NPORT-EX 2 NPORT_LCXK_3306391742.htm BlackRock Resources and Commodities Strategy Trust

Schedule of Investments (unaudited) 

March 31, 2021

   

BlackRock Resources & Commodities Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Chemicals — 13.4%  

CF Industries Holdings, Inc.(a)

    950,393     $ 43,128,834  

FMC Corp.

     208,193       23,028,228  

Koninklijke DSM NV

     89,229       15,084,891  

Nutrien Ltd.

     535,680       28,867,795  
   

 

 

  
      110,109,748  
Containers & Packaging — 6.7%  

International Paper Co.

     258,768       13,991,586  

Packaging Corp. of America(a)

    146,597       19,714,364  

Westrock Co.

     408,554       21,265,236  
   

 

 

  
      54,971,186  
Electronic Equipment, Instruments & Components — 2.3%  

Trimble, Inc.(b)

    242,807       18,887,957  
   

 

 

  
Food Products — 4.6%  

Bunge Ltd.(a)

    352,782       27,965,029  

Darling Ingredients, Inc.(b)

    127,716       9,397,343  
   

 

 

  
      37,362,372  
Machinery — 2.9%  

Deere & Co.

     62,559       23,405,824  
   

 

 

  
Metals & Mining — 29.8%  

Anglo American PLC

     940,226       36,826,578  

BHP Group PLC

     920,299       26,497,252  

First Quantum Minerals Ltd.

     499,676       9,522,750  

Freeport-McMoRan, Inc.

     698,531       23,002,626  

Glencore PLC(b)

    5,146,152       20,205,869  

Kinross Gold Corp.

     2,507,451       16,700,378  

Lundin Mining Corp.

     1,091,969       11,235,107  

Neo Lithium Corp.(b)

    3,668,040       8,639,611  

Newcrest Mining Ltd.

     224,134       4,234,315  

Newmont Corp.(a)

    378,189       22,793,451  

Polyus PJSC, Registered Shares, GDR

     79,029       7,271,273  

Stelco Holdings, Inc.

     408,438       9,155,485  

Vale SA, ADR

     2,771,457       48,167,923  
   

 

 

  
      244,252,618  
Oil, Gas & Consumable Fuels — 39.5%  

Aker BP ASA

     374,947       10,636,225  

Canadian Natural Resources Ltd.

     731,916       22,626,670  

Chevron Corp.(c)

    433,641       45,441,240  

CNOOC Ltd.

     9,162,000       9,597,727  

ConocoPhillips(c)

    442,985       23,464,916  

Equinor ASA

     741,512       14,474,115  

Exxon Mobil Corp.

     377,621       21,082,581  

Hess Corp.

     145,177       10,272,725  

Kosmos Energy Ltd.

     1,673,634       5,138,056  

Lukoil PJSC - ADR

     160,959       13,007,023  

Marathon Petroleum Corp.

     174,011       9,307,848  

Petroleo Brasileiro SA, ADR

     1,054,061       8,938,437  

Pioneer Natural Resources Co.

     92,924       14,758,190  
Security   Shares     Value  
Oil, Gas & Consumable Fuels (continued)  

Royal Dutch Shell PLC, Class B, ADR

     909,639     $ 33,502,004  

Suncor Energy, Inc.

     1,005,391       21,016,648  

TOTAL SE

     1,055,753       49,218,938  

Valero Energy Corp.

     150,346       10,764,774  
   

 

 

  
      323,248,117  
Paper & Forest Products — 0.0%  

Precious Woods Holding AG, Registered Shares(b)

    20,000       221,129  
   

 

 

  

Total Common Stocks — 99.2%
(Cost: $619,387,434)

 

     812,458,951  
   

 

 

  
    

Par

(000)

         

Corporate Bonds

 

Metals & Mining — 0.5%  

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

  CAD 5,556       4,454,261  
   

 

 

  

Total Corporate Bonds — 0.5%
(Cost: $4,434,866)

 

     4,454,261  
   

 

 

  

Total Long-Term Investments — 99.7%
(Cost: $623,822,300)

 

     816,913,212  
   

 

 

  
     Shares         

Short-Term Securities

 

