NPORT-EX 1 NPORT_226095710730752.htm EX-BCX

Schedule of Investments  (unaudited)

March 31, 2019

   

BlackRock Resources & Commodities Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Security     Shares     Value  

Common Stocks — 97.7%

 

Chemicals — 14.4%

      

Albemarle Corp.(a)

       106,448     $ 8,726,607  

CF Industries Holdings, Inc.(a)

       496,635       20,302,439  

FMC Corp.(a)(b)

       281,552       21,628,825  

Livent Corp.(c)

       263,334       3,233,741  

Nutrien Ltd.(a)(b)

       1,069,967       56,430,781  

Umicore SA

       356,979       15,888,237  
     

 

 

  
    126,210,630  
Containers & Packaging — 2.9%  

Packaging Corp. of America(a)(b)

       172,618       17,154,777  

Smurfit Kappa Group PLC

       298,989       8,356,402  
     

 

 

  
    25,511,179  
Electronic Equipment, Instruments & Components — 1.5%  

Trimble, Inc.(a)(c)

       331,043       13,374,137  
     

 

 

  
Energy Equipment & Services — 1.1%  

Baker Hughes a GE Co.(a)

       140,674       3,899,483  

Halliburton Co.(a)

       205,895       6,032,724  
     

 

 

  
    9,932,207  
Food Products — 6.2%  

Glanbia PLC

       710,593       13,901,562  

Hormel Foods Corp.(a)

       301,150       13,479,474  

Ingredion, Inc.(a)

       120,822       11,440,635  

Kerry Group PLC, Class A

       137,573       15,355,094  
     

 

 

  
    54,176,765  
Machinery — 1.2%  

Deere & Co.(a)

       66,335       10,602,986  
     

 

 

  
Metals & Mining — 33.0%  

Anglo American PLC

       767,687       20,532,837  

Barrick Gold Corp.(a)

       1,856,365       25,450,764  

BHP Group PLC

       1,797,939       43,378,779  

First Quantum Minerals Ltd.(a)(b)

       2,469,224       27,993,223  

Franco-Nevada Corp.(a)(b)

       87,401       6,552,704  

Fresnillo PLC

       1,139,317       12,911,761  

Glencore PLC(c)

       7,278,866       30,164,759  

Neo Lithium Corp.(c)(d)

       5,466,074       3,517,659  

Newcrest Mining Ltd.

       603,949       10,937,527  

Newmont Mining Corp.(a)

       338,753       12,117,195  

OZ Minerals Ltd.

       1,453,682       10,965,051  

Polyus PJSC, GDR

       145,178       5,966,094  

Rio Tinto PLC — ADR(a)

       187,945       11,060,563  

Stelco Holdings, Inc.(a)(b)

       1,317,608       16,298,171  

Teck Resources Ltd., Class B(a)

       533,134       12,358,046  

Vale SA — ADR(a)

       1,991,369       26,007,279  

Wheaton Precious Metals Corp.

       549,188       13,081,658  
     

 

 

  
    289,294,070  
Oil, Gas & Consumable Fuels — 33.4%  

Anadarko Petroleum Corp.(a)

       144,900       6,590,052  

BP PLC — ADR(a)

       1,162,481       50,823,669  

Cairn Energy PLC(c)

       1,593,373       3,358,140  
Security     Shares     Value  
Oil, Gas & Consumable Fuels (continued)  

Canadian Natural Resources Ltd.(a)(b)

       273,689     $ 7,514,236  

CNOOC Ltd.

       6,056,000       11,280,389  

Concho Resources, Inc.(a)

       42,250       4,688,060  

ConocoPhillips(a)

       188,462       12,577,954  

Exxon Mobil Corp.(a)(b)

       472,218       38,155,214  

Kosmos Energy Ltd.

       743,672       4,633,077  

Marathon Petroleum Corp.(a)

       116,654       6,981,742  

Pioneer Natural Resources Co.(a)

       48,220       7,342,942  

Royal Dutch Shell PLC — ADR, Class A(a)

       771,730       48,302,581  

Suncor Energy, Inc.(a)(b)

       820,174       26,581,162  

TOTAL SA

       906,834       50,464,663  

Valero Energy Corp.(a)

       81,164       6,885,142  

Williams Cos., Inc.(a)

       253,975       7,294,162  
     

 

 

  
    293,473,185  
Paper & Forest Products — 1.4%  

Mondi PLC

       525,365       11,633,213  

Precious Woods Holding AG(c)

       20,000       148,632  

Quintis Ltd.(c)(d)(e)

       7,903,565       56  
     

 

