<![CDATA[BlackRock Resources & Commodities Strategy Trust]]>

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-22501

Name of Fund:    BlackRock Resources & Commodities Strategy Trust (BCX)

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Resources & Commodities Strategy Trust, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2014

Date of reporting period: 07/31/2014

Item 1 – Schedule of Investments

Consolidated Schedule of Investments July 31, 2014  (Unaudited)      BlackRock Resources & Commodities Strategy Trust (BCX)   
     (Percentages shown are based on Net Assets)   

 

Common Stocks    Shares      Value  

Chemicals — 11.6%

      

CF Industries Holdings, Inc. (a)

      13,800       $ 3,454,692   

Israel Chemicals Ltd.

      35,000         284,594   

Monsanto Co. (a)

      240,300         27,175,527   

The Mosaic Co. (a)

      218,989         10,097,583   

Potash Corp. of Saskatchewan, Inc. (a)

      355,000         12,598,950   

Syngenta AG

      37,000         13,107,410   

Uralkali OJSC — GDR

      433,500         8,277,693   
     

 

 

  
                74,996,449   

Food & Staples Retailing — 1.0%

      

The Andersons, Inc.

      126,200         6,817,324   

Food Products — 12.7%

      

Archer-Daniels-Midland Co. (a)

      373,100         17,311,840   

BRF SA — ADR

      290,000         7,105,000   

Bunge Ltd.

      182,540         14,391,454   

First Resources Ltd.

      3,972,000         7,195,768   

Ingredion, Inc. (a)

      143,195         10,543,448   

Origin Enterprises PLC (b)

      200,000         2,236,208   

Scandi Standard AB (b)

      1,065,000         7,101,853   

Select Harvests Ltd.

      120,000         588,804   

Tyson Foods, Inc., Class A (a)

      343,000         12,763,030   

WH Group Ltd. (b)

      3,306,500         2,645,183   
     

 

 

  
                81,882,588   

Metals & Mining — 24.0%

      

BHP Billiton Ltd. — ADR (a)

      490,580         34,875,332   

First Quantum Minerals Ltd. (a)

      352,600         8,362,669   

Fortescue Metals Group Ltd.

      1,250,000         5,715,188   

Freeport-McMoRan, Inc. (a)

      673,200         25,056,504   

Fresnillo PLC

      628,700         9,826,385   

Glencore PLC

      1,786,500         10,795,197   

Labrador Iron Ore Royalty Corp. (a)

      200,353         5,692,609   

MMC Norilsk Nickel OJSC — ADR

      611,200         11,952,753   

Nevsun Resources Ltd.

      2,204,650         8,370,937   

Rio Tinto PLC — ADR (a)

      354,800         20,326,492   

Southern Copper Corp.

      250,000         8,215,000   

Vedanta Resources PLC

      344,200         6,072,326   
     

 

 

  
                155,261,392   

Oil, Gas & Consumable Fuels — 43.2%

      

BP PLC — ADR (a)(c)

      380,000         18,608,600   

Cairn Energy PLC (b)

      1,950,000         5,786,717   

Canadian Oil Sands Ltd. (a)

      670,000         14,311,276   

Chevron Corp. (a)(c)

      331,000         42,778,440   

China Shenhua Energy Co. Ltd., Class H

      4,280,500         12,586,462   

ConocoPhillips (a)

      349,000         28,792,500   

Enbridge, Inc. (a)

      279,800         13,716,064   

Eni SpA — ADR

      176,000         8,940,800   

Exxon Mobil Corp. (a)(c)

      442,000         43,731,477   

Imperial Oil Ltd. (a)

      197,300         10,124,212   

Inpex Corp.

