NPORT-EX 2 NPORT_3901930959468379.htm BlackRock Natural Resources Trust

Schedule of Investments (unaudited)

January 31, 2021

   

BlackRock Natural Resources Trust

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

  

Common Stocks

    
Chemicals — 13.0%            

Albemarle Corp.

     5,733     $ 932,530  

CF Industries Holdings, Inc.

     179,356       7,421,751  

FMC Corp.

     39,987       4,330,192  

Koninklijke DSM NV

     16,067       2,808,723  

Nutrien Ltd.

     46,367       2,279,866  
   

 

 

  
         17,773,062  
Containers & Packaging — 6.6%            

International Paper Co.

     47,928       2,411,258  

Packaging Corp. of America

     26,403       3,550,147  

Westrock Co.

     73,550       3,047,177  
   

 

 

  
      9,008,582  
Electronic Equipment, Instruments & Components — 2.2%  

Trimble, Inc.(a)

     44,691       2,945,584  
   

 

 

  
Food Products — 4.4%            

Bunge Ltd.

     65,577       4,291,359  

Darling Ingredients, Inc.(a)

     28,050       1,739,380  
   

 

 

  
      6,030,739  
Machinery — 2.6%            

Deere & Co.

     12,058       3,482,350  
   

 

 

  
Metals & Mining — 33.4%            

Anglo American PLC

     187,914       6,181,138  

BHP Group Ltd.

     50,402       3,365,846  

BHP Group PLC

     215,042       5,893,295  

First Quantum Minerals Ltd.

     88,042       1,466,506  

Fortescue Metals Group Ltd.

     99,064       1,631,755  

Freeport-McMoRan, Inc.(a)

     134,925       3,630,832  

Kinross Gold Corp.

     287,911       2,010,593  

Lundin Mining Corp.

     267,862       2,387,978  

MMC Norilsk Nickel PJSC, ADR

     57,094       1,833,079  

Neo Lithium Corp.(a)

     730,381       1,462,190  
Security   Shares     Value  

 

  
Metals & Mining (continued)            

Newcrest Mining Ltd.

     39,287     $ 746,706  

Newmont Corp.

     59,862       3,567,775  

Polyus PJSC, Registered Shares, GDR

     14,573       1,373,509  

Rio Tinto PLC

     14,637       1,110,467  

Stelco Holdings, Inc.(a)

     92,825       1,495,363  

Vale SA, ADR

     459,873       7,426,949  
   

 

 

  
      45,583,981  
Oil, Gas & Consumable Fuels — 38.1%            

Aker BP ASA

     46,717       1,160,312  

BP PLC

     1,369,319       5,088,327  

Canadian Natural Resources Ltd.

     56,903       1,285,574  

Chevron Corp.

     82,792       7,053,878  

CNOOC Ltd.

     1,540,000       1,506,633  

ConocoPhillips

     66,963       2,680,529  

Equinor ASA

     134,782       2,415,453  

Exxon Mobil Corp.

     95,259       4,271,414  

Galp Energia SGPS SA

     21,801       218,820  

Hess Corp.

     17,736       957,389  

Kosmos Energy Ltd.(a)

     347,996       772,551  

LUKOIL PJSC, ADR

     32,699       2,314,256  

Petroleo Brasileiro SA, ADR

     287,881       2,893,204  

Pioneer Natural Resources Co.

     15,438       1,866,454  

Royal Dutch Shell PLC, B Shares

     317,828       5,539,261  

Suncor Energy, Inc.

     163,796       2,739,860  

TOTAL SE

     170,555       7,188,616  

Valero Energy Corp.

     36,436       2,056,084  
   

 

 

  
      52,008,615  

Total Investments — 100.3%
(Cost: $118,657,763)

 

     136,832,913  

Liabilities in Excess of Other Assets — (0.3)%

 

     (420,790 ) 
   

 

 

  

Net Assets — 100.0%

 

   $  136,412,123  
   

 

 

  

 

(a)

Non-income producing security.

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

  
Affiliated Issuer  

Value at

04/30/20

    

Purchases

at Cost

    

Proceeds

from Sales

    

Net

Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

01/31/21

    

Shares

Held at

01/31/21

     Income    

Capital Gain

Distributions

from

Underlying

Funds

  

 

  

BlackRock Liquidity Funds, T-Fund, Institutional Class(a)

     $ 968,425     $ —       $(968,425 )(b)    $ —     $ —     $ —       —     $ 868     $ —  

SL Liquidity Series, LLC, Money Market Series(a)

     5,956,439       —       (5,957,085 )(b)      2,412       (1,766 )      —       —       10,549(c )      —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  
        $ 2,412     $ (1,766 )    $ —       $  11,417     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

As of period end, the entity is no longer held.

 
  (b) 

Represents net amount 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.

 

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

 

 

S C H E D U L E    O F   I N V E S T M E N T S   1

Schedule of Investments (unaudited) (continued)

January 31, 2021

   

BlackRock Natural Resources Trust

    

 

Fair Value Hierarchy as of Period End

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

 

  •  

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

 

  •  

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

 

  •  

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 financial instruments).

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

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

    $ 14,964,339        $ 2,808,723        $ —        $ 17,773,062  

Containers & Packaging

      9,008,582          —          —          9,008,582  

Electronic Equipment, Instruments & Components

      2,945,584          —          —          2,945,584  

Food Products

      6,030,739          —          —          6,030,739  

Machinery

      3,482,350          —          —          3,482,350  

Metals & Mining

      26,814,032          18,769,949          —          45,583,981  

Oil, Gas & Consumable Fuels

      26,576,937          25,431,678          —          52,008,615  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $   89,822,563        $   47,010,350        $             —        $ 136,832,913  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

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

 

 

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