NPORT-EX 2 BRResourcesCommStrategyTrust.HTM EX-BCX

Consolidated Schedule of Investments  (unaudited) 

September 30, 2019

   

BlackRock Resources & Commodities Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 97.9%

    
Chemicals — 12.2%            

Albemarle Corp.(a)

     131,688     $ 9,154,950  

CF Industries Holdings, Inc.(a)

     327,199       16,098,191  

FMC Corp.(a)(b)

     320,631       28,112,926  

Koninklijke DSM NV

     119,358       14,368,528  

Nutrien Ltd.

     312,531       15,569,345  

Umicore SA

     333,958       12,618,019  
   

 

 

  
      95,921,959  
Containers & Packaging — 4.6%            

Graphic Packaging Holding Co.(a)(b)

     1,203,766       17,755,548  

Packaging Corp. of America(a)

     170,676       18,108,724  
   

 

 

  
      35,864,272  
Electronic Equipment, Instruments & Components — 1.8%  

Trimble, Inc.(a)(c)

     351,606       13,645,829  
   

 

 

  
Food Products — 10.4%            

Glanbia PLC

     520,163       6,463,251  

JBS SA

     2,200,208       17,363,583  

Kerry Group PLC, Class A

     165,383       19,341,818  

Nestle SA, Registered Shares

     182,779       19,823,197  

Tyson Foods, Inc., Class A(a)

     218,186       18,794,542  
   

 

 

  
      81,786,391  
Machinery — 1.8%            

Deere & Co.(a)

     85,468       14,416,742  
   

 

 

  
Metals & Mining — 30.2%            

Anglo American PLC

     1,091,362       25,081,655  

Barrick Gold Corp.(a)

     1,186,922       20,569,358  

BHP Group PLC

     1,770,174       37,809,626  

First Quantum Minerals Ltd.

     1,855,148       15,585,008  

Franco-Nevada Corp.

     136,639       12,450,511  

Fresnillo PLC

     1,059,881       8,916,520  

Lundin Mining Corp.

     2,267,885       10,664,546  

Neo Lithium Corp.(c)(d)

     5,273,139       2,189,098  

Newcrest Mining Ltd.

     654,442       15,101,678  

OZ Minerals Ltd.

     1,359,922       8,833,259  

Polyus PJSC — GDR

     173,403       10,031,307  

Rio Tinto PLC — ADR(a)

     230,629       12,013,465  

Stelco Holdings, Inc.

     1,232,627       8,615,410  

Teck Resources Ltd., Class B(a)

     623,622       10,121,385  

Vale SA — ADR(a)

     2,027,789       23,319,573  

Wheaton Precious Metals Corp.

     628,744       16,498,243  
   

 

 

  
      237,800,642  
Oil, Gas & Consumable Fuels — 34.4%            

BP PLC — ADR(a)

     1,139,056       43,272,737  

CNOOC Ltd.

     7,184,000       10,999,633  

Concho Resources, Inc.(a)

     44,200       3,001,180  

ConocoPhillips(a)

     228,237       13,004,944  

Eni SpA

     822,900       12,577,836  

EOG Resources, Inc.(a)

     113,550       8,427,681  
Security          Shares     Value  
Oil, Gas & Consumable Fuels (continued)        

Equinor ASA

       461,045     $ 8,733,193  

Exxon Mobil Corp.(a)(b)

       323,708       22,857,022  

Gazprom PJSC — ADR

       1,275,275       8,790,666  

Kosmos Energy Ltd.

       1,005,677       6,275,424  

Marathon Petroleum Corp.(a)

       195,154       11,855,606  

Petroleo Brasileiro SA — ADR(a)

       587,750       8,504,743  

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

       732,830       43,127,045  

Suncor Energy, Inc.