      897,900         13,307,467   

Royal Dutch Shell PLC — ADR (c)

      341,324         27,930,543   

Southwestern Energy Co. (a)(b)

      133,500         5,417,430   

 

Common Stocks    Shares      Value  

Oil, Gas & Consumable Fuels (concluded)

      

Statoil ASA

      482,100       $ 13,775,804   

Total SA (a)

      148,900         9,604,050   

Ultra Petroleum Corp. (a)(b)

      441,100         10,110,012   
     

 

 

  
                279,521,854   

Paper & Forest Products — 1.5%

      

Canfor Corp. (b)

      214,500         4,542,399   

Interfor Corp. (b)

      384,000         5,275,664   
     

 

 

  
                9,818,063   

Real Estate Investment Trusts (REITs) — 1.5%

      

Weyerhaeuser Co. (a)

      301,700         9,449,244   

Total Common Stocks — 95.5%

               617,746,914   
     
Preferred Stocks                

Food Products — 0.7%

      

Tyson Foods, Inc. (b)

      88,748         4,313,153   

Total Long-Term Investments

(Cost — $568,864,167) — 96.2%

               622,060,067   
     
Short-Term Securities                

Blackrock Liquidity Funds, TempFund,
Institutional Class, 0.03% (d)(e)

      31,491,199         31,491,199   

Total Investments Before Options Written

(Cost — $600,355,366) — 101.0%

               653,551,266   
     
Options Written                

(Premiums Received — $3,724,622) — (0.4)%

               (2,823,936 ) 

Total Investments Net of Options Written — 100.6%

         650,727,330   

Liabilities in Excess of Other Assets — (0.6)%

         (4,047,550 ) 
     

 

 

  

Net Assets — 100.0%

       $ 646,679,780   
     

 

 

  
 
Portfolio Abbreviations

ADR

    American Depositary Receipt   GBP   British Pound    JPY   Japanese Yen

AUD

    Australian Dollar   GDR   Global Depository Receipts    NOK   Norwegian Krone

CAD

    Canadian Dollar   HKD   Hong Kong Dollar    SGD   Singapore Dollar

CHF

    Swiss Franc   ILS   Israeli Shekel    USD   U.S. Dollar

 

          JULY 31, 2014    1

Consolidated Schedule of Investments (continued)    BlackRock Resources & Commodities Strategy Trust (BCX)

 

 

Notes to Schedule of Investments

 

* As of July 31, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

    $ 626,956,621   
  

 

 

  

Gross unrealized appreciation

    $ 65,492,532   

Gross unrealized depreciation

      (38,897,887 ) 
  

 

 

  

Net unrealized appreciation

    $ 26,594,645   
  

 

 

  

 

(a) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

 

(b) Non-income producing security.

 

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

 

(d) Investments in issuers considered to be an affiliate of the Trust during the period ended July 31, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares Held at
October 31, 2013		     

Net

Activity

      Shares Held at
July 31, 2014		      Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

      29,416,955         2,074,244         31,491,199       $ 7,387   

 

(e) Represents the current yield as of report date.

 

Ÿ  

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

 

Ÿ  

Exchange-traded options written as of July 31, 2014 were as follows:

 

Description    Put/
Call		     

Strike

Price

      Expiration
Date		      Contracts      Market
Value		  

BP PLC — ADR

      Call         USD         51.50         8/01/14         305       $ (1,525 ) 

BP PLC — ADR

      Call         USD         53.00         8/01/14         360         (720 ) 

Chevron Corp.

      Call         USD         133.00         8/01/14         60         (960 ) 

ConocoPhillips

      Call         USD         87.00         8/01/14         392         (1,960 ) 

Exxon Mobil Corp.

      Call         USD         103.00         8/01/14         461         (692 ) 

The Mosaic Co.

      Call         USD         51.50         8/01/14         267         (3,738 ) 

CF Industries Holdings, Inc.

      Call         USD         242.50         8/04/14         28         (25,200 ) 

Archer-Daniels-Midland Co.

      Call         USD         45.50         8/08/14         409         (55,420 ) 

Chevron Corp.

      Call         USD         129.00         8/08/14         119         (20,766 ) 

ConocoPhillips

      Call         USD         87.00         8/08/14         392         (4,116 ) 

Exxon Mobil Corp.

      Call         USD         104.00         8/08/14         189         (1,134 ) 

Potash Corp. of Saskatchewan, Inc.

