NPORT-EX 2 NPORT_LCQ2_72143115_0723.htm BlackRock Natural Resources Trust

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

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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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