NPORT-EX 2 BRCommodityStrategiesFd.htm FOR VALIDATION PURPOSES ONLY - [927778.TX]

Consolidated Schedule of Investments  (unaudited)

April 30, 2020

   

BlackRock Commodity Strategies Fund

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 48.2%

    
Beverages — 0.3%            

Constellation Brands, Inc., Class A

     2,758     $ 454,215  
   

 

 

  
Biotechnology — 0.0%            

StillCanna, Inc. (a)

    440,928       30,093  
   

 

 

  
Chemicals — 5.1%            

American Vanguard Corp. (b)

    27,537       346,140  

CF Industries Holdings, Inc.

     37,851       1,040,902  

FMC Corp.

     16,243       1,492,732  

Koninklijke DSM NV

     7,617       933,558  

Robertet SA (b)

    874       762,270  

Symrise AG

     10,855       1,099,721  

Umicore SA

     7,934       343,865  

UPL Ltd.

     225,655       1,248,704  
   

 

 

  
      7,267,892  
Containers & Packaging — 0.9%            

Graphic Packaging Holding Co.

     91,941       1,227,412  
   

 

 

  
Energy Equipment & Services — 0.4%            

Baker Hughes Co.

     13,896       193,849  

Schlumberger Ltd.

     20,300       341,446  
   

 

 

  
      535,295  
Food & Staples Retailing — 2.9%            

Costco Wholesale Corp.

     4,334       1,313,202  

Grocery Outlet Holding Corp. (a)

    38,220       1,271,579  

Kroger Co.

     29,790       941,662  

Total Produce PLC

     571,439       684,689  
   

 

 

  
      4,211,132  
Food Products — 7.7%            

BRF SA — ADR (a)

    69,025       247,109  

Calavo Growers, Inc.

     12,350       716,300  

Cranswick PLC

     23,291       1,089,401  

Freshpet, Inc. (a)

    8,304       626,205  

Gruma SAB de CV, Class B

     100,731       953,687  

Hormel Foods Corp.

     19,457       911,560  

JBS SA

     177,188       773,868  

Kerry Group PLC, Class A

     10,106       1,159,522  

Leroy Seafood Group ASA

     93,333       495,664  

Nestlé SA, Registered Shares

     13,688       1,449,696  

Norway Royal Salmon ASA

     30,707       622,717  

Pilgrim’s Pride Corp. (a)

    21,883       481,426  

PureCircle Ltd. (a)

    297,513       296,025  

Salmar ASA

     15,382       599,483  

Tyson Foods, Inc., Class A

     11,291       702,187  
   

 

 

  
      11,124,850  
Internet & Direct Marketing Retail — 1.0%            

Delivery Hero SE (a)(c)

    5,880       498,716  

HelloFresh SE (a)

    17,582       626,682  

Ocado Group PLC (a)

    15,688       316,860  
   

 

 

  
      1,442,258  
Machinery — 0.9%            

Deere & Co.

     4,249       616,360  

Marel HF

     159,992       685,822  
   

 

 

  
      1,302,182  
Metals & Mining — 18.2%            

Agnico Eagle Mines Ltd.

     12,184       711,897  

Alacer Gold Corp. (a)

    14,141       72,536  

Alamos Gold, Inc., Class A

     33,153       266,996  

Anglo American PLC

     52,569       934,938  

AngloGold Ashanti Ltd. — ADR (b)

    20,691       504,654  

B2Gold Corp.

     92,864       469,674  

Barrick Gold Corp. (b)

    118,617       3,050,829  

Bellevue Gold Ltd. (a)

    51,588       19,171  

BHP Group PLC

     142,716       2,395,472  

Boliden AB

     8,085       162,973  
Security   Shares     Value  
Metals & Mining (continued)            

Centamin PLC

     151,244     $ 292,833  

Centerra Gold, Inc.

     25,904       207,128  

Endeavour Mining Corp. (a)

    10,135       182,466  

ERO Copper Corp. (a)

    16,604       189,903  

Evolution Mining Ltd.

     164,407       535,397  

First Quantum Minerals Ltd.

     38,841       237,184  

Fortescue Metals Group Ltd.

     72,245       552,113  

Franco-Nevada Corp.

     6,067       802,686  

Freeport-McMoRan, Inc.

     82,158       725,455  

Fresnillo PLC

     11,755       104,422  

Gold Fields Ltd. — ADR

     67,119       492,653  

Gold Road Resources Ltd. (a)

    35,299       36,045  

Iluka Resources Ltd.

     32,273       160,075  

Impala Platinum Holdings Ltd.

     69,694       415,673  

Ivanhoe Mines Ltd., Class A (a)

    45,147       94,708  

Kirkland Lake Gold Ltd.