       613,799       19,361,181  

TOTAL SA

       845,059       43,999,474  

Williams Cos., Inc.(a)

       249,325       5,998,760  
     

 

 

  
        270,787,125  
Paper & Forest Products — 0.0%                  

Precious Woods Holding AG(c)

       20,000       154,301  
     

 

 

  
Pharmaceuticals — 0.5%                  

Sundial Growers, Inc.(c)

    

 

853,282

 

     4,091,487  
     

 

 

  
Specialty Retail — 2.0%                  

Tractor Supply Co.(a)

       172,970       15,643,407  
     

 

 

  

Total Common Stocks — 97.9%
(Cost — $730,874,782)

         770,112,155  
     

 

 

  
    

Par

(000)

         

Corporate Bonds — 1.8%

 

  
Metals & Mining — 1.8%                  

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

     CAD       5,652       4,347,968  

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

     USD       9,000       9,629,229  
     

 

 

  

Total Corporate Bonds — 1.8%
(Cost — $13,511,495)

 

     13,977,197  
     

 

 

  

Total Long-Term Investments — 99.7%
(Cost — $744,386,277)

 

     784,089,352  
     

 

 

  
     Shares         

Short-Term Securities — 0.5%

 

BlackRock Liquidity Funds, T-Fund,
Institutional Class, 1.87%(e)(g)

       4,181,608       4,181,608  

SL Liquidity Series, LLC,
Money Market Series, 2.13%(e)(f)(g)

       238,158     $ 238,206  
     

 

 

  

Total Short-Term Securities — 0.5%
(Cost — $4,419,761)

         4,419,814  
 

 

 

     1  

Consolidated Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Resources & Commodities Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Security   Value  

Options Purchased — 0.0%
(Cost — $2,710)

     1,423  
 

 

 

  

Total Investments Before Options Written — 100.2%
(Cost — $748,808,748)

   $ 788,510,589  
 

 

 

  
Security   Value  

Options Written — (1.1)%
(Premiums Received — $6,780,176)

     (8,488,470 ) 
 

 

 

  

Total Investments, Net of Options Written — 99.1%
(Cost — $742,028,572)

     780,022,119  

Other Assets Less Liabilities — 0.9%

     6,704,745  
 

 

 

  

Net Assets — 100.0%

   $ 786,726,864  
 

 

 

  
 

 

(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) 

Annualized 7-day yield as of period end.

(f) 

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

(g) 

During the period ended September 30, 2019, investments in issuers considered to be an affiliate/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

09/30/19

     

Value at

09/30/19

      Income     

Net

Realized

Gain (Loss) (a)

     

Change in
Unrealized

Appreciation
(Depreciation)

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      13,652,388        (9,470,780 )       4,181,608      $ 4,181,608      $ —      $ —      $ —  

SL Liquidity Series, LLC, Money Market Series

      276,499        (38,341 )       238,158        238,206        47,395 (b)       110        81  
           

 

 

     

 

 

     

 

 

     

 

 

  
   $ 4,419,814      $ 47,395      $ 110      $ 81  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

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

 

Currency Abbreviations
AUD    Australian Dollar
CAD    Canadian Dollar
CHF    Swiss Franc
EUR    Euro
GBP    British Pound
HKD    Hong Kong Dollar
NOK    Norwegian Krone
USD    United States Dollar

 

Portfolio Abbreviations
ADR    American Depositary Receipts
GDR    Global Depositary Receipt

 

 

2   

Consolidated Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Purchased

 

Description    Number of
Contracts		       

Expiration

Date

       

Exercise

Price

        Notional
Amount (000)		        Value  
Call                                                   

Teck Resources Ltd., Class B

      219          10/25/19        USD     19.00        USD     355        $ 1,423  
                          

 

 

  

Exchange-Traded Options Written

 

Description   

Number of

Contracts

       

Expiration

Date

       

Exercise

Price

        Notional
Amount (000)		        Value  
Call  

BP PLC — ADR

      692          10/04/19        USD     37.00        USD     2,629        $ (73,698 ) 

Barrick Gold Corp.

      1,654          10/04/19        USD     21.00        USD     2,866          (3,308 ) 

Exxon Mobil Corp.

      232          10/04/19        USD     69.50        USD     1,638          (30,856 ) 

Marathon Petroleum Corp.