Money Market Funds — 0.9%  

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(e)(f)

    7,101,820       7,101,820  
   

 

 

  

Total Short-Term Securities — 0.9%
(Cost: $7,101,820)

 

     7,101,820  
   

 

 

  

Total Investments Before Options Written — 100.6%
(Cost: $630,924,120)

 

     824,015,032  
   

 

 

  
Options Written — (0.7)%            

(Premiums Received: $(10,079,285))

       (5,868,341 ) 
   

 

 

  

Total Investments, Net of Options Written — 99.9%
(Cost: $620,844,835)

 

     818,146,691  

Other Assets Less Liabilities — 0.1%

       1,024,864  
   

 

 

  

Net Assets — 100.0%

     $  819,171,555  
   

 

 

  

 

(a) 

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

(b) 

Non-income producing security.

(c) 

All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

(d) 

Convertible security.

(e) 

Affiliate of the Trust.

(f) 

Annualized 7-day yield as of period end.

 

 

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.

 

 

SCHEDULE OF INVESTMENTS

   1

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
12/31/20		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
03/31/21		      Shares
Held at
03/31/21		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

    $  289,665      $  6,812,155 (a)      $  —      $  —      $  —      $  7,101,820        7,101,820      $  —      $  —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

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                                                   

Conocophillips

      214          04/01/21        USD     50.00        USD     1,134        $ (65,805 ) 

Exxon Mobil Corp.

      304          04/01/21        USD     54.00        USD     1,697          (58,520 ) 

Exxon Mobil Corp.

      627          04/01/21        USD     57.00        USD     3,500          (7,524 ) 

Hess Corp.

      11          04/01/21        USD     64.00        USD     78          (7,480 ) 

Marathon Petroleum Corp.

      200          04/01/21        USD     55.50        USD     1,070          (1,100 ) 

CF Industries Holdings, Inc.

      231          04/09/21        USD     47.00        USD     1,048          (9,240 ) 

Chevron Corp.

      162          04/09/21        USD     106.00        USD     1,698          (19,764 ) 

Deere & Co.

      69          04/09/21        USD     357.50        USD     2,582          (127,305 ) 

Nutrien Ltd.

      371          04/09/21        USD     58.50        USD     1,999          (7,420 ) 

Valero Energy Corp.

      118          04/09/21        USD     78.50        USD     845          (1,770 ) 

Bunge Ltd.

      826          04/16/21        USD     80.00        USD     6,548          (142,485 ) 

Canadian Natural Resources Ltd.

      996          04/16/21        CAD     38.00        CAD     3,869          (121,260 ) 

CF Industries Holdings, Inc.

      984          04/16/21        USD     52.50        USD     4,465          (7,380 ) 

ConocoPhillips

      260          04/16/21        USD     60.00        USD     1,377          (4,160 ) 

Darling Ingredients, Inc.

      316          04/16/21        USD     70.00        USD     2,325          (150,100 ) 

FMC Corp.

      280          04/16/21        USD     115.00        USD     3,097          (18,200 ) 

Freeport-McMoRan, Inc.

      730          04/16/21        USD     32.00        USD     2,404          (135,050 ) 

International Paper Co.

      286          04/16/21        USD     52.50        USD     1,546          (62,205 ) 

Kinross Gold Corp.

      2,135          04/16/21        CAD     10.00        CAD     1,787          (5,097 ) 

Lundin Mining Corp.

      2,974          04/16/21        CAD     15.00        CAD     3,845          (14,199 ) 

Nutrien Ltd.

      350          04/16/21        USD     60.00        USD     1,886          (4,375 ) 

Packaging Corp. of America

      276          04/16/21        USD     140.00        USD     3,712          (19,320 ) 

Petroleo Brasileiro SA

      1,517          04/16/21        USD     8.00        USD     1,286          (87,227 ) 

Royal Dutch Shell PLC, Class B, ADR

      941          04/16/21        USD     45.00        USD     3,466          (4,705 ) 

Royal Dutch Shell PLC, Class B, ADR

      985          04/16/21        USD     42.50        USD     3,628          (7,388 ) 

Suncor Energy, Inc.