     2,644       109,297  

Lundin Mining Corp.

     93,452       457,878  

MAG Silver Corp. (a)

    1,923       21,869  

Metro Mining Ltd. (a)

    279,387       17,661  

MMC Norilsk Nickel PJSC — ADR

     27,248       755,801  

Neo Lithium Corp. (a)

    143,078       57,562  

Nevada Copper Corp. (a)

    397,646       44,280  

Newcrest Mining Ltd.

     26,573       476,890  

Newmont Corp.

     50,906       3,027,889  

Nickel Mines Ltd. (a)

    713,918       254,266  

Northam Platinum Ltd. (a)

    39,856       197,544  

Northern Star Resources Ltd.

     108,255       874,165  

OceanaGold Corp. (a)

    76,366       116,309  

OZ Minerals Ltd.

     62,917       362,667  

Polymetal International PLC

     30,757       629,866  

Polyus PJSC — GDR, Registered Shares

     6,167       501,068  

Pretium Resources, Inc. (a)

    19,107       145,916  

Rio Tinto PLC

     32,429       1,505,303  

Saracen Mineral Holdings Ltd. (a)

    132,370       363,036  

Sibanye Stillwater Ltd. (a)

    32,678       66,571  

Sierra Metals, Inc. (a)(b)

    15,525       13,161  

Sigma Lithium Resources Corp. (a)

    125,653       170,613  

Sociedad Minera Cerro Verde SAA

     14,192       206,494  

SolGold PLC (a)(b)

    349,266       119,872  

Stelco Holdings, Inc.

     8,085       38,219  

Teck Resources Ltd., Class B

     31,129       274,401  

Titan Mining Corp. (a)

    159,796       17,794  

Torex Gold Resources, Inc. (a)

    10,357       147,399  

Vale SA — ADR

     98,164       809,853  

Wheaton Precious Metals Corp.

     19,446       738,891  
   

 

 

  
          26,140,416  
Oil, Gas & Consumable Fuels — 8.9%            

BP PLC

     256,410       1,010,357  

Cairn Energy PLC (a)

    82,524       116,271  

Canadian Natural Resources Ltd.

     12,061       201,977  

Chevron Corp.

     18,643       1,715,156  

CNOOC Ltd.

     194,000       214,491  

Concho Resources, Inc.

     4,253       241,230  

ConocoPhillips

     17,850       751,485  

Enbridge, Inc.

     8,600       263,508  

EOG Resources, Inc.

     11,142       529,356  

Equinor ASA

     24,790       343,263  

Exxon Mobil Corp.

     6,845       318,087  

Galp Energia SGPS SA

     18,032       208,110  

Gazprom, Inc. — ADR

     8,060       40,816  

Hess Corp.

     7,654       372,291  

Kinder Morgan, Inc.

     37,238       567,135  

Kosmos Energy Ltd.

     85,244       140,653  

LUKOIL PJSC — ADR

     650       42,405  

Lundin Energy AB

     12,250       315,181  

Marathon Petroleum Corp.

     8,257       264,885  

Noble Energy, Inc.

     2,786       27,331  

Oil Search Ltd.

     65,618       128,776  

Petroleo Brasileiro SA — ADR

     31,250       215,937  
 

 

 

     1  

Consolidated Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock Commodity Strategies Fund

(Percentages shown are based on Net Assets)

 

Security  

    

Shares

     Value  
Oil, Gas & Consumable Fuels (continued)            

Pioneer Natural Resources Co.

     3,697     $ 330,179  

Royal Dutch Shell PLC, A Shares

     88,912       1,463,863  

Santos Ltd.

     34,200       108,749  

Suncor Energy, Inc.

     19,584       349,204  

TC Energy Corp.

     11,189       514,938  

TOTAL SA

     33,182       1,177,714  

Valero Energy Corp.

     4,198       265,943  

Williams Cos., Inc.

     30,719       595,027  
   

 

 

  
      12,834,318  
Personal Products — 1.0%            

BellRing Brands, Inc., Class A (a)

    18,269       320,256  

Jamieson Wellness, Inc.

     48,518       1,096,923  
   

 

 

  
      1,417,179  
Specialty Retail — 0.9%            

Tractor Supply Co.