      358          10/04/19        USD     51.00        USD     2,175          (377,690 ) 

Petroleo Brasileiro SA — ADR

      585          10/04/19        USD     15.50        USD     846          (1,170 ) 

Royal Dutch Shell PLC — ADR, Class A

      400          10/04/19        USD     57.50        USD     2,354          (63,000 ) 

Tyson Foods, Inc., Class A

      176          10/04/19        USD     92.50        USD     1,516          (1,760 ) 

Vale SA — ADR

      1,306          10/04/19        USD     11.50        USD     1,502          (22,202 ) 

BP PLC — ADR

      878          10/11/19        USD     37.50        USD     3,336          (68,596 ) 

Barrick Gold Corp.

      1,654          10/11/19        USD     20.35        USD     2,866          (352 ) 

CF Industries Holdings, Inc.

      217          10/11/19        USD     50.50        USD     1,068          (12,152 ) 

ConocoPhillips

      142          10/11/19        USD     55.00        USD     809          (35,429 ) 

EOG Resources, Inc.

      244          10/11/19        USD     80.00        USD     1,811          (5,124 ) 

Exxon Mobil Corp.

      209          10/11/19        USD     71.00        USD     1,476          (14,943 ) 

Exxon Mobil Corp.

      268          10/11/19        USD     72.50        USD     1,892          (5,762 ) 

Exxon Mobil Corp.

      223          10/11/19        USD     73.50        USD     1,575          (1,895 ) 

Marathon Petroleum Corp.

      86          10/11/19        USD     52.50        USD     522          (76,110 ) 

Petroleo Brasileiro SA — ADR

      585          10/11/19        USD     16.00        USD     846          (877 ) 

Royal Dutch Shell PLC — ADR, Class A

      520          10/11/19        USD     57.50        USD     3,060          (89,700 ) 

Vale SA — ADR

      1,307          10/11/19        USD     11.50        USD     1,503          (37,250 ) 

Albemarle Corp.

      184          10/18/19        USD     70.00        USD     1,279          (34,040 ) 

BP PLC — ADR

      638          10/18/19        USD     38.00        USD     2,424          (40,832 ) 

Barrick Gold Corp.

      1,440          10/18/19        USD     19.00        USD     2,496          (14,400 ) 

CF Industries Holdings, Inc.

      433          10/18/19        USD     51.00        USD     2,130          (27,712 ) 

ConocoPhillips

      145          10/18/19        USD     55.22        USD     826          (34,403 ) 

Deere & Co.

      91          10/18/19        USD     155.00        USD     1,535          (131,723 ) 

EOG Resources, Inc.

      42          10/18/19        USD     80.00        USD     312          (1,743 ) 

FMC Corp.

      362          10/18/19        USD     87.50        USD     3,174          (74,210 ) 

First Quantum Minerals Ltd.

      1,041          10/18/19        CAD     10.00        CAD     1,159          (111,184 ) 

Franco-Nevada Corp.

      100          10/18/19        CAD     125.00        CAD     1,207          (12,228 ) 

Franco-Nevada Corp.

      176          10/18/19        CAD     130.00        CAD     2,125          (9,100 ) 

Graphic Packaging Holding Co.

      869          10/18/19        USD     15.00        USD     1,282          (23,898 ) 

Lundin Mining Corp.

      2,648          10/18/19        CAD     7.00        CAD     1,650          (9,994 ) 

Marathon Petroleum Corp.

      32          10/18/19        USD     57.50        USD     194          (12,800 ) 

Nutrien Ltd.

      725          10/18/19        CAD     68.00        CAD     4,785          (23,257 ) 

Packaging Corp. of America

      311          10/18/19        USD     105.00        USD     3,300          (97,965 ) 

Petroleo Brasileiro SA — ADR

      585          10/18/19        USD     16.00        USD     846          (2,925 ) 

Rio Tinto PLC — ADR

      338          10/18/19        USD     54.39        USD     1,761          (11,830 ) 

 

 

     3  

Consolidated Schedule of Investments  (unaudited) (continued)

September 30, 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)                                                   

Royal Dutch Shell PLC — ADR, Class A

      401          10/18/19        USD     57.50        USD     2,360        $ (75,188 ) 

Stelco Holdings, Inc.

