| | |
Consolidated Schedule of Investments (unaudited) September 30, 2020 | | BlackRock Resources & Commodities Strategy Trust (BCx) (Percentages shown are based on Net Assets) |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Common Stocks | | | | | | | | |
| | |
Chemicals — 13.5% | | | | | | | | |
Albemarle Corp.(a) | | | 52,542 | | | $ | 4,690,950 | |
CF Industries Holdings, Inc.(a) | | | 898,055 | | | | 27,579,269 | |
FMC Corp.(a)(b) | | | 231,787 | | | | 24,548,561 | |
Koninklijke DSM NV | | | 112,188 | | | | 18,469,676 | |
Symrise AG | | | 88,014 | | | | 12,156,710 | |
| | | | | | | | |
| | | | | | | 87,445,166 | |
| | |
Containers & Packaging(a) — 5.2% | | | | | | | | |
Graphic Packaging Holding Co | | | 1,125,443 | | | | 15,857,492 | |
International Paper Co | | | 197,740 | | | | 8,016,379 | |
Packaging Corp. of America(b) | | | 91,918 | | | | 10,023,658 | |
| | | | | | | | |
| | | | | | | 33,897,529 | |
| | |
Electronic Equipment, Instruments & Components — 2.5% | | | | | | | | |
Trimble, Inc.(a)(c) | | | 331,332 | | | | 16,135,869 | |
| | | | | | | | |
| | |
Food Products — 8.2% | | | | | | | | |
Bunge Ltd.(a) | | | 234,549 | | | | 10,718,889 | |
JBS SA | | | 2,743,503 | | | | 10,097,795 | |
Kerry Group PLC, Class A | | | 86,494 | | | | 11,078,630 | |
Nestle SA, Registered Shares | | | 73,636 | | | | 8,763,565 | |
Salmar ASA(c) | | | 214,325 | | | | 12,146,529 | |
| | | | | | | | |
| | | | | | | 52,805,408 | |
| | |
Internet & Direct Marketing Retail — 1.1% | | | | | | | | |
THG Holdings Ltd.(c) | | | 888,563 | | | | 6,858,702 | |
| | | | | | | | |
| | |
Metals & Mining — 36.2% | | | | | | | | |
Anglo American PLC | | | 801,982 | | | | 19,402,811 | |
Barrick Gold Corp | | | 929,437 | | | | 26,126,474 | |
BHP Group PLC. | | | 1,903,657 | | | | 40,612,884 | |
First Quantum Minerals Ltd | | | 1,103,107 | | | | 9,833,562 | |
Fortescue Metals Group Ltd | | | 285,431 | | | | 3,353,251 | |
Freeport-McMoRan, Inc.(a) | | | 832,670 | | | | 13,022,959 | |
Kinross Gold Corp.(c) | | | 390,433 | | | | 3,445,299 | |
Kirkland Lake Gold Ltd | | | 67,944 | | | | 3,316,706 | |
Lundin Mining Corp | | | 1,671,483 | | | | 9,326,814 | |
Neo Lithium Corp.(c) | | | 5,045,830 | | | | 3,069,447 | |
Newcrest Mining Ltd | | | 384,563 | | | | 8,720,313 | |
Newmont Corp.(a)(b) | | | 409,120 | | | | 25,958,664 | |
Polyus PJSC, Registered Shares, GDR | | | 82,473 | | | | 8,688,751 | |
Stelco Holdings, Inc | | | 960,377 | | | | 8,193,371 | |
Vale SA, ADR(a) | | | 2,735,603 | | | | 28,942,680 | |
Wheaton Precious Metals Corp | | | 433,972 | | | | 21,295,006 | |
| | | | | | | | |
| | | | | | | 233,308,992 | |
| | |
Oil, Gas & Consumable Fuels — 30.3% | | | | | | | | |
BP PLC, ADR(a) | | | 1,375,877 | | | | 24,022,812 | |
Chevron Corp.(a)(b) | | | 440,200 | | | | 31,694,400 | |
CNOOC Ltd | | | 8,983,000 | | | | 8,640,552 | |
ConocoPhillips(a) | | | 376,006 | | | | 12,348,037 | |
Galp Energia SGPS SA. | | | 661,650 | | | | 6,137,124 | |
Gazprom PJSC, ADR. | | | 955,913 | | | | 4,160,076 | |
Kosmos Energy Ltd | | | 2,544,147 | | | | 2,482,070 | |
Lukoil PJSC, ADR | | | 177,210 | | | | 10,239,355 | |
Lundin Energy AB | | | 225,000 | | | | 4,461,933 | |
Marathon Petroleum Corp.(a) | | | 242,223 | | | | 7,106,823 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
| | |
Oil, Gas & Consumable Fuels (continued) | | | | | | | | |
Petroleo Brasileiro SA, ADR(a) | | | 1,082,764 | | | $ | 7,709,279 | |
Pioneer Natural Resources Co.(a) | | | 80,130 | | | | 6,890,379 | |
