| Schedule of Investments (unaudited) October 31, 2019 |
BlackRock Natural Resources Trust (Percentages shown are based on Net Assets) |
| (a) | Non-income producing security. |
| (b) | Security, or a portion of the security, is on loan. |
| (c) | Annualized 7-day yield as of period end. |
| (d) | All or a portion of the security was purchased with the cash collateral from loaned securities. |
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| Schedule of Investments (unaudited) (continued) October 31, 2019 |
BlackRock Natural Resources Trust |
| (e) | During the period ended October 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 07/31/19 |
Net Activity |
Shares Held at 10/31/19 |
Value at 10/31/19 |
Income | Net Realized Gain (Loss)(a) |
Change in Unrealized Appreciation |
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| BlackRock Liquidity Funds, T-Fund, |
4,387,431 | (2,335,629 | ) | 2,051,802 | $ | 2,051,802 | $ | 8,666 | $ | — | $ | — | ||||||||||||||||
| SL Liquidity Series, LLC, |
7,374,642 | (3,457,270 | ) | 3,917,372 | 3,918,155 | 12,888 | (b) | (277 | ) | — | ||||||||||||||||||
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| $ | 5,969,957 | $ | 21,554 | $ | (277 | ) | $ | — | ||||||||||||||||||||
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| (a) | Includes net capital gain distributions, if applicable. |
| (b) | 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. |
For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
| Portfolio Abbreviations | ||
| ADR | American Depositary Receipts | |
| GDR | Global Depositary Receipt | |
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| Schedule of Investments (unaudited) (continued) October 31, 2019 |
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”) 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 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 the Fund’s most recent financial statements as contained in its annual report.
The following tables summarize the Fund’s investments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: |
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| Investments: |
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| Common Stocks |
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| Chemicals |
$ | 12,349,539 | $ | 5,088,042 | $ | — | $ | 17,437,581 | ||||||||
| Containers & Packaging |
7,204,200 | — | — | 7,204,200 | ||||||||||||
| Electronic Equipment, Instruments & Components |
1,156,914 | — | — | 1,156,914 | ||||||||||||
| Food Products |
9,968,567 | 5,154,583 | — | 15,123,150 | ||||||||||||
| Machinery |
2,823,158 | — | — | 2,823,158 | ||||||||||||
| Metals & Mining |
22,740,529 | 21,985,094 | — | 44,725,623 | ||||||||||||
| Oil, Gas & Consumable Fuels |
18,072,268 | 29,892,224 | — | 47,964,492 | ||||||||||||
| Pharmaceuticals |
510,611 | — | — | 510,611 | ||||||||||||
| Specialty Retail |
3,100,978 | — | — | 3,100,978 | ||||||||||||
| Short-Term Securities |
2,051,802 | — | — | 2,051,802 | ||||||||||||
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| Subtotal |
$ | 79,978,566 | $ | 62,119,943 | $ | — | $ | 142,098,509 | ||||||||
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| Investments Valued at Net Asset Value (“NAV”)(a) |
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3,918,155 | ||||||||||||||
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| Total Investments |
$ | 146,016,664 | ||||||||||||||
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| (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. |
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