NPORT-EX 2 NPORT_LCQ2_35052471_0124.htm BlackRock Natural Resources Trust

Schedule of Investments (unaudited)

January 31, 2024

   

BlackRock Natural Resources Trust

(Percentages shown are based on Net Assets)

 

 

Security   Shares     Value  

Common Stocks

    
Chemicals — 4.6%            

Albemarle Corp.

     4,673     $ 536,180  

CF Industries Holdings, Inc.

     59,383       4,484,010  

Nutrien Ltd.

     74,600       3,720,302  
   

 

 

  
      8,740,492  
Containers & Packaging — 9.5%            

Avery Dennison Corp.

     18,766       3,742,879  

Graphic Packaging Holding Co.

     106,769       2,723,677  

Packaging Corp. of America

     32,666       5,418,636  

Smurfit Kappa Group PLC

     165,049       6,150,515  
   

 

 

  
      18,035,707  
Energy Equipment & Services — 1.4%            

Schlumberger NV

     55,065       2,681,666  
   

 

 

  
Food Products — 2.9%            

Archer-Daniels-Midland Co.

     31,022       1,724,203  

Bunge Global SA

     41,737       3,676,612  
   

 

 

  
      5,400,815  
Machinery — 2.1%            

AGCO Corp.

     31,815       3,891,929  
   

 

 

  
Metals & Mining — 38.9%            

Alcoa Corp.

     68,308       2,032,164  

Anglo American PLC

     76,040       1,812,617  

ArcelorMittal SA, ADR(a)

    130,689       3,590,027  

Barrick Gold Corp.

     173,685       2,709,486  

BHP Group Ltd., Class DI

     270,780       8,284,245  

Filo Corp.(b)

    23,798       365,878  

Filo Corp. Legend

     49,754       764,934  

First Quantum Minerals Ltd.

     109,872       997,016  

Franco-Nevada Corp.

     14,578       1,578,068  

Freeport-McMoRan, Inc.

     195,718       7,768,047  

Glencore PLC

     859,728       4,548,785  

Newmont Corp.

     52,770       1,821,093  

Norsk Hydro ASA

     937,559       5,494,567  

Nucor Corp.

     11,149       2,084,083  

Polyus PJSC(b)(c)

    23,064       3  

Rio Tinto PLC

     107,750       7,458,392  

Steel Dynamics, Inc.

     8,278       999,072  

Stelco Holdings, Inc.

     90,971       2,920,383  

Teck Resources Ltd., Class B

     106,003       4,241,180  

Vale SA, ADR

     450,326       6,164,963  

Wheaton Precious Metals Corp.

     167,428       7,847,350  
   

 

 

  
      73,482,353  
Security   Shares     Value  

Oil, Gas & Consumable Fuels — 36.2%

    

BP PLC

     1,333,774     $ 7,789,796  

Cameco Corp.

     33,986       1,622,832  

Canadian Natural Resources Ltd.

     67,383       4,312,271  

Cheniere Energy, Inc.

     19,559       3,207,480  

Chevron Corp.

     53,415       7,874,973  

ConocoPhillips

     43,478       4,863,884  

EOG Resources, Inc.

     18,723       2,130,490  

Exxon Mobil Corp.

     105,099       10,805,228  

Gazprom PJSC(b)(c)

    1,253,804       139  

Shell PLC

     449,553       13,937,181  

TotalEnergies SE

     185,123       12,009,963  
   

 

 

  
      68,554,237  
Paper & Forest Products — 2.8%            

UPM-Kymmene OYJ

     144,470       5,254,694  
   

 

 

  
Total Long-Term Investments — 98.4%
(Cost: $163,983,249)		         186,041,893  
   

 

 

  

Short-Term Securities

    

Money Market Funds — 2.2%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.21%(d)(e)

    413,386       413,386  

SL Liquidity Series, LLC, Money Market Series, 5.50%(d)(e)(f)

    3,723,554       3,725,043  
   

 

 

  
Total Short-Term Securities — 2.2%
 (Cost: $4,138,462)		         4,138,429  
   

 

 

  
Total Investments — 100.6%
 (Cost: $168,121,711)		         190,180,322  
Liabilities in Excess of Other Assets — (0.6)%         (1,087,865)  
   

 

 

  
Net Assets — 100.0%         $189,092,457  
   

 

 

  

 

(a) 

All or a portion of this security is on loan.

(b) 

Non-income producing security.

(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, 2024

   

BlackRock Natural Resources Trust

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2024 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 Sale		      Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
01/31/24		     

Shares

Held at
01/31/24

      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

    $ 11,853,690      $ —      $ (11,440,304 )(a)     $ —      $ —      $ 413,386        413,386      $ 213,962      $ —  

SL Liquidity Series, LLC, Money Market Series

      3,071        3,721,685 (a)       —        323        (36 )       3,725,043        3,723,554        3,696 (b)        —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  
            $ 323      $ (36 )     $ 4,138,429         $ 217,658      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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

    $ 8,740,492        $ —        $ —        $ 8,740,492  

Containers & Packaging

      11,885,192          6,150,515          —          18,035,707  

Energy Equipment & Services

      2,681,666          —          —          2,681,666  

Food Products

      5,400,815          —          —          5,400,815  

Machinery

      3,891,929          —          —          3,891,929  

Metals & Mining

      45,118,810          28,363,540          3          73,482,353  

Oil, Gas & Consumable Fuels

       34,817,158           33,736,940                  139           68,554,237  

Paper & Forest Products

      —          5,254,694          —          5,254,694  

 

 

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, 2024

   

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

    $ 413,386        $ —        $ —        $ 413,386  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 112,949,448        $ 73,505,689        $ 142          186,455,279  
  

 

 

       

 

 

       

 

 

       

 

 

  

Investments Valued at NAV(a)

                    3,725,043  
                 

 

 

  
                  $ 190,180,322  
                 

 

 

  

 

  (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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