Royal Dutch Shell PLC, Class A, ADR(a) | | | 536,281 | | | | 13,498,193 | |
Suncor Energy, Inc | | | 924,130 | | | | 11,284,859 | |
Total SA | | | 981,508 | | | | 33,707,491 | |
Valero Energy Corp.(a) | | | 156,720 | | | | 6,789,110 | |
Williams Cos., Inc.(a) | | | 220,369 | | | | 4,330,251 | |
| | | | | | | | |
| | | | | | | 195,502,744 | |
| | |
Paper & Forest Products — 0.0% | | | | | | | | |
Precious Woods Holding AG, Registered Shares(c) | | | 20,000 | | | | 211,715 | |
| | | | | | | | |
| | |
Specialty Retail — 1.6% | | | | | | | | |
Tractor Supply Co.(a) | | | 71,280 | | | | 10,217,275 | |
| | | | | | | | |
| | |
Total Common Stocks — 98.6%
(Cost: $633,575,238) | | | | | | | 636,383,400 | |
| | | | | | | | |
| | | | | | | | |
| | | Par (000) | | | | |
| | |
Corporate Bonds | | | | | | | | |
| | |
Metals & Mining — 0.7% | | | | | | | | |
Osisko Gold Royalties Ltd., 4.00%, 12/31/22 CAD | | | 5,652 | | | | 4,502,541 | |
| | | | | | | | |
| | |
Total Corporate Bonds — 0.7%
(Cost: $4,511,494) | | | | | | | 4,502,541 | |
| | | | | | | | |
| | |
Total Long-Term Investments — 99.3%
(Cost: $638,086,732) | | | | | | | 640,885,941 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | | |
| | |
Short-Term Securities | | | | | | | | |
| | |
Money Market Funds — 1.1% | | | | | | | | |
BlackRock Liquidity Funds, T-Fund, Institutional Class,0.02%(d)(e) | | | 6,855,542 | | | | 6,855,542 | |
| | | | | | | | |
| | |
Total Short-Term Securities — 1.1%
(Cost: $6,855,542) | | | | | | | 6,855,542 | |
| | | | | | | | |
| | |
Total Investments Before Options Written — 100.4%
(Cost: $644,942,274) | | | | | | | 647,741,483 | |
| | | | | | | | |
| | |
Options Written — (0.7)%
(Premiums Received: $(7,803,617)) | | | | | | | (4,462,233 | ) |
| | | | | | | | |
| | |
Total Investments, Net of Options Written—99.7%
(Cost: $637,138,657) | | | | | | | 643,279,250 | |
| | |
Other Assets Less Liabilities — 0.3% | | | | | | | 1,721,691 | |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 645,000,941 | |
| | | | | | | | |
| (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) | Affiliate of the Trust. |
| (e) | Annualized 7-day yield as of period end. |
| | |
CONSOLIDATED SCHEDULE OF INVESTMENTS | | 1 |
| | |
Consolidated Schedule of Investments (unaudited) (continued) September 30, 2020 | | BlackRock Resources & Commodities Strategy Trust (BCX) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2020, for purposes of Section 2(a)(3) of the Investment CompanyAct of 1940, as amended, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Affiliated Issuer | | Value at
12/31/19 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation
(Depreciation) | | | Value at
09/30/20 | | | Shares
Held at
09/30/20 | | | Income | | | Capital Gain
Distributions
from
Underlying
Funds | |
BlackRock Liquidity Funds, T-Fund, Institutional Class | | $ | 13,708,365 | | | $ | — | | | $ | (6,852,823 | )(a) | | $ | — | | | $ | — | | | $ | 6,855,542 | | | | 6,855,542 | | | $ | 50,987 | | | $ | — | |
SL Liquidity Series, LLC, Money Market Series(b) | | | 183,179 | | | | — | | | | (183,222 | )(a) | | | 84 | | | | (41 | ) | | | — | | | | — | | | | 6,091 | (c) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 84 | | | $ | (41 | ) | | $ | 6,855,542 | | | | | | | $ | 57,078 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Represents net amount purchased (sold). | |
| | (b) | As of period end, the entity is no longer held. | |
| | (c) | All or a 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.