      933          04/16/21        CAD     26.00        CAD     2,451          (74,613 ) 

Trimble, Inc.

      435          04/16/21        USD     75.00        USD     3,384          (174,000 ) 

Valeo SA, ADR

      2,360          04/16/21        USD     17.00        USD     4,102          (185,260 ) 

Westrock Co.

      414          04/16/21        USD     47.50        USD     2,155          (200,790 ) 

Westrock Co.

      1,115          04/16/21        USD     55.00        USD     5,804          (58,537 ) 

Chevron Corp.

      402          04/23/21        USD     110.00        USD     4,212          (46,833 ) 

ConocoPhillips

      174          04/23/21        USD     61.00        USD     922          (6,699 ) 

Deere & Co.

      69          04/23/21        USD     385.00        USD     2,582          (38,985 ) 

Freeport-McMoRan, Inc.

      439          04/23/21        USD     34.50        USD     1,446          (55,972 ) 

Hess Corp.

      363          04/23/21        USD     73.00        USD     2,569          (84,034 ) 

International Paper Co.

      223          04/23/21        USD     55.50        USD     1,206          (18,398 ) 

Newmont Corp.

      259          04/23/21        USD     60.00        USD     1,561          (51,800 ) 

Nutrien Ltd.

      341          04/23/21        USD     56.00        USD     1,838          (23,018 ) 

Pioneer Natural Resources Co.

      165          04/23/21        USD     167.50        USD     2,620          (55,687 ) 

CF Industries Holdings, Inc.

      456          04/30/21        USD     51.00        USD     2,069          (18,240 ) 

Chevron Corp.

      364          04/30/21        USD     115.00        USD     3,814          (24,388 ) 

ConocoPhillips

      205          04/30/21        USD     52.00        USD     1,086          (43,665 ) 

Deere & Co.

      93          04/30/21        USD     380.00        USD     3,479          (84,397 ) 

Freeport-McMoRan, Inc.

      631          04/30/21        USD     41.00        USD     2,078          (19,877 ) 

Hess Corp.

      169          04/30/21        USD     75.00        USD     1,196          (34,983 ) 

 

 

2  

    

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

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)                                                   

International Paper Co.

      227          04/30/21        USD     56.00        USD     1,227        $ (24,403 ) 

Marathon Petroleum Corp.

      250          04/30/21        USD     58.50        USD     1,337          (22,125 ) 

Newmont Corp.

      215          04/30/21        USD     65.00        USD     1,296          (14,943 ) 

Nutrien Ltd.

      363          04/30/21        USD     60.00        USD     1,956          (5,445 ) 

Valero Energy Corp.

      204          04/30/21        USD     86.50        USD     1,461          (9,690 ) 

CF Industries Holdings, Inc.

      495          05/07/21        USD     49.00        USD     2,246          (45,788 ) 

Chevron Corp.

      342          05/07/21        USD     108.00        USD     3,584          (90,288 ) 

Freeport-McMoRan, Inc.

      630          05/07/21        USD     37.00        USD     2,075          (56,385 ) 

International Paper Co.

      221          05/07/21        USD     56.50        USD     1,195          (24,310 ) 

Newmont Corp.

      476          05/07/21        USD     62.00        USD     2,869          (84,014 ) 

Canadian Natural Resources Ltd.

      1,495          05/21/21        CAD     40.00        CAD     5,808          (161,194 ) 

CF Industries Holdings, Inc.

      1,350          05/21/21        USD     52.50        USD     6,126          (67,500 ) 

Chevron Corp.

      334          05/21/21        USD     110.00        USD     3,500          (81,663 ) 

Darling Ingredients, Inc.

      263          05/21/21        USD     80.00        USD     1,935          (69,037 ) 

Exxon Mobil Corp.

      616          05/21/21        USD     62.50        USD     3,439          (41,580 ) 

First Quantum Minerals Ltd.

      1,848          05/21/21        CAD     28.00        CAD     4,426          (87,496 ) 

Freeport-McMoRan, Inc.

      154          05/21/21        USD     36.00        USD     507          (22,869 ) 

Marathon Petroleum Corp.

