Blackrock Natural Resources Trust NPORT-P BlackRock Natural Resources Trust (Jul 2020 report)

Schedule of Investments  (unaudited)  July 31, 2020 BlackRock Natural Resources Trust (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Chemicals — 13.0%
Albemarle Corp.		15,534	$	1,280,933
CF Industries Holdings, Inc.		155,900		4,884,347
FMC Corp.		40,155		4,258,438
Koninklijke DSM NV		18,834		2,882,843
Symrise AG		14,618		1,827,407
				15,133,968
Containers & Packaging — 4.9%
Graphic Packaging Holding Co.		192,114		2,678,069
International Paper Co.		36,886		1,283,264
Packaging Corp. of America		18,826		1,809,555
				5,770,888
Electronic Equipment, Instruments & Components — 2.2%
Trimble, Inc.(a)		57,562		2,562,085
Food Products — 8.8%
Bunge Ltd.		29,525		1,282,566
JBS SA		489,844		2,022,647
Kerry Group PLC, Class A		14,366		1,902,726
Nestle SA, Registered Shares		12,364		1,470,348
Salmar ASA(a)		28,013		1,332,326
Tyson Foods, Inc., Class A		36,232		2,226,457
				10,237,070
Metals & Mining — 36.8%
Anglo American PLC		138,599		3,355,215
ArcelorMittal SA(a)		131,647		1,457,567
Barrick Gold Corp.(b)		159,957		4,624,357
BHP Group PLC		328,972		7,113,498
First Quantum Minerals Ltd.		145,698		1,231,327
Fortescue Metals Group Ltd.		164,398		2,046,296
Franco-Nevada Corp.		3,656		584,381
Freeport-McMoRan, Inc.(a)		132,051		1,706,099
Lundin Mining Corp.		227,568		1,274,225
Neo Lithium Corp.(a)		1,031,080		423,378
Newcrest Mining Ltd		64,974		1,655,265
Newmont Corp.		72,685		5,029,802
Polyus PJSC, GDR		14,160		1,619,105
Stelco Holdings, Inc.(a)		221,742		1,278,023
Vale SA, ADR		449,737		5,234,939
Wheaton Precious Metals Corp.(b)		76,455		4,153,800
				42,787,277

Security	Shares		Value
Oil, Gas & Consumable Fuels — 29.9%
BP PLC		1,347,133	$	4,878,647
Chevron Corp.		64,153		5,385,003
CNOOC Ltd		1,655,000		1,746,853
ConocoPhillips		56,116		2,098,177
Gazprom PJSC, ADR		362,098		1,750,427
Kosmos Energy Ltd.(a)		308,469		496,635
LUKOIL PJSC, ADR		29,052		1,970,753
Marathon Petroleum Corp.		40,406		1,543,509
Petroleo Brasileiro SA, ADR		128,422		1,113,419
Pioneer Natural Resources Co.		15,890		1,540,059
Royal Dutch Shell PLC, B Shares		194,130		2,724,897
Suncor Energy, Inc.		158,107		2,487,076
TOTAL SE		155,969		5,902,444
Williams Cos., Inc.		57,152		1,093,318
				34,731,217
Specialty Retail — 1.9%
Tractor Supply Co.		15,591		2,225,459
Total Long-Term Investments — 97.5% (Cost: $109,018,776)				113,447,964
Short-Term Securities
Money Market Funds — 9.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.08%(c)(d)		2,561,803		2,561,803
SL Liquidity Series, LLC, Money Market Series, 0.38%(c)(d)(e)		7,968,605		7,973,386
Total Short-Term Securities — 9.1% (Cost: $10,535,335)				10,535,189
Total Investments — 106.6% (Cost: $119,554,111)				123,983,153
Liabilities in Excess of Other Assets — (6.6)%				(7,678,128	)
Net Assets — 100.0%			$	116,305,025

^(a) Non-income producing security.

^(b) All or a portion of this security is on loan.

(c) Affiliate of the Fund.

^(d) Annualized 7-day yield as of period end.

^(e) All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended July 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 04/30/20		Shares  Purchased			Shares Sold		Shares Held at 07/31/20		Value at 07/31/20		Income			Net Realized  Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		968,425		1,593,378(b	)		—		2,561,803	$	2,561,803	$	611		$	—	$	—
SL Liquidity Series, LLC, Money Market Series		5,951,678		2,016,927(b	)		—		7,968,605		7,973,386		6,660	(c)		2,723		(1,912	)
										$	10,535,189	$	7,271		$	2,723	$	(1,912	)

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

^(b) Represents net shares purchased (sold).

^(c) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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Schedule of Investments  (unaudited) (continued) July 31, 2020 BlackRock Natural Resources Trust

Fair Value Hierarchy as of Period End

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 reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, refer to its most recent financial statements.

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.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Chemicals	$	10,423,718	$	4,710,250	$	—	$	15,133,968
Containers & Packaging		5,770,888		—		—		5,770,888
Electronic Equipment, Instruments & Components		2,562,085		—		—		2,562,085
Food Products		5,531,670		4,705,400		—		10,237,070
Metals & Mining		25,540,331		17,246,946		—		42,787,277
Oil, Gas & Consumable Fuels		15,757,196		18,974,021		—		34,731,217
Specialty Retail		2,225,459		—		—		2,225,459
Short-Term Securities
Money Market Funds		2,561,803		—		—		2,561,803
	$	70,373,150	$	45,636,617	$	—		116,009,767
Investments Valued at NAV(a)								7,973,386
							$	123,983,153

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

Portfolio Abbreviation
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PJSC	Public Joint Stock Company

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