Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)
November 28 2023 - 12:39PM
Edgar (US Regulatory)
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| Schedule of Investments (unaudited)
September 30, 2023 |
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BlackRock Resources & Commodities Strategy Trust (BCX)
(Percentages shown are based on Net Assets) |
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| Security |
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Shares |
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Value |
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| Common Stocks |
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| Chemicals(a) — 7.5% |
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| Albemarle Corp. |
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81,737 |
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$ |
13,898,559 |
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| CF Industries Holdings, Inc. |
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|
387,775 |
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33,247,829 |
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| Nutrien Ltd. |
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334,337 |
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20,648,653 |
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67,795,041 |
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| Containers & Packaging — 3.1% |
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| Packaging Corp. of America(a) |
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77,540 |
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11,906,267 |
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| Smurfit Kappa Group PLC |
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480,915 |
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15,975,883 |
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27,882,150 |
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| Energy Equipment & Services — 1.5% |
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| Schlumberger NV(a) |
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235,529 |
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13,731,341 |
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| Food Products — 6.8% |
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| Archer-Daniels-Midland Co.(a) |
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264,359 |
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19,937,956 |
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| Bunge Ltd.(a) |
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169,949 |
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18,396,979 |
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| Darling Ingredients, Inc.(a)(b) |
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134,574 |
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7,024,763 |
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| Hofseth International, (Acquired 05/26/21, Cost:
$10,198,056)(c)(d) |
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18,993,283 |
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8,434,238 |
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| Kerry Group PLC, Class A |
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100,875 |
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8,428,553 |
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62,222,489 |
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| Machinery(a) — 5.2% |
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| AGCO Corp.(e) |
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166,759 |
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19,724,255 |
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| Deere & Co., Series B |
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72,106 |
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27,211,362 |
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46,935,617 |
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| Metals & Mining — 32.7% |
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| Alcoa Corp.(a) |
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214,688 |
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6,238,833 |
