NPORT-EX 2 NPORT_5846256734451000.htm BlackRock Resources Commodities Strategy Trust

Consolidated Schedule of Investments  (unaudited)

March 31, 2020

   

BlackRock Resources & Commodities Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 96.5%

 

Chemicals — 10.9%  

Albemarle Corp.(a)

       117,982     $ 6,650,645  

CF Industries Holdings, Inc.(a)

       578,767       15,742,463  

FMC Corp.(a)(b)

       253,378       20,698,449  

Koninkilijke DSM NV

       117,778       13,248,700  

Umicore SA

       110,278       3,803,623  
     

 

 

  
        60,143,880  
Containers & Packaging — 5.2%  

Graphic Packaging Holding Co.(a)(b)

       1,190,554       14,524,759  

International Paper Co.(a)

       197,740       6,155,646  

Packaging Corp. of America(a)(b)

       91,918       7,981,240  
     

 

 

  
        28,661,645  
Electronic Equipment, Instruments & Components — 0.9%  

Trimble, Inc.(c)

       158,774       5,053,776  
     

 

 

  
Food Products — 10.3%                  

JBS SA

       2,813,780       11,014,470  

Kerry Group PLC, Class A

       120,510       13,982,175  

Nestle SA, Registered Shares

       137,614       14,087,240  

Salmar ASA

       163,209       5,399,597  

Tyson Foods, Inc., Class A(a)

       215,298       12,459,295  
     

 

 

  
        56,942,777  
Machinery — 1.0%                  

Deere & Co.(a)

       39,860       5,507,058  
     

 

 

  
Metals & Mining — 39.1%                  

Anglo American PLC

       1,108,843       19,430,938  

Barrick Gold Corp.(a)

       1,255,717       23,004,735  

BHP Group PLC

       2,516,409       39,053,787  

First Quantum Minerals Ltd.

       2,250,175       11,496,311  

Franco-Nevada Corp.

       134,830       13,471,503  

Freeport-McMoRan, Inc.(a)

       749,135       5,056,661  

Fresnillo PLC

       729,200       5,990,950  

Impala Platinum Holdings Ltd.

       424,654       1,769,371  

Lundin Mining Corp.

       1,293,967       4,863,985  

MMC Norilsk Nickel PJSC, ADR

       323,830       8,021,376  

Neo Lithium Corp.(c)(d)

       5,045,830       1,936,153  

Newcrest Mining Ltd.

       384,563       5,281,096  

Newmont Corp.(a)

       146,487       6,632,931  

Polyus PJSC — GDR

       155,192       10,531,798  

Rio Tinto PLC — ADR(a)

       281,997       12,847,783  

Stelco Holdings, Inc.

       1,469,821       4,334,369  

Vale SA — ADR(a)

       2,531,059       20,982,479  

Wheaton Precious Metals Corp.

       741,004       20,399,840  
     

 

 

  
        215,106,066  
Oil, Gas & Consumable Fuels — 27.7%                  

BP PLC — ADR(a)

       889,806       21,702,368  

Chevron Corp.(a)(b)

       328,839       23,827,674  

CNOOC Ltd.

       8,165,000       8,484,855  

ConocoPhillips(a)

       272,287       8,386,440  

EOG Resources, Inc.(a)

       148,007       5,316,411  

Equinor ASA

       628,454       7,834,388  

Gazprom PJSC — ADR

       1,177,283       5,338,670  

Kinder Morgan, Inc.

       339,644       4,727,845  

Kosmos Energy Ltd.

       1,306,747       1,170,323  

Marathon Petroleum Corp.(a)

       155,913       3,682,665  

Petroleo Brasileiro SA — ADR(a)

       805,734       4,431,537  

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

       547,230       19,092,855  

TOTAL SA

       827,065       31,162,795  

Williams Cos., Inc.(a)

       534,259       7,559,765  
     

 

 

  
        152,718,591  
Security   Shares     Value  
Paper & Forest Products — 0.0%                  

Precious Woods Holding AG(c)

       20,000     $ 176,623  
     

 

 

  
Specialty Retail — 1.4%                  

Tractor Supply Co.(a)

       91,399       7,727,786  
     

 

 

  

Total Common Stocks — 96.5%
(Cost — $658,231,760)

