Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)
27 November 2024 - 4:42AM
Edgar (US Regulatory)
Schedule of Investments (unaudited)
September 30, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
(Percentages shown are based on Net Assets)
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CF Industries Holdings, Inc.(a)
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Construction Materials — 1.6%
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Containers & Packaging — 10.4%
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Graphic Packaging Holding Co.(b)
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Packaging Corp. of America(a)
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Energy Equipment & Services — 1.0%
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Hofseth International, (Acquired 05/26/21, Cost:
$10,198,056)(c)(d)(e)
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First Quantum Minerals Ltd.
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Freeport-McMoRan, Inc.(f)
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Teck Resources Ltd., Class B
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Wheaton Precious Metals Corp.
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Oil, Gas & Consumable Fuels — 32.0%
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Canadian Natural Resources Ltd.
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Permian Resources Corp., Class A
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Paper & Forest Products — 1.2%
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Precious Woods Holding AG, Registered Shares(c)
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Total Common Stocks — 96.7%
(Cost: $713,504,271)
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Allied Gold Corp., 8.75%, 09/07/28(g)(h)
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Total Corporate Bonds — 0.8%
(Cost: $7,200,000)
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Total Long-Term Investments — 97.5%
(Cost: $720,704,271)
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Money Market Funds — 1.2%
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BlackRock Cash Funds: Institutional, SL Agency Shares,
5.05%(i)(j)(k)
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BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.83%(i)(j)
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Total Short-Term Securities — 1.2%
(Cost: $10,530,017)
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Total Investments Before Options Written — 98.7%
(Cost: $731,234,288)
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Options Written — (1.2)%
(Premiums Received: $(6,299,991))
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Total Investments, Net of Options Written — 97.5%
(Cost: $724,934,297)
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Other Assets Less Liabilities — 2.5%
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All or a portion of the security has been pledged and/or segregated as collateral
in
connection with outstanding exchange-traded options written.
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All or a portion of this security is on loan.
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Non-income producing security.
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Security is valued using significant unobservable inputs and is classified as Level
3 in the
fair value hierarchy.
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Restricted security as to resale, excluding 144A securities. The Trust held restricted
securities with a current value of $11,788,742, representing 1.3% of its net assets
as of
period end, and an original cost of $10,198,056.
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All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
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Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933,
as amended. These securities may be resold in transactions exempt from registration
to
qualified institutional investors.
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Annualized 7-day yield as of period end.
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All or a portion of this security was purchased with the cash collateral from loaned
securities.
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For purposes of this report, industry and sector sub-classifications may differ from
those utilized by the Trust for compliance purposes.
Schedule of Investments
1
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period
ended September 30, 2024 for purposes of Section 2(a)(3) of the Investment Company
Act of 1940, as amended, were as follows:
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Change in
Unrealized
Appreciation
(Depreciation)
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Capital Gain
Distributions
from
Underlying
Funds
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BlackRock Cash Funds: Institutional, SL Agency
Shares
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BlackRock Liquidity Funds, T-Fund, Institutional
Shares
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SL Liquidity Series, LLC, Money Market Series(c)
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Represents net amount purchased (sold).
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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.
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As of period end, the entity is no longer held.
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Derivative Financial Instruments Outstanding as of Period End
Exchange-Traded Options Written
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Canadian Natural Resources Ltd.
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First Quantum Minerals Ltd.
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Packaging Corp. of America
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Packaging Corp. of America
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Permian Resources Corp., Class A
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Teck Resources Ltd., Class B
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First Quantum Minerals Ltd.
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Teck Resources Ltd., Class B
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Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
Exchange-Traded Options Written (continued)
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Teck Resources Ltd., Class B
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Canadian Natural Resources Ltd.
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First Quantum Minerals Ltd.
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Permian Resources Corp., Class A
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Teck Resources Ltd., Class B
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Goldman Sachs International
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Morgan Stanley & Co. International PLC
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Goldman Sachs International
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Morgan Stanley & Co. International PLC
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Goldman Sachs International
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Morgan Stanley & Co. International PLC
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Graphic Packaging Holding Co.
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Morgan Stanley & Co. International PLC
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Goldman Sachs International
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Morgan Stanley & Co. International PLC
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Morgan Stanley & Co. International PLC
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Graphic Packaging Holding Co.
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Goldman Sachs International
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Morgan Stanley & Co. International PLC
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Goldman Sachs International
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Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at
the measurement date. 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 that the Trust has the ability to access for identical, unrestricted assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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.
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.
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Energy Equipment & Services
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Oil, Gas & Consumable Fuels
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Derivative Financial Instruments(a)
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Derivative financial instruments are options written. Options written are shown at
value.
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A reconciliation of Level 3 financial instruments is presented when the Trust had
a significant amount of Level 3 investments and derivative financial instruments 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:
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Opening balance, as of December 31, 2023
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Accrued discounts/premiums
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Net change in unrealized appreciation (depreciation)(a)
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Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Resources & Commodities Strategy Trust (BCX)
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Closing balance, as of September 30, 2024
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Net change in unrealized appreciation (depreciation) on investments still held at
September 30, 2024(a)
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Any difference between net change in unrealized appreciation (depreciation) and net
change in unrealized appreciation (depreciation) on investments still held at September
30, 2024 is
generally due to investments no longer held or categorized as Level 3 at period end.
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The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $595. A significant change
in third party information could result in a significantly lower or higher value of
such Level 3 financial instruments.
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Range of
Unobservable
Inputs
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A significant change in unobservable input would have resulted in a correlated (inverse)
significant change to value.
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American Depositary Receipt
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Public Joint Stock Company
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Schedule of Investments
5
BlackRock Resources and ... (NYSE:BCX)
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From Dec 2024 to Dec 2024
BlackRock Resources and ... (NYSE:BCX)
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From Dec 2023 to Dec 2024