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| Anglo American PLC |
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285,732 |
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7,846,085 |
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| ArcelorMittal SA, Registered Shares(a) |
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585,693 |
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14,659,896 |
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| Barrick Gold Corp.(a) |
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|
229,946 |
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3,345,714 |
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| BHP Group Ltd., Series L, ADR(a)(f) |
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|
644,305 |
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36,648,068 |
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| Filo Corp.(b) |
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110,335 |
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1,648,222 |
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| Filo Mining |
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|
175,560 |
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2,611,647 |
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| First Quantum Minerals Ltd. |
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1,029,264 |
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24,317,380 |
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| Franco-Nevada Corp.(a) |
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64,673 |
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8,633,199 |
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| Freeport-McMoRan, Inc.(a)(e) |
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558,513 |
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20,826,950 |
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| Glencore PLC |
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7,147,748 |
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40,702,915 |
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| Newmont Corp.(a) |
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214,210 |
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7,915,059 |
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| Norsk Hydro ASA |
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3,405,772 |
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21,312,775 |
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| Polyus PJSC(b)(c) |
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104,732 |
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11 |
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| Stelco Holdings, Inc. |
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507,699 |
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14,028,304 |
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| Teck Resources Ltd., Class B(a) |
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626,031 |
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26,975,676 |
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| Vale SA, ADR(a) |
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2,361,303 |
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31,641,460 |
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| Wheaton Precious Metals Corp.(f) |
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672,832 |
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27,283,338 |
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296,635,532 |
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| Oil, Gas & Consumable Fuels — 40.2% |
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| BP PLC |
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5,650,494 |
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36,422,713 |
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| Cameco Corp.(a)(f) |
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276,115 |
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10,945,199 |
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| Canadian Natural Resources Ltd. |
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299,639 |
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19,378,089 |
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| Cenovus Energy, Inc. |