 

     532,038,202  
     

 

 

  
     Par
(000)		         

Corporate Bonds — 2.3%

      
Metals & Mining — 2.3%                  

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

     CAD       5,652       3,805,350  

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

     USD       9,000       8,999,986  
     

 

 

  

Total Corporate Bonds — 2.3%
(Cost — $13,511,494)

         12,805,336  
     

 

 

  

Total Long-Term Investments — 98.8%
(Cost — $671,743,254)

         544,843,538  
     

 

 

  
 

 

 

     1  

Consolidated Schedule of Investments  (unaudited) (continued)

March 31, 2020

   

BlackRock Resources & Commodities Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Short-Term Securities — 1.5%

    

BlackRock Liquidity Funds, T-Fund,
Institutional Class, 0.21%(e)(g)

     7,952,841     $ 7,952,841  

SL Liquidity Series, LLC, Money Market
Series, 0.88%(e)(f)(g)

     178,149       178,113  
   

 

 

  

Total Short-Term Securities — 1.5%
(Cost — $8,130,965)

       8,130,954  
   

 

 

  
Security          Value  

Total Investments Before Options Written — 100.3%
(Cost — $679,874,219)

     $ 552,974,492  
   

 

 

  

Options Written — (1.5)%
(Premiums Received — $6,764,813)

       (8,444,208 ) 
   

 

 

  

Total Investments, Net of Options Written — 98.8%
(Cost — $673,109,406)

       544,530,284  

Other Assets Less Liabilities — 1.2%

       6,547,255  
   

 

 

  

Net Assets — 100.0%

     $ 551,077,539  
   

 

 

  
 
(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) 

Security was purchased with the cash collateral from loaned securities.

(g) 

Investments in issuers considered to be an affiliate/affiliates of the Trust during the period ended March 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate Issuer    Shares
Held at
12/31/19		      Shares
Purchased		     

Shares

Sold

      Shares
Held at
03/31/20		      Value at
03/31/20		      Income      Net Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      13,708,365        —        (5,755,524 )(b)       7,952,841      $ 7,952,841      $ 46,970      $ —      $ —  

SL Liquidity Series, LLC, Money Market Series

      183,142        —        (4,993 )(b)       178,149        178,113        5,102 (c)       —        (52 ) 
              

 

 

     

 

 

     

 

 

     

 

 

  
               $ 8,130,954      $ 52,072      $ —      $ (52 ) 
              

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased (sold).

 
  (c) 

All or portion 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 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

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

NOK — Norwegian Krone

USD — United States Dollar

ZAR — South African Rand

 

 

2   

Consolidated Schedule of Investments  (unaudited) (continued)

March 31, 2020

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

Portfolio Abbreviations

ADR — American Depositary Receipts

GDR — Global Depositary Receipt

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                                                   

CF Industries Holdings, Inc.

      418          04/03/20        USD     39.50        USD     1,137        $ (179,740 ) 

Chevron Corp.

      227          04/03/20        USD     112.00        USD     1,645          (2,043 ) 

ConocoPhillips

      36          04/03/20        USD     60.00        USD     111          (36 ) 

EOG Resources, Inc.

      334          04/03/20        USD     80.00        USD     1,200          (8,350 ) 

Freeport-McMoRan, Inc.

      1,012          04/03/20        USD     13.50        USD     683          (2,024 ) 

Marathon Petroleum Corp.

      60          04/03/20        USD     62.50        USD     142          (540 ) 

Royal Dutch Shell PLC — ADR, Class A

      573          04/03/20        USD     52.50        USD     1,999          (57,300 ) 

Tractor Supply Co.

      185          04/03/20        USD     94.50        USD     1,564          (1,850 ) 

Tyson Foods, Inc., Class A

      159          04/03/20        USD     79.50        USD     920          (4,770 ) 

Williams Cos., Inc.

      200          04/03/20        USD     20.50        USD     283          (200 ) 

BP PLC — ADR

      531          04/09/20        USD     33.00        USD     1,295          (10,620 ) 

Barrick Gold Corp.

      1,027          04/09/20        USD     18.50        USD     1,881          (79,079 ) 

CF Industries Holdings, Inc.