      Call         USD         39.00         8/08/14         243         (2,916 ) 

Total SA

      Call         USD         73.75         8/16/14         63         —   

Ultra Petroleum Corp.

      Call         USD         29.60         8/16/14         470         —   

Archer-Daniels-Midland Co.

      Call         USD         45.00         8/18/14         409         (74,847 ) 

Archer-Daniels-Midland Co.

      Call         USD         48.00         8/18/14         188         (5,922 ) 

BHP Billiton Ltd. — ADR

      Call         USD         70.00         8/18/14         410         (76,465 ) 

BP PLC — ADR

      Call         USD         52.00         8/18/14         665         (3,325 ) 

Canadian Oil Sands Ltd.

      Call         CAD         24.00         8/18/14         425         (4,288 ) 

Canadian Oil Sands Ltd.

      Call         CAD         25.00         8/18/14         1,305         (3,591 ) 

CF Industries Holdings, Inc.

      Call         USD         255.00         8/18/14         28         (12,740 ) 

Chevron Corp.

      Call         USD         136.00         8/18/14         247         (4,693 ) 

ConocoPhillips

      Call         USD         87.50         8/18/14         438         (6,351 ) 

Enbridge, Inc.

      Call         CAD         53.00         8/18/14         535         (40,480 ) 

Exxon Mobil Corp.

      Call         USD         102.75         8/18/14         189         (5,421 ) 

First Quantum Minerals Ltd.

      Call         CAD         23.00         8/18/14         617         (164,386 ) 

Freeport-McMoRan, Inc.

      Call         USD         39.00         8/18/14         195         (2,828 ) 

Freeport-McMoRan, Inc.

      Call         USD         40.00         8/18/14         700         (4,900 ) 

Freeport-McMoRan, Inc.

      Call         USD         41.00         8/18/14         680         (2,720 ) 

Imperial Oil Ltd.

      Call         CAD         58.00         8/18/14         345         (4,430 ) 

 

2         JULY 31, 2014     

Consolidated Schedule of Investments (continued)      BlackRock Resources & Commodities Strategy Trust (BCX)   

 

Ÿ  

Exchange-traded options written as of July 31, 2014 were as follows: (concluded)

 

Description    Put/
Call		     

Strike

Price

      Expiration
Date		      Contracts     

Market

Value

  

Ingredion, Inc.

      Call         USD         80.00         8/18/14         250       $ (5,000 ) 

Labrador Iron Ore Royalty Corp.

      Call         CAD         31.85         8/18/14         300         (5,503 ) 

Monsanto Co.

      Call         USD         125.00         8/18/14         420         (3,780 ) 

Rio Tinto PLC — ADR

      Call         USD         57.50         8/18/14         500         (55,000 ) 

Southwestern Energy Co.

      Call         USD         46.00         8/18/14         135         (810 ) 

Total SA

      Call         USD         70.00         8/18/14         63         (473 ) 

Weyerhaeuser Co.

      Call         USD         34.00         8/18/14         1,050         (10,500 ) 

BHP Billiton Ltd. — ADR

      Call         USD         72.95         8/21/14         369         (22,863 ) 

Archer-Daniels-Midland Co.

      Call         USD         47.00         8/22/14         299         (20,781 ) 

The Mosaic Co.

      Call         USD         50.00         8/22/14         364         (3,094 ) 

Potash Corp. of Saskatchewan, Inc.

      Call         USD         38.50         8/22/14         540         (3,510 ) 

Monsanto Co.

      Call         USD         122.15         8/27/14         421         (12,968 ) 

Chevron Corp.

      Call         USD         131.00         8/29/14         485         (71,053 ) 

Exxon Mobil Corp.

      Call         USD         105.00         8/29/14         354         (7,788 ) 

Potash Corp. of Saskatchewan, Inc.

      Call         USD         37.00         8/29/14         214         (5,243 ) 

Chevron Corp.

      Call         USD         136.00         9/05/14         248         (12,400 ) 

Exxon Mobil Corp.

      Call         USD         105.00         9/05/14         354         (9,558 ) 

Potash Corp. of Saskatchewan, Inc.