 

  
    11,781,901  
Pharmaceuticals — 1.1%  

Curaleaf Holdings, Inc.(c)

       1,076,779       9,830,287  
     

 

 

  
Specialty Retail — 1.5%  

Tractor Supply Co.(a)

       134,334       13,132,492  
     

 

 

  

Total Common Stocks — 97.7%
(Cost — $764,229,524)

 

     857,319,839  
     

 

 

  
       Par
(000)		         

Corporate Bonds — 1.8%

 

Metals & Mining — 1.8%

 

Beadell Resources LTD, 6.00%, 06/30/23(e)(f)

     USD       1,800       1,720,980  

Osisko Gold Royalties Ltd., 4.00%, 12/31/22

     CAD       5,652       4,367,437  

Pilgangoora Operations Pty Ltd, 12.00%, 06/21/22

     USD       9,000       9,988,065  
     

 

 

  

Total Corporate Bonds — 1.8%
(Cost — $15,311,494)

 

     16,076,482  
     

 

 

  

Total Long-Term Investments — 99.5%
(Cost — $779,541,018)

 

     873,396,321  
     

 

 

  
       Shares         
Short-Term Securities — 1.2%  

BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.37%(g)(i)

       10,200,095       10,200,095  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Resources & Commodities Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Security        Shares     Value  

SL Liquidity Series, LLC, Money Market Series, 2.67%(g)(h)(i)

       334,501     $ 334,568  
     

 

 

  

Total Short-Term Securities — 1.2%
(Cost — $10,534,602)

 

     10,534,663  
     

 

 

  

Total Investments Before Options Written — 100.7%
(Cost — $790,075,620)

 

     883,930,984  
     

 

 

  
Security             Value  
Options Written — (0.9)%
(Premiums Received — $7,367,997)		           $ (7,506,000)  
     

 

 

  

Total Investments, Net of Options Written — 99.8%
(Cost — $782,707,623)

     876,424,984  

Other Assets Less Liabilities — 0.2%

     1,668,953  
     

 

 

  

Net Assets— 100.0%

   $ 878,093,937  
     

 

 

  
 
(a)

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

(b)

All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

(c)

Non-income producing security.

(d)

Security, or a portion of the security, is on loan.

(e)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(f) 

Variable rate security. Rate shown is the rate in effect as of period end.

(g) 

Annualized 7-day yield as of period end.

(h) 

All or a portion of the security was purchased with the cash collateral from loaned securities.

(i)

During the period ended March 31, 2019, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
12/31/18		      Net
Activity		      Shares
Held at
03/31/19		      Value at
03/31/19		      Income      Net
Realized
Gain
(Loss)(a)		      Changes in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      13,652,388        (3,452,293 )       10,200,095      $ 10,200,095      $ —      $ —      $ —  

SL Liquidity Series, LLC, Money Market Series

      276,499        58,002        334,501        334,568        6,226 (b)       —        89  
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 10,534,663      $ 6,226      $ —      $ 89  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a)

Includes net capital gain distributions, if applicable.

 
  (b)

Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

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

Currency Abbreviations

AUD — Australian Dollar

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

USD — United States Dollar

Portfolio Abbreviations

ADR — American Depositary Receipts

GDR — Global Depositary Receipt

OTC — Over-the-Counter

 

 

2   

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

 

Derivative Financial Instruments Outstanding as of Period End

 

Exchange-Traded Options Written

 

 

 

Description   Number of
Contracts		      Expiration
Date		      Exercise
Price		      Notional
Amount (000)		      Value  

Call

                    

Anadarko Petroleum Corp.

     60        04/05/19      USD      49.51      USD      273      $ (142 ) 

BP PLC — ADR

     878        04/05/19      USD      43.01      USD      3,839        (75,956 ) 

Barrick Gold Corp.

     530        04/05/19      USD      13.00      USD      727        (38,955 ) 

Barrick Gold Corp.

     458        04/05/19      USD      12.75      USD      628        (44,464 ) 

CF Industries Holdings, Inc.

     132        04/05/19      USD      43.50      USD      540        (528 ) 

Canadian Natural Resources Ltd.

     284        04/05/19      CAD      37.50      CAD      1,042        (4,038 ) 

ConocoPhillips

     67        04/05/19      USD      73.00      USD      447        (201 ) 

Deere & Co.

     33        04/05/19      USD      172.50      USD      527        (528 ) 

Halliburton Co.

     57        04/05/19      USD      33.00      USD      167        (114 ) 

Hormel Foods Corp.