      418          04/09/20        USD     39.50        USD     1,137          (120,802 ) 

Chevron Corp.

      182          04/09/20        USD     100.00        USD     1,319          (21,112 ) 

ConocoPhillips

      180          04/09/20        USD     51.00        USD     554          (900 ) 

International Paper Co.

      467          04/09/20        USD     39.50        USD     1,454          (36,893 ) 

Tyson Foods, Inc., Class A

      333          04/09/20        USD     69.00        USD     1,927          (11,655 ) 

Williams Cos., Inc.

      500          04/09/20        USD     19.50        USD     708          (21,500 ) 

Albemarle Corp.

      342          04/17/20        USD     75.00        USD     1,928          (10,260 ) 

BP PLC — ADR

      326          04/17/20        USD     39.00        USD     795          (489 ) 

BP PLC — ADR

      797          04/17/20        USD     37.00        USD     1,944          (3,985 ) 

BP PLC — ADR

      510          04/17/20        USD     24.00        USD     1,244          (89,250 ) 

Barrick Gold Corp.

      350          04/17/20        USD     20.00        USD     641          (16,100 ) 

CF Industries Holdings, Inc.

      433          04/17/20        USD     40.00        USD     1,178          (2,165 ) 

Chevron Corp.

      151          04/17/20        USD     65.00        USD     1,094          (137,410 ) 

Chevron Corp.

      228          04/17/20        USD     112.01        USD     1,652          (1,446 ) 

ConocoPhillips

      423          04/17/20        USD     62.50        USD     1,303          (5,499 ) 

ConocoPhillips

      197          04/17/20        USD     29.00        USD     607          (65,010 ) 

Deere & Co.

      81          04/17/20        USD     130.00        USD     1,119          (102,263 ) 

EOG Resources, Inc.

      133          04/17/20        USD     67.50        USD     478          (3,325 ) 

FMC Corp.

      665          04/17/20        USD     110.00        USD     5,432          (13,300 ) 

FMC Corp.

      362          04/17/20        USD     75.00        USD     2,957          (334,850 ) 

Franco-Nevada Corp.

      206          04/17/20        CAD     155.00        CAD     2,897          (35,204 ) 

Freeport-McMoRan, Inc.

      1,012          04/17/20        USD     11.00        USD     683          (2,530 ) 

Freeport-McMoRan, Inc.

      1,012          04/17/20        USD     9.00        USD     683          (5,566 ) 

Graphic Packaging Holding Co.

      1,675          04/17/20        USD     15.00        USD     2,044          (33,500 ) 

Graphic Packaging Holding Co.

      675          04/17/20        USD     12.50        USD     824          (45,563 ) 

Marathon Petroleum Corp.

      49          04/17/20        USD     45.00        USD     116          (490 ) 

Marathon Petroleum Corp.

      105          04/17/20        USD     25.00        USD     248          (16,275 ) 

Newmont Corp.

      300          04/17/20        USD     55.00        USD     1,358          (7,200 ) 

Packaging Corp. of America

      156          04/17/20        USD     100.00        USD     1,355          (17,550 ) 

Petroleo Brasileiro SA — ADR

      918          04/17/20        USD     16.00        USD     505          (4,590 ) 

Petroleo Brasileiro SA — ADR

      1,082          04/17/20        USD     8.00        USD     595          (4,328 ) 

Petroleo Brasileiro SA — ADR

      640          04/17/20        USD     7.00        USD     352          (5,440 ) 

 

 

     3  

Consolidated Schedule of Investments  (unaudited) (continued)

March 31, 2020

   

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)                                                   

Rio Tinto PLC — ADR

      572          04/17/20        USD     55.00        USD     2,606        $ (17,160 ) 

Rio Tinto PLC — ADR

      571          04/17/20        USD     42.50        USD     2,601          (214,125 ) 

Royal Dutch Shell PLC — ADR, Class A

      862          04/17/20        USD     30.00        USD     3,008          (443,930 ) 

Royal Dutch Shell PLC — ADR, Class A

      441          04/17/20        USD     36.00        USD     1,539          (110,250 ) 

Tractor Supply Co.

      105          04/17/20        USD     97.50        USD     888          (1,837 ) 

Tractor Supply Co.

