Blackrock Natural Resources Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:811-04282

Name of Fund: BlackRock Natural Resources Trust

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Natural

Resources Trust, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800)441-7762

Date of fiscal year end: 07/31/2019

Date of reporting period: 07/31/2019

Item 1 – Report to Stockholders

JULY 31, 2019

ANNUAL REPORT

BlackRock Equity Dividend Fund

BlackRock Natural Resources Trust

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at www.blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

Investment performance in the 12 months ended July 31, 2019 was a tale of two markets. The first half of the reporting period was characterized by restrictive monetary policy, deteriorating economic growth, equity market volatility, and rising fear of an imminent recession. During the second half of the reporting period, stocks and bonds rebounded sharply, as restrained inflation and weak economic growth led the U.S. Federal Reserve (the “Fed”) to stop raising interest rates, which led to broad-based optimism that stimulative monetary policy could help forestall a recession.

After the dust settled, the U.S. equity and bond markets posted mixed returns while weathering significant volatility. Less volatile U.S. large cap equities and U.S. bonds advanced, while equities at the high end of the risk spectrum — emerging markets, international developed, and U.S. small cap — posted relatively flat returns.

Fixed-income securities delivered modest positive returns with relatively low volatility, as interest rates declined (and bond prices rose). Longer-term U.S. Treasury yields declined further than short-term Treasury yields. This led to positive returns for U.S. Treasuries and a substantial flattening of the yield curve. Investment grade and high yield corporate bonds also posted positive returns, as the credit fundamentals in corporate markets remained relatively solid.

In the U.S. equity market, volatility spiked in late 2018, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil. These risks manifested in a broad-based sell-off in December, leading to the worst December performance on record since 1931.

Volatility also rose in emerging markets, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, particularly in mainland China, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe and ongoing uncertainty about Brexit led to modest performance for European equities.

As equity performance faltered and global economic growth slowed, the Fed shifted to a more patient perspective on the economy in January 2019. The Fed left interest rates unchanged for six months, then lowered interest rates for the first time in 11 years in July 2019. Similarly, the European Central Bank signaled a continuation of accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending.

The outpouring of global economic stimulus led to a sharp rally in risk assets throughout the world. Hopes continued to remain high thereafter, as the current economic expansion became the longest in U.S. history. Looking ahead, markets are pricing in additional rate cuts by the Fed over the next year, as investors anticipate a steady shift toward more stimulative monetary policy.

We expect a slowing expansion with additional room to run, as opposed to an economic recession. However, escalating trade tensions and the resulting disruptions in global supply chains have become the greatest risk to the global expansion.

We believe U.S. and emerging market equities remain relatively attractive. Within U.S. equities, companies with high-quality earnings and strong balance sheets offer the most attractive risk/reward trade-off. For bonds, U.S. Treasuries are likely to help buffer against volatility in risk assets, while income from other types of bonds can continue to offer steady returns.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visitblackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of July 31, 2019
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	11.32%	7.99%
U.S. small cap equities (Russell 2000® Index)	5.76	(4.42)
International equities (MSCI Europe, Australasia, Far East Index)	5.64	(2.60)
Emerging market equities (MSCI Emerging Markets Index)	0.44	(2.18)
3-month Treasury bills (ICE BofAML3-Month U.S. Treasury Bill Index)	1.23	2.34
U.S. Treasury securities (ICE BofAML10-Year U.S. Treasury Index)	6.68	11.16
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	5.23	8.08
Tax-exempt municipal bonds (S&P Municipal Bond Index)	4.98	6.93
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	5.78	6.91
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGEISNOT PARTOF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Fund Summaries		4
About Fund Performance		8
Disclosure of Expenses		8
Financial Statements:
Schedules of Investments		9
Statements of Assets and Liabilities		14
Statements of Operations		16
Statements of Changes in Net Assets		17
Financial Highlights		18
Notes to Financial Statements		28
Report of Independent Registered Public Accounting Firm		38
Important Tax Information		38
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreement		39
Trustee and Officer Information		43
Additional Information		47
Glossary of Terms Used this Report		48

3

Fund Summary  as of July 31, 2019 BlackRock Equity Dividend Fund

Investment Objective

BlackRock Equity Dividend Fund’s (the “Fund”) investment objective is to seek long-term total return and current income.

Portfolio Management Commentary

How did the Fund perform?

For the12-month period ended July 31, 2019, the Fund underperformed the benchmarks, the Russell 1000^® Value Index and the broad-market S&P 500^® Index. The following discussion of relative performance pertains to the Russell 1000^® Value Index.

What factors influenced performance?

The largest detractor from relative performance was the Fund’s stock selection in the utilities sector. Within utilities, underperformance derived almost entirely from an overweight to PG&E Corp., a utility provider in California. Within financials, a combination of stock selection and allocation decisions weighed on relative returns. Most notably, stock selection in the capital markets industry and an overweight to banks proved costly. A lack of exposure to the real estate sector also represented a drag on relative return, as did the Fund’s cash position, which averaged 6.7% during the period.

Conversely, stock selection and allocation decisions within the information technology (“IT”) sector contributed most to Fund returns. Positive contributions within IT were driven primarily by an overweight to and stock selection within software, as well as selection among hardware and semiconductor stocks. Stock selection and allocation decisions in the health care sector also were additive, led by selection within the health care providers & services and pharmaceuticals industries. Lastly, stock selection in energy and industrials contributed to Fund performance.

Describe recent portfolio activity.

During the12-month period, the Fund’s exposures to the communication services, consumer discretionary and consumer staples sectors were increased. Conversely, the Fund significantly decreased its holdings in the energy sector. The Fund’s exposure to health care and utilities stocks also was reduced.

Describe portfolio positioning at period end.

As of period end, the Fund’s largest allocations were in the financials, health care and energy sectors. Relative to the benchmark, the largest overweight positions were in the health care, IT and financials sectors. The Fund’s most significant underweight positions were in the real estate, utilities and industrials sectors.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Portfolio Information

TEN LARGEST HOLDINGS

Holding	Percent of Net Assets
Verizon Communications, Inc.		4	%
JPMorgan Chase & Co.		4
Wells Fargo & Co.		4
Citigroup, Inc.		3
Bank of America Corp.		3
Medtronic PLC		3
Koninklijke Philips NV		2
BP PLC		2
American International Group, Inc.		2
Anthem, Inc.		2

SECTOR ALLOCATION

Sector	Percent of Net Assets
Financials		26	%
Health Care		17
Energy		9
Information Technology		9
Short Term Securities		8
Consumer Staples		7
Industrials		7
Communication Services		6
Consumer Discretionary		6
Utilities		3
Materials		2

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

4 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of July 31, 2019 (continued) BlackRock Equity Dividend Fund

TOTAL RETURN BASED ON A $10,000 INVESTMENT

^(a)  Assuming maximum sales charges, if any, transaction costs and other operating expenses, including investment advisory fees. Institutional Shares do not have a sales charge.

^(b)  Under normal circumstances, the Fund will invest at least 80% of its assets in equity securities and at least 80% of its assets in dividend paying securities.

^(c)  An unmanaged index that covers 500 leading companies and captures approximately 80% coverage of available market capitalization.

^(d)  An unmanaged index that is a subset of the Russell 1000^® Index and consists of those Russell 1000^® securities with lower price-to-book ratios and lower expected growth values.

Performance Summary for the Period Ended July 31, 2019

				Average Annual Total Returns (a)
				1 Year						5 Years						10 Years
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		9.18	%		4.02	%		N/A			9.39	%		N/A			11.73	%		N/A
Service		9.02			3.74			N/A			9.08			N/A			11.42			N/A
Investor A		9.03			3.76			(1.69	)%		9.12			7.94	%		11.44			10.84	%
Investor C		8.66			3.01			2.18			8.34			8.34			10.64			10.64
Investor C1		8.70			3.15			N/A			8.51			N/A			10.84			N/A
Class K		9.24			4.14			N/A			9.48			N/A			11.78			N/A
Class R		8.87			3.42			N/A			8.78			N/A			11.10			N/A
Russell 1000® Value Index		8.74			5.20			N/A			8.01			N/A			12.40			N/A
S&P 500® Index		11.32			7.99			N/A			11.34			N/A			14.03			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 8 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

N/A — Not applicable as share class and index do not have a sales charge.

Past performance is not indicative of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual						Hypothetical (b)
	Beginning Account Value (02/01/19)		Ending Account Value (07/31/19)		Expenses Paid During the Period (a)		Beginning Account Value (02/01/19)		Ending Account Value (07/31/19)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,091.80	$	3.58	$	1,000.00	$	1,021.37	$	3.46		0.69	%
Service		1,000.00		1,090.20		5.13		1,000.00		1,019.89		4.96		0.99
Investor A		1,000.00		1,090.30		4.87		1,000.00		1,020.13		4.71		0.94
Investor C		1,000.00		1,086.60		8.54		1,000.00		1,016.61		8.25		1.65
Investor C1		1,000.00		1,087.00		8.18		1,000.00		1,016.96		7.90		1.58
Class K		1,000.00		1,092.40		3.06		1,000.00		1,021.87		2.96		0.59
Class R		1,000.00		1,088.70		6.53		1,000.00		1,018.55		6.31		1.26

^(a)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.

FUND SUMMARY 5

Fund Summary  as of July 31, 2019 BlackRock Natural Resources Trust

Investment Objective

BlackRock Natural Resources Trust’s (the “Fund”) investment objective is to seek long-term growth of capital and to protect the purchasing power of shareholders’ capital by investing in a portfolio of equity securities of domestic and foreign companies with substantial natural resource assets.

Portfolio Management Commentary

How did the Fund perform?

For the12-month period ended July 31, 2019, the Fund underperformed its benchmark, the S&P Global Natural Resources Index.

What factors influenced performance?

For the period, security selection within the energy sector was the largest detractor from relative performance. Within energy, the Fund’s overweight to the exploration and production (“E&P”)sub-sector weighed on returns, as E&P companies underperformed due to falling oil prices. Elsewhere, anout-of-benchmark position in the Belgian minerals technology company Umicore SA was one of the largest individual detractors. The Fund began to build a position in the stock during the fourth quarter of 2018 as a play on the electric vehicle and battery recycling theme. The stock had performed well but declined in April after the company issued a profit warning, citing weaker Chinese electric vehicle cathode demand following subsidy cuts and lower cobalt prices. An overweight position in First Quantum Minerals Ltd. (Canada) also was a notable detractor, owing to investor concerns surrounding the negative impact of recent tax changes in Zambia.

Conversely, security selection within the agriculture sector was the largest positive contributor to relative return. Within agriculture, the Fund’sout-of-benchmark position in the Brazilian meat processing firm JBS SA was the largest individual contributor. JBS SA benefited from rising pork, beef and chicken prices on concerns over the impact of African swine fever on the Chinese pork supply. The Fund’s holdings in Barrick Gold Corp. (Canada) also contributed to returns as the company benefited from rising gold prices. During the period, investors flocked to gold as a perceived safe haven asset amid increased financial market volatility.

Describe recent portfolio activity.

During the period, the Fund rotated its diversified mining exposure. The Fund’s agriculture exposure also was rotated, as holdings in protein producers were increased and positioning in fertilizer companies was reduced. Within energy, the Fund increased exposure to refining, and reduced exposure to U.S. onshore producers.

Describe portfolio positioning at period end.

At the end of the period, the Fund held its largest weighting in the mining industry, followed by energy and agriculture. Within mining, the Fund maintained a high-quality bias, with company deleveraging efforts and growth prospects as key themes. Within energy, the Fund emphasized companies pledging capital discipline, those compounding shale growth, and companies benefiting from the emerging liquified natural gasup-cycle. Within agriculture, where grain and oilseed prices have normalized, the Fund emphasized stock-specific catalysts, with a focus on companies with unappreciated transformation stories.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Portfolio Information

TEN LARGEST HOLDINGS

Holding	Percent of Net Assets
Royal Dutch Shell PLC, Class B		5	%
Nutrien Ltd.		5
BP PLC		5
TOTAL SA		5
BHP Group PLC		5
SL Liquidity Series, LLC, Money Market Series(a)		5
Barrick Gold Corp.		4
FMC Corp.		4
Anglo American PLC		3
Vale SA — ADR		3

^(a)  Security was purchased with the cash collateral from loaned securities

INDUSTRY ALLOCATION

Industry	Percent of Net Assets
Metals & Mining		32	%
Oil, Gas & Consumable Fuels		32
Chemicals		12
Food Products		10
Short Term Securities		8
Containers & Packaging		5
Specialty Retail		2
Electronic Equipment, Instruments & Components		2
Machinery		2
Paper & Forest Products		—	(b)
Liabilities in Excess of Other Assets		(5	)

^(b)  Represents less than 1% of Net Assets.