     237        04/05/19      USD      43.50      USD      1,061        (31,995 ) 

Marathon Petroleum Corp.

     46        04/05/19      USD      66.50      USD      275        (138 ) 

Newmont Mining Corp.

     307        04/05/19      USD      35.50      USD      1,098        (18,573 ) 

Nutrien Ltd.

     531        04/05/19      CAD      71.00      CAD      3,742        (16,291 ) 

Pioneer Natural Resources Co.

     43        04/05/19      USD      148.00      USD      655        (22,790 ) 

Vale SA — ADR

     1,225        04/05/19      USD      12.50      USD      1,600        (79,013 ) 

Valero Energy Corp.

     60        04/05/19      USD      83.00      USD      509        (14,280 ) 

Williams Cos., Inc.

     169        04/05/19      USD      27.50      USD      485        (21,632 ) 

Barrick Gold Corp.

     930        04/12/19      USD      12.75      USD      1,275        (92,631 ) 

CF Industries Holdings, Inc.

     265        04/12/19      USD      42.50      USD      1,083        (8,480 ) 

ConocoPhillips

     152        04/12/19      USD      68.00      USD      1,014        (10,108 ) 

Exxon Mobil Corp.

     303        04/12/19      USD      80.00      USD      2,448        (44,238 ) 

Hormel Foods Corp.

     161        04/12/19      USD      43.50      USD      721        (23,747 ) 

Hormel Foods Corp.

     162        04/12/19      USD      44.00      USD      725        (17,010 ) 

Newmont Mining Corp.

     307        04/12/19      USD      34.50      USD      1,098        (46,664 ) 

Teck Resources Ltd.

     477        04/12/19      USD      23.50      USD      1,106        (23,850 ) 

Vale SA — ADR

     408        04/12/19      USD      13.00      USD      533        (16,524 ) 

Williams Cos., Inc.

     339        04/12/19      USD      27.00      USD      974        (61,529 ) 

Albemarle Corp.

     213        04/18/19      USD      85.00      USD      1,746        (18,105 ) 

Anadarko Petroleum Corp.

     123        04/18/19      USD      45.00      USD      559        (20,295 ) 

BP PLC — ADR

     878        04/18/19      USD      43.00      USD      3,839        (99,653 ) 

Baker Hughes a GE Co.

     6        04/18/19      USD      26.00      USD      17        (1,170 ) 

Baker Hughes a GE Co.

     131        04/18/19      USD      27.00      USD      363        (15,720 ) 

Barrick Gold Corp.

     1,389        04/18/19      USD      13.00      USD      1,904        (113,204 ) 

CF Industries Holdings, Inc.

     157        04/18/19      USD      47.50      USD      642        (314 ) 

CF Industries Holdings, Inc.

     596        04/18/19      USD      42.50      USD      2,436        (26,820 ) 

Canadian Natural Resources Ltd.

     150        04/18/19      CAD      38.00      CAD      550        (3,648 ) 

Concho Resources, Inc.

     63        04/18/19      USD      105.00      USD      699        (44,730 ) 

Concho Resources, Inc.

     78        04/18/19      USD      122.75      USD      865        (2,202 ) 

ConocoPhillips

     140        04/18/19      USD      70.00      USD      934        (4,970 ) 

Exxon Mobil Corp.

     292        04/18/19      USD      80.00      USD      2,359        (48,472 ) 

FMC Corp.

     322        04/18/19      USD      80.00      USD      2,474        (13,685 ) 

FMC Corp.

     323        04/18/19      USD      82.50      USD      2,481        (8,075 ) 

First Quantum Minerals Ltd.

     1,532        04/18/19      CAD      15.00      CAD      2,321        (69,358 ) 

First Quantum Minerals Ltd.

     750        04/18/19      CAD      16.00      CAD      1,136        (10,383 ) 

Franco-Nevada Corp.

     175        04/18/19      CAD      100.00      CAD      1,753        (28,024 ) 

Franco-Nevada Corp.

     175        04/18/19      CAD      105.00      CAD      1,753        (6,089 ) 

Halliburton Co.

     115        04/18/19      USD      32.50      USD      337        (575 ) 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

Exchange-Traded Options Written (continued)

 

Description    Number of
Contracts		        Expiration
Date		        Exercise
Price		        Notional
Amount (000)		        Value  

Call (continued)

                           

Hormel Foods Corp.

      161          04/18/19        USD   $ 44.00        USD     721        $ (18,112 ) 

Ingredion, Inc.

      100          04/18/19        USD     95.00        USD     947          (15,750 ) 

Marathon Petroleum Corp.