     12,518       1,269,701  
   

 

 

  

Total Common Stocks — 48.2%
(Cost: $62,481,728)

       69,256,943  
   

 

 

  
Short-Term Securities — 49.1%            
Money Market Funds — 5.3%            

BlackRock Liquidity Funds, T-Fund, Institutional Class,

    

0.12% (d)(h)

    2,571,252       2,571,252  

SL Liquidity Series, LLC, Money Market Series,

    

0.79% (d)(e)(h)

    5,092,771       5,096,845  
   

 

 

  

Total Money Market Funds — 5.3%
(Cost: $7,663,960)

       7,668,097  
   

 

 

  
Security   Par
(000)		     Value  
U.S. Treasury Obligations — 43.8%            

U.S. Treasury Bills (f):

    

1.53%, 05/07/20

   $ 10,000     $ 9,999,908  

1.52%, 06/04/20

     10,000       9,999,127  

1.51%, 07/16/20

     10,000       9,997,968  

1.54%, 08/06/20

     11,000       10,996,814  

0.24%, 09/10/20

     11,000       10,995,664  

0.21%, 10/08/20

     11,000       10,994,867  
   

 

 

  

Total U.S. Treasury Obligations — 43.8%
(Cost: $62,886,210)

       62,984,348  
   

 

 

  

Total Short-Term Securities — 49.1%
(Cost: $70,550,170)

       70,652,445  
   

 

 

  

Total Investments — 97.3%
(Cost: $133,031,898)

       139,909,388  

Other Assets Less Liabilities — 2.7%

       3,849,495  
   

 

 

  

Net Assets — 100.0%

     $ 143,758,883  
   

 

 

  
 
(a) 

Non-income producing security.

(b) 

Security, or a portion of the security, is on loan.

(c) 

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.

(d) 

Annualized 7-day yield as of period end.

(e) 

Security was purchased with the cash collateral from loaned securities.

(f)

Rates are discount rates or a range of discount rates as of period end.

(h) 

Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Shares
Held at
07/31/19		      Shares
Purchased		      Shares
Sold		      Shares
Held at
04/30/20		      Value at
04/30/20		      Income     

Net

Realized
Gain (Loss)(a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      1,534,349        1,036,903 (b)       —        2,571,252      $ 2,571,252      $ 25,443      $ 8      $ —  

SL Liquidity Series, LLC, Money Market Series

      1,619,352        3,473,419 (b)       —        5,092,771        5,096,845        33,278 (c)       (677 )       4,049  
              

 

 

     

 

 

     

 

 

     

 

 

  
               $ 7,668,097      $ 58,721      $ (669 )     $ 4,049  
              

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased (sold).

 
  (c) 

Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

For Fund compliance purposes, the Fund’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.

 

 

2   

Consolidated Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock Commodity Strategies Fund

 

Derivative Financial Instruments Outstanding as of Period End

OTC Total Return Swaps

 

 

 

    
                      Notional           Upfront
Premium		     Unrealized        
       Paid by the Fund   Received by the Fund       Termination     Amount           Paid     Appreciation           
       Reference   Frequency   Reference   Frequency   Counterparty   Date     (000)     Value     (Received)     (Depreciation)        
 

 

    
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

  

BCOMRAGT

  

At Termination

  

JPMorgan Chase Bank N.A.

  

 

09/24/20

 

  

USD

  

 

1,383

 

   $ (120,545 )   

$

—

 

  

$

(120,545

) 

  
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRENT   At Termination   JPMorgan Chase Bank N.A.     09/24/20     USD     1,521       (554,392 )      —       (554,392 )   
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRINT   At Termination   JPMorgan Chase Bank N.A.     09/24/20     USD     873       (157,445 )      —       (157,445 )   
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRLIT   At Termination   JPMorgan Chase Bank N.A.     09/24/20     USD     281       (73,406 )      —       (73,406 )   
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRPRT   At Termination   JPMorgan Chase Bank N.A.     09/24/20     USD     916       22,516       —       22,516    
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRST   At Termination   JPMorgan Chase Bank N.A.     01/22/21     USD     24,009       (4,170,851 )      —       (4,170,851 )   
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRST   At Termination   JPMorgan Chase Bank N.A.     01/29/21     USD     1,257       (180,447 )      —       (180,447 )   
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMINTR   At Termination   Goldman Sachs International     02/08/21     USD     970       (113,138 )      —       (113,138 )   
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMAGTR   At Termination   Merrill Lynch International     02/08/21     USD     1,202       (126,774 )      —       (126,774 )   
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMLITR   At Termination   Merrill Lynch International     02/08/21     USD     140       (35,489 )      —       (35,489 )   
  3-month U.S. Treasury Bill, 0.09%(a)   At Termination   BCOMPRTR   At Termination   Merrill Lynch International     02/08/21     USD     650       15,871       —       15,871    
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRAGT   At Termination   JPMorgan Chase Bank N.A.     03/12/21     USD     15,736       (611,395 )      —       (611,395 )   
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRENT   At Termination   JPMorgan Chase Bank N.A.     03/12/21     USD     1,675       (132,934 )      —       (132,934 )   
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRINT   At Termination   JPMorgan Chase Bank N.A.     03/12/21     USD     4,409       (213,358 )      —       (213,358 )   
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRLIT   At Termination   JPMorgan Chase Bank N.A.     03/12/21     USD     2,265       (41,075 )      —       (41,075 )   
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRPRT   At Termination   JPMorgan Chase Bank N.A.     03/12/21     USD     13,919       572,557       —       572,557    
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRAGT   At Termination   JPMorgan Chase Bank N.A.     04/30/21     USD     2,326       —       —       —    
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRENT   At Termination   JPMorgan Chase Bank N.A.     04/30/21     USD     1,512       —       —       —    
  3-month U.S. Treasury Bill, 0.09%(a)  

