NPORT-EX 2 NPORT_LCXK_88342009_0921.htm BlackRock Resources and Commodities Strategy Trust

Schedule of Investments (unaudited)

September 30, 2021

   

BlackRock Resources & Commodities Strategy Trust (BCX)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

    

Chemicals — 12.2%

    

CF Industries Holdings, Inc.(a)(b)

    555,370     $    31,000,753  

FMC Corp.(b)

    281,130       25,740,263  

Koninklijke DSM NV

     97,481       19,493,849  

Nutrien Ltd.(b)

    402,941       26,122,665  
   

 

 

  
      102,357,530  
Containers & Packaging(b) — 4.4%            

International Paper Co.

     187,334       10,475,717  

Packaging Corp. of America

     118,002       16,218,195  

Westrock Co.

     204,598       10,195,118  
   

 

 

  
      36,889,030  
Electronic Equipment, Instruments & Components — 1.4%  

Trimble, Inc.(b)(c)

    139,986       11,513,849  
   

 

 

  
Food Products — 8.3%            

Bunge Ltd.(b)

    331,854       26,986,367  

Darling Ingredients, Inc.(b)(c)

    143,866       10,343,966  

Hofseth International AS, (Acquired 05/26/21, Cost: $10,198,057)(d)(e)

    18,993,283       9,603,376  

Kerry Group PLC, Class A

     106,414       14,298,699  

Nestle SA, Registered Shares

     70,298       8,470,207  
   

 

 

  
      69,702,615  
Machinery — 2.1%            

Deere & Co.(b)

    52,807       17,694,041  
   

 

 

  
Metals & Mining — 28.6%            

Anglo American PLC

     882,972       30,946,972  

ArcelorMittal SA

     289,221       8,722,905  

BHP Group PLC

     1,129,981       28,469,128  

First Quantum Minerals Ltd.

     407,838       7,550,767  

Freeport-McMoRan, Inc.(b)

    292,833       9,525,858  

Glencore PLC

     9,019,027       42,426,443  

Kinross Gold Corp.

     2,873,803       15,405,907  

Neo Lithium Corp.(c)

    2,006,082       7,174,760  

Newcrest Mining Ltd.

     340,834       5,650,247  

Newmont Corp.(a)

    428,038       23,242,463  

Polyus PJSC, Registered Shares, GDR

     79,029       6,457,759  

Stelco Holdings, Inc.

     270,988       7,941,793  

Teck Resources Ltd.(b)

    613,109       15,272,545  

Vale SA, ADR(b)

    2,309,305       32,214,805  
   

 

 

  
      241,002,352  
Oil, Gas & Consumable Fuels — 41.9%            

Aker BP ASA

     334,397       10,838,887  

Canadian Natural Resources Ltd.

     734,248       26,845,906  

Chevron Corp.(b)

    453,629       46,020,662  

ConocoPhillips(b)

    391,126       26,506,609  

Equinor ASA

     1,005,662       25,574,800  

Exxon Mobil Corp.(b)

    411,276       24,191,254  

Hess Corp.

     175,677       13,722,130  

Kosmos Energy Ltd.(c)

    1,421,184       4,206,705  

LUKOIL PJSC, ADR

     155,259       14,745,614  

Marathon Petroleum Corp.(b)

    169,461       10,474,384  

Pioneer Natural Resources Co.

     97,974       16,313,651  
Security   Shares     Value  
Oil, Gas & Consumable Fuels (continued)        

Royal Dutch Shell PLC, Class B, ADR(b)

    986,728     $    43,682,449  

Suncor Energy, Inc.