      Call         USD         36.50         9/05/14         243         (10,814 ) 

Tyson Foods, Inc., Class A

      Call         USD         41.50         9/12/14         301         (6,271 ) 

Canadian Oil Sands Ltd.

      Call         CAD         25.00         9/22/14         425         (3,118 ) 

First Quantum Minerals Ltd.

      Call         CAD         25.00         9/22/14         617         (88,559 ) 

Imperial Oil Ltd.

      Call         CAD         58.00         9/22/14         345         (18,035 ) 

Rio Tinto PLC — ADR

      Call         USD         56.40         9/22/14         741         (172,297 ) 

Southwestern Energy Co.

      Call         USD         46.00         9/22/14         332         (7,470 ) 

Ultra Petroleum Corp.

      Call         USD         30.00         9/22/14         600         (6,000 ) 

Tyson Foods, Inc., Class A

      Call         USD         39.00         10/06/14         363         (33,578 ) 

Total

                   $ (1,133,000 ) 
                 

 

 

  

 

Ÿ  

Over-the-counter options written as of July 31, 2014 were as follows:

 

Description    Counterparty    Put/
Call		     

Strike

Price

      Expiration
Date		      Contracts      Market
Value		  

Eni SpA — ADR

    Goldman Sachs International      Call         USD         53.64         8/01/14         32,700       $ (5 ) 

Bunge Ltd.

    Deutsche Bank AG      Call         USD         77.14         8/04/14         30,700         (51,791 ) 

Ingredion, Inc.

    UBS AG      Call         USD         78.46         8/04/14         27,700         (11 ) 

Royal Dutch Shell PLC — ADR

    Citibank N.A.      Call         USD         81.13         8/04/14         29,000         (21,529 ) 

First Resources Ltd.

    Goldman Sachs International      Call         SGD         2.49         8/05/14         300,000         (2 ) 

Vedanta Resources PLC

    Morgan Stanley & Co. International PLC      Call         GBP         11.28         8/05/14         44,000         (400 ) 

Statoil ASA

    Bank of America N.A.      Call         NOK         191.05         8/06/14         61,000         (139 ) 

Statoil ASA

    Bank of America N.A.      Call         NOK         192.91         8/06/14         61,000         (488 ) 

Syngenta AG

    Bank of America N.A.      Call         CHF         337.64         8/06/14         19,200         (1,900 ) 

The Andersons, Inc.

    Morgan Stanley & Co. International PLC      Call         USD         55.03         8/07/14         44,100         (50,771 ) 

Fresnillo PLC

    Goldman Sachs International      Call         GBP         8.26         8/07/14         53,300         (90,791 ) 

Interfor Corp.

    Goldman Sachs International      Call         CAD         16.33         8/07/14         56,000         (433 ) 

BRF SA — ADR

    Citibank N.A.      Call         USD         24.90         8/11/14         50,700         (12,831 ) 

Fresnillo PLC

    Deutsche Bank AG      Call         GBP         9.23         8/12/14         57,700         (30,657 ) 

Vedanta Resources PLC

    Bank of America N.A.      Call         GBP         11.24         8/12/14         22,000         (1,329 ) 

Bunge Ltd.

    Deutsche Bank AG      Call         USD         77.47         8/13/14         33,100         (73,231 ) 

Uralkali OJSC — GDR

    Deutsche Bank AG      Call         USD         22.81         8/13/14         76,000         (3,241 ) 

First Resources Ltd.

    Citibank N.A.      Call         SGD         2.50         8/14/14         475,000         (233 ) 

China Shenhua Energy Co. Ltd., Class H

    Citibank N.A.      Call         HKD         21.92         8/20/14         235,000         (34,849 ) 

Enbridge, Inc.

    Citibank N.A.      Call         CAD         51.01         8/20/14         26,500         (59,424 ) 

 

 

          JULY 31, 2014    3

Consolidated Schedule of Investments (continued)      BlackRock Resources & Commodities Strategy Trust (BCX)   

 

Ÿ  

Over-the-counter options written as of July 31, 2014 were as follows: (concluded)

 

Description    Counterparty    Put/
Call		     

Strike

Price

      Expiration
Date		      Contracts     

Market

Value

  

First Resources Ltd.

