NPORT-EX 2 NPORT_LCQ2_35379381_0122.htm BlackRock Natural Resources Trust

Schedule of Investments (unaudited) 

January 31, 2022

   

BlackRock Natural Resources Trust

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

  

Common Stocks

 

Chemicals — 14.9%            

CF Industries Holdings, Inc.

     144,119     $ 9,925,476  

FMC Corp.

     58,283       6,432,695  

Koninklijke DSM NV

     16,533       3,099,283  

Nutrien Ltd.

     139,213       9,717,067  

Sociedad Quimica y Minera de Chile SA, ADR

     28,730       1,555,729  
   

 

 

  
      30,730,250  
Containers & Packaging — 1.3%            

Packaging Corp. of America

     17,160       2,584,811  
   

 

 

  
Electrical Equipment — 0.8%            

Vestas Wind Systems A/S

     58,416       1,580,760  
   

 

 

  
Food Products — 8.0%            

Bunge Ltd.

     76,829       7,595,315  

Darling Ingredients, Inc.(a)

    46,828       2,986,222  

Kerry Group PLC, Class A

     31,460       3,963,883  

Nestle SA, Registered Shares

     15,340       1,980,981  
   

 

 

  
      16,526,401  
Machinery — 4.0%            

AGCO Corp.

     25,218       2,955,550  

Deere & Co.

     14,126       5,317,026  
   

 

 

  
      8,272,576  
Metals & Mining — 28.9%            

Anglo American PLC

     160,236       7,064,081  

ArcelorMittal SA

     109,824       3,257,380  

BHP Group Ltd.

     26,475       835,678  

BHP Group Ltd., ADR

     34,469       2,192,228  

First Quantum Minerals Ltd.

     244,856       6,031,107  

Freeport-McMoRan, Inc.

     47,087       1,752,578  

Glencore PLC(a)

    2,242,616       11,683,162  

Neo Lithium Corp.(a)

    223,660       1,142,801  

Newcrest Mining Ltd.

     131,614       2,041,512  

Newmont Corp.

     97,026       5,935,081  

Polyus PJSC, Registered Shares, GDR

     37,899       2,968,987  

Stelco Holdings, Inc.

     82,498       2,387,682  

Teck Resources Ltd.(b)

    79,207       2,445,120  

Vale SA, ADR

     640,123       9,717,067  
   

 

 

  
         59,454,464  
Security   Shares     Value  

 

  
Oil, Gas & Consumable Fuels — 38.4%            

Canadian Natural Resources Ltd.

     98,147     $ 4,992,475  

Chevron Corp.

     93,670       12,301,681  

ConocoPhillips

     63,899       5,662,729  

EOG Resources, Inc.

     27,332       3,046,971  

Equinor ASA

     98,498       2,715,375  

Exxon Mobil Corp.

     73,319       5,569,311  

Gazprom PJSC, ADR

     601,135       5,233,069  

Hess Corp.

     31,201       2,879,540  

Kosmos Energy Ltd.(a)

    227,188       983,724  

Marathon Petroleum Corp.

     32,998       2,367,607  

Pioneer Natural Resources Co.

     11,524       2,522,488  

Shell PLC

     399,562       10,264,234  

Suncor Energy Inc.

     140,921       4,026,473  

TotalEnergies SE

     252,310       14,348,219  

Valero Energy Corp.

     26,180       2,172,155  
   

 

 

  
      79,086,051  
   

 

 

  

Total Long-Term Investments — 96.3%
(Cost: $145,848,296)

       198,235,313  
   

 

 

  

Short-Term Securities

    

Money Market Funds — 5.2%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(c)(d)

    8,180,649       8,180,649  

SL Liquidity Series, LLC, Money Market Series, 0.17%(c)(d)(e)

    2,458,829       2,459,075  
   

 

 

  

Total Short-Term Securities — 5.2%
(Cost: $10,639,724)

       10,639,724  
   

 

 

  

Total Investments — 101.5%
(Cost: $156,488,020)

       208,875,037  

Liabilities in Excess of Other Assets — (1.5)%

 

     (3,044,958 ) 
   

 

 

  

Net Assets — 100.0%

     $  205,830,079  
   

 

 

  

 

(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.

 

 

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
04/30/21		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
01/31/22		     Shares
Held at
01/31/22		     Income     Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

   $ 1,371,887     $ 6,808,762 (a)    $ —     $ —     $ —     $ 8,180,649       8,180,649     $ 142     $ —  

SL Liquidity Series, LLC, Money Market Series

     —       2,459,359 (a)      —       (284 )      —       2,459,075       2,458,829       9,490 (b)      —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  
        $ (284 )    $ —     $ 10,639,724       $ 9,632     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 
  (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.

 

 

 

1     

Schedule of Investments (unaudited) (continued)

January 31, 2022

   

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.

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 financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments 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

    $ 27,630,967        $ 3,099,283        $  —        $ 30,730,250  

Containers & Packaging

      2,584,811          —                    —          2,584,811  

Electrical Equipment

      —          1,580,760          —          1,580,760  

Food Products

      10,581,537          5,944,864          —          16,526,401  

Machinery

      8,272,576          —          —          8,272,576  

Metals & Mining

      35,696,722          23,757,742          —          59,454,464  

Oil, Gas & Consumable Fuels

      46,525,154          32,560,897          —          79,086,051  

Short-Term Securities

                  

Money Market Funds

      8,180,649          —          —          8,180,649  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 139,472,416        $  66,943,546        $ —          206,415,962  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV

                     2,459,075  
                 

 

 

  
                  $ 208,875,037  
                 

 

 

  

 

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

 

 

 

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

  2