     1,145,841       23,756,343  

TotalEnergies SE

     1,141,164       54,545,292  

Valero Energy Corp.(b)

    165,796       11,700,224  
   

 

 

  
      353,124,910  
Paper & Forest Products — 0.0%            

Precious Woods Holding AG, Registered Shares(c)

    20,000       268,255  
   

 

 

  

Total Common Stocks — 98.9%
(Cost: $648,482,775)

       832,552,582  
   

 

 

  
    

Par

(000)

         

Corporate Bonds

    

Metals & Mining — 0.5%

    

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

  CAD 5,556       4,427,780  
   

 

 

  

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

 

  

 

4,427,780

 

   

 

 

  

Total Long-Term Investments — 99.4%
(Cost: $652,917,641)

 

     836,980,362  
   

 

 

  
     Shares         

Short-Term Securities

    

Money Market Funds — 1.4%

    

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

    11,638,716       11,638,716  
   

 

 

  

Total Short-Term Securities — 1.4%
(Cost: $11,638,716)

       11,638,716  
   

 

 

  

Total Investments Before Options Written — 100.8%
(Cost: $664,556,357)

 

     848,619,078  
   

 

 

  

Options Written — (1.4)%
(Premiums Received: $(6,622,396))

       (11,624,695 ) 
   

 

 

  

Total Investments, Net of Options Written — 99.4%
(Cost: $657,933,961)

       836,994,383  

Other Assets Less Liabilities — 0.6%

       5,079,768  
   

 

 

  

Net Assets — 100.0%

     $ 842,074,151  
   

 

 

  

 

(a) 

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

(b) 

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

(c) 

Non-income producing security.

(d) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) 

Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $9,603,376, representing 1.1% of its net assets as of period end, and an original cost of $10,198,057.

(f) 

Affiliate of the Trust.

(g) 

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.

 

 

1

  

Schedule of Investments (unaudited) (continued)

September 30, 2021

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 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

09/30/21

     

Shares

Held at

09/30/21

     

Income

     

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

    $ 289,665      $ 11,349,051 (a)     $ —      $ —      $ —      $ 11,638,716        11,638,716      $ 1,105      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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

                     

Chevron Corp.

      505        10/01/21        USD        103.00        USD        5,123      $ (11,615 ) 

Freeport-McMoRan, Inc.

      251        10/01/21        USD        38.00        USD        817        (251 ) 

Vale SA

      956        10/01/21        USD        21.00        USD        1,334        (956 ) 

Valero Energy Corp.

      161        10/01/21        USD        69.00        USD        1,136        (29,302 ) 

CF Industries Holdings, Inc.

      420        10/08/21        USD        47.00        USD        2,344        (373,800 ) 

Chevron Corp.

      377        10/08/21        USD        101.00        USD        3,825        (78,039 ) 

ConocoPhillips

      121        10/08/21        USD        59.00        USD        820        (111,622 ) 

Deere & Co.

      33        10/08/21        USD        395.00        USD        1,106        (2,475 ) 

Freeport-McMoRan, Inc.

      412        10/08/21        USD        38.00        USD        1,340        (1,854 ) 

Marathon Petroleum Corp.

      95        10/08/21        USD        59.00        USD        587        (31,113 ) 

Bunge Ltd.

      751        10/15/21        USD        82.50        USD        6,107        (103,262 ) 

Canadian Natural Resources Ltd.

      420        10/15/21        CAD        45.00        CAD        1,945        (68,640 ) 

Canadian Natural Resources Ltd.

      1,491        10/15/21        CAD        42.00        CAD        6,905        (535,611 ) 

CF Industries Holdings, Inc.

      167        10/15/21        USD        47.50        USD        932        (130,260 ) 

Chevron Corp.

      485        10/15/21        USD        100.00        USD        4,920        (155,200 ) 

ConocoPhillips

      205        10/15/21        USD        60.00        USD        1,389        (168,100 ) 

Darling Ingredients, Inc.

      121        10/15/21        USD        85.00        USD        870        (1,513 ) 

Darling Ingredients, Inc.

      314        10/15/21        USD        80.00        USD        2,258        (8,635 ) 

First Quantum Minerals Ltd.

      924        10/15/21        CAD        26.00        CAD        2,167        (13,861 ) 

FMC Corp.

      550        10/15/21        USD        95.00        USD        5,036        (48,125 ) 

Marathon Petroleum Corp.

      95        10/15/21        USD        57.50        USD        587        (45,125 ) 

Packaging Corp. of America

      170        10/15/21        USD        150.00        USD        2,336        (10,625 ) 

Royal Dutch Shell PLC, Class B, ADR

      1,078        10/15/21        USD        42.50        USD        4,772        (242,550 ) 

Stelco Holdings, Inc.