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 | | | | | | | | | | | | | | | | | | | |
BP PLC, ADR | | | 825 | | | | 10/02/20 | | | USD | | | 23.50 | | | USD | | | 1,440 | | | $ | (5,775 | ) |
CF Industries Holdings, Inc | | | 704 | | | | 10/02/20 | | | USD | | | 34.00 | | | USD | | | 2,162 | | | | (24,640 | ) |
ConocoPhillips | | | 270 | | | | 10/02/20 | | | USD | | | 43.00 | | | USD | | | 887 | | | | (810 | ) |
International Paper Co | | | 456 | | | | 10/02/20 | | | USD | | | 37.50 | | | USD | | | 1,849 | | | | (116,280 | ) |
Petroleo Brasileiro SA, ADR. | | | 430 | | | | 10/02/20 | | | USD | | | 9.50 | | | USD | | | 306 | | | | (1,290 | ) |
Pioneer Natural Resources Co | | | 165 | | | | 10/02/20 | | | USD | | | 110.00 | | | USD | | | 1,419 | | | | (1,650 | ) |
Royal Dutch Shell PLC, Class A, ADR | | | 593 | | | | 10/02/20 | | | USD | | | 31.50 | | | USD | | | 1,493 | | | | (20,755 | ) |
Tractor Supply Co | | | 142 | | | | 10/02/20 | | | USD | | | 157.50 | | | USD | | | 2,035 | | | | (4,970 | ) |
Vale SA, ADR | | | 2,720 | | | | 10/02/20 | | | USD | | | 12.50 | | | USD | | | 2,878 | | | | (2,720 | ) |
Williams Cos., Inc | | | 51 | | | | 10/02/20 | | | USD | | | 22.50 | | | USD | | | 100 | | | | (255 | ) |
BP PLC, ADR | | | 1,132 | | | | 10/09/20 | | | USD | | | 22.04 | | | USD | | | 1,976 | | | | (2 | ) |
CF Industries Holdings, Inc | | | 490 | | | | 10/09/20 | | | USD | | | 34.00 | | | USD | | | 1,505 | | | | (166,600 | ) |
ConocoPhillips | | | 119 | | | | 10/09/20 | | | USD | | | 39.00 | | | USD | | | 391 | | | | (238 | ) |
Freeport-McMoRan, Inc | | | 820 | | | | 10/09/20 | | | USD | | | 16.00 | | | USD | | | 1,282 | | | | (25,010 | ) |
Freeport-McMoRan, Inc | | | 487 | | | | 10/09/20 | | | USD | | | 17.00 | | | USD | | | 762 | | | | (3,896 | ) |
Kinross Gold Corp | | | 520 | | | | 10/09/20 | | | CAD | | | 12.00 | | | CAD | | | 611 | | | | (12,301 | ) |
Marathon Petroleum Corp | | | 179 | | | | 10/09/20 | | | USD | | | 37.50 | | | USD | | | 525 | | | | (2,327 | ) |
Newmont Corp | | | 472 | | | | 10/09/20 | | | USD | | | 72.00 | | | USD | | | 2,995 | | | | (3,776 | ) |
Petroleo Brasileiro SA, ADR. | | | 1,616 | | | | 10/09/20 | | | USD | | | 9.23 | | | USD | | | 1,151 | | | | (57 | ) |
Pioneer Natural Resources Co | | | 115 | | | | 10/09/20 | | | USD | | | 106.00 | | | USD | | | 989 | | | | (1,725 | ) |
Royal Dutch Shell PLC, Class A, ADR | | | 125 | | | | 10/09/20 | | | USD | | | 29.50 | | | USD | | | 315 | | | | (22,500 | ) |
Royal Dutch Shell PLC, Class A, ADR | | | 525 | | | | 10/09/20 | | | USD | | | 29.00 | | | USD | | | 1,321 | | | | (2,625 | ) |
Trimble, Inc | | | 340 | | | | 10/09/20 | | | USD | | | 50.25 | | | USD | | | 1,656 | | | | (22,482 | ) |
Vale SA, ADR | | | 2,621 | | | | 10/09/20 | | | USD | | | 12.00 | | | USD | | | 2,773 | | | | (3,932 | ) |
Valero Energy Corp | | | 337 | | | | 10/09/20 | | | USD | | | 54.50 | | | USD | | | 1,460 | | | | (2,696 | ) |
Williams Cos., Inc | | | 327 | | | | 10/09/20 | | | USD | | | 21.95 | | | USD | | | 643 | | | | (544 | ) |
Albemarle Corp | | | 136 | | | | 10/16/20 | | | USD | | | 95.00 | | | USD | | | 1,214 | | | | (16,320 | ) |
BP PLC, ADR | | | 378 | | | | 10/16/20 | | | USD | | | 25.00 | | | USD | | | 660 | | | | (378 | ) |
BP PLC, ADR | | | 796 | | | | 10/16/20 | | | USD | | | 23.00 | | | USD | | | 1,390 | | | | (3,582 | ) |
Bunge Ltd | | | 685 | | | | 10/16/20 | | | USD | | | 47.50 | | | USD | | | 3,130 | | | | (46,237 | ) |