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526,532 |
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10,962,875 |
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| Cheniere Energy, Inc.(e) |
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127,740 |
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21,199,730 |
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| Chevron Corp.(a) |
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64,422 |
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10,862,838 |
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| ConocoPhillips(a) |
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275,404 |
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32,993,399 |
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| Eni SpA |
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|
769,722 |
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12,364,667 |
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| EOG Resources, Inc.(a) |
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|
83,821 |
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10,625,150 |
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| Exxon Mobil Corp.(a) |
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|
523,685 |
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61,574,882 |
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| Galp Energia SGPS SA |
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|
470,900 |
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6,975,024 |
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| Gazprom PJSC(b)(c) |
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|
5,430,000 |
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|
563 |
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| Security |
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Shares |
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Value |
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| Oil, Gas & Consumable Fuels (continued) |
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| Hess Corp.(a) |
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|
52,504 |
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$ |
8,033,112 |
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| Shell PLC, ADR(a) |
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1,096,861 |
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70,615,920 |
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| TotalEnergies SE |
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|
796,570 |
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52,373,935 |
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365,328,096 |
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| Paper & Forest Products — 1.4% |
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| Precious Woods Holding AG, Registered Shares(b) |
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20,000 |
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|
148,577 |
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| UPM-Kymmene OYJ |
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|
358,844 |
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12,287,126 |
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12,435,703 |
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| Total Common Stocks — 98.4%
(Cost: $761,948,417) |
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|
892,965,969 |
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| |
|
Par
(000) |
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| Corporate Bonds |
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| Metals & Mining — 0.8% |
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| Allied Gold Corp., 8.75%, 09/07/28 |
|
$ |
7,200 |
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|
7,200,000 |
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| Total Corporate Bonds — 0.8%
(Cost: $7,200,000) |
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7,200,000 |
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| Total Long-Term Investments — 99.2%
(Cost: $769,148,417) |
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900,165,969 |
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| |
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Shares |