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, 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.

6 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Fund Summary  as of July 31, 2019 (continued) BlackRock Natural Resources Trust

TOTAL RETURN BASED ON A $10,000 INVESTMENT

^(a)  Assuming maximum sales charges, if any, transaction costs and other operating expenses, including investment advisory fees. Institutional Shares do not have a sales charge.

^(b)  Under normal circumstances, the Fund will invest at least 80% of its assets in companies with substantial natural resource assets or in securities the value of which is related to the market value of some natural resource asset.

^(c)  The index includes 90 of the largest publicly-traded companies in the natural resources and commodities businesses that meet specific investability requirements across three primary commodity-related sectors: agribusiness, energy, and metals & mining.

Performance Summary for the Period Ended July 31, 2019

				Average Annual Total Returns (a)
				1 Year						5 Years						10 Years
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		1.05	%		(9.12	)%		N/A			(5.91	)%		N/A			2.15	%		N/A
Investor A		0.94			(9.37	)		(14.13	)%		(6.16	)		(7.17	)%		1.87			1.33	%
Investor C		0.53			(10.06	)		(10.78	)		(6.90	)		(6.90	)		1.08			1.08
S&P Global Natural Resources Index		1.30			(7.35	)		N/A			0.47			N/A			2.64			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 8 for a detailed description of share classes, including any related sales charges and fees.

N/A — Not applicable as share class and index do not have a sales charge.

Past performance is not indicative of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual						Hypothetical (b)
	Beginning Account Value (02/01/19)		Ending Account Value (07/31/19)		Expenses Paid During the Period (a)		Beginning Account Value (02/01/19)		Ending Account Value (07/31/19)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,010.50	$	4.44	$	1,000.00	$	1,020.38	$	4.46		0.89	%
Investor A		1,000.00		1,009.40		5.83		1,000.00		1,018.99		5.86		1.17
Investor C		1,000.00		1,005.30		9.79		1,000.00		1,015.03		9.84		1.97

^(a)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.

FUND SUMMARY 7

About Fund Performance

Institutional and Class K Shares (Class K Shares are available only in BlackRock Equity Dividend Fund) are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance of BlackRock Equity Dividend Fund shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of BlackRock Equity Dividend Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

Service Shares (available only in BlackRock Equity Dividend Fund) are not subject to any sales charge. These shares are subject to a service fee of 0.25% per year (but no distribution fee) and are only available to certain eligible investors.

Investor A Shares are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. Effective November 8, 2018, each Fund adopted an automatic conversion feature whereby Investor C Shares held for approximately ten years will be automatically converted into Investor A Shares.

Investor C1 Shares (available only in BlackRock Equity Dividend Fund) are subject to a 1.00% CDSC if redeemed within one year of purchase. However, the CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through the reinvestment of dividends and capital gains by existing shareholders. In addition, these shares are subject to a distribution fee of 0.55% per year and a service fee of 0.25% per year. Investor C1 Shares performance shown prior to the Investor C1 Shares inception date of September 12, 2011 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor C1 Shares fees. These shares are only available for dividend and capital gain reinvestment by existing shareholders and for purchase by certain employer-sponsored retirement plans. Effective November 8, 2018, the Fund adopted an automatic conversion feature whereby Investor C1 Shares held for approximately ten years will be automatically converted into Investor A Shares.

Class R Shares (available only in BlackRock Equity Dividend Fund) are not subject to any sales charge. These shares are subject to a distribution fee of 0.25% per year and a service fee of 0.25% per year. These shares are available only to certain employer-sponsored retirement plans.

Performance information reflects past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Refer towww.blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Figures shown in the performance tables on the previous pages assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser, has contractually and/or voluntarily agreed to waive a portion of each Fund’s expenses. Without such waiver, each Fund’s performance would have been lower. With respect to each Fund’s voluntary waivers, the Manager is under no obligation to waive or to continue waiving its fees and such voluntary waivers may be reduced or discontinued at any time. With respect to each Fund’s contractual waivers, the Administrator is under no obligation to continue waiving its fees after the applicable termination date of such agreement. See Note 5 of the Notes to Financial Statements for additional information on waivers.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses and other fund expenses. The expense examples shown on the previous pages (which are based on a hypothetical investment of $1,000 invested on February 1, 2019 and held through July 31, 2019) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

8 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments July 31, 2019 BlackRock Equity Dividend Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 91.9%
Aerospace & Defense — 2.2%
BAE Systems PLC		28,008,349	$	186,079,880
Lockheed Martin Corp.		342,447		124,024,030
Northrop Grumman Corp.		316,152		109,252,647
				419,356,557
Air Freight & Logistics — 0.8%
FedEx Corp.		939,620		160,233,399
Automobiles — 0.9%
General Motors Co.		4,153,394		167,547,914
Banks — 13.4%
Bank of America Corp.		17,817,542		546,642,189
Citigroup, Inc.		9,142,895		650,608,408
JPMorgan Chase & Co.		6,124,544		710,447,104
Wells Fargo & Co.		13,844,362		670,205,564
				2,577,903,265
Beverages — 1.8%
Constellation Brands, Inc., Class A		662,421		130,377,701
Diageo PLC		1,680,881		70,093,035
PepsiCo, Inc.		1,206,007		154,139,755
				354,610,491
Building Products — 0.7%
Johnson Controls International PLC		3,122,581		132,522,338
Capital Markets — 3.6%
Charles Schwab Corp.		2,319,641		100,254,884
Goldman Sachs Group, Inc.		658,809		145,023,625
Morgan Stanley		6,304,931		280,947,725
State Street Corp.		2,964,361		172,199,731
				698,425,965
Chemicals — 1.6%
Corteva, Inc.(a)		3,721,365		109,780,267
Dow, Inc.(a)		1,391,825		67,420,003
DuPont de Nemours, Inc.		1,769,804		127,709,057
				304,909,327
Communications Equipment — 1.0%
Motorola Solutions, Inc.		1,170,941		194,329,368
Construction Materials — 0.5%
CRH PLC		3,084,517		102,836,212
Containers & Packaging — 0.2%
International Paper Co.		926,659		40,689,597
Diversified Financial Services — 0.9%
AXA Equitable Holdings, Inc.		7,313,080		164,398,038
Diversified Telecommunication Services — 4.1%
BCE, Inc.		1,049,678		47,350,975
Verizon Communications, Inc.		13,532,879		747,962,222
				795,313,197
Electric Utilities — 2.2%
FirstEnergy Corp.		6,507,200		286,121,584
NextEra Energy, Inc.		660,847		136,907,673
				423,029,257
Energy Equipment & Services — 0.7%
Baker Hughes a GE Co.		4,985,464		126,580,931
Food Products — 2.7%
Conagra Brands, Inc.		3,924,958		113,313,538
Kellogg Co.		1,642,369		95,618,723
Mondelez International, Inc., Class A		641,180		34,296,718
Nestle SA, Registered Shares		2,586,175		274,360,000
				517,588,979

Security	Shares		Value
Health Care Equipment & Supplies — 5.4%
Alcon, Inc.(a)		2,407,778	$	139,698,252
Koninklijke Philips NV		9,137,178		428,631,006
Medtronic PLC		4,709,884		480,125,575
				1,048,454,833
Health Care Providers & Services — 6.2%
Anthem, Inc.		1,351,759		398,241,719
CVS Health Corp.		3,617,392		202,103,691
Humana, Inc.		934,558		277,330,087
McKesson Corp.		1,014,573		140,974,918
Quest Diagnostics, Inc.		850,241		86,792,601
UnitedHealth Group, Inc.		355,666		88,564,391
				1,194,007,407
Household Durables — 1.6%
Sony Corp.		5,377,900		305,862,218
Household Products — 1.1%
Newell Brands, Inc.		8,644,930		122,671,557
Procter & Gamble Co.		774,984		91,479,111
				214,150,668
Industrial Conglomerates — 1.7%
General Electric Co.		16,659,915		174,096,112
Siemens AG, Registered Shares		1,394,133		151,728,109
				325,824,221
Insurance — 7.9%
American International Group, Inc.		7,203,126		403,303,025
Arthur J Gallagher & Co.		2,292,572		207,317,286
Marsh & McLennan Cos., Inc.		870,204		85,976,155
MetLife, Inc.		7,042,263		348,028,637
Travelers Cos., Inc.		1,519,718		222,821,053
Willis Towers Watson PLC		1,303,300		254,430,226
				1,521,876,382
IT Services — 1.9%
Cognizant Technology Solutions Corp., Class A		5,596,454		364,553,014
Leisure Products — 0.2%
Mattel, Inc.(a)		3,152,470		46,026,062
Machinery — 0.6%
Pentair PLC		3,076,138		119,384,916
Media — 1.8%
Comcast Corp., Class A		7,931,749		342,413,604
Multi-Utilities — 0.3%
Public Service Enterprise Group, Inc.		1,018,976		58,234,478
Multiline Retail — 1.4%
Dollar General Corp.		2,027,311		271,700,220
Oil, Gas & Consumable Fuels — 8.7%
BP PLC		64,330,668		425,659,623
Enterprise Products Partners LP		10,710,685		322,498,725
Marathon Oil Corp.		9,829,184		138,296,619
Marathon Petroleum Corp.		6,098,252		343,880,430
ONEOK, Inc.		499,781		35,024,653
Suncor Energy, Inc.		1,786,395		51,269,537
TOTAL SA — ADR		2,151,957		111,342,255
Williams Cos., Inc.		9,999,618		246,390,588
				1,674,362,430
Personal Products — 0.9%
Unilever NV — NY Shares		2,951,284		170,407,138
Pharmaceuticals — 5.5%
AstraZeneca PLC		3,779,038		326,485,457
Bayer AG, Registered Shares		2,886,804		186,975,341

SCHEDULES OF INVESTMENTS 9

Schedule of Investments  (continued) July 31, 2019 BlackRock Equity Dividend Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Novartis AG — ADR		836,906	$	76,643,851
Novo Nordisk A/S — ADR		1,881,505		90,161,720
Pfizer, Inc.		9,560,165		371,316,809
				1,051,583,178
Road & Rail — 0.5%
Union Pacific Corp.		513,150		92,341,342
Semiconductors & Semiconductor Equipment — 1.4%
Marvell Technology Group Ltd.		3,776,485		99,170,496
QUALCOMM, Inc.		1,301,904		95,247,297
Taiwan Semiconductor Manufacturing Co. Ltd.		9,375,000		77,091,103
				271,508,896
Software — 3.4%
Constellation Software, Inc.		99,949		95,093,923
Microsoft Corp.		2,801,172		381,715,709
Oracle Corp.		3,234,711		182,114,229
				658,923,861
Specialty Retail — 0.8%
Lowe’s Cos., Inc.		1,532,725		155,418,315
Technology Hardware, Storage & Peripherals — 1.5%
Samsung Electronics Co. Ltd.		7,630,056		288,986,124
Tobacco — 1.4%
Altria Group, Inc.		4,768,484		224,452,542
Imperial Brands PLC		1,916,910		48,651,254
				273,103,796

Security	Shares		Value
Trading Companies & Distributors — 0.4%
Ferguson PLC(a)		1,062,790	$	79,085,100
Total Long-Term Investments — 91.9% (Cost — $13,323,150,451)				17,708,483,038
Short-Term Securities — 8.1%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.20%(b)(c)		1,551,353,531		1,551,353,531
Total Short-Term Securities — 8.1% (Cost — $1,551,353,531)				1,551,353,531
Total Investments — 100.0% (Cost — $14,874,503,982)				19,259,836,569
Liabilities in Excess of Other Assets — (0.0)%				(1,374,032	)
Net Assets — 100.0%			$	19,258,462,537

^(a)  Non-income producing security.

