Blackrock Resources & Commodities Strategy Trust (BCX) NPORT-P BlackRock Resources & Commodities Strategy Trust (Mar 2020 report)

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)  Annualized7-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 industrysub-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 industrysub-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

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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.

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