      250          10/18/19        CAD     12.87        CAD     232          (2,831 ) 

Suncor Energy, Inc.

      645          10/18/19        CAD     38.00        CAD     2,695          (192,305 ) 

Teck Resources Ltd., Class B

      620          10/18/19        USD     18.25        USD     1,006          (3,587 ) 

Tractor Supply Co.

      160          10/18/19        USD     95.00        USD     1,447          (12,000 ) 

Trimble, Inc.

      214          10/18/19        USD     40.00        USD     831          (9,630 ) 

Tyson Foods, Inc., Class A

      333          10/18/19        USD     90.00        USD     2,868          (19,980 ) 

Vale SA — ADR

      1,070          10/18/19        USD     12.00        USD     1,231          (18,190 ) 

Williams Cos., Inc.

      168          10/18/19        USD     24.00        USD     404          (9,324 ) 

Williams Cos., Inc.

      189          10/18/19        USD     25.00        USD     455          (3,024 ) 

BP PLC — ADR

      758          10/25/19        USD     39.00        USD     2,880          (25,393 ) 

CF Industries Holdings, Inc.

      217          10/25/19        USD     51.00        USD     1,068          (19,964 ) 

CF Industries Holdings, Inc.

      217          10/25/19        USD     51.50        USD     1,068          (16,275 ) 

ConocoPhillips

      423          10/25/19        USD     59.00        USD     2,410          (35,321 ) 

Deere & Co.

      65          10/25/19        USD     170.00        USD     1,096          (24,375 ) 

EOG Resources, Inc.

      81          10/25/19        USD     84.00        USD     601          (1,660 ) 

Marathon Petroleum Corp.

      122          10/25/19        USD     55.00        USD     741          (79,605 ) 

Royal Dutch Shell PLC — ADR, Class A

      510          10/25/19        USD     57.00        USD     3,001          (124,950 ) 

Royal Dutch Shell PLC — ADR, Class A

      511          10/25/19        USD     58.00        USD     3,007          (86,870 ) 

Teck Resources Ltd., Class B

      657          10/25/19        USD     20.00        USD     1,066          (3,942 ) 

Vale SA — ADR

      813          10/25/19        USD     12.00        USD     935          (19,512 ) 

Vale SA — ADR

      887          10/25/19        USD     13.50        USD     1,020          (3,548 ) 

Williams Cos., Inc.

      189          10/25/19        USD     25.00        USD     455          (4,536 ) 

Williams Cos., Inc.

      189          10/31/19        USD     25.15        USD     455          (5,635 ) 

BP PLC — ADR

      815          11/01/19        USD     39.00        USD     3,096          (43,603 ) 

CF Industries Holdings, Inc.

      216          11/01/19        USD     52.00        USD     1,063          (22,680 ) 

Concho Resources, Inc.

      98          11/01/19        USD     77.50        USD     665          (8,330 ) 

ConocoPhillips

      72          11/01/19        USD     63.00        USD     410          (2,268 ) 

Deere & Co.

      115          11/01/19        USD     167.50        USD     1,940          (66,988 ) 

EOG Resources, Inc.

      88          11/01/19        USD     79.00        USD     653          (10,164 ) 

Exxon Mobil Corp.

      362          11/01/19        USD     72.00        USD     2,556          (40,544 ) 

Marathon Petroleum Corp.

      182          11/01/19        USD     59.50        USD     1,106          (65,065 ) 

Petroleo Brasileiro SA — ADR

      11          11/01/19        USD     15.00        USD     16          (434 ) 

Royal Dutch Shell PLC — ADR, Class A

      155          11/01/19        USD     60.50        USD     912          (10,462 ) 

Teck Resources Ltd., Class B

      307          11/01/19        USD     17.50        USD     498          (10,284 ) 

Tractor Supply Co.