CF Industries Holdings, Inc | | | 526 | | | | 10/16/20 | | | USD | | | 35.00 | | | USD | | | 1,615 | | | | (5,260 | ) |
Chevron Corp | | | 304 | | | | 10/16/20 | | | USD | | | 92.50 | | | USD | | | 2,189 | | | | (1,824 | ) |
ConocoPhillips | | | 217 | | | | 10/16/20 | | | USD | | | 41.00 | | | USD | | | 713 | | | | (4,123 | ) |
First Quantum Minerals Ltd | | | 1,874 | | | | 10/16/20 | | | CAD | | | 14.00 | | | CAD | | | 2,224 | | | | (16,889 | ) |
First Quantum Minerals Ltd | | | 516 | | | | 10/16/20 | | | CAD | | | 13.00 | | | CAD | | | 613 | | | | (11,626 | ) |
FMC Corp | | | 421 | | | | 10/16/20 | | | USD | | | 110.00 | | | USD | | | 4,459 | | | | (48,415 | ) |
| | |
Consolidated Schedule of Investments (unaudited) (continued) September 30, 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) | | | | | | | | | | | | | | | | | | | |
Freeport-McMoRan, Inc | | | 1,011 | | | | 10/16/20 | | | USD | | | 16.00 | | | USD | | | 1,581 | | | $ | (47,517 | ) |
Graphic Packaging Holding Co | | | 2,000 | | | | 10/16/20 | | | USD | | | 15.00 | | | USD | | | 2,818 | | | | (20,000 | ) |
Kinross Gold Corp | | | 520 | | | | 10/16/20 | | | CAD | | | 13.00 | | | CAD | | | 611 | | | | (7,225 | ) |
Kirkland Lake Gold Ltd | | | 135 | | | | 10/16/20 | | | CAD | | | 68.00 | | | CAD | | | 878 | | | | (10,645 | ) |
Lundin Mining Corp | | | 2,649 | | | | 10/16/20 | | | CAD | | | 9.00 | | | CAD | | | 1,968 | | | | (6,963 | ) |
Marathon Petroleum Corp | | | 176 | | | | 10/16/20 | | | USD | | | 40.00 | | | USD | | | 516 | | | | (1,144 | ) |
Packaging Corp. of America. | | | 183 | | | | 10/16/20 | | | USD | | | 100.00 | | | USD | | | 1,996 | | | | (171,105 | ) |
Petroleo Brasileiro SA, ADR. | | | 792 | | | | 10/16/20 | | | USD | | | 9.00 | | | USD | | | 564 | | | | (1,584 | ) |
Pioneer Natural Resources Co | | | 40 | | | | 10/16/20 | | | USD | | | 95.00 | | | USD | | | 344 | | | | (3,100 | ) |
Stelco Holdings, Inc | | | 1,141 | | | | 10/16/20 | | | CAD | | | 9.00 | | | CAD | | | 1,296 | | | | (199,228 | ) |
Stelco Holdings, Inc | | | 700 | | | | 10/16/20 | | | CAD | | | 10.00 | | | CAD | | | 795 | | | | (72,284 | ) |
Suncor Energy, Inc | | | 2,136 | | | | 10/16/20 | | | CAD | | | 23.00 | | | CAD | | | 3,473 | | | | (6,417 | ) |
Tractor Supply Co | | | 143 | | | | 10/16/20 | | | USD | | | 144.00 | | | USD | | | 2,050 | | | | (52,910 | ) |
Williams Cos., Inc | | | 327 | | | | 10/16/20 | | | USD | | | 22.00 | | | USD | | | 643 | | | | (3,270 | ) |
BP PLC, ADR | | | 246 | | | | 10/23/20 | | | USD | | | 21.50 | | | USD | | | 430 | | | | (984 | ) |
BP PLC, ADR | | | 995 | | | | 10/23/20 | | | USD | | | 21.00 | | | USD | | | 1,737 | | | | (3,980 | ) |
CF Industries Holdings, Inc | | | 105 | | | | 10/23/20 | | | USD | | | 35.50 | | | USD | | | 322 | | | | (4,200 | ) |
CF Industries Holdings, Inc | | | 421 | | | | 10/23/20 | | | USD | | | 36.00 | | | USD | | | 1,293 | | | | (134,720 | ) |
Chevron Corp | | | 132 | | | | 10/23/20 | | | USD | | | 83.00 | | | USD | | | 950 | | | | (2,904 | ) |
Chevron Corp | | | 205 | | | | 10/23/20 | | | USD | | | 85.00 | | | USD | | | 1,476 | | | | (4,100 | ) |
ConocoPhillips | | | 434 | | | | 10/23/20 | | | USD | | | 36.50 | | | USD | | | 1,425 | | | | (14,973 | ) |
International Paper Co | | | 334 | | | | 10/23/20 | | | USD | | | 42.50 | | | USD | | | 1,354 | | | | (21,710 | ) |
Kinross Gold Corp | | | 521 | | | | 10/23/20 | | | CAD | | | 12.50 | | | CAD | | | 612 | | | | (15,260 | ) |