^(b)  Annualized7-day yield as of period end.

^(c)  During the year ended July 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 07/31/18		Net Activity		Shares Held at 07/31/19		Value at 07/31/19		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		1,164,090,600		387,262,931		1,551,353,531	$	1,551,353,531	$	27,720,607	$	—	$	—

^(a)  Includes net capital gain distributions, if applicable.

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sectorsub-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 sectorsub-classifications for reporting ease.

10 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (continued) July 31, 2019 BlackRock Equity Dividend Fund

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Aerospace & Defense	$	233,276,677	$	186,079,880	$	—	$	419,356,557
Air Freight & Logistics		160,233,399		—		—		160,233,399
Automobiles		167,547,914		—		—		167,547,914
Banks		2,577,903,265		—		—		2,577,903,265
Beverages		284,517,456		70,093,035		—		354,610,491
Building Products		132,522,338		—		—		132,522,338
Capital Markets		698,425,965		—		—		698,425,965
Chemicals		304,909,327		—		—		304,909,327
Communications Equipment		194,329,368		—		—		194,329,368
Construction Materials		—		102,836,212		—		102,836,212
Containers & Packaging		40,689,597		—		—		40,689,597
Diversified Financial Services		164,398,038		—		—		164,398,038
Diversified Telecommunication Services		795,313,197		—		—		795,313,197
Electric Utilities		423,029,257		—		—		423,029,257
Energy Equipment & Services		126,580,931		—		—		126,580,931
Food Products		243,228,979		274,360,000		—		517,588,979
Health Care Equipment & Supplies		498,635,349		549,819,484		—		1,048,454,833
Health Care Providers & Services		1,194,007,407		—		—		1,194,007,407
Household Durables		—		305,862,218		—		305,862,218
Household Products		214,150,668		—		—		214,150,668
Industrial Conglomerates		174,096,112		151,728,109		—		325,824,221
Insurance		1,521,876,382		—		—		1,521,876,382
IT Services		364,553,014		—		—		364,553,014
Leisure Products		46,026,062		—		—		46,026,062
Machinery		119,384,916		—		—		119,384,916
Media		342,413,604		—		—		342,413,604
Multi-Utilities		58,234,478		—		—		58,234,478
Multiline Retail		271,700,220		—		—		271,700,220
Oil, Gas & Consumable Fuels		1,248,702,807		425,659,623		—		1,674,362,430
Personal Products		170,407,138		—		—		170,407,138
Pharmaceuticals		538,122,380		513,460,798		—		1,051,583,178
Road & Rail		92,341,342		—		—		92,341,342
Semiconductors & Semiconductor Equipment		194,417,793		77,091,103		—		271,508,896
Software		658,923,861		—		—		658,923,861
Specialty Retail		155,418,315		—		—		155,418,315
Technology Hardware, Storage & Peripherals		—		288,986,124		—		288,986,124
Tobacco		224,452,542		48,651,254		—		273,103,796
Trading Companies & Distributors		—		79,085,100		—		79,085,100
Short-Term Securities		1,551,353,531		—		—		1,551,353,531
	$	16,186,123,629	$	3,073,712,940	$	—	$	19,259,836,569

See notes to financial statements.

SCHEDULES OF INVESTMENTS 11

Schedule of Investments July 31, 2019 BlackRock Natural Resources Trust (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 97.4%
Chemicals — 12.6%
Albemarle Corp.		25,249	$	1,842,167
FMC Corp.		61,778		5,338,855
Koninklijke DSM NV		15,877		1,966,971
Nutrien Ltd.		146,628		8,039,098
Umicore SA		63,665		1,992,944
				19,180,035
Containers & Packaging — 4.6%
Graphic Packaging Holding Co.		242,816		3,608,246
Packaging Corp. of America		34,000		3,432,980
				7,041,226
Electronic Equipment, Instruments & Components — 1.9%
Trimble, Inc.(a)		69,906		2,954,228
Food Products — 10.3%
Glanbia PLC		147,098		1,921,483
JBS SA		548,083		3,576,000
Kerry Group PLC, Class A		28,847		3,365,806
Nestle SA, Registered Shares		32,825		3,482,311
Tyson Foods, Inc., Class A		42,878		3,408,801
				15,754,401
Machinery — 1.9%
Deere & Co.		16,930		2,804,454
Metals & Mining — 32.5%
Anglo American PLC		208,315		5,104,633
Barrick Gold Corp.(b)		351,420		5,714,089
BHP Group PLC		311,074		7,417,101
First Quantum Minerals Ltd.		352,966		3,252,058
Franco-Nevada Corp.		25,480		2,214,393
Fresnillo PLC		247,620		1,787,220
Great Panther Mining Ltd.(a)		333,419		270,312
Neo Lithium Corp.(a)(b)		1,126,269		537,619
Newcrest Mining Ltd.		140,455		3,389,909
Newmont Goldcorp Corp.		31,691		1,157,355
OZ Minerals Ltd.		243,330		1,687,646
Polyus PJSC — GDR		33,037		1,673,073
Rio Tinto PLC		38,734		2,187,365
Stelco Holdings, Inc.		227,873		2,624,390
Teck Resources Ltd., Class B(b)		121,401		2,487,507
Vale SA — ADR		350,615		4,554,489
Wheaton Precious Metals Corp.		133,216		3,479,602
				49,538,761

Security	Shares		Value
Oil, Gas & Consumable Fuels — 31.6%
BP PLC		1,203,986	$	7,966,468
CNOOC Ltd.		1,078,000		1,777,367
Concho Resources, Inc.		6,943		678,192
ConocoPhillips		41,656		2,461,036
Eni SpA		147,250		2,300,236
EOG Resources, Inc.		18,875		1,620,419
Equinor ASA		85,500		1,533,040
Exxon Mobil Corp.		60,302		4,484,057
Gazprom PJSC — ADR		232,775		1,701,446
Kosmos Energy Ltd.		187,295		1,125,643
Marathon Petroleum Corp.		41,659		2,349,151
Royal Dutch Shell PLC, Class B		262,075		8,277,639
Suncor Energy, Inc.		108,105		3,101,937
TOTAL SA		152,729		7,915,972
Williams Cos., Inc.		40,300		992,992
				48,285,595
Paper & Forest Products — 0.0%
Quintis Ltd.(a)(b)(c)		2,624,167		18
Specialty Retail — 2.0%
Tractor Supply Co.		28,371		3,087,048
Total Long-Term Investments — 97.4% (Cost — $138,448,497)				148,645,766
Short-Term Securities — 7.7%
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.20%(d)(f)		4,387,431		4,387,431
SL Liquidity Series, LLC, Money Market Series, 2.50%(d)(e)(f)		7,374,642		7,376,117
Total Short-Term Securities — 7.7% (Cost — $11,763,525)				11,763,548
Total Investments — 105.1% (Cost — $150,212,022)				160,409,314
Liabilities in Excess of Other Assets — (5.1)%				(7,735,760	)
Net Assets — 100.0%			$	152,673,554

^(a) Non-income producing security.

^(b) Security, or a portion of the security, is on loan.

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

^(d) Annualized7-day yield as of period end.

^(e) Security was purchased with the cash collateral from loaned securities.

^(f) During the year ended July 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 07/31/18		Net Activity		Shares Held at 07/31/19		Value at 07/31/19		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds,T-Fund, Institutional Class		—		4,387,431		4,387,431	$	4,387,431	$	47,174		$	—		$	—
SL Liquidity Series, LLC, Money Market Series		1,097,445		6,277,197		7,374,642		7,376,117		11,106	(b)		(793	)		(277	)
							$	11,763,548	$	58,280		$	(793	)	$	(277	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  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 sector classifications refer to one or more of the sectorsub-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 sectorsub-classifications for reporting ease.

12 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (continued) July 31, 2019 BlackRock Natural Resources Trust

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Chemicals	$	15,220,120	$	3,959,915	$	—	$	19,180,035
Containers & Packaging		7,041,226		—		—		7,041,226
Electronic Equipment, Instruments & Components		2,954,228		—		—		2,954,228
Food Products		12,272,090		3,482,311		—		15,754,401
Machinery		2,804,454		—		—		2,804,454
Metals & Mining		26,291,814		23,246,947		—		49,538,761
Oil, Gas & Consumable Fuels		16,813,427		31,472,168		—		48,285,595
Paper & Forest Products		—		—		18		18
Specialty Retail		3,087,048		—		—		3,087,048
Short-Term Securities		4,387,431		—		—		4,387,431
Subtotal	$	90,871,838	$	62,161,341	$	18	$	153,033,197
Investments Valued at NAV(a)								7,376,117
Total Investments	$	90,871,838	$	62,161,341	$	18	$	160,409,314

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 13

Statements of Assets and Liabilities

July 31, 2019

	BlackRock Equity Dividend Fund		BlackRock Natural Resources Trust
ASSETS
Investments at value — unaffiliated(a)(b)	$	17,708,483,038	$	148,645,766
Investments at value — affiliated(c)		1,551,353,531		11,763,548
Foreign currency at value(d)		68,283		—
Receivables:
Investments sold		5,888,011		365,496
Securities lending income — affiliated		—		944
Capital shares sold		17,642,855		113,219
Dividends — affiliated		2,865,362		9,592
Dividends — unaffiliated		28,411,000		148,155
Prepaid expenses		310,136		21,167
Total assets		19,315,022,216		161,067,887
LIABILITIES
Cash collateral on securities loaned at value		—		7,377,587
Payables:
Investments purchased		6,716,670		318,756
Board realignment and consolidation		24,072		6,799
Capital shares redeemed		29,671,768		371,578
Investment advisory fees		9,166,601		80,010
Trustees’ and Officer’s fees		49,712		2,952
Other accrued expenses		8,231,420		204,654
Other affiliates		41,504		556
Service and distribution fees		2,657,932		31,441
Total liabilities		56,559,679		8,394,333
NET ASSETS	$	19,258,462,537	$	152,673,554
NET ASSETS CONSIST OF
Paid-in capital	$	15,040,068,727	$	144,819,863
Accumulated earnings		4,218,393,810		7,853,691
NET ASSETS	$	19,258,462,537	$	152,673,554
(a) Investments at cost — unaffiliated	$	13,323,150,451	$	138,448,497
(b) Securities loaned at value	$	—	$	6,916,712
(c) Investments at cost — affiliated	$	1,551,353,531	$	11,763,525
(d) Foreign currency at cost	$	68,635	$	—

See notes to financial statements.

14 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities  (continued)

July 31, 2019

	BlackRock Equity Dividend Fund		BlackRock Natural Resources Trust
NET ASSET VALUE
Institutional
Net assets	$	9,977,737,002	$	44,732,342
Shares outstanding(e)		506,504,790		1,778,279
Net asset value	$	19.70	$	25.15
Service
Net assets	$	130,943,027	$	—
Shares outstanding(e)		6,678,223		—
Net asset value	$	19.61	$	—
Investor A
Net assets	$	4,504,748,131	$	96,229,920
Shares outstanding(e)		229,495,233		4,072,642
Net asset value	$	19.63	$	23.63
Investor C
Net assets	$	1,615,842,745	$	11,711,292
Shares outstanding(e)		86,132,141		684,856
Net asset value	$	18.76	$	17.10
Investor C1
Net assets	$	679,589	$	—
Shares outstanding(e)		36,135		—
Net asset value	$	18.81	$	—
Class K
Net assets	$	2,413,725,231	$	—
Shares outstanding(e)		122,582,633		—
Net asset value	$	19.69	$	—
Class R
Net assets	$	614,786,812	$	—
Shares outstanding(e)		31,020,481		—
Net asset value	$	19.82	$	—

^(e)  Unlimited number of shares authorized, $0.10 par value.

See notes to financial statements.