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| Short-Term Securities |
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| Money Market Funds — 2.0% |
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| BlackRock Liquidity Funds, T-Fund, Institutional Class,
5.23%(g)(h) |
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|
15,665,304 |
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|
15,665,304 |
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| SL Liquidity Series, LLC, Money Market Series,
5.52%(g)(h)(i) |
|
|
2,659,170 |
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|
2,659,968 |
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| Total Short-Term Securities — 2.0%
(Cost: $18,324,744) |
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18,325,272 |
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| Total Investments Before Options Written — 101.2%
(Cost: $787,473,161) |
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|
918,491,241 |
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| Options Written — (0.9)%
(Premiums Received: $(6,921,437)) |
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(8,141,235 |
) |
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| Total Investments, Net of Options Written — 100.3%
(Cost: $780,551,724) |
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|
910,350,006 |
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| Liabilities in Excess of Other Assets — (0.3)% |
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(2,774,948 |
) |
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| Net Assets — 100.0% |
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$ |
907,575,058 |
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| (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) |
Non-income producing security. |
| (c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
|
| (d) |
Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value
of $8,434,238, representing 0.9% of its net assets as of period end, and an original cost of $10,198,056. |
| (e) |
All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.
|
| (f) |
All or a portion of this security is on loan. |
| (g) |
Affiliate of the Trust. |
| (h) |
Annualized 7-day yield as of period end. |
| (i) |
All or a portion of this security was purchased with the cash collateral from loaned securities.
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| Schedule of Investments (unaudited) (continued)
September 30, 2023 |
|
BlackRock Resources & Commodities Strategy Trust (BCX) |
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.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2023 for purposes of Section 2(a)(3) of
the Investment Company Act of 1940, as amended, were as follows:
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| Affiliated Issuer |
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Value at
12/31/22 |
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Purchases
at Cost |
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|
Proceeds
from Sales |
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|
Net
Realized Gain (Loss) |
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Change in
Unrealized Appreciation
(Depreciation) |
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|
Value at
09/30/23 |
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Shares
Held at 09/30/23 |
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Income |
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|
Capital Gain
Distributions from
Underlying Funds |
|
| BlackRock Liquidity Funds, T-Fund, Institutional Class |
|
$ |
19,404,102 |
|
|
$ |
— |
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|
$ |
(3,738,798 |
)(a) |
|
$ |
— |
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|
$ |
— |
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|
$ |
15,665,304 |
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|
15,665,304 |
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|
$ |
1,033,499 |
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|
$ |
— |
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| SL Liquidity Series, LLC, Money Market Series |
|
|
— |
|
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|
2,655,361 |
(a) |
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— |