Marathon Petroleum Corp | | | 108 | | | | 10/23/20 | | | USD | | | 36.00 | | | USD | | | 317 | | | | (1,782 | ) |
Marathon Petroleum Corp | | | 104 | | | | 10/23/20 | | | USD | | | 35.00 | | | USD | | | 305 | | | | (2,080 | ) |
Newmont Corp | | | 320 | | | | 10/23/20 | | | USD | | | 68.00 | | | USD | | | 2,030 | | | | (27,680 | ) |
Royal Dutch Shell PLC, Class A, ADR | | | 511 | | | | 10/23/20 | | | USD | | | 28.00 | | | USD | | | 1,286 | | | | (11,498 | ) |
Vale SA, ADR | | | 985 | | | | 10/23/20 | | | USD | | | 11.50 | | | USD | | | 1,042 | | | | (13,790 | ) |
Vale SA, ADR | | | 1,368 | | | | 10/23/20 | | | USD | | | 12.00 | | | USD | | | 1,447 | | | | (7,524 | ) |
Valero Energy Corp | | | 337 | | | | 10/23/20 | | | USD | | | 50.50 | | | USD | | | 1,460 | | | | (10,953 | ) |
Williams Cos., Inc | | | 230 | | | | 10/23/20 | | | USD | | | 21.97 | | | USD | | | 452 | | | | (2,923 | ) |
Bunge Ltd | | | 253 | | | | 10/28/20 | | | USD | | | 48.50 | | | USD | | | 1,156 | | | | (25,745 | ) |
BP PLC, ADR | | | 588 | | | | 10/30/20 | | | USD | | | 21.00 | | | USD | | | 1,027 | | | | (4,704 | ) |
CF Industries Holdings, Inc | | | 1,346 | | | | 10/30/20 | | | USD | | | 33.00 | | | USD | | | 4,134 | | | | (70,665 | ) |
Chevron Corp | | | 425 | | | | 10/30/20 | | | USD | | | 80.00 | | | USD | | | 3,060 | | | | (35,275 | ) |
Marathon Petroleum Corp | | | 176 | | | | 10/30/20 | | | USD | | | 34.50 | | | USD | | | 516 | | | | (10,912 | ) |
Newmont Corp | | | 380 | | | | 10/30/20 | | | USD | | | 64.00 | | | USD | | | 2,411 | | | | (98,040 | ) |
Royal Dutch Shell PLC, Class A, ADR | | | 391 | | | | 10/30/20 | | | USD | | | 28.00 | | | USD | | | 984 | | | | (13,685 | ) |
Vale SA, ADR | | | 2,263 | | | | 10/30/20 | | | USD | | | 12.50 | | | USD | | | 2,394 | | | | (12,447 | ) |
Chevron Corp | | | 187 | | | | 11/06/20 | | | USD | | | 75.50 | | | USD | | | 1,346 | | | | (46,095 | ) |
Marathon Petroleum Corp | | | 225 | | | | 11/06/20 | | | USD | | | 31.00 | | | USD | | | 660 | | | | (35,887 | ) |
Petroleo Brasileiro SA, ADR. | | | 746 | | | | 11/06/20 | | | USD | | | 8.00 | | | USD | | | 531 | | | | (13,801 | ) |
Albemarle Corp | | | 74 | | | | 11/20/20 | | | USD | | | 99.50 | | | USD | | | 661 | | | | (22,453 | ) |
BP PLC, ADR | | | 543 | | | | 11/20/20 | | | USD | | | 21.00 | | | USD | | | 948 | | | | (8,688 | ) |
Chevron Corp | | | 322 | | | | 11/20/20 | | | USD | | | 92.50 | | | USD | | | 2,318 | | | | (7,567 | ) |
Chevron Corp | | | 185 | | | | 11/20/20 | | | USD | | | 80.00 | | | USD | | | 1,332 | | | | (26,362 | ) |
ConocoPhillips | | | 464 | | | | 11/20/20 | | | USD | | | 36.00 | | | USD | | | 1,524 | | | | (52,200 | ) |
First Quantum Minerals Ltd | | | 1,506 | | | | 11/20/20 | | | CAD | | | 14.00 | | | CAD | | | 1,788 | | | | (83,695 | ) |
First Quantum Minerals Ltd | | | 516 | | | | 11/20/20 | | | CAD | | | 13.00 | | | CAD | | | 613 | | | | (40,883 | ) |
FMC Corp | | | 506 | | | | 11/20/20 | | | USD | | | 120.00 | | | USD | | | 5,359 | | | | (58,190 | ) |
Freeport-McMoRan, Inc | | | 1,012 | | | | 11/20/20 | | | USD | | | 16.00 | | | USD | | | 1,583 | | | | (123,464 | ) |
Graphic Packaging Holding Co | | | 1,610 | | | | 11/20/20 | | | USD | | | 15.00 | | | USD | | | 2,268 | | | | (60,375 | ) |
Kirkland Lake Gold Ltd | | | 135 | | | | 11/20/20 | | | CAD | | | 68.00 | | | CAD | | | 878 | | | | (30,923 | ) |
Lundin Mining Corp | | | 2,018 | | | | 11/20/20 | | | CAD | | | 9.00 | | | CAD | | | 1,499 | | | | (19,702 | ) |
Newmont Corp | | | 467 | | | | 11/20/20 | | | USD | | | 70.00 | | | USD | | | 2,963 | | | | (76,121 | ) |