      89          04/18/19        USD     65.00        USD     533          (1,112 ) 

Marathon Petroleum Corp.

      26          04/18/19        USD     62.00        USD     156          (1,651 ) 

Newmont Mining Corp.

      356          04/18/19        USD     35.00        USD     1,273          (44,678 ) 

Nutrien Ltd.

      536          04/18/19        CAD     74.00        CAD     3,778          (3,008 ) 

Packaging Corp. of America

      345          04/18/19        USD     100.00        USD     3,429          (57,788 ) 

Pioneer Natural Resources Co.

      63          04/18/19        USD     140.00        USD     959          (83,160 ) 

Rio Tinto PLC — ADR

      375          04/18/19        USD     62.50        USD     2,207          (3,750 ) 

Royal Dutch Shell PLC, Class A

      434          04/18/19        USD     65.00        USD     2,716          (6,510 ) 

Stelco Holdings, Inc.

      500          04/18/19        CAD     16.87        CAD     827          (21,514 ) 

Stelco Holdings, Inc.

      1,200          04/18/19        CAD     17.87        CAD     1,984          (20,204 ) 

Suncor Energy, Inc.

      1,376          04/18/19        CAD     46.00        CAD     5,959          (7,208 ) 

Teck Resources Ltd.

      333          04/18/19        USD     25.00        USD     772          (6,160 ) 

Tractor Supply Co.

      220          04/18/19        USD     97.50        USD     2,151          (50,050 ) 

Tractor Supply Co.

      48          04/18/19        USD     100.00        USD     469          (5,280 ) 

Trimble, Inc.

      406          04/18/19        USD     40.00        USD     1,640          (46,690 ) 

Vale SA — ADR

      1,546          04/18/19        USD     13.00        USD     2,019          (73,435 ) 

Valero Energy Corp.

      19          04/18/19        USD     87.50        USD     161          (1,529 ) 

Williams Cos., Inc.

      169          04/25/19        USD     27.90        USD     485          (20,756 ) 

Anadarko Petroleum Corp.

      123          04/26/19        USD     45.00        USD     559          (24,354 ) 

Anadarko Petroleum Corp.

      45          04/26/19        USD     48.00        USD     205          (3,172 ) 

BP PLC

      689          04/26/19        USD     43.00        USD     3,012          (85,781 ) 

Barrick Gold Corp.

      1,059          04/26/19        USD     13.25        USD     1,452          (76,232 ) 

CF Industries Holdings, Inc.

      326          04/26/19        USD     44.00        USD     1,333          (10,432 ) 

Deere & Co.

      95          04/26/19        USD     165.00        USD     1,518          (17,100 ) 

Exxon Mobil Corp.

      259          04/26/19        USD     80.50        USD     2,093          (44,937 ) 

First Quantum Minerals Ltd.

      411          04/26/19        CAD     15.50        CAD     623          (16,915 ) 

Halliburton Co.

      383          04/26/19        USD     30.00        USD     1,122          (28,534 ) 

Hormel Foods Corp.

      289          04/26/19        USD     43.00        USD     1,294          (57,078 ) 

Marathon Petroleum Corp.

      122          04/26/19        USD     61.50        USD     730          (14,762 ) 

Royal Dutch Shell PLC, Class A

      525          04/26/19        USD     61.00        USD     3,286          (118,125 ) 

Royal Dutch Shell PLC, Class A

      498          04/26/19        USD     63.50        USD     3,117          (32,370 ) 

Teck Resources Ltd.

      333          04/26/19        USD     23.00        USD     772          (37,130 ) 

Vale SA — ADR

      2,390          04/26/19        USD     13.00        USD     3,121          (135,035 ) 

Valero Energy Corp.

      20          04/26/19        USD     82.00        USD     170          (9,050 ) 

Baker Hughes a GE Co. Class A

      65          05/01/19        USD     28.20        USD     180          (4,729 ) 

Anadarko Petroleum Corp.

      45          05/03/19        USD     47.00        USD     205          (7,357 ) 

BP PLC

      688          05/03/19        USD     45.00        USD     3,008          (34,744 ) 

Barrick Gold Corp.

      1,500          05/03/19        USD     14.50        USD     2,057          (28,500 ) 

CF Industries Holdings, Inc.

      255          05/03/19        USD     42.50        USD     1,042          (26,010 ) 

ConocoPhillips

      242          05/03/19        USD     69.00        USD     1,615          (27,588 ) 

Deere & Co.

      137          05/03/19        USD     165.00        USD     2,190          (31,510 ) 

Exxon Mobil Corp.

