        <valUSD>-40000.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CONOCOPHILLIPS FEB21 43 CALL</title>
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        <name>Freeport-McMoRan Inc</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan Inc</title>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>VALE SA FEB21 17 CALL</title>
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        <curCd>USD</curCd>
        <valUSD>-240790.00000000</valUSD>
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        <name>Options Clearing Corp.</name>
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        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>The Montreal Exchange / Bourse De Montreal</name>
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        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CHEVRON CORP JAN21 90 CALL</title>
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      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL</name>
        <lei>4PQUHN3JPFGFNF3BB653</lei>
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        <name>Kinross Gold Corp</name>
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        <name>Options Clearing Corp.</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <name>MORGAN STANLEY &amp; CO. INTERNATIONAL</name>
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        <name>SUSQUEHANNA FINANCIAL GROUP LLLP</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <name>Fortescue Metals Group Ltd</name>
        <lei>529900VEJFORCO6I4826</lei>
        <title>Fortescue Metals Group Ltd</title>
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        <name>WestRock Co</name>
        <lei>549300JEB576INN13W07</lei>
        <title>WestRock Co</title>
        <cusip>96145D105</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pioneer Natural Resources Co</name>
        <lei>FY8JBF7CCL2VE4F1B628</lei>
        <title>Pioneer Natural Resources Co</title>
        <cusip>723787107</cusip>
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          <isin value="US7237871071"/>
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        <balance>87751.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Petroleo Brasileiro SA</name>
        <lei>5493000J801JZRCMFE49</lei>
        <title>Petroleo Brasileiro SA</title>
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          <isin value="US71654V4086"/>
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        <balance>1107631.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>CF Industries Holdings Inc</name>
        <lei>529900CG8YAQFZ2JMV97</lei>
        <title>CF Industries Holdings Inc</title>
        <cusip>125269100</cusip>
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          <isin value="US1252691001"/>
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        <balance>995834.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>38548734.14000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Wheaton Precious Metals Corp</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>Wheaton Precious Metals Corp</title>
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          <isin value="CA9628791027"/>
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        <balance>233934.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>9764405.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>NUTRIEN LTD JAN21 51.5 CALL</title>
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        <balance>-371.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-5565.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Nutrien Ltd</issuerName>
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            <shareNo>100.00000000</shareNo>
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      </invstOrSec>
      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
        <title>SUNCOR ENERGY INC JAN21 24 CALL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="Z94MX4DL7"/>
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        <balance>-1049.00000000</balance>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>The Montreal Exchange / Bourse De Montreal</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>Suncor Energy Inc</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>84195.99000000</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>CREDIT SUISSE INTERNATIONAL</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
        <title>BRWCENRM6 JAN21 MNOD LN CALL JAN21 32.8331 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRWCENRM6"/>
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        <balance>-128000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-41839.36000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>CREDIT SUISSE INTERNATIONAL</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
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                <issuerName>MMC Norilsk Nickel PJSC</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <expDt>2021-01-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>21404.16000000</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>BRWAJXPC7 JAN21 LKOD LN CALL JAN21 57.6491 CALL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="BRWAJXPC7"/>
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        <balance>-13900.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-159923.81000000</valUSD>
        <pctVal>-0.02141173155</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <putOrCall>Call</putOrCall>
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                <issuerName>LUKOIL PJSC</issuerName>
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                  <isin value="US69343P1057"/>
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            <shareNo>1.00000000</shareNo>
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            <expDt>2021-01-12</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-131569.20000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CF INDUSTRIES HOLDINGS INC JAN21 40 CALL</title>
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        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z943H7E39"/>
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        <balance>-594.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-35640.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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                <issuerName>CF Industries Holdings Inc</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>31340.48000000</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>NEWMONT CORP FEB21 63.5 CALL</title>
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          <other otherDesc="BlackRock Identifier" value="Z955TF5Q1"/>
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        <balance>-394.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-48462.00000000</valUSD>
        <pctVal>-0.00648843555</pctVal>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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                <issuerName>Newmont Corp</issuerName>
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            <unrealizedAppr>-942.94000000</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>NUTRIEN LTD JAN21 51.5 CALL</title>
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        <balance>-371.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-10202.50000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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                <issuerName>Nutrien Ltd</issuerName>
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      <invstOrSec>
        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC</title>
        <cusip>055622104</cusip>
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          <isin value="US0556221044"/>
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        <balance>1356057.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Precious Woods Holding AG</name>
        <lei>N/A</lei>
        <title>Precious Woods Holding AG</title>
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          <isin value="CH0013283368"/>
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        <balance>20000.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.88530000"/>
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        <invCountry>CH</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <balance>-2782000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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                <issuerName>CNOOC Ltd</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <expDt>2021-01-28</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>7614.35000000</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>LUKOIL PJSC</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
        <title>LUKOIL PJSC</title>
        <cusip>69343P105</cusip>
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          <isin value="US69343P1057"/>