      80          04/17/20        USD     82.50        USD     676          (46,000 ) 

Trimble, Inc.

      301          04/17/20        USD     25.00        USD     958          (237,790 ) 

Tyson Foods, Inc., Class A

      220          04/17/20        USD     62.50        USD     1,273          (27,500 ) 

Vale SA — ADR

      2,054          04/17/20        USD     11.00        USD     1,703          (12,324 ) 

Vale SA — ADR

      2,263          04/17/20        USD     10.00        USD     1,876          (15,841 ) 

Williams Cos., Inc.

      350          04/17/20        USD     23.00        USD     495          (12,950 ) 

Williams Cos., Inc.

      112          04/17/20        USD     16.00        USD     158          (4,928 ) 

BP PLC — ADR

      797          04/24/20        USD     27.50        USD     1,944          (43,436 ) 

Chevron Corp.

      545          04/24/20        USD     60.00        USD     3,949          (753,463 ) 

EOG Resources, Inc.

      45          04/24/20        USD     42.50        USD     162          (4,027 ) 

EOG Resources, Inc.

      87          04/24/20        USD     42.00        USD     313          (8,700 ) 

International Paper Co.

      334          04/24/20        USD     33.00        USD     1,040          (40,247 ) 

Marathon Petroleum Corp.

      358          04/24/20        USD     27.50        USD     846          (79,476 ) 

Vale SA — ADR

      1,107          04/24/20        USD     9.00        USD     918          (41,512 ) 

Tyson Foods, Inc., Class A

      160          05/01/20        USD     61.50        USD     926          (34,400 ) 

BP PLC — ADR

      598          05/15/20        USD     21.00        USD     1,459          (275,080 ) 

CF Industries Holdings, Inc.

      418          05/15/20        USD     40.00        USD     1,137          (8,360 ) 

CF Industries Holdings, Inc.

      225          05/15/20        USD     25.00        USD     612          (91,688 ) 

CF Industries Holdings, Inc.

      434          05/15/20        USD     30.00        USD     1,180          (64,015 ) 

ConocoPhillips

      122          05/15/20        USD     50.00        USD     376          (2,684 ) 

ConocoPhillips

      145          05/15/20        USD     30.00        USD     447          (61,625 ) 

Deere & Co.

      80          05/15/20        USD     155.00        USD     1,105          (30,000 ) 

Franco-Nevada Corp.

      135          05/15/20        CAD     155.00        CAD     1,898          (48,684 ) 

Newmont Corp.

      300          05/15/20        USD     55.00        USD     1,358          (13,800 ) 

Williams Cos., Inc.

      653          05/15/20        USD     12.00        USD     924          (201,777 ) 

Williams Cos., Inc.

      350          05/15/20        USD     16.00        USD     495          (29,400 ) 
                          

 

 

  
                           $ (4,500,011 ) 
                          

 

 

  

 

 

4   

Consolidated Schedule of Investments  (unaudited) (continued)

March 31, 2020

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

OTC Options Written

 

Description    Counterparty    Number of
Contracts		      Expiration
Date		     

Exercise

Price

      Notional
Amount (000)		      Value  
Call                                                

TOTAL SA

    Credit Suisse International      57,100        04/01/20      EUR     45.07      EUR     1,951      $ 0.00  

Umicore SA

    Morgan Stanley & Co. International PLC      41,550        04/01/20      EUR     47.36      EUR     1,299        0.00  

Albemarle Corp.

    JPMorgan Chase Bank N.A.      13,600        04/02/20      USD     87.25      USD     767        0.00  

Vale SA — ADR

    Credit Suisse International      118,500        04/03/20      USD     12.38      USD     982        0.00  

Newcrest Mining Ltd.

    UBS AG      103,800        04/07/20      AUD     27.80      AUD     2,318        (1,516 ) 

TOTAL SA

    Credit Suisse International      23,800        04/07/20      EUR     45.46      EUR     813        (1 ) 

Fresnillo PLC

    Credit Suisse International      5,300        04/08/20      GBP     7.30      GBP     35        (814 ) 

Fresnillo PLC

    Morgan Stanley & Co. International PLC      132,500        04/08/20      GBP     7.36      GBP     876        (18,096 ) 

Graphic Packaging Holding Co.