      350          11/01/19        USD     104.00        USD     3,165          (12,250 ) 

Tyson Foods, Inc., Class A

      220          11/01/19        USD     88.50        USD     1,895          (35,200 ) 

Vale SA — ADR

      887          11/01/19        USD     13.50        USD     1,020          (3,104 ) 

Vale SA — ADR

      840          11/01/19        USD     12.00        USD     966          (24,780 ) 

ConocoPhillips

      130          11/08/19        USD     61.00        USD     741          (10,595 ) 

Deere & Co.

      70          11/08/19        USD     167.50        USD     1,181          (44,450 ) 

Royal Dutch Shell PLC — ADR, Class A

      434          11/08/19        USD     60.00        USD     2,554          (40,145 ) 

BP PLC — ADR

      775          11/15/19        USD     40.00        USD     2,944          (24,800 ) 

Franco-Nevada Corp.

      270          11/15/19        CAD     130.00        CAD     3,259          (41,167 ) 

Graphic Packaging Holding Co.

      564          11/15/19        USD     15.00        USD     832          (31,020 ) 

Nutrien Ltd.

      734          11/15/19        CAD     70.00        CAD     4,844          (40,721 ) 

Petroleo Brasileiro SA — ADR

      585          11/15/19        USD     17.00        USD     846          (4,972 ) 

Rio Tinto PLC — ADR

      584          11/15/19        USD     52.50        USD     3,042          (100,740 ) 

Suncor Energy, Inc.

      410          11/15/19        CAD     42.00        CAD     1,713          (36,982 ) 

Suncor Energy, Inc.

      580          11/15/19        CAD     44.00        CAD     2,424          (19,481 ) 

Teck Resources Ltd., Class B

      910          11/15/19        USD     19.00        USD     1,477          (15,015 ) 

Tractor Supply Co.

      180          11/15/19        USD     92.50        USD     1,628          (59,400 ) 

 

 

4   

Consolidated Schedule of Investments  (unaudited) (continued)

September 30, 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)                                                   

Trimble, Inc.

      388          11/15/19        USD     40.00        USD     1,506        $ (54,320 ) 

Tyson Foods, Inc., Class A

      143          11/15/19        USD     90.00        USD     1,232          (28,243 ) 

Vale SA — ADR

      1,000          11/15/19        USD     12.00        USD     1,150          (38,000 ) 

Williams Cos., Inc.

      189          11/15/19        USD     26.00        USD     455          (3,969 ) 

Williams Cos., Inc.

      73          11/15/19        USD     25.00        USD     176          (3,467 ) 
                          

 

 

  
     $ (3,347,406 ) 
                          

 

 

  

OTC Options Written

 

Description    Counterparty   

Number of
Contracts

     

Expiration

Date

     

Exercise
Price

     

Notional

Amount (000)

      Value  
Call                                                

Graphic Packaging Holding Co.

    Credit Suisse International      92,500        10/01/19      USD     13.24      USD     1,364      $ (140,551 ) 

JBS SA

    Citibank N.A.      577,000        10/02/19      USD     27.81      USD     18,920        (688,361 ) 

Glanbia PLC

    UBS AG      50,000        10/03/19      EUR     11.59      EUR     570        (6,480 ) 

Kerry Group PLC, Class A

    UBS AG      16,700        10/03/19      EUR     107.52      EUR     1,792        (13,983 ) 

Koninklijke DSM NV

    Morgan Stanley & Co. International PLC      17,300        10/03/19      EUR     111.74      EUR     1,911        (10,305 ) 

Oz Minerals Ltd.

    UBS AG      140,800        10/03/19      AUD     9.80      AUD     1,354        (6,799 ) 

TOTAL SA

    Goldman Sachs International      44,900        10/03/19      EUR     44.88      EUR     2,145        (141,768 ) 

Trimble, Inc.

    Barclays Bank PLC      26,500        10/03/19      USD     38.03      USD     1,028        (23,456 ) 

First Quantum Minerals Ltd.

    Credit Suisse International      41,600        10/04/19      CAD     10.36      CAD     347        (27,815 ) 

First Quantum Minerals Ltd.