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        <balance>182410.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>12406250.42000000</valUSD>
        <pctVal>1.661036612563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>ALBEMARLE CORP JAN21 155 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
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        <name>Options Clearing Corp.</name>
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        <name>UBS AG</name>
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        <name>Koninklijke DSM NV</name>
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        <name>Options Clearing Corp.</name>
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        <name>LBHI GUARANTEE CLAIM USD LBHI GUAR TCL USD</name>
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        <name>Options Clearing Corp.</name>
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        <name>CREDIT SUISSE INTERNATIONAL</name>
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        <name>Bunge Ltd</name>
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        <name>BARCLAYS BANK PLC</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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                <issuerName>Tractor Supply Co</issuerName>
                <issueTitle>Tractor Supply Co</issueTitle>
                <identifiers>
                  <cusip value="892356106"/>
                  <isin value="US8923561067"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>135.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-50883.10000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>Equinor ASA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NO0010096985"/>
        </identifiers>
        <balance>728500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="8.57425000"/>
        <valUSD>12294514.95000000</valUSD>
        <pctVal>1.646076677022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anglo American PLC</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>Anglo American PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00B1XZS820"/>
        </identifiers>
        <balance>980621.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73126100"/>
        <valUSD>32382299.00000000</valUSD>
        <pctVal>4.335571378703</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lehman Brothers Holdings Inc</name>
        <lei>549300FDK6ZP3YIHRJ47</lei>
        <title>LEHMAN DEFAULT CLAIM TRACKER COMMON STOCK</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRS93B5H1"/>
        </identifiers>
        <balance>443237.85000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4.43000000</valUSD>
        <pctVal>0.000000593119</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>N/A</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>ROYAL DUTCH SHELL PLC JAN21 40 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z943HM783"/>
        </identifiers>
        <balance>-783.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-7830.00000000</valUSD>
        <pctVal>-0.00104833581</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Royal Dutch Shell PLC</issuerName>
                <issueTitle>Royal Dutch Shell PLC</issueTitle>
                <identifiers>
                  <cusip value="780259206"/>
                  <isin value="US7802592060"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>40.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>88292.28000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PIONEER NATURAL RESOURCES CO JAN21 105 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z943JPBW6"/>
        </identifiers>
        <balance>-40.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-40200.00000000</valUSD>
        <pctVal>-0.00538226051</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Pioneer Natural Resources Co</issuerName>
                <issueTitle>Pioneer Natural Resources Co</issueTitle>
                <identifiers>
                  <cusip value="723787107"/>
                  <isin value="US7237871071"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>105.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-15</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-24016.39000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>First Quantum Minerals Ltd</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA3359341052"/>
        </identifiers>
        <balance>522519.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.27290000"/>
        <valUSD>9379809.22000000</valUSD>
        <pctVal>1.255835244802</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CONOCOPHILLIPS JAN21 44.5 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z954R21L0"/>
        </identifiers>
        <balance>-270.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-12285.00000000</valUSD>
        <pctVal>-0.00164480274</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>ConocoPhillips</issuerName>
                <issueTitle>ConocoPhillips</issueTitle>
                <identifiers>
                  <cusip value="20825C104"/>
                  <isin value="US20825C1045"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>44.50000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-22</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>50481.06000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JEFFERIES LLC</name>
        <lei>58PU97L1C0WSRCWADL48</lei>
        <title>BRWBE9TK1 JAN21 VALE US CALL JAN21 14.1 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRWBE9TK1"/>
        </identifiers>
        <balance>-2353.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-678400.49000000</valUSD>
        <pctVal>-0.09082905904</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>JEFFERIES LLC</counterpartyName>
              <counterpartyLei>58PU97L1C0WSRCWADL48</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Vale SA</issuerName>
                <issueTitle>Vale SA</issueTitle>
                <identifiers>
                  <cusip value="91912E105"/>
                  <isin value="US91912E1055"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>14.10000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-01-29</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-497778.15000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Polyus PJSC</name>
        <lei>549300FUXVT7TF6ZKV71</lei>
        <title>Polyus PJSC</title>
        <cusip>73181M117</cusip>
        <identifiers>
          <isin value="US73181M1172"/>
        </identifiers>
        <balance>82473.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8312588.35000000</valUSD>
        <pctVal>1.112948161376</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>ConocoPhillips</title>
        <cusip>20825C104</cusip>
        <identifiers>
          <isin value="US20825C1045"/>
        </identifiers>
        <balance>364555.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14578554.45000000</valUSD>
        <pctVal>1.951880050773</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>BP PLC FEB21 24 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z951YUR79"/>
        </identifiers>
        <balance>-1138.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-32433.00000000</valUSD>
        <pctVal>-0.00434235958</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>BP PLC</issuerName>
                <issueTitle>BP PLC</issueTitle>
                <identifiers>
                  <cusip value="055622104"/>
                  <isin value="US0556221044"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>24.00000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2021-02-19</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>57244.54000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS BANK PLC</name>
        <lei>G5GSEF7VJP5I7OUK5573</lei>
        <title>BRWBXQBC9 JAN21 GALP PL CALL JAN21 9.58 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRWBXQBC9"/>
        </identifiers>
        <balance>-155700.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.81856500"/>
        <valUSD>-40096.66000000</valUSD>
        <pctVal>-0.00536842462</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>BARCLAYS BANK PLC</counterpartyName>
              <counterpartyLei>G5GSEF7VJP5I7OUK5573</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Galp Energia SGPS SA</issuerName>
                <issueTitle>Galp Energia SGPS SA</issueTitle>
                <identifiers>
                  <isin value="PTGAL0AM0009"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>9.58000000</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2021-01-27</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>6992.16000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-01-28</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Resources &amp; Commodities Strategy Trust</ncom:nameOfApplicant>
      <ncom:signature>Ann Frechette</ncom:signature>
      <ncom:signerName>Ann Frechette</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