Packaging Corp. of America. | | | 184 | | | | 11/20/20 | | | USD | | | 120.00 | | | USD | | | 2,007 | | | | (37,720 | ) |
Petroleo Brasileiro SA, ADR. | | | 747 | | | | 11/20/20 | | | USD | | | 8.00 | | | USD | | | 532 | | | | (18,301 | ) |
Suncor Energy, Inc | | | 1,560 | | | | 11/20/20 | | | CAD | | | 20.00 | | | CAD | | | 2,537 | | | | (22,846 | ) |
Trimble, Inc | | | 535 | | | | 11/20/20 | | | USD | | | 55.00 | | | USD | | | 2,605 | | | | (46,812 | ) |
| | |
CONSOLIDATED SCHEDULE OF INVESTMENTS | | 3 |
| | |
Consolidated Schedule of Investments (unaudited) (continued) September 30, 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) | | | | | | | | | | | | | | | | | | | |
Vale SA, ADR | | | 985 | | | | 11/20/20 | | | USD | | | 12.00 | | | USD | | | 1,042 | | | $ | (25,117 | ) |
Williams Cos., Inc | | | 48 | | | | 11/20/20 | | | USD | | | 22.00 | | | USD | | | 94 | | | | (1,536 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | (2,619,174 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
OTC Options Written
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Counterparty | | Number of
Contracts | | | Expiration
Date | | | Exercise
Price | | | Notional
Amount (000) | | | Value | |
| Call | | | | | | | | | | | | | | | | | | | | | | | |
Graphic Packaging Holding Co | | Citibank N.A. | | | 88,400 | | | | 10/06/20 | | | | USD | | | | 14.51 | | | | USD | | | | 1,246 | | | $ | (8,238 | ) |
Total SA | | Morgan Stanley & Co. International PLC | | | 92,000 | | | | 10/07/20 | | | | EUR | | | | 33.12 | | | | EUR | | | | 2,695 | | | | (17 | ) |
JBS SA | | Morgan Stanley & Co. International PLC | | | 548,000 | | | | 10/15/20 | | | | BRL | | | | 24.05 | | | | BRL | | | | 11,327 | | | | (3,567 | ) |
Galp Energia SGPS SA. | | Goldman Sachs International | | | 132,300 | | | | 10/20/20 | | | | EUR | | | | 9.20 | | | | EUR | | | | 1,047 | | | | (120 | ) |
Symrise AG | | Credit Suisse International | | | 35,200 | | | | 10/20/20 | | | | EUR | | | | 121.02 | | | | EUR | | | | 4,147 | | | | (49,323 | ) |
Total SA | | Credit Suisse International | | | 78,800 | | | | 10/20/20 | | | | EUR | | | | 34.32 | | | | EUR | | | | 2,308 | | | | (5,505 | ) |
Gazprom PJSC | | Credit Suisse International | | | 132,700 | | | | 10/22/20 | | | | USD | | | | 4.64 | | | | USD | | | | 577 | | | | (3,280 | ) |
Polyus PJSC, Registered Shares, GDR | | Barclays Bank PLC | | | 16,500 | | | | 10/22/20 | | | | USD | | | | 113.57 | | | | USD | | | | 1,739 | | | | (24,865 | ) |
JBS SA | | Credit Suisse International | | | 549,400 | | | | 10/23/20 | | | | BRL | | | | 22.88 | | | | BRL | | | | 11,356 | | | | (19,509 | ) |
Nestle SA, Registered Shares. | | Credit Suisse International | | | 14,750 | | | | 10/23/20 | | | | CHF | | | | 110.59 | | | | CHF | | | | 1,617 | | | | (20,410 | ) |
Anglo American PLC | | Goldman Sachs International | | | 184,300 | | | | 10/27/20 | | | | GBP | | | | 20.95 | | | | GBP | | | | 3,456 | | | | (22,268 | ) |
Lukoil PJSC, ADR | | Credit Suisse International | | | 48,600 | | | | 10/27/20 | | | | USD | | | | 65.71 | | | | USD | | | | 2,808 | | | | (14,836 | ) |
Polyus PJSC, Registered Shares, GDR | | Barclays Bank PLC | | | 16,500 | | | | 10/27/20 | | | | USD | | | | 113.57 | | | | USD | | | | 1,739 | | | | (30,933 | ) |
Galp Energia SGPS SA. | | Goldman Sachs International | | | 132,300 | | | | 10/28/20 | | | | EUR | | | | 9.20 | | | | EUR | | | | 1,047 | | | | (1,960 | ) |