      1,270        10/15/21        CAD        50.00        CAD        4,714        (13,035 ) 

Suncor Energy, Inc.

      1,897        10/15/21        CAD        24.00        CAD        4,982        (366,190 ) 

Trimble, Inc.

      449        10/15/21        USD        95.00        USD        3,693        (2,245 ) 

Vale SA

      1,546        10/15/21        USD        20.00        USD        2,157        (3,092 ) 

Valero Energy Corp.

      161        10/15/21        USD        70.00        USD        1,136        (42,182 ) 

Westrock Co.

      532        10/15/21        USD        52.50        USD        2,651        (21,280 ) 

Bunge Ltd.

      404        10/22/21        USD        80.25        USD        3,285        (118,809 ) 

CF Industries Holdings, Inc.

      734        10/22/21        USD        48.00        USD        4,097        (605,550 ) 

ConocoPhillips

      121        10/22/21        USD        59.00        USD        820        (111,622 ) 

Deere & Co.

      69        10/22/21        USD        380.00        USD        2,312        (4,692 ) 

Exxon Mobil Corp.

      770        10/22/21        USD        59.00        USD        4,529        (131,285 ) 

International Paper Co.

      223        10/22/21        USD        61.00        USD        1,247        (3,345 ) 

Marathon Petroleum Corp.

      110        10/22/21        USD        61.00        USD        680        (31,845 ) 

Nutrien Ltd.

      335        10/22/21        USD        63.00        USD        2,172        (90,450 ) 

Teck Resources Ltd.

      825        10/22/21        USD        27.00        USD        2,055        (57,750 ) 

Vale SA

      1,635        10/22/21        USD        18.50        USD        2,281        (120,990 ) 

CF Industries Holdings, Inc.

      733        10/29/21        USD        48.00        USD        4,092        (645,041 ) 

Chevron Corp.

      334        10/29/21        USD        100.00        USD        3,388        (137,775 ) 

ConocoPhillips

      239        10/29/21        USD        59.00        USD        1,620        (233,025 ) 

Deere & Co.

      93        10/29/21        USD        360.00        USD        3,116        (24,785 ) 

Exxon Mobil Corp.

      393        10/29/21        USD        57.00        USD        2,312        (126,742 ) 

Freeport-McMoRan, Inc.

      420        10/29/21        USD        35.00        USD        1,366        (39,690 ) 

 

 

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, 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.

        235        10/29/21        USD        60.00        USD        1,314      $ (10,575 ) 

Marathon Petroleum Corp.

        111        10/29/21        USD        62.00        USD        686        (29,138 ) 

Nutrien Ltd.

        64        10/29/21        USD        66.00        USD        415        (10,240 ) 

Teck Resources Ltd.

        618        10/29/21        USD        28.00        USD        1,539        (31,209 ) 

Vale SA

        1,546        10/29/21        USD        18.00        USD        2,157        (7,730 ) 

Westrock Co.

        225        11/03/21        USD        52.50        USD        1,121        (22,158 ) 

ConocoPhillips

        274        11/05/21        USD        65.00        USD        1,857        (125,355 ) 

Marathon Petroleum Corp.

        200        11/05/21        USD        64.00        USD        1,236        (40,700 ) 

Nutrien Ltd.

        675        11/05/21        USD        66.00        USD        4,376        (136,687 ) 

Vale SA

        1,226        11/05/21        USD        16.00        USD        1,710        (25,746 ) 

ConocoPhillips

        205        11/12/21        USD        65.30        USD        1,389        (95,427 ) 

Canadian Natural Resources Ltd.

        807        11/19/21        CAD        46.00        CAD        3,737        (168,842 ) 

ConocoPhillips

        413        11/19/21        USD        60.00        USD        2,799        (365,505 ) 

Darling Ingredients, Inc.

        97        11/19/21        USD        80.00        USD        697        (15,035 ) 

Exxon Mobil Corp.

        352        11/19/21        USD        62.50        USD        2,070        (39,072 ) 

First Quantum Minerals Ltd.

        590        11/19/21        CAD        28.00        CAD        1,384        (19,331 ) 

FMC Corp.