At

Termination

   BCOMRINT   At Termination   JPMorgan Chase Bank N.A.     04/30/21     USD     1,086       —       —       —    
  3-month U.S. Treasury Bill, 0.09%(a)   At Termination   BCOMRLIT   At Termination   JPMorgan Chase Bank N.A.     04/30/21     USD     235       —       —       —    
  3-month U.S. Treasury Bill, 0.09%(a)   At Termination   BCOMRPRT   At Termination   JPMorgan Chase Bank N.A.     04/30/21     USD     1,288       —       —       —    
                 

 

 

    

 

 

    

 

 

    
                  $ (5,920,305 )    $ —     $ (5,920,305 )   
                 

 

 

    

 

 

    

 

 

    

 

  (a) 

All or a portion of the security is held by a wholly-owned subsidiary.

 

 

 

     3  

Consolidated Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock Commodity Strategies Fund

 

Currency
USD    U.S. Dollar
  
Portfolio Abbreviations
ADR    American Depositary Receipts
BCOMAGTR    Bloomberg Agriculture SubindexSM
BCOMINTR    Bloomberg Industrial Metals SubindexSM
BCOMLITR    Bloomberg Livestock SubindexSM
BCOMPRTR    Bloomberg Precious Metals SubindexSM
BCOMRAGT    Bloomberg Roll Select Agriculture Subindex Total ReturnSM
BCOMRENT    Bloomberg Roll Select Energy Subindex Total ReturnSM
BCOMRINT    Bloomberg Roll Select Industrial Metals Subindex Total ReturnSM
BCOMRLIT    Bloomberg Roll Select Livestock Subindex Total ReturnSM
BCOMRPRT    Bloomberg Roll Select Precious Metals Subindex Total ReturnSM
BCOMRST    Bloomberg Roll Select Commodity Total Return IndexSM
GDR    Global Depositary Receipts
OTC    Over-the-counter

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 Fund has the ability to access

 

  •  

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments and derivative 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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

Certain investments of the Fund were fair valued using net asset value per share (“NAV”) as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

 

 

4   

Consolidated Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock Commodity Strategies Fund

 

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                  

Investments:

                  

Long-Term Investments:

                  

Common Stocks:

                  

Beverages

    $ 454,215        $ —        $ —        $ 454,215  

Biotechnology

      30,093          —          —          30,093  

Chemicals

      2,879,774          4,388,118          —          7,267,892  

Containers & Packaging

      1,227,412          —          —          1,227,412  

Energy Equipment & Services

      535,295          —          —          535,295  

Food & Staples Retailing

      3,526,443          684,689          —          4,211,132  

Food Products

      6,867,889          4,256,961          —          11,124,850  

Internet & Direct Marketing Retail

      —          1,442,258          —          1,442,258  

Machinery

      616,360          685,822          —          1,302,182  

Metals & Mining

      14,593,037          11,547,379          —          26,140,416  

Oil, Gas & Consumable Fuels

      7,664,322          5,169,996          —          12,834,318  

Personal Products

      1,417,179          —          —          1,417,179  

Specialty Retail

      1,269,701          —          —          1,269,701  

Short Term Securities:

                  

Money Market Funds

      2,571,252          —          —          2,571,252  

U.S. Treasury Obligations

      —          62,984,348          —          62,984,348  
  

 

 

       

 

 

       

 

 

       

 

 

  

Subtotal

    $ 43,652,972        $ 91,159,571        $ —        $ 134,812,543  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

                    5,096,845  
                 

 

 

  

Total Investments

                   $ 139,909,388  
                 

 

 

  

 

      Level 1        Level 2        Level 3        Total  

Derivative Financial Instruments(b)

                 

Assets:

                  

Commodity contracts

    $ —        $ 610,944        $ —        $ 610,944  

Liabilities:

                  

Commodity contracts

      —          (6,531,249 )         —          (6,531,249 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (5,920,305 )       $ —        $ (5,920,305 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

 
  (b) 

Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

 

 

 

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