      318          05/03/19        USD     81.50        USD     2,569          (43,725 ) 

Halliburton Co.

      157          05/03/19        USD     30.50        USD     460          (10,597 ) 

Hormel Foods Corp.

      194          05/03/19        USD     45.00        USD     868          (14,550 ) 

Pioneer Natural Resources Co.

      86          05/03/19        USD     155.00        USD     1,310          (39,130 ) 

Teck Resources Ltd.

      333          05/03/19        USD     24.00        USD     772          (25,974 ) 

Tractor Supply Co.

      268          05/03/19        USD     98.00        USD     2,620          (101,840 ) 

Vale SA — ADR

      1,179          05/03/19        USD     13.00        USD     1,540          (74,867 ) 

Valero Energy Corp.

      84          05/03/19        USD     88.50        USD     713          (12,474 ) 

Williams Cos., Inc.

      84          05/03/19        USD     29.00        USD     241          (5,040 ) 

 

 

4   

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

 

Exchange-Traded Options Written (continued)

 

Description    Number of
Contracts		        Expiration
Date		        Exercise
Price		       

Notional

Amount (000)

        Value  

Call (continued)

 

Baker Hughes a GE Co. Class A

      65          05/08/19        USD   $ 28.20        USD   180        $ (5,813 ) 

Anadarko Petroleum Corp.

      60          05/10/19        USD     47.50        USD   273          (9,360 ) 

BP PLC

      758          05/10/19        USD     44.00        USD   3,314          (76,937 ) 

CF Industries Holdings, Inc.

      255          05/10/19        USD     42.50        USD   1,042          (30,218 ) 

Exxon Mobil Corp.

      354          05/10/19        USD     81.00        USD   2,860          (61,065 ) 

Halliburton Co.

      111          05/10/19        USD     30.00        USD   325          (10,656 ) 

Newmont Mining Corp.

      385          05/10/19        USD     37.00        USD   1,377          (28,875 ) 

Valero Energy Corp.

      83          05/10/19        USD     89.00        USD   704          (13,529 ) 

Williams Cos., Inc.

      84          05/10/19        USD     29.00        USD   241          (5,712 ) 

Anadarko Petroleum Corp.

      123          05/17/19        USD     47.50        USD   559          (21,094 ) 

BP PLC

      758          05/17/19        USD     44.00        USD   3,314          (76,937 ) 

Barrick Gold Corp.

      1,059          05/17/19        USD     14.00        USD   1,452          (45,537 ) 

Barrick Gold Corp.

      500          05/17/19        USD     15.00        USD   686          (7,750 ) 

Canadian Natural Resources Ltd.

      278          05/17/19        CAD     38.00        CAD   1,020          (19,659 ) 

ConocoPhillips

      152          05/17/19        USD     70.00        USD   1,014          (17,176 ) 

Exxon Mobil Corp.

      362          05/17/19        USD     80.00        USD   2,925          (86,156 ) 

FMC Corp.

      240          05/17/19        USD     77.50        USD   1,844          (63,000 ) 

FMC Corp.

      240          05/17/19        USD     80.00        USD   1,844          (36,000 ) 

First Quantum Minerals Ltd.

      1,437          05/17/19        CAD     15.00        CAD   2,177          (110,220 ) 

Marathon Petroleum Corp.

      122          05/17/19        USD     62.50        USD   730          (17,263 ) 

Marathon Petroleum Corp.

      61          05/17/19        USD     65.00        USD   365          (4,148 ) 

Nutrien Ltd.

      536          05/17/19        CAD     74.00        CAD   3,778          (19,854 ) 

Royal Dutch Shell PLC, Class A

      1,064          05/17/19        USD     65.00        USD   6,660          (55,860 ) 

Stelco Holdings, Inc.

      500          05/17/19        CAD     18.00        CAD   827          (23,385 ) 

Stelco Holdings, Inc.

      500          05/17/19        CAD     19.00        CAD   827          (13,095 ) 

Teck Resources Ltd.

      656          05/17/19        USD     24.00        USD   1,521          (62,648 ) 

Trimble, Inc.

      228          05/17/19        USD     40.00        USD   921          (48,450 ) 

Vale SA — ADR

      1,217          05/17/19        USD     14.00        USD   1,589          (40,161 ) 

Valero Energy Corp.

      58          05/17/19        USD     90.00        USD   492          (8,207 ) 

Williams Cos., Inc.