FINANCIAL STATEMENTS 15

Statements of Operations

Year Ended July 31, 2019

	BlackRock Equity Dividend Fund			BlackRock Natural Resources Trust
INVESTMENT INCOME
Dividends — affiliated	$	27,720,607		$	47,174
Dividends — unaffiliated		512,075,261			6,775,961
Securities lending income — affiliated — net		—			11,106
Foreign taxes withheld		(9,493,688	)		(331,781	)
Total investment income		530,302,180			6,502,460
EXPENSES
Investment advisory		109,519,037			1,038,991
Service and distribution — class specific		33,556,946			420,156
Transfer agent — class specific		21,722,746			311,502
Accounting services		1,560,970			28,616
Board realignment and consolidation		463,486			10,889
Registration		395,544			68,097
Professional		305,264			70,227
Trustees and Officer		291,477			14,034
Printing		285,657			35,566
Custodian		276,211			29,690
Miscellaneous		279,402			16,514
Total expenses		168,656,740			2,044,282
Less fees waived and/or reimbursed by the Manager		(902,811	)		(1,527	)
Total expenses after fees waived and/or reimbursed		167,753,929			2,042,755
Net investment income		362,548,251			4,459,705
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		2,183,613,138			(854,180	)
Investments — affiliated		—			(793	)
Foreign currency transactions		(955,055	)		18,699
		2,182,658,083			(836,274	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,900,256,650	)		(24,142,772	)
Investments — affiliated		—			(277	)
Foreign currency translations		(39,733	)		739
		(1,900,296,383	)		(24,142,310	)
Net realized and unrealized gain (loss)		282,361,700			(24,978,584	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	644,909,951		$	(20,518,879	)

See notes to financial statements.

16 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Statements of Changes in Net Assets

	BlackRock Equity Dividend Fund						BlackRock Natural Resources Trust
	Year Ended July 31,						Year Ended July 31,
	2019			2018			2019			2018
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	362,548,251		$	355,540,653		$	4,459,705		$	4,198,772
Net realized gain (loss)		2,182,658,083			2,548,426,937			(836,274	)		32,011,007
Net change in unrealized appreciation (depreciation)		(1,900,296,383	)		(439,429,194	)		(24,142,310	)		(3,468,981	)
Net increase (decrease) in net assets resulting from operations		644,909,951			2,464,538,396			(20,518,879	)		32,740,798
DISTRIBUTIONS TO SHAREHOLDERS(a)(b)
Institutional		(2,135,727,228	)		(711,252,830	)		(9,117,425	)		(3,386,187	)
Service		(24,793,219	)		(3,335,432	)		—			—
Investor A		(949,796,662	)		(300,058,042	)		(16,428,103	)		(5,985,514	)
Investor B		—			(24,281	)		—			(4	)
Investor C		(367,454,272	)		(124,146,026	)		(3,367,660	)		(1,454,747	)
Investor C1		(147,216	)		(101,636	)		—			—
Class K		(462,295,640	)		(36,033,423	)		—			—
Class R		(130,480,365	)		(42,580,320	)		—			—
Decrease in net assets resulting from distributions to shareholders		(4,070,694,602	)		(1,217,531,990	)		(28,913,188	)		(10,826,452	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,270,698,999			(1,208,229,169	)		(16,116,252	)		(51,413,872	)
NET ASSETS(b)
Total increase (decrease) in net assets		(2,155,085,652	)		38,777,237			(65,548,319	)		(29,499,526	)
Beginning of year		21,413,548,189			21,374,770,952			218,221,873			247,721,399
End of year	$	19,258,462,537		$	21,413,548,189		$	152,673,554		$	218,221,873

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(b)  Prior year distribution character information and undistributed net investment income has been modified or removed to conform with current year RegulationS-X presentation changes. Refer to Note 11 for this prior year information.

See notes to financial statements.

FINANCIAL STATEMENTS 17

Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Equity Dividend Fund
	Institutional
	Year Ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	23.53		$	22.19		$	22.33		$	24.94		$	24.71
Net investment income(a)		0.43			0.42			0.43			0.44			0.47
Net realized and unrealized gain		0.31			2.28			3.22			0.79			1.34
Net increase from investment operations		0.74			2.70			3.65			1.23			1.81
Distributions(b)
From net investment income		(0.46	)		(0.39	)		(0.44	)		(0.45	)		(0.48	)
From net realized gain		(4.11	)		(0.97	)		(3.35	)		(3.39	)		(1.10	)
Total distributions		(4.57	)		(1.36	)		(3.79	)		(3.84	)		(1.58	)
Net asset value, end of year	$	19.70		$	23.53		$	22.19		$	22.33		$	24.94
Total Return(c)
Based on net asset value		4.02	%		12.47	%		17.13	%		6.29	%		7.55	%
Ratios to Average Net Assets
Total expenses		0.70	%(d)		0.72	%(d)		0.72	%(d)		0.71	%(d)		0.70	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.69	%(d)		0.72	%(d)		0.71	%(d)		0.69	%(d)		0.69	%
Net investment income		2.01	%		1.86	%		1.89	%		2.00	%		1.86	%
Supplemental Data
Net assets, end of year (000)	$	9,977,737		$	11,120,924		$	12,305,546		$	11,620,763		$	13,242,101
Portfolio turnover rate		43	%		36	%		29	%		25	%		25	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Year Ended July 31,
	2019			2018			2017			2016
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%

See notes to financial statements.

18 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Equity Dividend Fund (continued)
	Service
	Year Ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	23.44		$	22.12		$	22.26		$	24.86		$	24.63
Net investment income(a)		0.36			0.36			0.39			0.37			0.39
Net realized and unrealized gain		0.32			2.26			3.21			0.79			1.33
Net increase from investment operations		0.68			2.62			3.60			1.16			1.72
Distributions(b)
From net investment income		(0.40	)		(0.33	)		(0.39	)		(0.37	)		(0.39	)
From net realized gain		(4.11	)		(0.97	)		(3.35	)		(3.39	)		(1.10	)
Total distributions		(4.51	)		(1.30	)		(3.74	)		(3.76	)		(1.49	)
Net asset value, end of year	$	19.61		$	23.44		$	22.12		$	22.26		$	24.86
Total Return(c)
Based on net asset value		3.74	%		12.11	%		16.92	%		5.95	%		7.19	%
Ratios to Average Net Assets
Total expenses		1.00	%(d)		1.01	%(d)		0.92	%(d)		1.04	%(d)		1.02	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.99	%(d)		1.01	%(d)		0.92	%(d)		1.01	%(d)		1.01	%
Net investment income		1.69	%		1.59	%		1.72	%		1.68	%		1.58	%
Supplemental Data
Net assets, end of year (000)	$	130,943		$	82,914		$	63,273		$	86,382		$	99,271
Portfolio turnover rate		43	%		36	%		29	%		25	%		25	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Year Ended July 31,
	2019			2018			2017			2016
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%

See notes to financial statements.

FINANCIAL HIGHLIGHTS 19

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Equity Dividend Fund (continued)
	Investor A
	Year Ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	23.46		$	22.13		$	22.28		$	24.88		$	24.65
Net investment income(a)		0.37			0.37			0.38			0.39			0.40
Net realized and unrealized gain		0.32			2.26			3.20			0.79			1.33
Net increase from investment operations		0.69			2.63			3.58			1.18			1.73
Distributions(b)
From net investment income		(0.41	)		(0.33	)		(0.38	)		(0.39	)		(0.40	)
From net realized gain		(4.11	)		(0.97	)		(3.35	)		(3.39	)		(1.10	)
Total distributions		(4.52	)		(1.30	)		(3.73	)		(3.78	)		(1.50	)
Net asset value, end of year	$	19.63		$	23.46		$	22.13		$	22.28		$	24.88
Total Return(c)
Based on net asset value		3.76	%		12.18	%		16.82	%		6.07	%		7.25	%
Ratios to Average Net Assets
Total expenses		0.96	%(d)		0.97	%(d)		0.97	%(d)		0.96	%(d)		0.97	%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.95	%(d)		0.96	%(d)		0.96	%(d)		0.93	%(d)		0.96	%
Net investment income		1.74	%		1.61	%		1.66	%		1.76	%		1.61	%
Supplemental Data
Net assets, end of year (000)	$	4,504,748		$	4,999,366		$	5,435,461		$	5,951,054		$	7,226,833
Portfolio turnover rate		43	%		36	%		29	%		25	%		25	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Year Ended July 31,
	2019			2018			2017			2016
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%

See notes to financial statements.

20 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Equity Dividend Fund (continued)
	Investor C
	Year Ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	22.62		$	21.37		$	21.62		$	24.27		$	24.08
Net investment income(a)		0.21			0.20			0.21			0.22			0.22
Net realized and unrealized gain		0.29			2.19			3.10			0.76			1.31
Net increase from investment operations		0.50			2.39			3.31			0.98			1.53
Distributions(b)
From net investment income		(0.25	)		(0.17	)		(0.21	)		(0.24	)		(0.24	)
From net realized gain		(4.11	)		(0.97	)		(3.35	)		(3.39	)		(1.10	)
Total distributions		(4.36	)		(1.14	)		(3.56	)		(3.63	)		(1.34	)
Net asset value, end of year	$	18.76		$	22.62		$	21.37		$	21.62		$	24.27
Total Return(c)
Based on net asset value		3.01	%		11.44	%		15.99	%		5.24	%		6.51	%
Ratios to Average Net Assets
Total expenses		1.67	%(d)		1.67	%(d)		1.69	%(d)		1.69	%(d)		1.67	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.66	%(d)		1.67	%(d)		1.69	%(d)		1.67	%(d)		1.66	%
Net investment income		1.05	%		0.90	%		0.94	%		1.02	%		0.88	%
Supplemental Data
Net assets, end of year (000)	$	1,615,843		$	2,225,355		$	2,538,471		$	3,043,757		$	3,361,651
Portfolio turnover rate		43	%		36	%		29	%		25	%		25	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Year Ended July 31,
	2019			2018			2017			2016
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%

See notes to financial statements.

FINANCIAL HIGHLIGHTS 21

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Equity Dividend Fund (continued)
	Investor C1
	Year Ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	22.64		$	21.39		$	21.59		$	24.24		$	24.06
Net investment income(a)		0.25			0.23			0.25			0.26			0.26
Net realized and unrealized gain		0.29			2.19			3.09			0.76			1.30
Net increase from investment operations		0.54			2.42			3.34			1.02			1.56
Distributions(b)
From net investment income		(0.26	)		(0.20	)		(0.20	)		(0.28	)		(0.28	)
From net realized gain		(4.11	)		(0.97	)		(3.34	)		(3.39	)		(1.10	)
Total distributions		(4.37	)		(1.17	)		(3.54	)		(3.67	)		(1.38	)
Net asset value, end of year	$	18.81		$	22.64		$	21.39		$	21.59		$	24.24
Total Return(c)
Based on net asset value		3.15	%		11.59	%		16.18	%		5.47	%		6.69	%
Ratios to Average Net Assets
Total expenses		1.56	%(d)		1.53	%(d)		1.50	%(d)		1.49	%(d)		1.49	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.55	%(d)		1.52	%(d)		1.50	%(d)		1.47	%(d)		1.48	%
Net investment income		1.19	%		1.06	%		1.14	%		1.22	%		1.07	%
Supplemental Data
Net assets, end of year (000)	$	680		$	1,672		$	2,135		$	6,834		$	7,340
Portfolio turnover rate		43	%		36	%		29	%		25	%		25	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Year Ended July 31,
	2019			2018			2017			2016
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%

See notes to financial statements.