    Credit Suisse International      46,000        04/08/20      USD     14.35      USD     561        (309 ) 

Lundin Mining Corp.

    Credit Suisse International      42,600        04/08/20      CAD     7.44      CAD     225        (139 ) 

Lundin Mining Corp.

    Goldman Sachs International      256,000        04/08/20      CAD     7.37      CAD     1,354        (1,057 ) 

Statoil ASA

    Morgan Stanley & Co. International PLC      28,400        04/08/20      NOK     163.38      NOK     3,681        (10 ) 

CNOOC Ltd.

    Goldman Sachs International      296,000        04/14/20      HKD     11.53      HKD     2,386        (5 ) 

JBS SA

    Credit Suisse International      303,000        04/14/20      BRL     27.59      BRL     6,163        (5,709 ) 

Anglo American PLC

    UBS AG      51,000        04/15/20      GBP     21.81      GBP     720        (87 ) 

Salmar ASA

    Credit Suisse International      33,000        04/15/20      NOK     440.59      NOK     11,351        (134 ) 

Statoil ASA

    Credit Suisse International      23,100        04/15/20      NOK     151.77      NOK     2,994        (1,974 ) 

Vale SA — ADR

    Credit Suisse International      118,500        04/15/20      USD     12.38      USD     982        (790 ) 

Gazprom PJSC — ADR

    Credit Suisse International      175,000        04/16/20      USD     7.04      USD     793        (1,318 ) 

Koninkilijke DSM NV

    Barclays Bank PLC      23,200        04/21/20      EUR     109.79      EUR     2,366        (49,124 ) 

TOTAL SA

    Credit Suisse International      112,800        04/21/20      EUR     40.86      EUR     3,853        (27,031 ) 

BHP Group PLC

    Goldman Sachs International      157,600        04/22/20      GBP     15.08      GBP     1,968        (54,209 ) 

CNOOC Ltd.

    JPMorgan Chase Bank N.A.      1,177,000        04/22/20      HKD     7.87      HKD     9,487        (100,519 ) 

Fresnillo PLC

    Credit Suisse International      200,000        04/22/20      GBP     7.96      GBP     1,322        (23,999 ) 

Koninkilijke DSM NV

    UBS AG      24,500        04/22/20      EUR     104.03      EUR     2,499        (115,133 ) 

Polyus PJSC — GDR

    Credit Suisse International      31,400        04/22/20      USD     66.09      USD     2,141        (144,639 ) 

Statoil ASA

    Credit Suisse International      46,100        04/22/20      NOK     124.22      NOK     5,975        (46,726 ) 

TOTAL SA

    Credit Suisse International      72,000        04/22/20      EUR     32.68      EUR     2,460        (228,746 ) 

Gazprom PJSC — ADR

    Credit Suisse International      175,000        04/23/20      USD     7.04      USD     793        (1,792 ) 

Kerry Group PLC, Class A

    Morgan Stanley & Co. International PLC      27,700        04/23/20      EUR     122.41      EUR     2,914        (2,459 ) 

Trimble, Inc.

    JPMorgan Chase Bank N.A.      34,200        04/24/20      USD     41.43      USD     1,089        (1,939 ) 

Lundin Mining Corp.

    Morgan Stanley & Co. International PLC      112,000        04/27/20      CAD     6.43      CAD     592        (9,908 ) 

Vale SA — ADR

    Bank of America N.A.      162,800        04/27/20      USD     12.32      USD     1,350        (7,894 ) 

Gazprom PJSC — ADR

    UBS AG      127,300        04/28/20      USD     6.16      USD     577        (8,723 ) 

JBS SA

    Citibank N.A.      261,000        04/28/20      BRL     24.95      BRL     5,309        (23,495 ) 

Kerry Group PLC, Class A

    UBS AG      13,200        04/28/20      EUR     107.87      EUR     1,389        (44,343 ) 

Nestle SA, Registered Shares

    Credit Suisse International      55,700        04/28/20      CHF     98.55      CHF     5,488        (122,302 ) 

Statoil ASA

    UBS AG      43,300        04/28/20      NOK     115.21      NOK     5,612        (72,297 ) 

TOTAL SA

    Credit Suisse International      69,500        04/28/20      EUR     34.12      EUR     2,374        (176,039 ) 

Umicore SA

    Credit Suisse International      18,300        04/28/20      EUR     38.42      EUR     572        (8,067 ) 

Anglo American PLC

    Barclays Bank PLC      258,600        04/29/20      GBP     19.29      GBP     3,649        (3,494 ) 

Impala Platinum Holdings Ltd.