      169          05/17/19        USD     28.00        USD   485          (22,984 ) 
                          

 

 

       

 

 

  
          $ (3,979,647 ) 
    

 

 

  

OTC Options Written

 

Description    Counterparty    Number of
Contracts		      Expiration
Date		    Exercise
Price		    Notional
Amount (000)		      Value  
Call  

Suncor Energy, Inc.

    Credit Suisse International      40,000      04/03/19      CAD     44.58      CAD       1,732      $ (1,353 ) 

Nutrien Ltd.

    Credit Suisse International      53,600      04/04/19      CAD     73.33      CAD       3,778        (230 ) 

TOTAL SA

    Credit Suisse International      81,500      04/04/19      EUR     50.23      EUR       4,043        (19,907 ) 

Baker Hughes a GE Co.

    Deutsche Bank AG      29,400      04/08/19      USD     25.50      USD       815        (68,066 ) 

Fresnillo PLC

    UBS AG      92,700      04/09/19      GBP     9.07      GBP       806        (12,017 ) 

Nutrien Ltd.

    Credit Suisse International      53,600      04/09/19      CAD     73.70      CAD       3,778        (921 ) 

Glanbia PLC

    Goldman Sachs International      77,400      04/10/19      EUR     18.88      EUR       1,350        (4,128 ) 

OZ Minerals Ltd.

    UBS AG      63,700      04/10/19      AUD     11.01      AUD       676        (3,641 ) 

Anglo American PLC

    Goldman Sachs International      85,400      04/11/19      GBP     20.84      GBP       1,754        (37,961 ) 

BNP Group PLC

    Credit Suisse International      26,000      04/11/19      GBP     17.68      GBP       482        (30,685 ) 

First Quantum Minerals Ltd.

    Goldman Sachs International      377,000      04/11/19      CAD     14.00      CAD       4,228        (360,265 ) 

Glencore PLC

    Goldman Sachs International      644,800      04/11/19      GBP     3.15      GBP       2,050        (77,488 ) 

Mondi PLC

    UBS AG      68,500      04/11/19      GBP     18.18      GBP       1,165        (35 ) 

Total SA

    Credit Suisse International      72,000      04/11/19      EUR     51.08      EUR       3,572        (14,520 ) 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

OTC Options Written (continued)

 

Description    Counterparty    Number of
Contracts		      Expiration
Date		    Exercise
Price		   

Notional

Amount (000)

      Value  

Call (continued)

 

Umicore SA

    Goldman Sachs International      25,200      04/11/19      EUR     $39.84      EUR       1,000      $ (19,226 ) 

Umicore SA

    Goldman Sachs International      8,500      04/11/19      EUR     39.43      EUR       337        (8,951 ) 

BHP Group PLC

    Goldman Sachs International      218,600      04/16/19      GBP     18.62      GBP       4,048        (99,118 ) 

CNOOC Ltd.

    UBS AG      660,000      04/16/19      HKD     14.11      HKD       9,649        (58,344 ) 

Glanbia PLC

    Goldman Sachs International      77,400      04/16/19      EUR     18.88      EUR       1,350        (7,997 ) 

Umicore SA

    Deutsche Bank AG      35,500      04/16/19      EUR     38.59      EUR       1,409        (65,258 ) 

Umicore SA

    Goldman Sachs International      8,500      04/16/19      EUR     41.19      EUR       337        (2,994 ) 

Canadian Natural Resources Ltd.

    Goldman Sachs International      14,000      04/17/19      CAD     37.90      CAD       514        (6,232 ) 

Oz Minerals Ltd.

    Morgan Stanley & Co. International PLC      117,000      04/17/19      AUD     10.39      AUD       1,243        (33,779 ) 

TOTAL SA

    Credit Suisse International      41,900      04/17/19      EUR     51.17      EUR       2,079        (11,196 ) 

CNOOC Ltd.

    Goldman Sachs International      1,263,000      04/23/19      HKD     14.23      HKD       18,465        (104,781 ) 

Glencore PLC

    Goldman Sachs International      550,700      04/23/19      GBP     3.26      GBP       1,751        (43,974 ) 

Umicore SA

    Goldman Sachs International      45,000      04/23/19      EUR     42.23      EUR       1,786        (10,580 ) 

Glanbia PLC

    Morgan Stanley & Co. International PLC      47,400      04/24/19      EUR     18.51      EUR       827        (12,511 ) 

Total SA

    Credit Suisse International      70,200      04/24/19      EUR     51.68      EUR       3,483        (15,786 ) 

Anglo American PLC

    UBS AG      110,800      04/25/19      GBP     20.57      GBP       2,276        (94,737 ) 

Nutrien Ltd.