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|
4,079 |
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|
528 |
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|
2,659,968 |
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|
2,659,170 |
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|
15,572 |
(b) |
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— |
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$ |
4,079 |
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$ |
528 |
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|
$ |
18,325,272 |
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|
$ |
1,049,071 |
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$ |
— |
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| (a) |
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Represents net amount purchased (sold). |
| (b) |
|
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. |
Derivative Financial
Instruments Outstanding as of Period End
Exchange-Traded Options Written
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| Description |
|
Number of
Contracts |
|
|
Expiration
Date |
|
|
Exercise Price |
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|
Notional
Amount (000) |
|
|
Value |
|
| Call |
|
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| ArcelorMittal SA, Registered Shares |
|
|
804 |
|
|
|
10/06/23 |
|
|
USD |
|
|
28.00 |
|
|
USD |
|
|
2,012 |
|
|
$ |
(8,040 |
) |
| Archer-Daniels-Midland Co. |
|
|
226 |
|
|
|
10/06/23 |
|
|
USD |
|
|
83.00 |
|
|
USD |
|
|
1,704 |
|
|
|
(2,260 |
) |
| Barrick Gold Corp. |
|
|
327 |
|
|
|
10/06/23 |
|
|
USD |
|
|
17.00 |
|
|
USD |
|
|
476 |
|
|
|
(654 |
) |
| Chevron Corp. |
|
|
93 |
|
|
|
10/06/23 |
|
|
USD |
|
|
165.00 |
|
|
USD |
|
|
1,568 |
|
|
|
(41,850 |
) |
| ConocoPhillips |
|
|
94 |
|
|
|
10/06/23 |
|
|
USD |
|
|
117.00 |
|
|
USD |
|
|
1,126 |
|
|
|
(34,780 |
) |
| EOG Resources, Inc. |
|
|
176 |
|
|
|
10/06/23 |
|
|
USD |
|
|
130.00 |
|
|
USD |
|
|
2,231 |
|
|
|
(13,640 |
) |
| Freeport-McMoRan, Inc. |
|
|
880 |
|
|
|
10/06/23 |
|
|
USD |
|
|
42.00 |
|
|
USD |
|
|
3,282 |
|
|
|
(2,200 |
) |
| Hess Corp. |
|
|
88 |
|
|
|
10/06/23 |
|
|
USD |
|
|
157.50 |
|
|
USD |
|
|
1,346 |
|
|
|
(7,480 |
) |
| Newmont Corp. |
|
|
377 |
|
|
|
10/06/23 |
|
|
USD |
|
|
41.00 |
|
|
USD |
|
|
1,393 |
|
|
|
(943 |
) |
| Nutrien Ltd. |
|
|
363 |
|
|
|
10/06/23 |
|
|
USD |
|
|
66.00 |
|
|
USD |
|
|
2,242 |
|
|
|
(3,630 |
) |
| Schlumberger NV |
|
|
24 |
|
|
|
10/06/23 |
|
|
USD |
|
|
60.00 |
|
|
USD |
|
|
140 |
|
|
|
(960 |
) |
| Vale SA, ADR |
|
|
2,391 |
|
|
|
10/06/23 |
|
|
USD |
|
|
14.00 |
|
|
USD |
|
|
3,204 |
|
|
|
(10,759 |
) |
| Alcoa Corp. |
|
|
178 |
|
|
|
10/13/23 |
|
|
USD |
|
|
33.00 |
|
|
USD |
|
|
517 |
|
|
|
(2,670 |
) |
| Barrick Gold Corp. |
|
|
523 |
|
|
|
10/13/23 |
|
|
USD |
|
|
16.50 |
|
|
USD |
|
|
761 |
|
|
|
(1,831 |
) |
| Deere & Co. |
|
|
57 |
|
|
|
10/13/23 |
|
|
USD |
|
|
415.00 |
|
|
USD |
|
|
2,151 |
|
|
|
(1,511 |
) |
| Freeport-McMoRan, Inc. |
|
|
575 |
|
|
|
10/13/23 |
|
|
USD |
|
|
44.00 |
|
|
USD |
|
|
2,144 |
|
|
|
(1,438 |
) |
| Hess Corp. |
|
|
19 |
|
|
|
10/13/23 |
|
|
USD |
|
|
165.00 |
|
|
USD |
|
|
291 |
|
|
|
(903 |
) |
| Schlumberger NV |
|
|
22 |
|
|
|
10/13/23 |
|
|
USD |
|
|
61.00 |
|
|
USD |
|
|
128 |
|
|
|
(1,100 |
) |
| Shell PLC, ADR |
|
|
825 |
|
|
|
10/13/23 |
|
|
USD |
|
|
63.00 |
|
|
USD |
|
|
5,311 |
|
|
|
(162,937 |
) |
| Teck Resources Ltd., Class B |
|
|
670 |
|
|
|
10/13/23 |
|
|
USD |
|
|
45.00 |
|
|
USD |
|
|
2,887 |
|
|
|
(37,185 |
) |
| Vale SA, ADR |
|
|
2,380 |
|
|
|
10/13/23 |
|
|
USD |
|
|
14.50 |
|
|
USD |
|
|
3,189 |
|
|
|
(11,900 |
) |
| AGCO Corp. |
|
|
176 |
|
|
|
10/20/23 |
|
|
USD |
|
|
125.00 |
|
|
USD |
|
|
2,082 |
|
|
|
(17,160 |
) |
| Albemarle Corp. |
|
|
88 |
|
|
|
10/20/23 |
|
|
USD |
|
|
210.00 |
|
|
USD |
|
|
1,496 |
|
|
|
(2,420 |
) |
| ArcelorMittal SA, Registered Shares |
|
|
263 |
|
|
|
10/20/23 |
|
|
USD |
|
|
27.00 |
|
|
USD |
|
|
658 |
|
|
|
(2,630 |
) |
| Archer-Daniels-Midland Co. |
|
|
211 |
|
|
|
10/20/23 |
|
|
USD |
|
|
85.00 |
|
|
USD |
|
|
1,591 |
|
|
|
(2,110 |
) |
| BHP Group Ltd., ADR |
|
|
956 |
|
|
|
10/20/23 |
|
|
USD |
|
|
60.00 |
|
|
USD |
|
|
5,438 |
|
|
|
(50,190 |
) |
| Bunge Ltd. |
|
|
333 |
|
|
|
10/20/23 |
|
|
USD |
|
|
115.00 |
|
|
USD |
|
|
3,605 |
|
|
|
(47,452 |
) |
| Canadian Natural Resources Ltd. |
