NPORT-EX 2 NPORT_LCQ2_36127278_0123.htm BlackRock Natural Resources Trust

Schedule of Investments (unaudited)

January 31, 2023

   

BlackRock Natural Resources Trust

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Chemicals — 11.9%  

Albemarle Corp.

     15,658     $ 4,406,944  

CF Industries Holdings, Inc.

     82,467       6,984,955  

FMC Corp.

     48,278       6,427,250  

Koninklijke DSM NV

     21,731       2,794,650  

Nutrien Ltd.

     133,161       11,024,399  

Sociedad Quimica y Minera de Chile SA, ADR

     18,764       1,830,241  
   

 

 

  
      33,468,439  
Containers & Packaging — 1.7%  

Packaging Corp. of America

     18,956       2,705,021  

Smurfit Kappa Group PLC

     49,359       2,072,315  
   

 

 

  
      4,777,336  
Energy Equipment & Services — 0.6%  

Schlumberger Ltd.

     31,487       1,794,129  
   

 

 

  
Food Products — 6.7%  

Archer-Daniels-Midland Co.

     74,115       6,140,428  

Bunge Ltd.

     56,532       5,602,321  

Darling Ingredients, Inc.(a)

    42,034       2,786,434  

Kerry Group PLC, Class A

     44,611       4,180,054  
   

 

 

  
      18,709,237  
Machinery — 5.4%  

AGCO Corp.

     46,804       6,465,036  

Deere & Co.

     20,619       8,718,538  
   

 

 

  
      15,183,574  
Metals & Mining — 37.7%  

Alcoa Corp.

     61,160       3,194,998  

Anglo American PLC

     102,137       4,405,207  

ArcelorMittal SA, Registered Shares(b)

    114,604       3,545,848  

BHP Group Ltd., Class DI

     303,904       10,643,366  

First Quantum Minerals Ltd.

     186,403       4,324,723  

Franco-Nevada Corp.

     17,989       2,638,986  

Freeport-McMoRan, Inc.

     205,080       9,150,670  

Glencore PLC

     2,353,248       15,759,424  

Newmont Corp.

     77,302       4,091,595  

Norsk Hydro ASA

     754,156       6,114,582  

Polyus PJSC(a)(c)

    23,064       3  

Stelco Holdings, Inc.

     125,180       4,870,594  

Teck Resources Ltd., Class B(b)

    252,914       10,951,176  

Vale SA, ADR(b)

    774,103       14,460,244  

Wheaton Precious Metals Corp.(b)

    254,843       11,656,519  
   

 

 

  
      105,807,935  
Security   Shares     Value  
Oil, Gas & Consumable Fuels — 32.6%  

BP PLC

     1,796,403     $ 10,850,719  

Canadian Natural Resources Ltd.

     90,479       5,553,658  

Cenovus Energy, Inc.

     158,149       3,159,295  

Cheniere Energy, Inc.

     9,512       1,453,339  

Chevron Corp.

     28,853       5,020,999  

ConocoPhillips

     40,172       4,895,762  

Eni SpA

     289,207       4,450,383  

EOG Resources, Inc.

     23,473       3,104,304  

Exxon Mobil Corp.

     118,030       13,692,660  

Galp Energia SGPS SA

     162,728       2,227,428  

Gazprom PJSC(c)

    1,253,804       179  

Hess Corp.

     15,059       2,261,259  

Kinder Morgan, Inc.

     183,941       3,366,120  

Shell PLC

     635,817       18,666,162  

TotalEnergies SE

     210,357       13,004,429  
   

 

 

  
      91,706,696  
Paper & Forest Products — 1.3%  

UPM-Kymmene OYJ

     103,133       3,738,181  
   

 

 

  

Total Long-Term Investments — 97.9%
(Cost: $214,618,158)

 

     275,185,527  
   

 

 

  

Short-Term Securities

 

Money Market Funds — 3.5%  

BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.07%(d)(e)

    7,681,819       7,681,819  

SL Liquidity Series, LLC, Money Market Series, 4.54%(d)(e)(f)

    2,046,036       2,046,446  
   

 

 

  

Total Short-Term Securities — 3.5%
(Cost: $9,727,579)

 

     9,728,265  
   

 

 

  

Total Investments — 101.4%
(Cost: $224,345,737)

 

     284,913,792  

Liabilities in Excess of Other Assets — (1.4)%

 

     (3,835,674 ) 
   

 

 

  

Net Assets — 100.0%

 

   $ 281,078,118  
   

 

 

  

 

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c)

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

(d)

Affiliate of the Fund.

(e)

Annualized 7-day yield as of period end.

(f)

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.

 

 

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Schedule of Investments (unaudited) (continued)

January 31, 2023

   

BlackRock Natural Resources Trust

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer  

Value at

04/30/22

     

Purchases

at Cost

    

Proceeds

from Sales

    

Net

Realized

Gain (Loss)

     

Change in

Unrealized

Appreciation

(Depreciation)

     

Value at

01/31/23

     

Shares

Held at

01/31/23

      Income    

Capital Gain

Distributions

from

Underlying

Funds

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

   $ 14,472,588      $ —     $ (6,790,769 )(a)    $ —      $ —      $ 7,681,819        7,681,819      $ 120,183     $ —  

SL Liquidity Series, LLC, Money Market Series

     4,678        2,040,546 (a)      —       536        686        2,046,446        2,046,036        10,448 (b)       —  
        

 

 

     

 

 

     

 

 

        

 

 

    

 

 

  
         $ 536      $ 686      $ 9,728,265         $ 130,631     $ —  
        

 

 

     

 

 

     

 

 

        

 

 

    

 

 

  

 

  (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.

 

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 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 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

    $    30,673,789        $      2,794,650        $                 —        $    33,468,439  

Containers & Packaging

      2,705,021          2,072,315          —          4,777,336  

Energy Equipment & Services

      1,794,129          —          —          1,794,129  

Food Products

      14,529,183          4,180,054          —          18,709,237  

Machinery

      15,183,574          —          —          15,183,574  

Metals & Mining

      68,885,353          36,922,579          3          105,807,935  

Oil, Gas & Consumable Fuels

      42,507,396          49,199,121          179          91,706,696  

Paper & Forest Products

      —          3,738,181          —          3,738,181  

 

 

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

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Schedule of Investments (unaudited) (continued)

January 31, 2023

   

BlackRock Natural Resources Trust

 

Fair Value Hierarchy as of Period End (continued)

 

      Level 1        Level 2        Level 3        Total  

Short-Term Securities

                  

Money Market Funds

    $ 7,681,819        $ —        $                 —        $ 7,681,819  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $  183,960,264        $    98,906,900        $ 182          282,867,346  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

                    2,046,446  
                 

 

 

  
                  $  284,913,792  
                 

 

 

  

 

  (a)

Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

 

Portfolio Abbreviation

ADR                     American Depositary Receipt

PJSC                   Public Joint Stock Company

 

 

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