    Goldman Sachs International      114,000        10/04/19      CAD     12.88      CAD     952        (4,813 ) 

Suncor Energy, Inc.

    Royal Bank of Canada      43,000        10/04/19      CAD     38.28      CAD     1,797        (116,282 ) 

Graphic Packaging Holding Co.

    Credit Suisse International      92,100        10/09/19      USD     13.79      USD     1,358        (89,980 ) 

First Quantum Minerals Ltd.

    Citibank N.A.      265,500        10/10/19      CAD     8.68      CAD     2,217        (502,633 ) 

Glanbia PLC

    UBS AG      50,000        10/10/19      EUR     11.59      EUR     570        (15,417 ) 

Nutrien Ltd.

    Credit Suisse International      53,300        10/10/19      CAD     68.16      CAD     3,518        (6,764 ) 

Stelco Holdings, Inc.

    Credit Suisse International      25,000        10/10/19      CAD     11.32      CAD     232        (1,482 ) 

FMC Corp.

    Barclays Bank PLC      24,100        10/11/19      USD     87.75      USD     2,113        (35,783 ) 

Lundin Mining Corp.

    Credit Suisse International      265,200        10/15/19      CAD     7.15      CAD     1,652        (4,914 ) 

Albemarle Corp.

    Barclays Bank PLC      34,200        10/16/19      USD     68.50      USD     2,378        (85,701 ) 

CNOOC Ltd.

    JPMorgan Chase Bank N.A.      500,000        10/16/19      HKD     11.77      HKD     6,000        (30,183 ) 

Eni SpA

    Goldman Sachs International      115,300        10/16/19      EUR     13.46      EUR     1,617        (76,246 ) 

Fresnillo PLC

    Credit Suisse International      220,400        10/16/19      GBP     7.84      GBP     1,508        (1,681 ) 

Koninklijke DSM NV

    Credit Suisse International      24,500        10/16/19      EUR     118.65      EUR     2,706        (3,044 ) 

Anglo American PLC

    Credit Suisse International      258,100        10/17/19      GBP     17.65      GBP     4,824        (398,853 ) 

Equinor ASA

    Citibank N.A.      23,100        10/17/19      NOK     183.55      NOK     3,981        (2,648 ) 

Oz Minerals Ltd.

    Morgan Stanley & Co. International PLC      63,700        10/17/19      AUD     9.40      AUD     613        (16,477 ) 

TOTAL SA

    Credit Suisse International      72,000        10/17/19      EUR     45.67      EUR     3,439        (186,004 ) 

Umicore SA

    Credit Suisse International      89,000        10/17/19      EUR     27.84      EUR     3,086        (666,759 ) 

Concho Resources, Inc.

    UBS AG      7,800        10/18/19      USD     74.43      USD     530        (4,194 ) 

Trimble, Inc.

    UBS AG      12,800        10/18/19      USD     37.62      USD     497        (20,861 ) 

BHP Group PLC

    UBS AG      237,000        10/22/19      GBP     18.00      GBP     4,117        (59,986 ) 

Gazprom PJSC — ADR

    Goldman Sachs International      255,100        10/22/19      USD     7.24      USD     1,758        (19,189 ) 

Equinor ASA

    Credit Suisse International      46,000        10/23/19      NOK     188.88      NOK     7,927        (3,603 ) 

Glanbia PLC

    Morgan Stanley & Co. International PLC      75,450        10/23/19      EUR     11.80      EUR     860        (31,757 ) 

Kerry Group PLC, Class A

    Morgan Stanley & Co. International PLC      21,700        10/23/19      EUR     110.60      EUR     2,328        (24,844 ) 

Nestle SA, Registered Shares

    Goldman Sachs International      33,000        10/23/19      CHF     113.12      CHF     3,572        (15,891 ) 

TOTAL SA

    Goldman Sachs International      66,700        10/23/19      EUR     45.08      EUR     3,186        (212,479 ) 

Umicore SA

    UBS AG      18,300        10/23/19      EUR     33.17      EUR     634        (42,560 ) 

FMC Corp.