|
|
324 |
|
|
|
10/20/23 |
|
|
CAD |
|
|
84.00 |
|
|
CAD |
|
|
2,846 |
|
|
|
(113,308 |
) |
| Cenovus Energy, Inc. |
|
|
1,464 |
|
|
|
10/20/23 |
|
|
CAD |
|
|
27.00 |
|
|
CAD |
|
|
4,140 |
|
|
|
(176,230 |
) |
| CF Industries Holdings, Inc. |
|
|
463 |
|
|
|
10/20/23 |
|
|
USD |
|
|
85.00 |
|
|
USD |
|
|
3,970 |
|
|
|
(143,530 |
) |
| ConocoPhillips |
|
|
821 |
|
|
|
10/20/23 |
|
|
USD |
|
|
125.00 |
|
|
USD |
|
|
9,836 |
|
|
|
(101,393 |
) |
| Exxon Mobil Corp. |
|
|
176 |
|
|
|
10/20/23 |
|
|
USD |
|
|
115.00 |
|
|
USD |
|
|
2,069 |
|
|
|
(77,440 |
) |
| Filo Corp. |
|
|
204 |
|
|
|
10/20/23 |
|
|
CAD |
|
|
23.00 |
|
|
CAD |
|
|
414 |
|
|
|
(2,253 |
) |
| Franco-Nevada Corp. |
|
|
239 |
|
|
|
10/20/23 |
|
|
USD |
|
|
145.00 |
|
|
USD |
|
|
3,190 |
|
|
|
(9,560 |
) |
| Hess Corp. |
|
|
47 |
|
|
|
10/20/23 |
|
|
USD |
|
|
160.00 |
|
|
USD |
|
|
719 |
|
|
|
(8,813 |
) |
|
|
|
| S C H E D U L E O F I N V E S T M E N
T S |
|
2 |
|
|
|
| Schedule of Investments (unaudited) (continued)
September 30, 2023 |
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Newmont Corp. |
|
|
207 |
|
|
|
10/20/23 |
|
|
USD |
|
|
42.50 |
|
|
USD |
|
|
765 |
|
|
$ |
(1,863 |
) |
| Packaging Corp. of America |
|
|
86 |
|
|
|
10/20/23 |
|
|
USD |
|
|
155.00 |
|
|
USD |
|
|
1,321 |
|
|
|
(19,780 |
) |
| Schlumberger NV |
|
|
237 |
|
|
|
10/20/23 |
|
|
USD |
|
|
60.00 |
|
|
USD |
|
|
1,382 |
|
|
|
(31,284 |
) |
| Stelco Holdings, Inc. |
|
|
415 |
|
|
|
10/20/23 |
|
|
CAD |
|
|
50.00 |
|
|
CAD |
|
|
1,557 |
|
|
|
(11,611 |
) |
| Stelco Holdings, Inc. |
|
|
248 |
|
|
|
10/20/23 |
|
|
CAD |
|
|
40.00 |
|
|
CAD |
|
|
931 |
|
|
|
(7,577 |
) |
| Teck Resources Ltd., Class B |
|
|
589 |
|
|
|
10/20/23 |
|
|
USD |
|
|
44.00 |
|
|
USD |
|
|
2,538 |
|
|
|
(68,913 |
) |
| Vale SA, ADR |
|
|
1,673 |
|
|
|
10/20/23 |
|
|
USD |
|
|
13.00 |
|
|
USD |
|
|
2,242 |
|
|
|
(113,764 |
) |
| Vale SA, ADR |
|
|
715 |
|
|
|
10/20/23 |
|
|
USD |
|
|
14.00 |
|
|
USD |
|
|
958 |
|
|
|
(13,942 |
) |
| Albemarle Corp. |
|
|
106 |
|
|
|
10/27/23 |
|
|
USD |
|
|
195.00 |
|
|
USD |
|
|
1,802 |
|
|
|
(11,130 |
) |
| Alcoa Corp. |
|
|
143 |
|
|
|
10/27/23 |
|
|
USD |
|
|
32.00 |
|
|
USD |
|
|
416 |
|
|
|
(10,654 |
) |
| ArcelorMittal SA, Registered Shares |
|
|
1,100 |
|
|
|
10/27/23 |
|
|
USD |
|
|
26.00 |
|
|
USD |
|
|
2,753 |
|
|
|
(46,750 |
) |
| Archer-Daniels-Midland Co. |
|
|
272 |
|
|
|
10/27/23 |
|
|
USD |
|
|
81.00 |
|
|
USD |
|
|
2,051 |
|
|
|
(10,880 |
) |
| Cameco Corp. |
|
|
510 |
|
|
|
10/27/23 |
|
|
USD |
|
|
39.00 |
|
|
USD |
|
|
2,022 |
|
|
|
(109,905 |
) |
| CF Industries Holdings, Inc. |
|
|
676 |
|
|
|
10/27/23 |
|
|
USD |
|
|
86.00 |
|
|
USD |
|
|
5,796 |
|
|
|
(209,560 |
) |
| ConocoPhillips |
|
|
94 |
|
|
|
10/27/23 |
|
|
USD |
|
|
124.00 |
|
|
USD |
|
|
1,126 |
|
|
|
(18,894 |
) |
| Deere & Co. |
|
|
117 |
|
|
|
10/27/23 |
|
|
USD |
|
|
420.00 |
|
|
USD |
|
|
4,415 |
|
|
|
(9,009 |
) |
| Exxon Mobil Corp. |
|
|
885 |
|
|
|
10/27/23 |
|
|
USD |
|
|
121.00 |
|
|
USD |
|
|
10,406 |
|
|
|
(162,397 |
) |
| Freeport-McMoRan, Inc. |
|
|
611 |
|
|
|
10/27/23 |
|
|
USD |
|
|
43.00 |
|
|
USD |
|
|
2,278 |
|
|
|
(10,692 |
) |
| Newmont Corp. |
|
|
208 |
|
|
|
10/27/23 |
|
|
USD |
|
|
41.00 |
|
|
USD |
|
|
769 |
|
|
|
(5,096 |
) |
| Nutrien Ltd. |
|
|
874 |
|
|
|
10/27/23 |
|
|
USD |
|
|
66.00 |
|
|
USD |
|
|
5,398 |
|
|
|
(52,440 |
) |
| Schlumberger NV |
|
|
338 |
|
|
|
10/27/23 |
|
|
USD |
|
|
64.00 |
|
|
USD |
|
|
1,971 |
|
|
|
(17,914 |
) |
| Shell PLC, ADR |
|
|
936 |
|
|
|
10/27/23 |
|
|
USD |
|
|
62.95 |
|
|
USD |
|
|
6,026 |
|
|
|
(230,439 |
) |
| Teck Resources Ltd., Class B |
|
|
540 |
|
|
|
10/27/23 |
|
|
USD |
|
|
43.00 |
|
|
USD |
|
|
2,327 |
|
|
|
(113,400 |
) |
| Vale SA, ADR |
|
|
1,577 |
|
|
|
10/27/23 |
|
|
USD |
|
|
14.50 |
|
|
USD |
|
|
2,113 |
|
|
|
(22,078 |
) |
| Alcoa Corp. |
|
|
192 |
|
|
|
11/03/23 |
|
|
USD |
|
|
30.00 |
|
|
USD |
|
|
558 |
|
|
|
(30,048 |
) |
| Archer-Daniels-Midland Co. |
|
|
269 |
|
|
|
11/03/23 |
|
|
USD |
|
|
81.71 |
|
|
USD |
|
|
2,029 |
|
|
|
(10,802 |
) |
| Cameco Corp. |
|
|
511 |
|
|
|
11/03/23 |
|
|
USD |
|
|
43.00 |
|
|
USD |
|
|
2,026 |
|
|
|
(54,677 |
) |
| Chevron Corp. |
|
|
145 |
|
|
|
11/03/23 |
|
|
USD |
|
|
175.00 |
|
|
USD |
|
|
2,445 |
|
|
|
(30,667 |
) |
| ConocoPhillips |
|
|
9 |
|
|
|
11/03/23 |
|
|
USD |
|
|
126.64 |
|
|
USD |
|
|
108 |
|
|
|
(1,648 |
) |
| Deere & Co. |