22 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Equity Dividend Fund (continued)
	Class K
	Year Ended July 31,									Period from 03/28/16 (a) to 07/31/16
	2019			2018			2017
Net asset value, beginning of period	$	23.52		$	22.18		$	22.32		$	20.97
Net investment income(b)		0.45			0.45			0.42			0.09
Net realized and unrealized gain		0.32			2.28			3.26			1.48
Net increase (decrease) from investment operations		0.77			2.73			3.68			1.57
Distributions(c)
From net investment income		(0.49	)		(0.42	)		(0.47	)		(0.22	)
From net realized gain		(4.11	)		(0.97	)		(3.35	)		—
Total distributions		(4.60	)		(1.39	)		(3.82	)		(0.22	)
Net asset value, end of period	$	19.69		$	23.52		$	22.18		$	22.32
Total Return(d)
Based on net asset value		4.14	%		12.63	%		17.28	%		7.50	%(e)
Ratios to Average Net Assets
Total expenses		0.59	%(f)		0.59	%(f)		0.59	%(f)		0.58	%(f)(g)(h)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.58	%(f)		0.58	%(f)		0.59	%(f)		0.57	%(f)(g)(h)
Net investment income		2.10	%		1.99	%		1.83	%		1.22	%(g)
Supplemental Data
Net assets, end of period (000)	$	2,413,725		$	2,229,057		$	209,323		$	22,861
Portfolio turnover rate		43	%		36	%		29	%		25	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Year Ended July 31,									Period from 03/28/16 (a) to 07/31/16
	2019			2018			2017
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%

^(g)  Annualized.

^(h)  Audit and offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.58%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 23

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Equity Dividend Fund (continued)
	Class R
	Year Ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	23.64		$	22.28		$	22.41		$	25.01		$	24.76
Net investment income(a)		0.31			0.30			0.31			0.32			0.32
Net realized and unrealized gain		0.31			2.29			3.22			0.79			1.35
Net increase from investment operations		0.62			2.59			3.53			1.11			1.67
Distributions(b)
From net investment income		(0.33	)		(0.26	)		(0.31	)		(0.32	)		(0.32	)
From net realized gain		(4.11	)		(0.97	)		(3.35	)		(3.39	)		(1.10	)
Total distributions		(4.44	)		(1.23	)		(3.66	)		(3.71	)		(1.42	)
Net asset value, end of year	$	19.82		$	23.64		$	22.28		$	22.41		$	25.01
Total Return(c)
Based on net asset value		3.42	%		11.86	%		16.44	%		5.70	%		6.96	%
Ratios to Average Net Assets
Total expenses		1.27	%(d)		1.28	%(d)		1.29	%(d)		1.27	%(d)		1.28	%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.27	%(d)		1.28	%(d)		1.28	%(d)		1.25	%(d)		1.28	%
Net investment income		1.44	%		1.29	%		1.33	%		1.44	%		1.28	%
Supplemental Data
Net assets, end of year (000)	$	614,787		$	754,259		$	819,982		$	862,531		$	987,928
Portfolio turnover rate		43	%		36	%		29	%		25	%		25	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Where applicable, assumes the reinvestment of distributions.

^(d)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Year Ended July 31,
	2019			2018			2017			2016
Investments in underlying funds		0.01	%		0.01	%		0.01	%		0.01	%

See notes to financial statements.

24 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Natural Resources Trust
	Institutional
	Year Ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	33.01		$	30.00		$	43.39		$	47.03		$	77.17
Net investment income(a)		0.77			0.66			0.73	(b)		0.47			0.53
Net realized and unrealized gain (loss)		(4.08	)		3.85			1.00			(0.96	)		(25.35	)
Net increase (decrease) from investment operations		(3.31	)		4.51			1.73			(0.49	)		(24.82	)
Distributions(c)
From net investment income		(0.79	)		(0.91	)		(0.41	)		(0.42	)		(0.37	)
From net realized gain		(3.76	)		(0.59	)		(14.71	)		(2.73	)		(4.95	)
Total distributions		(4.55	)		(1.50	)		(15.12	)		(3.15	)		(5.32	)
Net asset value, end of year	$	25.15		$	33.01		$	30.00		$	43.39		$	47.03
Total Return(d)
Based on net asset value		(9.12	)%		15.32	%		4.68	%		(0.15	)%		(32.68	)%
Ratios to Average Net Assets
Total expenses		0.91	%		0.92	%		0.85	%		0.88	%(e)		0.83	%
Total expenses after fees waived		0.91	%		0.92	%		0.85	%		0.88	%(e)		0.83	%
Net investment income		2.86	%		2.08	%		1.64	%(b)		1.12	%		0.89	%
Supplemental Data
Net assets, end of year (000)	$	44,732		$	72,269		$	84,139		$	69,602		$	80,864
Portfolio turnover rate		75	%		75	%		102	%		7	%		6	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets include $0.17 per share and 0.37%, respectively, resulting from a special dividend from Baker Hughes, Inc. in July 2017.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Year Ended July 31, 2016
Investments in underlying funds		0.01	%

See notes to financial statements.

FINANCIAL HIGHLIGHTS 25

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Natural Resources Trust (continued)
	Investor A
	Year Ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	31.32		$	28.50		$	41.97		$	45.59		$	75.12
Net investment income(a)		0.64			0.54			0.53	(b)		0.34			0.36
Net realized and unrealized gain (loss)		(3.86	)		3.67			1.01			(0.92	)		(24.65	)
Net increase (decrease) from investment operations		(3.22	)		4.21			1.54			(0.58	)		(24.29	)
Distributions(c)
From net investment income		(0.71	)		(0.80	)		(0.30	)		(0.31	)		(0.29	)
From net realized gain		(3.76	)		(0.59	)		(14.71	)		(2.73	)		(4.95	)
Total distributions		(4.47	)		(1.39	)		(15.01	)		(3.04	)		(5.24	)
Net asset value, end of year	$	23.63		$	31.32		$	28.50		$	41.97		$	45.59
Total Return(d)
Based on net asset value		(9.37	)%		15.06	%		4.38	%		(0.40	)%		(32.87	)%
Ratios to Average Net Assets
Total expenses		1.20	%		1.18	%		1.13	%		1.14	%(e)		1.10	%
Total expenses after fees waived		1.19	%		1.18	%		1.13	%		1.14	%(e)		1.10	%
Net investment income		2.54	%		1.77	%		1.22	%(b)		0.84	%		0.62	%
Supplemental Data
Net assets, end of year (000)	$	96,230		$	122,564		$	133,246		$	197,713		$	198,816
Portfolio turnover rate		75	%		75	%		102	%		7	%		6	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets include $0.16 per share and 0.37%, respectively, resulting from a special dividend from Baker Hughes, Inc. in July 2017.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Year Ended July 31, 2016
Investments in underlying funds		0.01	%

See notes to financial statements.

26 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Natural Resources Trust (continued)
	Investor C
	Year Ended July 31,
	2019			2018			2017			2016			2015
Net asset value, beginning of year	$	24.03		$	22.16		$	35.93		$	39.48		$	66.24
Net investment income (loss)(a)		0.35			0.24			0.15	(b)		0.02			(0.08	)
Net realized and unrealized gain (loss)		(3.01	)		2.83			0.81			(0.84	)		(21.62	)
Net increase (decrease) from investment operations		(2.66	)		3.07			0.96			(0.82	)		(21.70	)
Distributions(c)
From net investment income		(0.51	)		(0.61	)		(0.02	)		—			(0.11	)
From net realized gain		(3.76	)		(0.59	)		(14.71	)		(2.73	)		(4.95	)
Total distributions		(4.27	)		(1.20	)		(14.73	)		(2.73	)		(5.06	)
Net asset value, end of year	$	17.10		$	24.03		$	22.16		$	35.93		$	39.48
Total Return(d)
Based on net asset value		(10.06	)%		14.13	%		3.55	%		(1.20	)%		(33.38	)%
Ratios to Average Net Assets
Total expenses		1.97	%		1.95	%		1.91	%		1.94	%(e)		1.88	%
Total expenses after fees waived		1.97	%		1.95	%		1.91	%		1.94	%(e)		1.88	%
Net investment income (loss)		1.85	%		1.03	%		0.41	%(b)		0.06	%		(0.16	)%
Supplemental Data
Net assets, end of year (000)	$	11,711		$	23,390		$	30,337		$	47,397		$	57,026
Portfolio turnover rate		75	%		75	%		102	%		7	%		6	%

^(a)  Based on average shares outstanding.

^(b)  Net investment income per share and the ratio of net investment income to average net assets include $0.14 per share and 0.37%, respectively, resulting from a special dividend from Baker Hughes, Inc. in July 2017.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Year Ended July 31, 2016
Investments in underlying funds		0.01	%

See notes to financial statements.

FINANCIAL HIGHLIGHTS 27

Notes to Financial Statements

1. ORGANIZATION

BlackRock Equity Dividend Fund and BlackRock Natural Resources Trust are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), asopen-end management investment companies. Each Fund is organized as a Massachusetts business trust. The following are referred to herein collectively as the “Funds” or individually as a “Fund”:

Fund Name	Herein Referred To As	Diversification Classification
BlackRock Equity Dividend Fund	Equity Dividend	Diversified
BlackRock Natural Resources Trust	Natural Resources	Diversified

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional, Service and Class K Shares are sold without a sales charge and only to certain eligible investors. Investor C Shares may be subject to a CDSC. Class R Shares are sold without a sales charge and only to certain employer-sponsored retirement plans. Service, Investor A, Investor C, Investor C1 and Class R Shares bear certain expenses related to shareholder servicing of such shares, and Investor C, Investor C1 and Class R Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Investor C1 Shares are only available for dividend and capital gain reinvestment by existing shareholders, and for purchase by certain employer-sponsored retirement plans. Effective November 8, 2018, the Funds adopted an automatic conversion feature whereby Investor C Shares and Investor C1 Shares held for approximately ten years will be automatically converted into Investor A Shares. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C and Investor C1 shareholders may vote on material changes to the Investor A Shares distribution and service plan).

Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional, Service, Class K and Class R Shares	No		No		None
Investor A Shares	Yes		No	(a)	None
Investor C Shares	No		Yes		To Investor A Shares after approximately 10 years
Investor C1 Shares	No		No	(b)	To Investor A Shares after approximately 10 years

^(a)  Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase.

^(b)  A CDSC of 1.00% is assessed on certain redemptions of Investor C1 Shares made within one year after purchase. The CDSC does not apply to redemptions by certain employer-sponsored retirement plans or to redemptions of shares acquired through reinvestment of dividends and capital gains by existing shareholders.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition:For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on theex-dividend date. Dividends from foreign securities where theex-dividend date may have passed are subsequently recorded when the Funds are informed of theex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Foreign Currency Translation:Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Distributions: Distributions paid by the Funds are recorded on theex-dividend date. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications:In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

28 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of each Fund (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded andover-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Investments inopen-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• Natural Resources values its investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule2a-7 under the 1940 Act.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in anarm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by third party pricing services utilize one or a combination of, but not limited to, the following inputs.

	Standard Inputs Generally Considered By Third Party Pricing Services
Market approach	(i)  recentmarket transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii)   market multiples of comparable issuers.
Income approach	(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii)   other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii)   relevant news and other public sources; and (iv)   known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

NOTESTO FINANCIAL STATEMENTS 29

Notes to Financial Statements  (continued)

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each 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 each Fund’s own assumptions used in determining the fair value of investments)

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 Private Companies. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending:Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The market value of any securities on loan, all of which were classified as common stocks in the Funds’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value — unaffiliated, and collateral on securities loaned at value, respectively. As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for thenon-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell orre-pledge the loaned securities, and a Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell orre-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Natural Resources’ securities lending agreements by counterparty which are subject to offset under an MSLA:

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount
State Street Bank & Trust Company	$	565,524	$	(565,524	)	$	—
Morgan Stanley & Co., LLC		130,267		(130,267	)		—
Citigroup Global Markets, Inc.		6,220,921		(6,220,921	)		—
	$	6,916,712	$	(6,916,712	)	$	—

^(a)  Cash collateral with a value of $7,377,587 has been received in connection with securities lending agreements. Collateral received in excess of the value of securities loaned from the individual counterparty, if any, is not shown for financial reporting purposes in the table above.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BIM.BIM’s indemnity allows for full replacement of the securities loaned to the extent the

30 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory:Each Fund entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets.

Equity Dividend

Average Daily Net Assets	Investment Advisory Fee
First $8 Billion		0.60	%
$8 Billion — $10 Billion		0.56	%
$10 Billion — $12 Billion		0.54	%
$12 Billion — $17 Billion		0.52	%
$17 Billion — $25 Billion		0.51	%
$25 Billion — $30 Billion		0.50	%
$30 Billion — $40 Billion		0.47	%
Greater than $40 Billion		0.45	%

Natural Resources

Average Daily Net Assets	Investment Advisory Fee
First $1 Billion		0.60	%
$1 Billion — $3 Billion		0.56	%
$3 Billion — $5 Billion		0.54	%
$5 Billion — $10 Billion		0.52	%
Greater than $10 Billion		0.51	%

With respect to Natural Resources, the Manager entered into asub-advisory agreement with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of Natural Resources for which BIL acts assub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by Natural Resources to the Manager.