      193          05/21/21        USD     55.00        USD     1,032          (53,558 ) 

Newmont Corp.

      449          05/21/21        USD     65.00        USD     2,706          (56,125 ) 

Nutrien Ltd.

      211          05/21/21        USD     55.00        USD     1,137          (39,563 ) 

Packaging Corp. of America

      266          05/21/21        USD     140.00        USD     3,577          (84,455 ) 

Royal Dutch Shell PLC, Class B, ADR

      875          05/21/21        USD     42.50        USD     3,223          (30,625 ) 

Suncor Energy, Inc.

      1,706          05/21/21        CAD     29.00        CAD     4,482          (90,275 ) 

Trimble, Inc.

      470          05/21/21        USD     80.00        USD     3,656          (169,200 ) 

Valero Energy Corp.

      234          05/21/21        USD     80.00        USD     1,675          (41,769 ) 

Suncor Energy, Inc.

      912          06/18/21        CAD     30.00        CAD     2,396          (57,694 ) 
                          

 

 

  
                           $ (3,921,249 ) 
                          

 

 

  

OTC Options Written

Description    Counterparty    Number of
Contracts		      Expiration
Date		      Exercise Price      Notional
Amount (000)		      Value  
Call                                                

Glencore PLC

    Citibank N.A.      555,000        04/07/21      GBP     3.10      GBP     1,578      $ (2,662 ) 

Lukoil PJSC - ADR

    Credit Suisse International      8,700        04/07/21      USD     79.03      USD     703        (20,556 ) 

TOTAL SE

    Credit Suisse International      106,500        04/07/21      EUR     39.65      EUR     4,236        (95,544 ) 

Kinross Gold Corp.

    Credit Suisse International      296,300        04/08/21      CAD     8.68      CAD     2,480        (26,902 ) 

ConocoPhillips

    Bank of America N.A.      44,200        04/09/21      USD     57.61      USD     2,341        (8,463 ) 

Nutrien Ltd.

    Citibank N.A.      34,600        04/09/21      USD     58.32      USD     1,865        (861 ) 

BHP Group PLC

    Barclays Bank PLC      239,000        04/13/21      GBP     23.39      GBP     5,006        (6,007 ) 

Koninklijke DSM NV

    Credit Suisse International      22,500        04/13/21      EUR     144.01      EUR     3,247        (64,155 ) 

Anglo American PLC

    Credit Suisse International      8,400        04/15/21      GBP     30.73      GBP     239        (2,885 ) 

BHP Group PLC

    Credit Suisse International      108,000        04/15/21      GBP     24.21      GBP     2,262        (787 ) 

Anglo American PLC

    Barclays Bank PLC      109,000        04/21/21      GBP     30.46      GBP     3,098        (64,845 ) 

Equinor ASA

    Barclays Bank PLC      184,200        04/21/21      NOK     168.98      NOK     30,817        (76,449 ) 

Kinross Gold Corp.

    Credit Suisse International      296,300        04/22/21      CAD     8.68      CAD     2,480        (60,062 ) 

Petroleo Brasileiro SA, ADR

    UBS AG      56,100        04/27/21      USD     8.70      USD     476        (13,074 ) 

Public Joint Stock Polyus, GDR

    Credit Suisse International      14,800        04/27/21      USD     96.96      USD     1,362        (20,514 ) 

Aker BP ASA

    Credit Suisse International      87,900        04/29/21      NOK     270.38      NOK     21,342        (9,414 ) 

Anglo American PLC

    Morgan Stanley & Co. International PLC      237,200        04/29/21      GBP     30.79      GBP     6,742        (168,026 ) 

Lukoil PJSC - ADR

    Morgan Stanley & Co. International PLC      46,600        04/29/21      USD     89.79      USD     3,768        (19,020 ) 

Royal Dutch Shell PLC, Class B, ADR

    JPMorgan Chase Bank N.A.      56,400        04/29/21      USD     42.69      USD     2,077        (13,099 ) 

Bunge Ltd.

    Credit Suisse International      49,500        05/04/21      USD     81.68      USD     3,924        (90,118 ) 

Equinor ASA

    UBS AG      50,700        05/04/21      NOK     176.28      NOK     8,482        (13,332 ) 

FMC Corp.