|
|
35 |
|
|
|
11/03/23 |
|
|
USD |
|
|
400.00 |
|
|
USD |
|
|
1,321 |
|
|
|
(13,650 |
) |
| Deere & Co. |
|
|
57 |
|
|
|
11/03/23 |
|
|
USD |
|
|
390.00 |
|
|
USD |
|
|
2,151 |
|
|
|
(39,615 |
) |
| EOG Resources, Inc. |
|
|
134 |
|
|
|
11/03/23 |
|
|
USD |
|
|
134.00 |
|
|
USD |
|
|
1,699 |
|
|
|
(27,135 |
) |
| Exxon Mobil Corp. |
|
|
876 |
|
|
|
11/03/23 |
|
|
USD |
|
|
122.00 |
|
|
USD |
|
|
10,300 |
|
|
|
(165,564 |
) |
| Hess Corp. |
|
|
40 |
|
|
|
11/03/23 |
|
|
USD |
|
|
162.50 |
|
|
USD |
|
|
612 |
|
|
|
(11,300 |
) |
| Schlumberger NV |
|
|
250 |
|
|
|
11/03/23 |
|
|
USD |
|
|
63.00 |
|
|
USD |
|
|
1,458 |
|
|
|
(22,875 |
) |
| Shell PLC, ADR |
|
|
1,144 |
|
|
|
11/03/23 |
|
|
USD |
|
|
65.42 |
|
|
USD |
|
|
7,365 |
|
|
|
(151,013 |
) |
| Teck Resources Ltd., Class B |
|
|
517 |
|
|
|
11/03/23 |
|
|
USD |
|
|
44.00 |
|
|
USD |
|
|
2,228 |
|
|
|
(95,128 |
) |
| AGCO Corp. |
|
|
280 |
|
|
|
11/17/23 |
|
|
USD |
|
|
135.00 |
|
|
USD |
|
|
3,312 |
|
|
|
(33,600 |
) |
| Albemarle Corp. |
|
|
108 |
|
|
|
11/17/23 |
|
|
USD |
|
|
195.00 |
|
|
USD |
|
|
1,836 |
|
|
|
(32,400 |
) |
| Alcoa Corp. |
|
|
281 |
|
|
|
11/17/23 |
|
|
USD |
|
|
35.00 |
|
|
USD |
|
|
817 |
|
|
|
(16,438 |
) |
| BHP Group Ltd., ADR |
|
|
672 |
|
|
|
11/17/23 |
|
|
USD |
|
|
62.50 |
|
|
USD |
|
|
3,822 |
|
|
|
(43,680 |
) |
| Bunge Ltd. |
|
|
295 |
|
|
|
11/17/23 |
|
|
USD |
|
|
120.00 |
|
|
USD |
|
|
3,193 |
|
|
|
(25,075 |
) |
| Canadian Natural Resources Ltd. |
|
|
884 |
|
|
|
11/17/23 |
|
|
CAD |
|
|
88.00 |
|
|
CAD |
|
|
7,765 |
|
|
|
(231,047 |
) |
| Cenovus Energy, Inc. |
|
|
611 |
|
|
|
11/17/23 |
|
|
CAD |
|
|
27.00 |
|
|
CAD |
|
|
1,728 |
|
|
|
(100,765 |
) |
| Darling Ingredients, Inc. |
|
|
264 |
|
|
|
11/17/23 |
|
|
USD |
|
|
60.00 |
|
|
USD |
|
|
1,378 |
|
|
|
(20,460 |
) |
| Filo Corp. |
|
|
204 |
|
|
|
11/17/23 |
|
|
CAD |
|
|
23.00 |
|
|
CAD |
|
|
414 |
|
|
|
(8,336 |
) |
| Packaging Corp. of America |
|
|
57 |
|
|
|
11/17/23 |
|
|
USD |
|
|
150.00 |
|
|
USD |
|
|
875 |
|
|
|
(45,030 |
) |
| Packaging Corp. of America |
|
|
143 |
|
|
|
11/17/23 |
|
|
USD |
|
|
148.71 |
|
|
USD |
|
|
2,196 |
|
|
|
(123,869 |
) |
| Shell PLC, ADR |
|
|
1,153 |
|
|
|
11/17/23 |
|
|
USD |
|
|
65.00 |
|
|
USD |
|
|
7,423 |
|
|
|
(210,422 |
) |
| Stelco Holdings, Inc. |
|
|
780 |
|
|
|
11/17/23 |
|
|
CAD |
|
|
44.00 |
|
|
CAD |
|
|
2,927 |
|
|
|
(27,278 |
) |
| AGCO Corp. |
|
|
161 |
|
|
|
12/15/23 |
|
|
USD |
|
|
120.00 |
|
|
USD |
|
|
1,904 |
|
|
|
(97,405 |
) |
| Stelco Holdings, Inc. |
|
|
435 |
|
|
|
12/15/23 |
|
|
CAD |
|
|
42.00 |
|
|
CAD |
|
|
1,633 |
|
|
|
(37,471 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(4,120,530 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTC Options Written
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Description |
|
Counterparty |
|
Number of
Contracts |
|
|
Expiration
Date |
|
|
Exercise Price |
|
|
Notional
Amount (000) |
|
|
Value |
|
|
|
|
|
|
|
|
|
|
| Call |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Eni SpA |
|
JPMorgan Chase Bank N.A. |
|
|
310,100 |
|
|
|
10/03/23 |
|
|
EUR |
|
|
14.08 |
|
|
EUR |
|
|
4,712 |
|
|
$ |
(388,952 |
) |
|
|
|
| Schedule of Investments (unaudited) (continued)
September 30, 2023 |
|
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| UPM-Kymmene OYJ |
|
Goldman Sachs International |
|
|
37,300 |
|
|
|
10/03/23 |
|
|
EUR |
|
|
30.44 |
|
|
EUR |
|
|
1,208 |
|
|
$ |
(80,617 |
) |
| Eni SpA |
|
Goldman Sachs International |
|
|
55,800 |
|
|
|
10/10/23 |
|
|
EUR |
|
|
14.43 |
|
|
EUR |
|
|
848 |
|
|
|
(50,813 |
) |
| BP PLC |
|
Barclays Bank PLC |
|
|
1,842,400 |
|
|
|
10/13/23 |
|
|
GBP |
|
|
4.90 |
|
|
GBP |
|
|
9,734 |
|
|
|
(964,467 |
) |
| Smurfit Kappa Group PLC |
|
Morgan Stanley & Co. International PLC |
|
|
99,200 |
|
|
|
10/13/23 |
|
|
EUR |
|
|
37.25 |
|
|
EUR |
|
|
3,117 |
|
|
|
— |
|
| TotalEnergies SE |
|
Morgan Stanley & Co. International PLC |
|
|
313,600 |
|
|
|
10/13/23 |
|
|
EUR |
|
|
59.25 |
|
|
EUR |
|
|
19,502 |
|
|
|
(1,103,885 |
) |
| Glencore PLC |
|
Morgan Stanley & Co. International PLC |
|
|
1,689,257 |
|
|
|
10/17/23 |
|
|
GBP |
|
|
4.29 |
|
|
GBP |
|
|
7,884 |
|
|
|
(884,814 |
) |
| Kerry Group PLC, Class A |
|
Morgan Stanley & Co. International PLC |
|
|
37,300 |
|
|
|
10/19/23 |
|
|
EUR |
|
|
87.08 |
|
|
EUR |
|
|
2,948 |
|
|
|
(1,347 |
) |
| BP PLC |
|
Morgan Stanley & Co. International PLC |