        490        11/19/21        USD        100.00        USD        4,486        (57,575 ) 

International Paper Co.

        235        11/19/21        USD        60.00        USD        1,314        (14,688 ) 

Marathon Petroleum Corp.

        16        11/19/21        USD        62.50        USD        99        (4,920 ) 

Nutrien Ltd.

        416        11/19/21        USD        66.91        USD        2,697        (82,750 ) 

Packaging Corp. of America

        266        11/19/21        USD        145.00        USD        3,656        (69,160 ) 

Suncor Energy, Inc.

        2,342        11/19/21        CAD        25.00        CAD        6,150        (417,884 ) 

Teck Resources Ltd.

        825        11/19/21        USD        28.00        USD        2,055        (68,887 ) 

Trimble, Inc.

        449        11/19/21        USD        95.00        USD        3,693        (31,430 ) 

Vale SA

        1,635        11/19/21        USD        20.00        USD        2,281        (8,175 ) 

Valero Energy Corp.

        291        11/19/21        USD        70.00        USD        2,054        (123,675 ) 
                      

 

 

  
                       $  (7,125,848 ) 
                      

 

 

  
                        
OTC Options Written

Description

  

Counterparty

   

Number of

Contracts

     

Expiration

Date

      Exercise Price     

Notional

Amount (000)

     

Value

  

Call

                       

Royal Dutch Shell PLC, Class B, ADR

  

Barclays Bank PLC

      96,400        10/01/21        USD        40.00        USD        4,268      $ (411,239 ) 

Lukoil PJSC, ADR

  

Credit Suisse International

      8,700        10/05/21        USD        91.07        USD        834        (41,886 ) 

Total SA

  

Credit Suisse International

      106,500        10/05/21        EUR        38.58        EUR        4,402        (333,416 ) 

Glencore International PLC

  

Goldman Sachs International

      837,386        10/07/21        GBP        3.25        GBP        2,946        (281,180 ) 

Koninklijke Dsm N.V.

  

Goldman Sachs International

      22,100        10/07/21        EUR        180.44        EUR        3,818        (9,502 ) 

Total SA

  

Credit Suisse International

      77,500        10/07/21        EUR        38.60        EUR        3,203        (243,644 ) 

Koninklijke Dsm N.V.

  

UBS AG

      19,800        10/08/21        EUR        178.45        EUR        3,420        (18,441 ) 

Newcrest Mining Ltd.

  

JPMorgan Chase Bank N.A.

      83,000        10/08/21        AUD        27.44        AUD        1,879        —  

BHP Group PLC

  

Goldman Sachs International

      278,500        10/12/21        GBP        22.50        GBP        5,259        (705 ) 

Anglo American PLC

  

Credit Suisse International

      190,560        10/13/21        GBP        33.89        GBP        4,997        (645 ) 

Lukoil PJSC, ADR

  

Credit Suisse International

      9,900        10/13/21        USD        89.13        USD        949        (68,574 ) 

Glencore International PLC

  

Goldman Sachs International

      887,938        10/15/21        GBP        3.48        GBP        3,124        (108,992 ) 

Glencore International PLC

  

Goldman Sachs International

      158,000        10/15/21        GBP        3.41        GBP        556        (28,921 ) 

Total SA

  

Goldman Sachs International

      130,900        10/15/21        EUR        39.38        EUR        5,411        (329,270 ) 

Glencore International PLC

  

Goldman Sachs International

      581,000        10/20/21        GBP        3.39        GBP        2,044        (128,260 ) 

Glencore International PLC

  

Goldman Sachs International

      158,000        10/20/21        GBP        3.41        GBP        556        (31,145 ) 

Nestle SA

  

Goldman Sachs International

      13,000        10/21/21        CHF        117.43        CHF        1,465        (3,256 ) 

Statoil ASA

  

Morgan Stanley & Co.
International PLC

      161,000        10/26/21        NOK        204.85        NOK        35,847        (338,180 ) 

Royal Dutch Shell PLC, Class B, ADR

  

Citibank N.A.