    Barclays Bank PLC      49,000        05/04/21      USD     110.64      USD     5,420        (182,629 ) 

TOTAL SE

    Goldman Sachs International      82,400        05/04/21      EUR     41.99      EUR     3,277        (52,735 ) 

ConocoPhillips

    Credit Suisse International      20,500        05/06/21      USD     53.66      USD     1,086        (50,109 ) 

Glencore PLC

    UBS AG      888,900        05/06/21      GBP     2.86      GBP     2,527        (143,142 ) 

Koninklijke DSM NV

    Credit Suisse International      11,000        05/06/21      EUR     150.53      EUR     1,587        (18,105 ) 

Newcrest Mining Ltd.

    Morgan Stanley & Co. International PLC      83,000        05/06/21      AUD     25.62      AUD     2,027        (36,591 ) 

 

 

SCHEDULE OF INVESTMENTS

   3

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

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)                                                

Statoil ASA

    Morgan Stanley & Co. International PLC      39,500        05/06/21      NOK     175.15      NOK     6,608      $ (12,813 ) 

TOTAL SE

    Credit Suisse International      124,300        05/06/21      EUR     40.82      EUR     4,944        (135,454 ) 

Aker BP ASA

    Credit Suisse International      52,500        05/11/21      NOK     267.39      NOK     12,747        (12,595 ) 

Public Joint Stock Polyus, GDR

    Credit Suisse International      14,800        05/11/21      USD     98.72      USD     1,362        (23,080 ) 

Lukoil PJSC - ADR

    Goldman Sachs International      4,300        05/14/21      USD     83.29      USD     348        (10,616 ) 

TOTAL SE

    Goldman Sachs International      77,500        05/14/21      EUR     40.97      EUR     3,083        (92,184 ) 

Lundin Mining Corp.

    Credit Suisse International      187,000        05/17/21      CAD     15.14      CAD     2,418        (25,842 ) 

Stelco Holdings, Inc.

    Credit Suisse International      152,000        05/27/21      CAD     26.95      CAD     4,282        (299,190 ) 

Glencore PLC

    Goldman Sachs International      460,000        06/04/21      GBP     2.96      GBP     1,308        (75,232 ) 
                     

 

 

  
                      $ (1,947,092 ) 
                     

 

 

  

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 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 table summarizes the Trust’s investments categorized in the fair value hierarchy. The breakdown of the Trust’s investments 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

    $ 95,024,857        $ 15,084,891        $  —        $  110,109,748  

Containers & Packaging

      54,971,186          —          —          54,971,186  

Electronic Equipment, Instruments & Components

      18,887,957          —          —          18,887,957  

Food Products

      37,362,372          —          —          37,362,372  

Machinery

      23,405,824          —          —          23,405,824  

Metals & Mining

      149,217,331          95,035,287          —          244,252,618  

Oil, Gas & Consumable Fuels

      226,314,089          96,934,028          —          323,248,117  

Paper & Forest Products

      —          221,129          —          221,129  

Corporate Bonds

      4,454,261          —          —          4,454,261  

Short-Term Securities

                  

Money Market Funds

      7,101,820          —          —          7,101,820  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 616,739,697        $  207,275,335        $                     —        $ 824,015,032  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

4  

    

Schedule of Investments (unaudited) (continued)

March 31, 2021

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

Fair Value Hierarchy as of Period End (continued)

      Level 1        Level 2        Level 3        Total  

Derivative Financial Instruments(a)

                 

Liabilities

                  

Equity Contracts

    $     (3,921,249 )       $     (1,947,092 )       $                     —        $     (5,868,341 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Derivative financial instruments are options written. Options written are shown at value.

 

 

Currency Abbreviation
AUD    Australian Dollar
CAD    Canadian Dollar
EUR    Euro
GBP    British Pound
NOK    Norwegian Krone
USD    United States Dollar
Portfolio Abbreviation
ADR    American Depositary Receipt
GDR    Global Depositary Receipt
PJSC    Public Joint Stock Company

 

 

SCHEDULE OF INVESTMENTS

   5