|
|
248,300 |
|
|
|
10/24/23 |
|
|
GBP |
|
|
5.18 |
|
|
GBP |
|
|
1,312 |
|
|
|
(65,110 |
) |
| Darling Ingredients, Inc |
|
JPMorgan Chase Bank N.A. |
|
|
23,300 |
|
|
|
10/25/23 |
|
|
USD |
|
|
62.21 |
|
|
USD |
|
|
1,216 |
|
|
|
(2,860 |
) |
| Galp Energia SGPS SA |
|
Goldman Sachs International |
|
|
87,100 |
|
|
|
10/25/23 |
|
|
EUR |
|
|
14.53 |
|
|
EUR |
|
|
1,220 |
|
|
|
(12,258 |
) |
| BHP Group Ltd., ADR |
|
Citibank N.A. |
|
|
75,500 |
|
|
|
11/06/23 |
|
|
USD |
|
|
59.25 |
|
|
USD |
|
|
4,294 |
|
|
|
(90,203 |
) |
| Galp Energia SGPS SA |
|
Goldman Sachs International |
|
|
87,100 |
|
|
|
11/07/23 |
|
|
EUR |
|
|
14.53 |
|
|
EUR |
|
|
1,220 |
|
|
|
(18,496 |
) |
| UPM-Kymmene OYJ |
|
Morgan Stanley & Co. International PLC |
|
|
95,400 |
|
|
|
11/09/23 |
|
|
EUR |
|
|
32.91 |
|
|
EUR |
|
|
3,090 |
|
|
|
(58,763 |
) |
| Anglo American PLC |
|
Morgan Stanley & Co. International PLC |
|
|
105,700 |
|
|
|
11/14/23 |
|
|
GBP |
|
|
23.65 |
|
|
GBP |
|
|
2,379 |
|
|
|
(98,013 |
) |
| Glencore PLC |
|
UBS AG |
|
|
955,400 |
|
|
|
11/14/23 |
|
|
GBP |
|
|
4.92 |
|
|
GBP |
|
|
4,459 |
|
|
|
(139,882 |
) |
| Smurfit Kappa Group PLC |
|
Goldman Sachs International |
|
|
78,700 |
|
|
|
11/14/23 |
|
|
EUR |
|
|
32.71 |
|
|
EUR |
|
|
2,473 |
|
|
|
(60,225 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(4,020,705 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value 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); and |
| |
• |
|
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable
inputs are not available (including the 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 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.
Certain investments of the Trust were fair valued using net asset value (“NAV”) as a practical expedient as no quoted market value is available
and therefore have been excluded from the fair value hierarchy.
The following table summarizes the Trust’s financial instruments categorized in
the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chemicals |
|
$ |
67,795,041 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
67,795,041 |
|
| Containers & Packaging |
|
|
11,906,267 |
|
|
|
15,975,883 |
|
|
|
— |
|
|
|
27,882,150 |
|
| Energy Equipment & Services |
|
|
13,731,341 |
|
|
|
— |
|
|
|
— |
|
|
|
13,731,341 |
|
| Food Products |
|
|
45,359,698 |
|
|
|
8,428,553 |
|
|
|
8,434,238 |
|
|
|
62,222,489 |
|
| Machinery |
|
|
46,935,617 |
|
|
|
— |
|
|
|
— |
|
|
|
46,935,617 |
|
| Metals & Mining |
|
|
224,162,099 |
|
|
|
72,473,422 |
|
|
|
11 |
|
|
|
296,635,532 |
|
| Oil, Gas & Consumable Fuels |
|
|
257,191,194 |
|
|
|
108,136,339 |
|
|
|
563 |
|
|
|
365,328,096 |
|
|
|
|
| S C H E D U L E O F I N V E S T M E N
T S |
|
4 |
|
|
|
| Schedule of Investments (unaudited) (continued)
September 30, 2023 |
|
BlackRock Resources & Commodities Strategy Trust (BCX) |
Fair Value Hierarchy as of Period End (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Common Stocks (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Paper & Forest Products |
|
$ |
— |
|
|
$ |
12,435,703 |
|
|
$ |
— |
|
|
$ |
12,435,703 |
|
| Corporate Bonds |
|
|
— |
|
|
|
7,200,000 |
|
|
|
— |
|
|
|
7,200,000 |
|
| Short-Term Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money Market Funds |
|
|
15,665,304 |
|
|
|
— |
|
|
|
— |
|
|
|
15,665,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
682,746,561 |
|
|
$ |
224,649,900 |
|
|
$ |
8,434,812 |
|
|
|
915,831,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments Valued at NAV(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,659,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
918,491,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Contracts |
|
$ |
(3,602,759 |
) |
|
$ |
(4,538,476 |
) |
|
$ |
— |
|
|
$ |
(8,141,235 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is
available and therefore have been excluded from the fair value hierarchy. |
|
| |
(b) |
Derivative financial instruments are options written. Options written are shown at value. |
|
|
|
|
| Currency Abbreviation |
|
|
| CAD |
|
Canadian Dollar |
|
|
| EUR |
|
Euro |
|
|
| GBP |
|
British Pound |
|
|
| USD |
|
United States Dollar |
|
| Portfolio Abbreviation |
|
|
| ADR |
|
American Depositary Receipt |
|
|
| PJSC |
|
Public Joint Stock Company |
BlackRock Resources and ... (NYSE:BCX)
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