    Barclays Bank PLC      25,400        10/25/19      USD     90.37      USD     2,227        (34,491 ) 

Packaging Corp. of America

    Barclays Bank PLC      39,600        10/25/19      USD     110.67      USD     4,202        (53,882 ) 

 

 

     5  

Consolidated Schedule of Investments  (unaudited) (continued)

September 30, 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)                                                

Trimble, Inc.

    UBS AG      41,100        10/25/19      USD     40.69      USD     1,595      $ (28,028 ) 

Anglo American PLC

    Morgan Stanley & Co. International PLC      86,700        10/29/19      GBP     19.68      GBP     1,620        (36,138 ) 

BHP Group PLC

    UBS AG      245,000        10/29/19      GBP     18.29      GBP     4,256        (62,374 ) 

CNOOC Ltd.

    JPMorgan Chase Bank N.A.      635,000        10/29/19      HKD     12.34      HKD     7,620        (22,778 ) 

Equinor ASA

    Goldman Sachs International      46,100        10/29/19      NOK     188.76      NOK     7,944        (5,011 ) 

Graphic Packaging Holding Co.

    Credit Suisse International      78,600        10/29/19      USD     14.16      USD     1,159        (68,278 ) 

TOTAL SA

    Credit Suisse International      23,800        10/29/19      EUR     47.73      EUR     1,137        (30,114 ) 

Umicore SA

    Credit Suisse International      32,200        10/29/19      EUR     34.83      EUR     1,116        (40,818 ) 

Gazprom PJSC — ADR

    Goldman Sachs International      255,100        10/30/19      USD     7.24      USD     1,758        (19,171 ) 

Lundin Mining Corp.

    Credit Suisse International      265,300        10/30/19      CAD     7.28      CAD     1,653        (3,831 ) 

Nutrien Ltd.

    Credit Suisse International      91,300        10/30/19      CAD     67.52      CAD     6,026        (61,241 ) 

FMC Corp.

    Barclays Bank PLC      42,500        11/01/19      USD     91.87      USD     3,726        (48,472 ) 

Glanbia PLC

    UBS AG      40,000        11/01/19      EUR     11.55      EUR     456        (25,538 ) 

Nestle SA, Registered Shares

    UBS AG      42,700        11/01/19      CHF     112.27      CHF     4,622        (30,835 ) 

Oz Minerals Ltd.

    UBS AG      103,300        11/01/19      AUD     9.56      AUD     994        (26,387 ) 

Graphic Packaging Holding Co.

    Barclays Bank PLC      18,536        11/05/19      USD     14.62      USD     273        (12,085 ) 

Kerry Group PLC, Class A

    Morgan Stanley & Co. International PLC      27,700        11/05/19      EUR     107.10      EUR     2,972        (102,094 ) 

CNOOC Ltd.

    JPMorgan Chase Bank N.A.      1,738,000        11/06/19      HKD     12.92      HKD     20,856        (35,547 ) 

Eni SpA

    Credit Suisse International      136,400        11/06/19      EUR     14.24      EUR     1,912        (35,677 ) 

Equinor ASA

    Credit Suisse International      35,000        11/06/19      NOK     185.46      NOK     6,032        (7,496 ) 

First Quantum Minerals Ltd.

    Citibank N.A.      66,000        11/06/19      CAD     10.40      CAD     551        (68,677 ) 

Fresnillo PLC

    Morgan Stanley & Co. International PLC      112,200        11/06/19      GBP     7.42      GBP     767        (14,098 ) 

JBS SA

    Credit Suisse International      303,000        11/06/19      USD     34.52      USD     9,935        (72,184 ) 

Polyus PJSC — GDR

    Credit Suisse International      23,000        11/06/19      USD     61.99      USD     1,328        (9,379 ) 

Graphic Packaging Holding Co.

    Barclays Bank PLC      56,400        11/08/19      USD     14.77      USD     832        (33,329 ) 

Anglo American PLC

    Morgan Stanley & Co. International PLC      91,800        11/12/19      GBP     19.76      GBP     1,716        (49,088 ) 

BHP Group PLC

    UBS AG      226,100        11/12/19      GBP     18.34      GBP     3,927        (74,637 ) 

Eni SpA

    Citibank N.A.      77,400        11/13/19      EUR     14.18      EUR     1,085        (24,279 ) 

Oz Minerals Ltd.