Service and Distribution Fees:Each Fund entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

	Service Fees
	Equity Dividend			Natural Resources
Service		0.25	%		—	%
Investor A		0.25			0.25
Investor C		0.25			0.25
Investor C1		0.25			—
Class R		0.25			—

	Distribution Fees
	Equity Dividend			Natural Resources
Investor C		0.75	%		0.75	%
Investor C1		0.55			—
Class R		0.25			—

BRIL and broker-dealers, pursuant tosub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the year ended July 31, 2019, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

	Service		Investor A		Investor C		Investor C1		Class R		Total
Equity Dividend	$	282,219	$	11,531,387	$	18,413,219	$	7,399	$	3,322,722	$	33,556,946
Natural Resources		—		257,608		162,548		—		—		420,156

NOTESTO FINANCIAL STATEMENTS 31

Notes to Financial Statements  (continued)

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds withsub-accounting, recordkeeping,sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended July 31, 2019, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

	Institutional		Investor A		Investor C		Total
Equity Dividend	$	305,370	$	15	$	5	$	305,390

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended July 31, 2019, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

	Institutional		Service		Investor A		Investor C		Investor C1		Class K		Class R		Total
Equity Dividend	$	20,441	$	385	$	85,000	$	29,905	$	25	$	5,846	$	3,948	$	145,550
Natural Resources		803		—		6,483		1,668		—		—		—		8,954

For the year ended July 31, 2019, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

	Institutional		Service		Investor A		Investor C		Investor C1		Class K		Class R		Total
Equity Dividend	$	12,446,025	$	194,010	$	5,972,765	$	1,572,320	$	1,664	$	236,121	$	1,299,841	$	21,722,746
Natural Resources		83,395		—		193,687		34,420		—		—		—		311,502

Other Fees: For the year ended July 31, 2019, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

	Investor A
Equity Dividend	$	195,569
Natural Resources		2,457

For the year ended July 31, 2019, affiliates received CDSCs as follows:

	Equity Dividend		Natural Resources
Investor A	$	36,633	$	7
Investor C		50,175		1,288

Expense Limitations, Waivers and Reimbursements:With respect to each Fund, the Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended July 31, 2019, the amounts waived were as follows:

Equity Dividend	$	902,811
Natural Resources		1,527

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through November 30, 2020 with respect to Equity Dividend and through November 30, 2019 with respect to Natural Resources. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of a Fund, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended July 31, 2019, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

For the year ended July 31, 2019, the Funds reimbursed the Manager for certain accounting services, which is included in accounting services in the Statements of Operations. The reimbursements were as follows:

Equity Dividend	$	213,871
Natural Resources		2,134

Securities Lending:The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the private investment company to an annual rate of 0.04%. The investment adviser to the private investment company will not charge any advisory fees with respect to shares purchased by the Funds. The private investment company in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds.

32 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, Equity Dividend retains 73.5% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, Equity Dividend, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 80% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

Prior to January 1, 2019, Equity Dividend retained 71.5% of securities lending income (which excluded collateral investment expenses) and the amount retained could never be less than 65% of the total of securities lending income plus the collateral investment expenses. In addition, commencing the business day following the date that the aggregate securities lending income earned across a complex ofopen-end funds referred to as the Equity-Bond Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year 75% of securities lending income (which excluded collateral investment expenses), and the amount retained could never be less than 65% of the total of securities lending income plus the collateral investment expenses.

Pursuant to the current securities lending agreement, Natural Resources retains 82% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, Natural Resources, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

Prior to January 1, 2019, Natural Resources retained 80% of securities lending income (which excluded collateral investment expenses) and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment expenses. In addition, commencing the business day following the date that the aggregate securities lending income earned across a complex ofopen-end funds referred to as the Equity-Bond Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year 85% of securities lending income (which excluded collateral investment expenses), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment expenses.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended July 31, 2019, each Fund paid BIM the following amounts for securities lending agent services:

Natural Resources $ 2,042

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Equity Dividend is currently permitted to borrow under the Interfund Lending Program. Natural Resources is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the year ended July 31, 2019, the Funds did not participate in the Interfund Lending Program.

Trustees and Officers:Certain trustees and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

6. PURCHASES AND SALES

For the year ended July 31, 2019, purchases and sales of investments, excluding short-term securities, were as follows:

	Purchases		Sales
Equity Dividend	$	7,998,699,835	$	10,818,069,733
Natural Resources		129,213,298		171,278,560

7. INCOME TAX INFORMATION

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

NOTESTO FINANCIAL STATEMENTS 33

Notes to Financial Statements  (continued)

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for each of the four years ended July 31, 2019. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2019, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of period end, the following permanent differences attributable to non-deductible expenses and the use of equalization were reclassified to the following accounts:

	Equity Dividend
Paid-in capital	$	81,983,503
Accumulated earnings		(81,983,503	)

The tax character of distributions paid was as follows:

		Equity Dividend (a)		Natural Resources (a)
Ordinary income	7/31/19	$	618,549,617	$	8,651,558
	7/31/18		378,965,391		9,317,782
Long-term capital gains	7/31/19		3,534,136,275		20,261,630
	7/31/18		1,008,745,574		4,105,545
Total	7/31/19	$	4,152,685,892	$	28,913,188
	7/31/18	$	1,387,710,965	$	13,423,327

^(a)  Distribution amounts may include a portion of the proceeds from redeemed shares.

As of July 31, 2019, the tax components of accumulated net earnings (losses) were as follows:

	Equity Dividend		Natural Resources
Undistributed ordinary income	$	—	$	1,569,937
Net unrealized gains(a)		4,218,393,810		8,340,389
Qualified late-year losses(b)		—		(2,056,635	)
	$	4,218,393,810	$	7,853,691

^(a)  The differences between book-basis andtax-basis net unrealized gains were attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains/losses on certain foreign currency contracts, the timing and recognition of partnership income and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(b)  The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of July 31, 2019, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

	Equity Dividend			Natural Resources
Tax cost	$	15,024,029,068		$	152,069,472
Gross unrealized appreciation	$	4,616,521,865		$	19,888,373
Gross unrealized depreciation		(380,714,364	)		(11,548,531	)
Net unrealized appreciation (depreciation)	$	4,235,807,501		$	8,339,842

8. BANK BORROWINGS

Each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of(a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2020 unless extended or renewed. Prior to April 18, 2019, Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended July 31, 2019, the Funds did not borrow under the credit agreement.

34 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

9. PRINCIPAL RISKS

In the normal course of business, certain Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests.

Counterparty Credit Risk:The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Concentration Risk:As of period end, Equity Dividend invested a significant portion of its assets in securities in the financial sector and Natural Resources invested a significant portion of its assets in securities in each of the metals and mining sector and the oil, gas and consumable fuels sector. Changes in economic conditions affecting such sectors would have a greater impact on the Funds and could affect the value, income and/or liquidity of positions in such securities.

10. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Year Ended 07/31/19						Year Ended 07/31/18
Equity Dividend	Shares			Amount			Shares			Amount
Institutional
Shares sold		106,237,504		$	2,189,303,047			104,777,183		$	2,388,557,346
Shares issued in reinvestment of distributions		90,420,913			1,811,493,936			27,999,943			634,424,280
Shares redeemed		(162,804,978	)		(3,364,027,610	)		(214,707,419	)		(4,842,186,118	)
Net increase (decrease)		33,853,439		$	636,769,373			(81,930,293	)	$	(1,819,204,492	)
Service
Shares sold		3,434,535		$	73,634,514			1,853,906		$	42,385,926
Shares issued in reinvestment of distributions		1,244,718			24,776,200			147,214			3,326,098
Shares redeemed		(1,537,706	)		(31,967,241	)		(1,325,309	)		(29,976,733	)
Net increase (decrease)		3,141,547		$	66,443,473			675,811		$	15,735,291
Investor A
Shares sold		40,986,213		$	864,988,400			32,214,292		$	732,870,504
Shares issued in reinvestment of distributions		46,024,046			918,518,570			12,856,169			290,495,173
Shares redeemed		(70,611,684	)		(1,471,360,593	)		(77,615,202	)		(1,762,518,685	)
Net increase (decrease)		16,398,575		$	312,146,377			(32,544,741	)	$	(739,153,008	)
Investor B(a)
Shares sold		—		$	—			83		$	1,920
Shares issued in reinvestment of distributions		—			—			964			22,359
Shares redeemed		—			—			(26,666	)		(621,500	)
Net increase (decrease)		—		$	—			(25,619	)	$	(597,221	)

NOTESTO FINANCIAL STATEMENTS 35

Notes to Financial Statements  (continued)

	Year Ended 07/31/19						Year Ended 07/31/18
Equity Dividend	Shares			Amount			Shares			Amount
Investor C
Shares sold		6,360,981		$	126,380,148			4,382,704		$	96,205,872
Shares issued in reinvestment of distributions		18,314,847			350,404,665			5,430,087			118,418,267
Shares redeemed		(36,935,253	)		(745,964,755	)		(30,183,579	)		(660,785,822	)
Net increase (decrease)		(12,259,425	)	$	(269,179,942	)		(20,370,788	)	$	(446,161,683	)
Investor C1
Shares sold		4,738		$	97,155			4,865		$	106,744
Shares issued in reinvestment of distributions		7,649			146,983			4,594			100,293
Shares redeemed		(50,103	)		(1,092,401	)		(35,415	)		(772,414	)
Net increase (decrease)		(37,716	)	$	(848,263	)		(25,956	)	$	(565,377	)
Class K
Shares sold		31,790,239		$	670,517,510			95,113,531		$	2,117,838,802
Shares issued in reinvestment of distributions		22,893,556			457,879,751			1,537,957			34,856,038
Shares redeemed		(26,867,561	)		(576,860,778	)		(11,320,880	)		(258,826,515	)
Net increase (decrease)		27,816,234		$	551,536,483			85,330,608		$	1,893,868,325
Class R
Shares sold		2,805,719		$	59,345,868			3,345,001		$	76,442,612
Shares issued in reinvestment of distributions		6,474,213			130,417,301			1,869,019			42,560,604
Shares redeemed		(10,167,992	)		(215,931,671	)		(10,103,007	)		(231,154,220	)
Net increase (decrease)		(888,060	)	$	(26,168,502	)		(4,888,987	)	$	(112,151,004	)
Total Net Increase (Decrease)		68,024,594		$	1,270,698,999			(53,779,965	)	$	(1,208,229,169	)

	Year Ended 07/31/19						Year Ended 07/31/18
Natural Resources	Shares			Amount			Shares			Amount
Institutional
Shares sold		632,737		$	16,412,969			1,245,094		$	39,848,710
Shares issued in reinvestment of distributions		347,369			8,208,301			99,032			3,086,841
Shares redeemed		(1,390,912	)		(36,047,937	)		(1,960,025	)		(61,900,627	)
Net increase (decrease)		(410,806	)	$	(11,426,667	)		(615,899	)	$	(18,965,076	)
Investor A
Shares sold		1,079,239		$	26,406,850			815,156		$	24,811,120
Shares issued in reinvestment of distributions		690,863			15,364,720			188,985			5,597,782
Shares redeemed		(1,610,966	)		(40,411,849	)		(1,766,150	)		(53,570,540	)
Net increase (decrease)		159,136		$	1,359,721			(762,009	)	$	(23,161,638	)
Investor B(a)
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of distributions		—			—			—			4
Shares redeemed		—			—			(15	)		(380	)
Net increase (decrease)		—		$	—			(15	)	$	(376	)
Investor C
Shares sold		67,510		$	1,182,995			121,168		$	2,886,139
Shares issued in reinvestment of distributions		202,957			3,283,845			62,167			1,419,890
Shares redeemed		(558,788	)		(10,516,146	)		(579,381	)		(13,592,811	)
Net increase (decrease)		(288,321	)	$	(6,049,306	)		(396,046	)	$	(9,286,782	)
Total Net Increase (Decrease)		(539,991	)	$	(16,116,252	)		(1,773,969	)	$	(51,413,872	)

^(a)  On December 27, 2017, all issued and outstanding Investor B Shares converted to Investor A Shares.