    Citibank N.A.      Call         SGD         2.53         8/20/14         475,000       $ (490 ) 

Israel Chemicals Ltd.

    Deutsche Bank AG      Call         ILS         30.58         8/20/14         12,200         (6 ) 

Royal Dutch Shell PLC — ADR

    Citibank N.A.      Call         USD         81.75         8/20/14         11,600         (11,022 ) 

BRF SA — ADR

    Citibank N.A.      Call         USD         24.90         8/21/14         50,800         (20,992 ) 

Glencore PLC

    Bank of America N.A.      Call         GBP         3.30         8/22/14         257,500         (130,947 ) 

China Shenhua Energy Co. Ltd., Class H

    UBS AG      Call         HKD         21.93         8/26/14         740,000         (116,043 ) 

First Resources Ltd.

    UBS AG      Call         SGD         2.45         8/26/14         149,000         (893 ) 

Select Harvests Ltd.

    Deutsche Bank AG      Call         AUD         5.14         8/27/14         21,000         (5,832 ) 

Southern Copper Corp.

    Citibank N.A.      Call         USD         34.00         8/27/14         87,500         (33,660 ) 

Freeport-McMoRan, Inc.

    Credit Suisse International      Call         USD         38.41         8/28/14         78,100         (34,377 ) 

Mining and Metallurgical Co. Norilsk Nickel OJSC

    Deutsche Bank AG      Call         USD         21.93         9/03/14         74,600         (4,430 ) 

Royal Dutch Shell PLC — ADR

    Citibank N.A.      Call         USD         81.75         9/03/14         11,600         (12,889 ) 

Statoil ASA

    Morgan Stanley & Co. International PLC      Call         NOK         190.82         9/03/14         61,000         (6,413 ) 

China Shenhua Energy Co. Ltd., Class H

    Bank of America N.A.      Call         HKD         22.25         9/04/14         500,000         (70,866 ) 

Fresnillo PLC

    Deutsche Bank AG      Call         GBP         9.31         9/04/14         57,700         (42,316 ) 

Glencore PLC

    Deutsche Bank AG      Call         GBP         3.53         9/04/14         110,000         (15,089 ) 

Vedanta Resources PLC

    Morgan Stanley & Co. International PLC      Call         GBP         11.09         9/04/14         20,000         (6,058 ) 

Glencore PLC

    Bank of America N.A.      Call         GBP         3.30         9/05/14         257,500         (119,995 ) 

Interfor Corp.

    UBS AG      Call         CAD         15.17         9/08/14         50,000         (26,052 ) 

Enbridge, Inc.

    Citibank N.A.      Call         CAD         55.25         9/09/14         18,000         (4,280 ) 

Royal Dutch Shell PLC — ADR

    Citibank N.A.      Call         USD         82.95         9/09/14         58,000         (40,109 ) 

Royal Dutch Shell PLC — ADR

    Citibank N.A.      Call         USD         83.45         9/09/14         9,300         (5,093 ) 

BHP Billiton Ltd. — ADR

    UBS AG      Call         USD         69.94         9/11/14         43,900         (101,546 ) 

Fortescue Metals Group Ltd.

    JPMorgan Chase Bank N.A.      Call         AUD         4.79         9/11/14         219,000         (43,082 ) 

Select Harvests Ltd.

    Goldman Sachs International      Call         AUD         5.16         9/11/14         21,000         (6,649 ) 

Total SA

    Morgan Stanley & Co. International PLC      Call         USD         70.27         9/12/14         39,500         (17,038 ) 

Uralkali OJSC — GDR

    Deutsche Bank AG      Call         USD         23.04         9/12/14         76,000         (7,486 ) 

Eni SpA — ADR

    UBS AG      Call         USD         53.60         9/15/14         28,800         (17,925 ) 

Mining and Metallurgical Co. Norilsk Nickel OJSC

    Credit Suisse International      Call         USD         20.24         9/17/14         139,300         (64,347 ) 

BHP Billiton Ltd. — ADR

    Deutsche Bank AG      Call         USD         70.75         9/18/14         50,000         (103,081 ) 

Fresnillo PLC

    Deutsche Bank AG      Call         GBP         9.50         9/18/14         52,500         (39,407 ) 

Vedanta Resources PLC

    Morgan Stanley & Co. International PLC      Call         GBP         11.31         9/18/14         34,900         (10,330 ) 

Inpex Corp.