    Credit Suisse International      53,200      04/25/19      CAD     72.50      CAD       3,750        (15,476 ) 

Rio Tinto PLC — ADR

    Goldman Sachs International      37,600      04/25/19      USD     60.16      USD       2,213        (28,961 ) 

Smurfit Kappa Group PLC

    UBS AG      59,900      04/25/19      EUR     26.88      EUR       1,493        (7,513 ) 

BNP Group PLC

    Goldman Sachs International      265,900      04/26/19      GBP     18.08      GBP       4,924        (247,255 ) 

Fresnillo PLC

    UBS AG      97,200      04/26/19      GBP     8.48      GBP       846        (55,894 ) 

Kerry Group PLC

    UBS AG      16,600      04/26/19      EUR     98.21      EUR       1,652        (39,584 ) 

Oz Minerals Ltd.

    Goldman Sachs International      130,000      04/26/19      AUD     10.25      AUD       1,381        (52,050 ) 

Suncor Energy, Inc.

    Credit Suisse International      43,000      04/29/19      CAD     45.24      CAD       1,862        (11,456 ) 

Canadian Natural Resources Ltd.

    Credit Suisse International      24,200      04/30/19      CAD     37.70      CAD       888        (11,436 ) 

Glencore PLC

    Goldman Sachs International      1,326,000      04/30/19      GBP     3.15      GBP       4,217        (170,002 ) 

Ingredion, Inc.

    Citibank N.A.      17,000      04/30/19      USD     95.98      USD       1,610        (27,692 ) 

Smurfit Kappa Group PLC

    Morgan Stanley & Co. International PLC      59,600      04/30/19      EUR     25.87      EUR       1,485        (18,464 ) 

Stelco Holdings, Inc.

    Morgan Stanley & Co. International PLC      34,000      04/30/19      CAD     17.61      CAD       562        (11,578 ) 

Royal Dutch Shell PLC

    Barclays Bank PLC      56,500      05/01/19      USD     63.76      USD       3,536        (43,047 ) 

Glanbia PLC

    Goldman Sachs International      42,000      05/02/19      EUR     18.19      EUR       732        (18,839 ) 

Kerry Group PLC

    Morgan Stanley & Co. International PLC      16,700      05/02/19      EUR     97.41      EUR       1,662        (61,910 ) 

Oz Minerals Ltd.

    JPMorgan Chase Bank N.A.      130,000      05/02/19      AUD     10.37      AUD       1,381        (49,512 ) 

Suncor Energy, Inc.

    Credit Suisse International      43,000      05/02/19      CAD     45.24      CAD       1,862        (12,796 ) 

First Quantum Minerals Ltd.

    Credit Suisse International      41,300      05/03/19      CAD     14.89      CAD       463        (37,777 ) 

Nutrien Ltd.

    Credit Suisse International      26,800      05/03/19      CAD     70.28      CAD       1,889        (31,844 ) 

Nutrien Ltd.

    UBS AG      26,800      05/03/19      CAD     71.44      CAD       1,889        (17,064 ) 

Stelco Holdings, Inc.

    Morgan Stanley & Co. International PLC      34,000      05/03/19      CAD     17.95      CAD       562        (12,415 ) 

Trimble, Inc.

    Citibank N.A.      34,500      05/03/19      USD     40.96      USD       1,394        (47,068 ) 

First Quantum Minerals Ltd.

    Credit Suisse International      74,000      05/06/19      CAD     14.91      CAD       830        (58,019 ) 

Fresnillo PLC

    Goldman Sachs International      71,146      05/07/19      GBP     8.78      GBP       619        (26,983 ) 

Nutrien Ltd.

    Credit Suisse International      26,800      05/07/19      CAD     70.81      CAD       1,889        (31,683 ) 

Nutrien Ltd.

    UBS AG      26,800      05/07/19      CAD     71.44      CAD       1,889        (18,611 ) 

Total SA

    Goldman Sachs International      52,200      05/07/19      EUR     49.83      EUR       2,590        (61,001 ) 

Glanbia PLC

    UBS AG      40,000      05/08/19      EUR     17.98      EUR       698        (23,888 ) 

Glencore PLC

    Goldman Sachs International      390,000      05/08/19      GBP     3.16      GBP       1,240        (53,377 ) 

Oz Minerals Ltd.