11. REGULATIONS-X AMENDMENTS

On August 17, 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act ReleaseNo. 33-10532, Disclosure Update and Simplification. The Funds have adopted the amendments pertinent to RegulationS-X in this shareholder report. The amendments impacted certain disclosure presentation on the Statements of Assets and Liabilities, Statements of Changes in Net Assets and Notes to the Financial Statements.

36 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

Prior year distribution information and undistributed net investment income in the Statements of Changes in Net Assets has been modified to conform to the current year presentation in accordance with the RegulationS-X changes.

Distributions for the year ended July 31, 2018 were classified as follows:

	Share Class	Net Investment Income			Net Realized Gain
Equity Dividend	Institutional	$	(194,677,067	)	$	(516,575,763	)
	Service		(912,747	)		(2,422,685	)
	Investor A		(75,120,878	)		(224,937,164	)
	Investor B		(1,002	)		(23,279	)
	Investor C		(18,524,663	)		(105,621,363	)
	Investor C1		(16,629	)		(85,007	)
	Class K		(21,985,766	)		(14,047,657	)
	Class R		(8,738,742	)		(33,841,578	)
Natural Resources	Institutional		(2,055,231	)		(1,330,956	)
	Investor A		(3,452,899	)		(2,532,615	)
	Investor B		—			(4	)
	Investor C		(740,288	)		(714,459	)

Undistributed net investment income as of July 31, 2018 was as follows:

	Undistributed Net Investment Income
Equity Dividend	$	48,031,096
Natural Resources		1,448,485

12. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following items were noted:

At a meeting held on May 15, 2019, the Board of Directors of FDP Series, Inc. and the Board of Equity Dividend approved a reorganization (the “Reorganization”) of FDP BlackRock Equity Dividend Fund (the “Target Fund”) with and into Equity Dividend. Shareholders of the Target Fund were not required to approve the reorganization. The Reorganization closed on September 23, 2019.

Upon the consummation of the Reorganization, shareholders of the Target Fund became shareholders of Equity Dividend. The Reorganization was tax-free, meaning that the Target Fund’s shareholders became shareholders of Equity Dividend without realizing any gain or loss for federal income tax purposes. Shareholders of the Target Fund received shares of Equity Dividend with a total dollar value equal to that of the Target Fund shares owned by the shareholder immediately prior to the Reorganization.

NOTESTO FINANCIAL STATEMENTS 37

Report of Independent Registered Public Accounting Firm

To the Shareholders and Boards of Trustees of BlackRock Equity Dividend Fund and BlackRock Natural Resources Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of BlackRock Equity Dividend Fund and BlackRock Natural Resources Trust (the “Funds”), including the schedules of investments, as of July 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of July 31, 2019, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2019, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

September 23, 2019

We have served as the auditor of one or more BlackRock investment companies since 1992.

Important Tax Information  (unaudited)

During fiscal year ended July 31, 2018, the following information is provided with respect to the ordinary income distributions paid by the Funds:

	Payable Date	Equity Dividend			Natural Resources
Qualified Dividend Income for Individuals(a)	10/12/18		89.05	%		—
	11/28/18		95.50			77.11	%
	04/11/19		100.00			—
	07/19/19		100.00			—
Dividends Qualifying for the Dividend Received Deduction for Corporations(a)	Quarterly		88.66			26.96
Interest-Related Dividends and Qualified Short-Term Capital Gains for Non-U.S. Residents(b)	11/28/18		63.86			44.17
	04/11/19		13.82			—
	07/19/19		13.82			—
20% Long-Term Capital Gains Paid Per Share	11/28/18	$	1.994215		$	3.135597
Foreign Taxes Paid Per Share(c)	11/28/18		—			0.024830

^(a)  The Funds hereby designate the percentage indicated above or the maximum amount allowable by law.

^(b)  Represents the portion of the taxable ordinary income dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations.

^(c)  The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax advisor regarding the appropriate treatment of foreign taxes paid.

38 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreement

The Board of Trustees of BlackRock Natural Resources Trust (“Natural Resources Trust”) met in person on April 17, 2019 (the “April Meeting”) and May14-15, 2019 (the “May Meeting”) to consider the approval of the investment advisory agreement (the “Natural Resources Trust Advisory Agreement”) between Natural Resources Trust and BlackRock Advisors, LLC (the “Manager”), Natural Resources Trust’s investment advisor. The Board also considered the approval of thesub-advisory agreement (the“Sub-Advisory Agreement”) between the Manager and BlackRock International Limited (the“Sub-Advisor”) with respect to Natural Resources Trust.

The Board of Trustees of BlackRock Equity Dividend Fund (“Equity Dividend Fund”) also met in person at the April Meeting and the May Meeting to consider the approval of the investment advisory agreement (the “Equity Dividend Fund Advisory Agreement” and, together with the Natural Resources Trust Advisory Agreement, the “Advisory Agreements”) between Equity Dividend Fund and the Manager, Equity Dividend Fund’s investment advisor.

The Manager and theSub-Advisor are referred to herein as “BlackRock.” Natural Resources Trust and Equity Dividend Fund are referred to herein, as pertinent, individually as a “Fund” or collectively as the “Funds.” The Advisory Agreements and theSub-Advisory Agreement are referred to herein as the “Agreements.” For simplicity, the Board of Trustees of Natural Resources Trust and the Board of Trustees of Equity Dividend Fund are referred to herein individually as the “Board” and collectively as the “Boards,” and the members are referred to as “Board Members.”

Activities and Composition of the Boards

On the date of the May Meeting, each Board consisted of fifteen individuals, thirteen of whom were not “interested persons” of the pertinent Fund as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the pertinent Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chair of each Board is an Independent Board Member. Each Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Ad Hoc Topics Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Ad Hoc Topics Committee, which also has one interested Board Member).

The Agreements

Consistent with the requirements of the 1940 Act, each Board considers the continuation of the pertinent Agreement(s) on an annual basis. The Boards have four quarterly meetings per year, each typically extending for two days, and additionalin-person and telephonic meetings throughout the year, as needed. While the Boards also have a fifthone-day meeting to consider specific information surrounding the renewal of the pertinent Agreement(s), each Board’s consideration entails a year-long deliberative process whereby the Board and its committees assess BlackRock’s services to the Fund. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to the pertinent Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management; accounting, administrative and shareholder services; oversight of the pertinent Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of management.

During the year, the Boards, acting directly and through their committees, consider information that is relevant to their annual consideration of the renewal of the pertinent Agreement(s), including the services and support provided by BlackRock to the Funds and their shareholders. BlackRock also furnished additional information to the Boards in response to specific questions from the Boards. This additional information is discussed further below in the section titled “Board Considerations in Approving the Agreements.” Among the matters the Boards considered, with respect to each Fund, as pertinent, were: (a) investment performance forone-year, three-year, five-year,ten-year, and/or since inception periods, as applicable, against peer funds, applicable benchmark, and performance metrics, as applicable, as well as senior management’s and portfolio managers’ analyses of the reasons for any over-performance or under-performance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock and the Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope ofnon-investment management services provided by BlackRock and its affiliates and the estimated cost of such services; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (k) an analysis of management fees for products with similar investment mandates across theopen-end fund, exchange-traded fund (“ETF”),closed-end fund,sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April Meeting, the Boards requested and received materials specifically relating to the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist their deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding the fees and expenses of each Fund as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”) and other metrics, as applicable; (b) information on the composition of the Expense Peers and Performance Peers, and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion offall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of

DISCLOSUREOF INVESTMENT ADVISORY AGREEMENTSAND SUB-ADVISORY AGREEMENT 39

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreement  (continued)

investment products, such as institutional accounts,sub-advised mutual funds, ETFs,closed-end funds,open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) review ofnon-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Boards as appropriate regarding BlackRock’s and the Funds’ operations.

At the April Meeting, each Board reviewed materials relating to its consideration of the pertinent Agreements. As a result of the discussions that occurred during the April Meeting, and as a culmination of each Board’s year-long deliberative process, the Boards presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written information in advance of the May Meeting.

At the May Meeting, each Board concluded, with respect to the pertinent Fund, its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared with Performance Peers and other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund’s fees and expenses compared to Expense Peers; (e) the sharing of potential economies of scale;(f) fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

Each Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of the portfolio holdings of the pertinent Fund. Each Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. The Boards did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: Each Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of the applicable Fund. Throughout the year, each Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmark, and performance metrics, as applicable. The Boards met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. Each Board also reviewed the materials provided by the applicable Fund’s portfolio management team discussing the Fund’s performance and the Fund’s investment objective, strategies and outlook.

Each Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the applicable Fund’s portfolio management team; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Boards also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. Each Board engaged in a review of BlackRock’s compensation structure with respect to the applicable Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Boards considered the nature and quality of the administrative and othernon-investment advisory services provided to the Funds. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of other service providers, including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Fund’s Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certainopen-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund’s distribution partners, and shareholder call center and other services. The Boards reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Funds and BlackRock:Each Board, including the Independent Board Members, also reviewed and considered the performance history of the applicable Fund. In preparation for the April Meeting, the Boards were provided with reports independently prepared by Broadridge, which included a comprehensive analysis of each Fund’s performance as of December 31, 2018. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, each Board received and reviewed information regarding the investment performance of the pertinent Fund as compared to its Performance Peers. Each Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of the pertinent Fund throughout the year.

In evaluating performance, the Boards focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and the Performance Peer funds (for example, the investment objective(s) and investment strategies). Further, the Boards recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to affect long-term performance disproportionately.

The Board of Natural Resources Trust noted that for theone-, three- and five-year periods reported, Natural Resources Trust ranked in the second, third and third quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund’s underperformance during the applicable periods.

The Board of Equity Dividend Fund noted that for theone-, three- and five-year periods reported, Equity Dividend Fund ranked in the third, second and second quartiles, respectively, against its Performance Peers.

40 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreement  (continued)

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds: Each Board, including the Independent Board Members, reviewed the applicable Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. Each Board also compared the applicable Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any12b-1 or non12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. The Boards considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts andsub-advised mutual funds (including mutual funds sponsored by third parties).

The Boards received and reviewed statements relating to BlackRock’s financial condition. The Boards reviewed BlackRock’s profitability methodology and were also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Funds. The Boards reviewed BlackRock’s estimated profitability with respect to the Funds and other funds the Boards currently oversee for the year ended December 31, 2018 compared to available aggregate estimated profitability data provided for the prior two years. The Boards reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Boards reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Boards recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Boards thus recognized that calculating and comparing profitability at individual fund levels is difficult.

The Boards noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Boards reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. The Boards considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

In addition, each Board considered the estimated cost of the services provided to the applicable Fund by BlackRock, and BlackRock’s and its affiliates’ estimated profits relating to the management of the applicable Fund and the other funds advised by BlackRock and its affiliates. As part of its analysis, each Board reviewed BlackRock’s methodology in allocating its costs of managing the applicable Fund, to the Fund. Each Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the pertinent Agreement(s) and to continue to provide the high quality of services that is expected by the Board. The Boards further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across theopen-end fund, ETF,closed-end fund,sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board of Natural Resources Trust noted that Natural Resources Trust’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund’s Expense Peers.

The Board of Equity Dividend Fund noted that Equity Dividend Fund’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Fund’s Expense Peers.

The Boards each noted that the pertinent Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the pertinent Fund increases above certain contractually specified levels. The Boards noted that if the size of the pertinent Fund were to decrease, the Fund could lose the benefit of one or more breakpoints.

D. Economies of Scale: Each Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the pertinent Fund increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and expense caps had been approved by the Board. Each Board also considered the extent to which the applicable Fund benefits from such economies in a variety of ways and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale. Each Board considered the applicable Fund’s asset levels and whether the current fee schedule was appropriate. In their consideration, the Board Members took into account the existence of any expense caps and further considered the continuation and/or implementation, as applicable, of such caps.