    Credit Suisse International      86,000        04/29/20      ZAR     109.20      ZAR     6,409        (4,855 ) 

Polyus PJSC — GDR

    Credit Suisse International      31,500        04/29/20      USD     67.89      USD     2,148        (131,337 ) 

BHP Group PLC

    Citibank N.A.      618,500        04/30/20      GBP     11.00      GBP     7,725        (1,534,537 ) 

Graphic Packaging Holding Co.

    JPMorgan Chase Bank N.A.      46,000        04/30/20      USD     14.64      USD     561        (5,173 ) 

Lundin Mining Corp.

    Credit Suisse International      256,000        05/04/20      CAD     7.35      CAD     1,354        (7,815 ) 

 

 

     5  

Consolidated Schedule of Investments  (unaudited) (continued)

March 31, 2020

   

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)                                                    

Anglo American PLC

    Goldman Sachs International      53,200        05/05/20        GBP       14.14        GBP       751      $ (57,489 ) 

Anglo American PLC

    UBS AG      86,700        05/05/20        GBP       13.90        GBP       1,223        (151,049 ) 

CNOOC Ltd.

    JPMorgan Chase Bank N.A.      1,837,000        05/05/20        HKD       8.67        HKD       14,806        (76,680 ) 

Newcrest Mining Ltd.

    UBS AG      52,000        05/05/20        AUD       23.35        AUD       1,161        (45,601 ) 

Packaging Corp. of America

    JPMorgan Chase Bank N.A.      44,400        05/05/20        USD       100.00        USD       3,855        (80,258 ) 

Impala Platinum Holdings Ltd.

    Credit Suisse International      86,000        05/06/20        ZAR       109.20        ZAR       6,409        (7,248 ) 

Salmar ASA

    Credit Suisse International      33,100        05/06/20        NOK       416.42        NOK       11,385        (7,647 ) 

Statoil ASA

    Credit Suisse International      113,900        05/06/20        NOK       107.43        NOK       14,761        (262,967 ) 

BHP Group PLC

    Goldman Sachs International      244,000        05/26/20        GBP       13.06        GBP       3,048        (266,704 ) 
                     

 

 

  
                      $ (3,944,197 ) 
                     

 

 

  

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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) 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 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 and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

As of March 31, 2020, certain investments of the Trust were fair valued using net asset value (“NAV”) per share or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

   $ 43,091,557        $ 17,052,323        $ —        $ 60,143,880  

Containers & Packaging

     28,661,645          —          —          28,661,645  

Electronic Equipment, Instruments & Components

     5,053,776          —          —          5,053,776  

Food Products

     37,455,940          19,486,837          —          56,942,777  

Machinery

     5,507,058          —          —          5,507,058  

Metals & Mining

     125,026,750          90,079,316          —          215,106,066  

 

 

6   

Consolidated Schedule of Investments  (unaudited) (continued)

March 31, 2020

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

Fair Value Hierarchy as of Period End (continued)

 

      Level 1        Level 2        Level 3        Total  

Common Stocks (continued):

                  

Oil, Gas & Consumable Fuels

   $ 99,897,883        $ 52,820,708        $ —        $ 152,718,591  

Paper & Forest Products

     —          176,623          —          176,623  

Specialty Retail

     7,727,786          —          —          7,727,786  

Corporate Bonds(a)

      3,805,350          8,999,986          —          12,805,336  

Short-Term Securities

     7,952,841          —          —          7,952,841  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $ 364,180,586        $ 188,615,793        $ —        $ 552,796,379  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(b)

                     178,113  
                 

 

 

  

Total Investments

                   $ 552,974,492  
                 

 

 

  

Derivative Financial Instruments(c)

                  

Liabilities:

                 

Equity contracts

   $ (4,498,565 )       $ (3,945,643 )       $ —        $ (8,444,208 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

See above Consolidated Schedule of Investments for values in each industry.

 
  (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