    UBS AG      140,800      05/08/19      AUD     10.46      AUD       1,495        (50,938 ) 

Anglo American PLC

    Morgan Stanley & Co. International PLC      110,800      05/09/19      GBP     20.86      GBP       2,276        (96,023 ) 

 

 

6   

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

OTC Options Written (continued)

 

Description    Counterparty    Number of
Contracts		      Expiration
Date		    Exercise
Price		    Notional
Amount(000)		      Value  

Call (continued)

 

BNP Group PLC

    Goldman Sachs International      208,600      05/09/19      GBP     $18.34      GBP       3,863      $ (178,860 ) 

Mondi PLC

    UBS AG      68,500      05/09/19      GBP     18.27      GBP       1,165        (5,784 ) 

First Quantum Minerals Ltd.

    Goldman Sachs International      82,300      05/10/19      CAD     15.98      CAD       923        (26,587 ) 

Stelco Holdings, Inc.

    Morgan Stanley & Co. International PLC      34,000      05/10/19      CAD     18.47      CAD       562        (11,105 ) 

Suncor Energy, Inc.

    Royal Bank of Canada      64,500      05/10/19      CAD     45.50      CAD       2,793        (20,996 ) 

Ingredion, Inc.

    Citibank N.A.      21,300      05/13/19      USD     96.59      USD       2,017        (49,115 ) 

Kerry Group PLC

    Morgan Stanley & Co. International PLC      21,700      05/14/19      EUR     99.42      EUR       2,159        (61,787 ) 

Total SA

    UBS AG      44,900      05/14/19      EUR     50.03      EUR       2,227        (48,700 ) 

Albemarle Corp.

    Goldman Sachs International      21,200      05/15/19      USD     86.60      USD       1,738        (37,492 ) 

CNOOC Ltd.

    Goldman Sachs International      500,000      05/15/19      HKD     14.67      HKD       7,310        (37,076 ) 

Fresnillo PLC

    Goldman Sachs International      147,700      05/15/19      GBP     8.96      GBP       1,285        (48,193 ) 

Mondi PLC

    UBS AG      73,200      05/15/19      GBP     17.02      GBP       1,244        (37,653 ) 

Packaging Corp. of America

    Goldman Sachs International      34,500      05/15/19      USD     98.75      USD       3,429        (145,421 ) 

Umicore SA

    Credit Suisse International      20,000      05/15/19      EUR     40.31      EUR       794        (23,903 ) 

Trimble, Inc.

    Citibank N.A.      34,500      05/22/19      USD     40.86      USD       1,394        (62,352 ) 

Stelco Holdings, Inc.

    Citibank N.A.      50,000      05/24/19      CAD     17.69      CAD       827        (28,649 ) 

Stelco Holdings, Inc.

    Citibank N.A.      50,000      05/31/19      CAD     18.18      CAD       827        (25,843 ) 
                     

 

 

  
                      $ (3,526,353 ) 
                     

 

 

  

Fair Value Hierarchy as of Period End

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

 

  •  

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that Trust has the ability to access

 

  •  

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including Trust’s own assumptions used in determining the fair value of investments)

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 BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

The following table summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

 

     7  

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Common Stocks:

                  

Chemicals

   $ 110,322,393        $ 15,888,237        $ —        $ 126,210,630  

Containers & Packaging

     17,154,777          8,356,402          —          25,511,179  

Electronic Equipment, Instruments & Components

     13,374,137          —          —          13,374,137  

Energy Equipment & Services

     9,932,207          —          —          9,932,207  

Food Products

     54,176,765          —          —          54,176,765  

Machinery

     10,602,986          —          —          10,602,986  

Metals & Mining

     154,437,262          134,856,808          —          289,294,070  

Oil, Gas & Consumable Fuels

     228,369,993          65,103,192          —          293,473,185  

Paper & Forest Products

     —          11,781,845          56          11,781,901  

Pharmaceuticals

     9,830,287          —          —          9,830,287  

Specialty Retail

     13,132,492          —          —          13,132,492  

Corporate Bonds

     4,367,437          9,988,065          1,720,980          16,076,482  

Short-Term Securities

     10,200,095          —          —          10,200,095  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $ 635,900,831        $ 245,974,549        $ 1,721,036        $ 883,596,416  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

                     334,568  
    

 

 

  
                    883,930,984  
                 

 

 

  

Derivative Financial Instruments(b)

                  

Liabilities:

                 

Equity contracts

   $ (3,603,179 )       $ (3,902,821 )       $ —        $ (7,506,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

As of March 31, 2019, certain of the Trust’s Investments were fair valued using net asset value (“NAV”) per share and have been excluded from the fair value hierarchy.

 
  (b) 

Derivative financial instruments are options written, which are shown at value.

 

During the period ended March 31, 2019, there were no transfers between Level 1 and Level 2.

 

 

8