    Morgan Stanley & Co. International PLC      Call         JPY         1,624.11         9/24/14         315,000         (67,695 ) 

Fortescue Metals Group Ltd.

    JPMorgan Chase Bank N.A.      Call         AUD         4.79         9/25/14         219,000         (51,638 ) 

Interfor Corp.

    Deutsche Bank AG      Call         CAD         15.18         9/29/14         28,400         (18,805 ) 

Total

                      $ (1,690,936 ) 
                    

 

 

  

 

Ÿ  

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

 

  Ÿ  

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

 

  Ÿ  

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)

 

  Ÿ  

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

 

 

4         JULY 31, 2014     

Consolidated Schedule of Investments (concluded)      BlackRock Resources & Commodities Strategy Trust (BCX)   

 

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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure 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 investment and derivative financial instrument 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, please 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 as of July 31, 2014:

 

      Level 1     Level 2     Level 3      Total  

Assets:

          

Investments:

          

Long-Term Investments:

          

Common Stocks:

          

Chemicals

    $ 53,326,752      $ 21,669,697        —       $ 74,996,449   

Food & Staples Retailing

      6,817,324        —        —         6,817,324   

Food Products

      81,882,588        —        —         81,882,588   

Metals & Mining

      116,614,731        38,646,661        —         155,261,392   

Oil, Gas & Consumable Fuels

      234,065,404        45,456,450        —         279,521,854   

Paper & Forest Products

      9,818,063        —        —         9,818,063   

Real Estate Investment Trusts (REITs)

      9,449,244        —        —         9,449,244   

Preferred Stocks

      4,313,153        —        —         4,313,153   

Short-Term Securities

      31,491,199        —        —         31,491,199   

Total

    $ 547,778,458      $ 105,772,808        —       $ 653,551,266   
  

 

 

  
         
      Level 1     Level 2     Level 3      Total  

Derivative Financial Instruments1

          

Liabilities:

          

Equity contracts

    $ (879,598 )    $ (1,944,338 )      —       $ (2,823,936 ) 

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

     

The carrying amount for certain of the Trust’s assets approximates fair value for financial reporting purposes. As of July 31, 2014, such assets are categorized within the disclosure hierarchy as follows:    
         
      Level 1     Level 2     Level 3      Total  

Assets:

          

Cash

    $ 149,985        —        —       $ 149,985   

Foreign currency at value

      7        —        —         7   

Total

    $ 149,992        —        —       $ 149,992   
  

 

 

  

Certain foreign securities are fair valued utilizing an external pricing service to reflect any significant market movements between the time the Trust values such foreign securities and the earlier closing of foreign markets. Such fair valuations are categorized as Level 2 in the disclosure hierarchy. As of October 31, 2013 the Trust did not utilize the external pricing service model adjustments as significant market movements did not occur. As of July 31, 2014, securities with a value of $12,586,462 were systematically fair valued due to significant market movements. Therefore, these securities were transferred from Level 1 to Level 2 during the period October 31, 2013 to July 31, 2014.

 

 

          JULY 31, 2014    5

Item 2 –   Controls and Procedures
  2(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
  2(b)  – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3  –   Exhibits
  Certifications – Attached hereto

 

2

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

BlackRock Resources & Commodities Strategy Trust
By:     /s/ John M. Perlowski
  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock Resources & Commodities Strategy Trust
Date: September 25, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:         /s/ John M. Perlowski
  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock Resources & Commodities Strategy Trust
Date: September 25, 2014
By:     /s/ Neal J. Andrews
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock Resources & Commodities Strategy Trust
Date: September 25, 2014

 

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