Gazprom PJSC | | Credit Suisse International | | | 337,000 | | | | 10/28/20 | | | | USD | | | | 4.91 | | | | USD | | | | 1,467 | | | | (2,881 | ) |
Anglo American PLC | | Goldman Sachs International | | | 66,800 | | | | 11/04/20 | | | | GBP | | | | 19.07 | | | | GBP | | | | 1,252 | | | | (63,620 | ) |
BHP Group PLC. | | Goldman Sachs International | | | 125,500 | | | | 11/04/20 | | | | GBP | | | | 17.72 | | | | GBP | | | | 2,075 | | | | (27,650 | ) |
CNOOC Ltd | | JPMorgan Chase Bank N.A. | | | 2,683,000 | | | | 11/04/20 | | | | HKD | | | | 8.21 | | | | HKD | | | | 20,001 | | | | (27,053 | ) |
Newcrest Mining Ltd | | Morgan Stanley & Co. International PLC | | | 52,000 | | | | 11/04/20 | | | | AUD | | | | 32.11 | | | | AUD | | | | 1,646 | | | | (43,661 | ) |
Salmar ASA | | Morgan Stanley & Co. International PLC | | | 33,000 | | | | 11/04/20 | | | | NOK | | | | 516.03 | | | | NOK | | | | 17,444 | | | | (77,690 | ) |
Total SA | | Credit Suisse International | | | 145,200 | | | | 11/04/20 | | | | EUR | | | | 30.94 | | | | EUR | | | | 4,253 | | | | (117,375 | ) |
CNOOC Ltd | | JPMorgan Chase Bank N.A. | | | 910,000 | | | | 11/06/20 | | | | HKD | | | | 8.32 | | | | HKD | | | | 6,784 | | | | (7,800 | ) |
Kerry Group PLC, Class A | | Morgan Stanley & Co. International PLC | | | 21,400 | | | | 11/06/20 | | | | EUR | | | | 115.98 | | | | EUR | | | | 2,338 | | | | (14,942 | ) |
Koninklijke DSM NV | | Morgan Stanley & Co. International PLC | | | 22,200 | | | | 11/06/20 | | | | EUR | | | | 141.93 | | | | EUR | | | | 3,117 | | | | (117,598 | ) |
Lukoil PJSC, ADR | | Morgan Stanley & Co. International PLC | | | 13,200 | | | | 11/06/20 | | | | USD | | | | 59.74 | | | | USD | | | | 763 | | | | (25,077 | ) |
Lundin Energy AB | | Credit Suisse International | | | 90,000 | | | | 11/06/20 | | | | SEK | | | | 209.04 | | | | SEK | | | | 15,984 | | | | (8,745 | ) |
BHP Group PLC. | | Goldman Sachs International | | | 636,000 | | | | 11/10/20 | | | | GBP | | | | 17.33 | | | | GBP | | | | 10,515 | | | | (242,818 | ) |
Kerry Group PLC, Class A | | Credit Suisse International | | | 13,200 | | | | 11/10/20 | | | | EUR | | | | 109.79 | | | | EUR | | | | 1,442 | | | | (31,210 | ) |
Koninklijke DSM NV | | Credit Suisse International | | | 22,700 | | | | 11/10/20 | | | | EUR | | | | 138.11 | | | | EUR | | | | 3,187 | | | | (172,629 | ) |
Lukoil PJSC, ADR | | Barclays Bank PLC | | | 9,000 | | | | 11/10/20 | | | | USD | | | | 59.14 | | | | USD | | | | 520 | | | | (20,065 | ) |
Newcrest Mining Ltd | | Goldman Sachs International | | | 101,900 | | | | 11/10/20 | | | | AUD | | | | 32.74 | | | | AUD | | | | 3,226 | | | | (62,878 | ) |
Salmar ASA | | Credit Suisse International | | | 20,500 | | | | 11/10/20 | | | | NOK | | | | 528.08 | | | | NOK | | | | 10,837 | | | | (36,602 | ) |
Total SA | | Credit Suisse International | | | 76,600 | | | | 11/10/20 | | | | EUR | | | | 29.30 | | | | EUR | | | | 2,244 | | | | (118,196 | ) |
Trimble, Inc | | Citibank N.A. | | | 45,000 | | | | 11/10/20 | | | | USD | | | | 50.00 | | | | USD | | | | 2,192 | | | | (93,223 | ) |
Fortescue Metals Group Ltd | | Morgan Stanley & Co. International PLC | | | 114,200 | | | | 11/12/20 | | | | AUD | | | | 16.65 | | | | AUD | | | | 1,873 | | | | (46,280 | ) |
Anglo American PLC | | Goldman Sachs International | | | 70,000 | | | | 11/18/20 | | | | GBP | | | | 19.41 | | | | GBP | | | | 1,312 | | | | (68,430 | ) |
Nestle SA, Registered Shares. | | Credit Suisse International | | | 14,800 | | | | 11/18/20 | | | | CHF | | | | 113.40 | | | | CHF | | | | 1,622 | | | | (17,886 | ) |