    UBS AG      106,200        11/13/19      AUD     9.89      AUD     1,022        (20,194 ) 

TOTAL SA

    Morgan Stanley & Co. International PLC      70,200        11/13/19      EUR     48.50      EUR     3,353        (80,622 ) 

Fresnillo PLC

    Goldman Sachs International      91,300        11/14/19      GBP     7.64      GBP     624        (9,182 ) 

Oz Minerals Ltd.

    UBS AG      130,000        11/19/19      AUD     9.85      AUD     1,251        (28,348 ) 

TOTAL SA

    Credit Suisse International      60,500        11/19/19      EUR     47.98      EUR     2,890        (88,751 ) 

Lundin Mining Corp.

    Citibank N.A.      112,000        11/20/19      CAD     6.66      CAD     698        (14,894 ) 

Suncor Energy, Inc.

    Morgan Stanley & Co. International PLC      39,000        12/09/19      CAD     43.28      CAD     1,630        (22,570 ) 
                     

 

 

  
   $ (5,141,064 ) 
                     

 

 

  

 

 

6   

Consolidated Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

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 the Trust has the ability to access

 

  •  

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

 

  •  

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the 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.

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, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

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

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Common Stocks:

                  

Chemicals

   $ 68,935,412        $ 26,986,547        $             —        $ 95,921,959  

Containers & Packaging

     35,864,272          —          —          35,864,272  

Electronic Equipment, Instruments & Components

     13,645,829          —          —          13,645,829  

Food Products

     61,963,194          19,823,197          —          81,786,391  

Machinery

     14,416,742          —          —          14,416,742  

Metals & Mining

     132,026,597          105,774,045          —          237,800,642  

Oil, Gas & Consumable Fuels

     185,686,323          85,100,802          —          270,787,125  

Paper & Forest Products

     —          154,301          —          154,301  

Pharmaceuticals

     4,091,487          —          —          4,091,487  

Specialty Retail

     15,643,407          —          —          15,643,407  

Corporate Bonds(a)

     4,347,968          9,629,229          —          13,977,197  

Options Purchased:

                  

Equity contracts

      1,423          —          —          1,423  

Short-Term Securities

     4,181,608          —          —          4,181,608  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $ 540,804,262        $ 247,468,121        $ —        $ 788,272,383  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at Net Asset Value (“NAV”)(b)

                     238,206  
                 

 

 

  

Total Investments

                   $ 788,510,589  
                 

 

 

  

Derivative Financial Instruments(c)

                  

Liabilities:

                 

Equity contracts

   $ (3,234,832 )       $ (5,253,638 )       $ —        $ (8,488,470 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each sector. Investments categorized as Level 1 and 2 are included in sector.

 
  (b) 

Certain investments of the Trust were fair valued using NAV per share or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

 
  (c)

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

 

 

 

     7  

Consolidated Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

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

 

     

Common

Stocks

      Corporate Bonds      Total  

Assets:

         

Opening Balance, as of December 31, 2018

    $ 15,030,251      $ 1,578,600      $ 16,608,851  

Transfers into Level 3

      —        —        —  

Transfers out of Level 3

      —        —        —  

Accrued discounts/premiums

      —        —        —  

Net realized gain (loss)

      (9,184,456 )       90,000        (9,094,456 ) 

Net change in unrealized appreciation (depreciation)(a)

      6,561,854        221,400        6,783,254  

Purchases

      —        —        —  

Sales

      (12,407,649 )       (1,890,000 )       (14,297,649 ) 
  

 

 

     

 

 

     

 

 

  

Closing Balance, as of September 30, 2019

    $ —      $ —      $ —  
  

 

 

     

 

 

     

 

 

  

 

  (a) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2019 is generally due to investments no longer held or categorized as Level 3 at period end.

 

 

 

8