E. Other Factors Deemed Relevant by the Board Members: Each Board, including the Independent Board Members, also took into account other ancillary or“fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the applicable Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with their consideration of the Agreements, the Boards also received information regarding BlackRock’s brokerage and soft dollar practices. The Boards received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Boards noted the competitive nature of theopen-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

DISCLOSUREOF INVESTMENT ADVISORY AGREEMENTSAND SUB-ADVISORY AGREEMENT 41

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreement  (continued)

Conclusion

The Board of Natural Resources Trust, including the Independent Board Members, unanimously approved the continuation of the Natural Resources Trust Advisory Agreement between the Manager and Natural Resources Trust for aone-year term ending June 30, 2020, and theSub-Advisory Agreement between the Manager and theSub-Advisor with respect to Natural Resources Trust for aone-year term ending June 30, 2020.

The Board of Equity Dividend Fund, including the Independent Board Members, unanimously approved the continuation of the Equity Dividend Fund Advisory Agreement between the Manager and Equity Dividend Fund for aone-year term ending June 30, 2020.

Based upon their evaluation of all of the aforementioned factors in their totality, as well as other information, the Boards, including the Independent Board Members, were satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund, as pertinent, and its shareholders. In arriving at its decision to approve the Agreements, the Boards did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

42 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Trustee and Officer Information

Independent Trustees (a)
Name Year of Birth (b)	Position(s) Held (Length of Service) (c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”)  Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Trusteeships Held During Past Five Years
Mark Stalnecker 1951	Chair of the Board and Trustee (Since 2019)	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014.	38 RICs consisting of 182 Portfolios	None
Bruce R. Bond 1946	Trustee (Since 2007)	Board Member, Amsphere Limited (software) since 2018; Trustee and Member of the Governance Committee, State Street Research Mutual Funds from 1997 to 2005; Board Member of Governance, Audit and Finance Committee, Avaya Inc. (computer equipment) from 2003 to 2007.	38 RICs consisting of 182 Portfolios	None
Susan J. Carter 1956	Trustee (Since 2019)	Director, Pacific Pension Institute from 2014 to 2018; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business since 1997; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof since 2018; Advisory Board Member, Bridges Fund Management since 2016; Trustee, Financial Accounting Foundation since 2017; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017.	38 RICs consisting of 182 Portfolios	None
Collette Chilton 1958	Trustee (Since 2019)	Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006.	38 RICs consisting of 182 Portfolios	None
Neil A. Cotty 1954	Trustee (Since 2019)	Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002.	38 RICs consisting of 182 Portfolios	None
Lena G. Goldberg 1949	Trustee (Since 2016)	Senior Lecturer, Harvard Business School, since 2008; Director, Charles Stark Draper Laboratory, Inc. since 2013; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President — Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985.	38 RICs consisting of 182 Portfolios	None

TRUSTEEAND OFFICER INFORMATION 43

Trustee and Officer Information  (continued)

Independent Trustees (a)(continued)
Name Year of Birth (b)	Position(s) Held (Length of Service) (c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”)  Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Trusteeships Held During Past Five Years
Robert M. Hernandez 1944	Trustee (Since 2007)	Director, Vice Chairman and Chief Financial Officer of USX Corporation (energy and steel business) from 1991 to 2001; Director andnon-executive Chairman, RTI International Metals, Inc. from 1990 to 2015; Director, TE Connectivity (electronics) from 2006 to 2012.	38 RICs consisting of 182 Portfolios	Chubb Limited (insurance company); Eastman Chemical Company
Henry R. Keizer 1956	Trustee (Since 2016)	Director, Park Indemnity Ltd. (captive insurer) since 2010; Director, MUFG Americas Holdings Corporation and MUFG Union Bank, N.A. (financial and bank holding company) from 2014 to 2016; Director, American Institute of Certified Public Accountants from 2009 to 2011; Director, KPMG LLP (audit, tax and advisory services) from 2004 to 2005 and 2010 to 2012; Director, KPMG International in 2012, Deputy Chairman and Chief Operating Officer thereof from 2010 to 2012 and U.S. Vice Chairman of Audit thereof from 2005 to 2010; Global Head of Audit, KPMGI (consortium of KPMG firms) from 2006 to 2010; Director, YMCA of Greater New York from 2006 to 2010.	38 RICs consisting of 182 Portfolios	Hertz Global Holdings (car rental); Montpelier Re Holdings, Ltd. (publicly held property and casualty reinsurance) from 2013 until 2015; Sealed Air Corp. (packaging); WABCO (commercial vehicle safety systems)
Cynthia A. Montgomery 1952	Trustee (Since 2019)	Professor, Harvard Business School since 1989.	38 RICs consisting of 182 Portfolios	Newell Rubbermaid, Inc. (manufacturing)
Donald C. Opatrny 1952	Trustee (Since 2015)	Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University since 2004; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Member of the Board and Investment Committee, University School from 2007 to 2018; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Director, Athena Capital Advisors LLC (investment management firm) since 2013; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2018; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Phoenix Art Museum since 2018.	38 RICs consisting of 182 Portfolios	None
Joseph P. Platt 1947	Trustee (Since 2019)	General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcastingnot-for-profit) since 2001; Chair, Basic Health International(non-profit) since 2015.	38 RICs consisting of 182 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc.
Kenneth L. Urish 1951	Trustee (Since 2019)	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past-Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since founding in 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Trustee,Inter-Tel from 2006 to 2007.	38 RICs consisting of 182 Portfolios	None

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Trustee and Officer Information  (continued)

Independent Trustees (a)(continued)
Name Year of Birth (b)	Position(s) Held (Length of Service) (c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”)  Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Trusteeships Held During Past Five Years
Claire A. Walton 1957	Trustee (Since 2019)	Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015.	38 RICs consisting of 182 Portfolios	None
Interested Trustees (a)(d)
Name Year of Birth (b)	Position(s) Held (Length of Service) (c)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”)  Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Trusteeships Held During Past Five Years
Robert Fairbairn 1965	Trustee (Since 2015)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees;Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016.	125 RICs consisting of 293 Portfolios	None
John M. Perlowski (e) 1964	Trustee (Since 2015); President and Chief Executive Officer (Since 2010)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	126 RICs consisting of 294 Portfolios	None
(a) The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. (b) Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by each Fund’sby-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are “interested persons,” as defined in the Investment Company Act, serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by each Fund’sby-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on acase-by-case basis, as appropriate. (c) Following the combination of MLIM and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. In addition, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds, legacy MLIM funds or legacy BlackRock funds as follows: Bruce R. Bond, 2005; Susan J. Carter, 2016; Collette Chilton, 2015; Neil A. Cotty, 2016; Robert M. Hernandez, 1996; Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Mark Stalnecker, 2015; Kenneth L. Urish, 1999; Claire A. Walton, 2016. (d) Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the Investment Company Act, of each Fund based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex. (e) Mr. Perlowski is also a board member of the BlackRock Credit Strategies Fund.

TRUSTEEAND OFFICER INFORMATION 45

Trustee and Officer Information  (continued)

Officers Who Are Not Trustees (a)
Name Year of Birth (b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years
Jennifer McGovern 1977	Vice President (Since 2014)	Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Product Development and Oversight for BlackRock’s Strategic Product Management Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019.
Neal J. Andrews 1966	Chief Financial Officer (Since 2007)	Chief Financial Officer of the iShares® exchange traded funds since 2019; Managing Director of BlackRock, Inc. since 2006.
Jay M. Fife 1970	Treasurer (Since 2007)	Managing Director of BlackRock, Inc. since 2007.
Charles Park 1967	Chief Compliance Officer (Since 2014)	Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for theBFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
John MacKessy 1972	Anti-Money Laundering Compliance Officer (Since 2018)	Director of BlackRock, Inc. since 2017; Global Head of Anti-Money Laundering at BlackRock, Inc. since 2017; Director of AML Monitoring and Investigations Group of Citibank from 2015 to 2017; Global Anti-Money Laundering and Economic Sanctions Officer for MasterCard from 2011 to 2015.
Benjamin Archibald 1975	Secretary (Since 2012)	Managing Director of BlackRock, Inc. since 2014; Director of BlackRock, Inc. from 2010 to 2013; Secretary of the iShares® exchange traded funds since 2015; Secretary of the BlackRock-advised mutual funds since 2012.
(a) The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. (b) Officers of each Fund serve at the pleasure of the Board. Further information about each Fund’s Trustees and Officers is available in each Fund’s Statement of Additional Information, which can be obtained without charge by calling (800)441-7762.

Investment Manager

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited^(a)

Edinburgh, EH3 8BL

United Kingdom

Accounting Services Provider and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809

^(a)  For BlackRock Natural Resources Trust only.

46 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

Additional Information

General Information

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at(800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website athttp://www.sec.gov. The Funds’ Forms N-PORT and N-Q may also be obtained upon request and without charge by calling(800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) athttp://www.blackrock.com; and (3) on the SEC’s website athttp://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) athttp://www.blackrock.com; or by calling (800) 441-7762 and (2) on the SEC’s website athttp://www.sec.gov.

BlackRock’s Mutual Fund Family

BlackRock offers a diverse line up of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed income and tax-exempt investing. Visithttp://www.blackrock.com for more information.

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also reach us on the Web athttp://www.blackrock.com.

Automatic Investment Plans

Investor Class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Systematic Withdrawal Plans

Investor Class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Retirement Plans

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

ADDITIONAL INFORMATION 47

Additional Information  (continued)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Glossary of Terms Used in this Report

Portfolio Abbreviations
ADR	American Depositary Receipts
GDR	Global Depositary Receipt

48 2019 BLACKROCK ANNUAL REPORTTO SHAREHOLDERS

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

EDNR-7/19-AR

Item 2 –

Code of Ethics -- The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls1-800-441-7762.

Item 3 –

Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Robert M. Hernandez

Henry R. Keizer

Kenneth L. Urish

Claire A. Walton

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1			(c) Tax Fees2		(d) All Other Fees3
	Current	Previous	Current	Previous		Current	Previous	Current	Previous
	Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year		Fiscal Year	Fiscal Year	Fiscal Year	Fiscal Year
Entity Name	End	End	End	End		End	End	End	End
BlackRock Natural Resources Trust	$26,928	$28,152	$0	$0	��	$15,800	$16,700	$0	$0

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (“Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including anysub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$2,050,500	$2,274,000

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters,out-of-pocket expenses and internal control reviews not required by regulators.

² The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³Non-audit fees of $2,050,500 and $2,274,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit CommitteePre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to thepre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specificpre-approval by the Committee. The Committee also must approve othernon-audit services provided to the registrant and thosenon-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of thesenon-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specificcase-by-case basis (“generalpre-approval”). The term of any generalpre-approval is 12 months from the date of thepre-approval, unless the Committee provides for a different period. Tax or othernon-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemedpre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding thepre-approved cost levels will require specificpre-approval by the Committee, as will any other services not subject to generalpre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to generalpre-approval at the next regularly scheduledin-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permittednon-audit services, including services exceedingpre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule2-01 of RegulationS-X.

(f) Not Applicable

(g) The aggregatenon-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Natural Resources Trust	$15,800	$16,700

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year End	Previous Fiscal Year End
$2,050,500	$2,274,000

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has considered and determined that the provision ofnon-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were notpre-approved pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X is compatible with maintaining the principal accountant’s independence.

Item 5 –	Audit Committee of Listed Registrants – Not Applicable
Item 6 –	Investments
	(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.
	(b) Not Applicable due to no such divestments during the semi-annual period covered since the previousForm N-CSR filing.
Item 7 –	Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies – Not Applicable
Item 8 –	Portfolio Managers ofClosed-End Management Investment Companies – Not Applicable
Item 9 –	Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 –	Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 –	Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable
Item 13 –	Exhibits attached hereto

(a)(1) – Code of Ethics – See Item 2

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(a)(4) – Not Applicable

(b) – Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Natural Resources Trust
By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Natural Resources Trust

Date: October 4, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Natural Resources Trust

Date: October 4, 2019

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Natural Resources Trust

Date: October 4, 2019