      82,900        10/27/21        USD        41.69        USD        3,670        (253,976 ) 

Aker BP

  

Goldman Sachs International

      85,100        10/29/21        NOK        230.65        NOK        24,262        (513,090 ) 

Lukoil PJSC, ADR

  

Credit Suisse International

      43,100        10/29/21        USD        88.58        USD        4,130        (338,933 ) 

Anglo American PLC

  

Goldman Sachs International

      136,000        11/02/21        GBP        29.35        GBP        3,567        (25,131 ) 

Glencore International PLC

  

Morgan Stanley & Co.
International PLC

      760,000        11/02/21        GBP        3.43        GBP        2,674        (173,638 ) 

Public Joint Stock Polyus, GDR

  

UBS AG

      16,000        11/02/21        USD        86.66        USD        1,315        (9,183 ) 

Royal Dutch Shell PLC, Class B, ADR

  

Citibank N.A.

      82,900        11/04/21        USD        41.69        USD        3,670        (266,476 ) 

Statoil ASA

  

Morgan Stanley & Co.
International PLC

      161,000        11/09/21        NOK        204.85        NOK        35,847        (353,646 ) 

Nestle SA

  

UBS AG

      13,000        11/10/21        CHF        110.50        CHF        1,465        (46,312 ) 

 

 

3

  

Schedule of Investments (unaudited) (continued)

September 30, 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)

                        

Total SA

   

UBS AG

      107,300        11/10/21        EUR        42.43        EUR        4,435      $ (86,254 ) 

Aker BP

   

Goldman Sachs
International

      32,833        11/11/21        NOK        296.50        NOK        9,361        (26,235 ) 

BHP Group PLC

   

Goldman Sachs
International

      139,500        11/12/21        GBP        21.36        GBP        2,634        (28,717 ) 
                       

 

 

  
                        $  (4,498,847 ) 
                       

 

 

  

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 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

    $ 82,863,681        $ 19,493,849        $ —        $ 102,357,530  

Containers & Packaging

      36,889,030          —          —          36,889,030  

Electronic Equipment, Instruments & Components

      11,513,849          —          —          11,513,849  

Food Products

      51,629,032          8,470,207          9,603,376          69,702,615  

Machinery

      17,694,041          —          —          17,694,041  

Metals & Mining

      127,051,803          113,950,549          —          241,002,352  

Oil, Gas & Consumable Fuels

      247,420,317          105,704,593          —          353,124,910  

Paper & Forest Products

      —          268,255          —          268,255  

Corporate Bonds

      4,427,780          —          —          4,427,780  

Short-Term Securities

                  

Money Market Funds

      11,638,716          —          —          11,638,716  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $  591,128,249        $  247,887,453        $      9,603,376        $  848,619,078  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Liabilities

                  

Equity Contracts

    $ (6,806,704 )       $ (4,817,991 )       $ —        $ (11,624,695 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

 

 

 

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, 2021

   

BlackRock Resources & Commodities Strategy Trust (BCX)

 

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

 

     

Common

Stocks

  

Assets

   

Opening balance, as of December 31, 2020

    $ —  

Transfers into Level 3

      —  

Transfers out of Level 3

      —  

Accrued discounts/premiums

      —  

Net realized gain (loss)

   

Net change in unrealized appreciation (depreciation)(a)

     (594,681 ) 

Purchases

      10,198,057  

Sales

      —  
  

 

 

  

Closing balance, as of September 30, 2021

    $ 9,603,376  
  

 

 

  

Net change in unrealized appreciation (depreciation) on investments still held at September 30, 2021(a)

   $ (594,681 ) 
  

 

 

  

 

  (a) 

Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at September 30, 2021 is generally due to investments no longer held or categorized as Level 3 at period end.

 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end.

 

    

 

Value

 

     

 

Valuation

Approach

 

 

     

 

Unobservable

Inputs(a)

 

 

       

 Range of

Unobservable

Inputs

Utilized

  

 

 

(a)  

Assets

                  

Common Stocks

    $ 9,603,376          Market              EBITDA                  16.25x  
                 
  

 

 

                 
   $ 9,603,376                 
  

 

 

                 

 

  (a)

A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

 

 

Currency Abbreviation

AUD

  

Australian Dollar

CAD

  

Canadian Dollar

CHF

  

Swiss Franc

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

 

 

5