Schedule of Investments (unaudited) July 31, 2023 BlackRock Natural Resources Trust (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Chemicals — 9.6%
Albemarle Corp.		22,019	$	4,674,193
CF Industries Holdings, Inc.		96,438		7,915,631
FMC Corp.		47,949		4,614,132
Nutrien Ltd.		84,262		5,804,809
Sociedad Quimica y Minera de Chile SA, ADR		27,431		2,021,391
				25,030,156
Containers & Packaging — 1.9%
Packaging Corp. of America		18,827		2,887,120
Smurfit Kappa Group PLC		49,024		1,939,930
				4,827,050
Energy Equipment & Services — 1.7%
Schlumberger NV		78,052		4,553,554
Food Products — 6.6%
Archer-Daniels-Midland Co.		73,611		6,253,991
Bunge Ltd.		48,691		5,291,251
Darling Ingredients, Inc.(a)		41,750		2,891,187
Kerry Group PLC, Class A		28,459		2,827,426
				17,263,855
Machinery — 4.9%
AGCO Corp.		40,544		5,396,405
Deere & Co.		17,419		7,483,203
				12,879,608
Metals & Mining — 34.3%
Alcoa Corp.		60,745		2,198,362
Anglo American PLC		41,348		1,271,524
ArcelorMittal SA, Registered Shares		113,825		3,284,989
Barrick Gold Corp.		65,392		1,130,628
BHP Group Ltd., Class DI		301,840		9,393,824
Filo Corp.(a)		30,339		573,810
Filo Mining		49,754		921,407
First Quantum Minerals Ltd.		208,606		6,187,071
Franco-Nevada Corp.		17,867		2,605,723
Freeport-McMoRan, Inc.(b)		86,915		3,880,755
Glencore PLC		2,248,011		13,671,130
Newmont Corp.		107,497		4,613,771
Norsk Hydro ASA		749,036		4,905,750
Polyus PJSC(a)(c)		23,064		2
Stelco Holdings, Inc.		124,331		4,533,299
Teck Resources Ltd., Class B		234,637		10,424,922
Vale SA, ADR		727,347		10,641,087
Wheaton Precious Metals Corp.		206,985		9,279,138
				89,517,192

Security	Shares		Value
Oil, Gas & Consumable Fuels — 36.0%
BP PLC		1,870,416	$	11,604,898
Canadian Natural Resources Ltd.		84,394		5,132,184
Cenovus Energy, Inc.		143,931		2,737,489
Cheniere Energy, Inc.		31,744		5,138,084
Chevron Corp.		15,319		2,507,107
ConocoPhillips		76,801		9,041,014
Eni SpA		268,665		4,101,673
EOG Resources, Inc.		26,068		3,454,792
Exxon Mobil Corp.		145,591		15,613,179
Gazprom PJSC(a)(c)		1,253,804		137
Hess Corp.		16,209		2,459,392
Shell PLC		626,679		18,993,232
TotalEnergies SE		214,936		13,058,760
				93,841,941
Paper & Forest Products — 1.3%
UPM-Kymmene OYJ		102,433		3,391,318
Total Long-Term Investments — 96.3% (Cost: $204,487,163)				251,304,674
Short-Term Securities
Money Market Funds — 4.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.16%(d)(e)		10,040,275		10,040,275
SL Liquidity Series, LLC, Money Market Series, 5.47%(d)(e)(f)		643,684		643,813
Total Short-Term Securities — 4.1% (Cost: $10,684,023)				10,684,088
Total Investments — 100.4% (Cost: $215,171,186)				261,988,762
Liabilities in Excess of Other Assets — (0.4)%				(1,111,175	)
Net Assets — 100.0%			$	260,877,587

^(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) July 31, 2023 BlackRock Natural Resources Trust     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 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 04/30/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	11,853,690	$	—		$	(1,813,416	)(a)	$	—	$	1	$	10,040,275		10,040,275	$	124,419		$	—
SL Liquidity Series, LLC, Money Market Series		3,071		640,598	(a)		—			81		63		643,813		643,684		1,228(b	)		—
									$	81	$	64	$	10,684,088			$	125,647		$	—

^(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”) as a practical expedient 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	$	25,030,156	$	—	$	—	$	25,030,156
Containers & Packaging		4,827,050		—		—		4,827,050
Energy Equipment & Services		4,553,554		—		—		4,553,554
Food Products		17,263,855		—		—		17,263,855
Machinery		12,879,608		—		—		12,879,608
Metals & Mining		59,353,555		30,163,635		2		89,517,192
Oil, Gas & Consumable Fuels		46,083,241		47,758,563		137		93,841,941
Paper & Forest Products		—		3,391,318		—		3,391,318

S C H E D U L E   O F   I N V E S T M E N T S 2

Schedule of Investments (unaudited) (continued) July 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	$	10,040,275	$	—	$	—	$	10,040,275
	$	180,031,294	$	81,313,516	$	139		261,344,949
Investments Valued at NAV(a)								643,813
							$	261,988,762

^(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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