Salmar ASA | | Morgan Stanley & Co. International PLC | | | 30,000 | | | | 11/19/20 | | | | NOK | | | | 544.87 | | | | NOK | | | | 15,859 | | | | (40,152 | ) |
Lundin Mining Corp | | Credit Suisse International | | | 202,000 | | | | 12/01/20 | | | | CAD | | | | 7.75 | | | | CAD | | | | 1,501 | | | | (59,816 | ) |
Stelco Holdings, Inc | | Credit Suisse International | | | 200,000 | | | | 12/03/20 | | | | CAD | | | | 11.46 | | | | CAD | | | | 2,272 | | | | (93,951 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (1,843,059 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) September 30, 2020 | | BlackRock Resources & Commodities Strategy Trust (BCX) |
FairValue Hierarchy as of Period End
Various inputs are used in determining the fair value of 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 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 financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.
The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.
| | | | | | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Assets | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | |
Long-Term Investments | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | |
Chemicals | | $ | 56,818,780 | | | $ | 30,626,386 | | | $ | — | | | $ | 87,445,166 | |
Containers & Packaging | | | 33,897,529 | | | | — | | | | — | | | | 33,897,529 | |
Electronic Equipment, Instruments & Components | | | 16,135,869 | | | | — | | | | — | | | | 16,135,869 | |
Food Products | | | 20,816,684 | | | | 31,988,724 | | | | — | | | | 52,805,408 | |
Internet & Direct Marketing Retail | | | 6,858,702 | | | | — | | | | — | | | | 6,858,702 | |
Metals & Mining | | | 152,530,982 | | | | 80,778,010 | | | | — | | | | 233,308,992 | |
Oil, Gas & Consumable Fuels. | | | 128,156,213 | | | | 67,346,531 | | | | — | | | | 195,502,744 | |
Paper & Forest Products. | | | — | | | | 211,715 | | | | — | | | | 211,715 | |
Specialty Retail | | | 10,217,275 | | | | — | | | | — | | | | 10,217,275 | |
Corporate Bonds. | | | 4,502,541 | | | | — | | | | — | | | | 4,502,541 | |
Short-Term Securities | | | | | | | | | | | | | | | | |
Money Market Funds. | | | 6,855,542 | | | | — | | | | — | | | | 6,855,542 | |
| | | | | | | | | | | | | | | | |
| | $ | 436,790,117 | | | $ | 210,951,366 | | | $ | — | | | | 647,741,483 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(a) | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | |
Equity Contracts | | $ | (2,544,968 | ) | | $ | (1,917,265 | ) | | $ | — | | | $ | (4,462,233 | ) |
| | | | | | | | | | | | | | | | |
| | (a) | Derivative financial instruments are options written. Options written are shown at value. | |
| | |
CONSOLIDATED SCHEDULE OF INVESTMENTS | | 5 |
| | |
Consolidated Schedule of Investments (unaudited) (continued) September 30, 2020 | | BlackRock Resources & Commodities Strategy Trust (BCX) |
| | |
| Currency Abbreviation |
| |
| AUD | | Australian Dollar |
| |
| BRL | | Brazilian Real |
| |
| CAD | | Canadian Dollar |
| |
| CHF | | Swiss Franc |
| |
| EUR | | Euro |
| |
| GBP | | British Pound |
| |
| HKD | | Hong Kong Dollar |
| |
| NOK | | Norwegian Krone |
| |
| SEK | | Swedish Krona |
| |
| USD | | United States Dollar |
| | |
| Portfolio Abbreviation |
| |
| ADR | | American Depositary Receipt |
| |
| GDR | | Global Depositary Receipt |
| |
| OTC | | Over-the-Counter |
| |
| PJSC | | Public Joint Stock Company |
