# EDGAR Filing Document

**Accession Number:** 0000766555
**File Stem:** 0001752724-25-157911
**Filing Date:** 2025-6
**Character Count:** 19290
**Document Hash:** 030c802efaa1e7ba31c404ba65236781
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-157911.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-157911

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20250430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK NATURAL RESOURCES TRUST
- **CENTRAL INDEX KEY:** 0000766555

**ORGANIZATION NAME:**
- **EIN:** 136857277
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04282
- **FILM NUMBER:** 251076980

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH NATURAL RESOURCES TRUST /
- **DATE OF NAME CHANGE:** 20001031

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH GLOBAL RESOURCES TRUST /
- **DATE OF NAME CHANGE:** 19940325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERRILL LYNCH NATURAL RESOURCES TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### BLACKROCK NATURAL RESOURCES TRUST (Series ID: S000002176)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000005583 | Investor A    |  |
| C000005585 | Investor C    |  |
| C000005586 | Institutional |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Natural Resources Trust

- **b. Investment Company Act file number:** 811-04282

- **c. CIK number of Registrant:** 0000766555

- **d. LEI of Registrant:** MGCZP3KOJ3GY627IHK03

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock Natural Resources Trust

- **b. EDGAR series identifier (if any):** S000002176

- **c. LEI of Series:** MGCZP3KOJ3GY627IHK03

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-04-30

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $142666554.20

**Total Liabilities:** $2401197.47

**Net Assets:** $140265356.73

**Cash Not Reported:** $61861.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005583 | 1.23%                | 1.86%                | -4.04%               |
| Class ID C000005586 | 1.27%                | 1.87%                | -4.04%               |
| Class ID C000005585 | 1.23%                | 1.79%                | -4.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2869066.66              | $-1383932.53                               |
| Month 2  | $778037.72               | $1259057.38                                |
| Month 3  | $-190837.84              | $-6116479.53                               |

### Schedule of Portfolio Investments

| Name                         | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EQT Corp                     | EQT Corp                                                | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     21719 | NS      | $1073787.36   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                    | Hess Corp                                               | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |     15955 | NS      | $2058992.75   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                       | BP PLC                                                  | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    602959 | NS      | $2784097.43   | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Steel Corp     | United States Steel Corp                                | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |     55354 | NS      | $2419523.34   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp       | Permian Resources Corp                                  | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     70715 | NS      | $834437.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc            | EOG Resources Inc                                       | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     20071 | NS      | $2214433.43   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                    | Shell PLC                                               | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    364640 | NS      | $11767569.83  | 8.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                  | Nutrien Ltd                                             | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    128649 | NS      | $7339425.45   | 5.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The         | Williams Cos Inc/The                                    | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     29957 | NS      | $1754581.49   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                | Mosaic Co/The                                           | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    126412 | NS      | $3842924.80   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd       | Agnico Eagle Mines Ltd                                  | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      9863 | NS      | $1159691.54   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co | Graphic Packaging Holding Co                            | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    128543 | NS      | $3253423.33   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                  | Corteva Inc                                             | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |    107028 | NS      | $6634665.72   | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp            | Kinross Gold Corp                                       | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    147735 | NS      | $2180568.60   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc      | Darling Ingredients Inc                                 | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |     35624 | NS      | $1146736.56   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Funds III          | BlackRock Cash Funds: Institutional, SL Agency Shares   | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |    999801 | NS      | $1000201.35   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc            | Suncor Energy Inc                                       | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     86448 | NS      | $3053208.41   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp         | Targa Resources Corp                                    | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     10008 | NS      | $1710367.20   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America    | Packaging Corp of America                               | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     14184 | NS      | $2632692.24   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                 | Newmont Corp                                            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     72846 | NS      | $3837527.28   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                 | Chevron Corp                                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35838 | NS      | $4876118.28   | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp            | Barrick Gold Corp                                       | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    268976 | NS      | $5121303.04   | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp             | Exxon Mobil Corp                                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     90510 | NS      | $9560571.30   | 6.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA             | ArcelorMittal SA                                        | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |     41576 | NS      | $1234391.44   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Gazprom PJSC                 | Gazprom PJSC                                            | CUSIP: 000000000<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |   1253804 | NS      | $152.90       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Rio Tinto PLC                | Rio Tinto PLC                                           | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     76313 | NS      | $4547449.05   | 3.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Polyus PJSC                  | Polyus PJSC                                             | CUSIP: 000000000<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |    230640 | NS      | $2.81         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TechnipFMC PLC               | TechnipFMC PLC                                          | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     37599 | NS      | $1059163.83   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc         | Freeport-McMoRan Inc                                    | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     74808 | NS      | $2695332.24   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                      | Vale SA                                                 | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    716606 | NS      | $6671601.86   | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co       | International Paper Co                                  | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     40160 | NS      | $1834508.80   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondi PLC                    | Mondi PLC                                               | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |    120086 | NS      | $1822801.44   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Ivanhoe Mines Ltd            | Ivanhoe Mines Ltd                                       | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |    106597 | NS      | $946429.19    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidelberg Materials AG      | Heidelberg Materials AG                                 | CUSIP: 000000000<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |      9738 | NS      | $1946757.42   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American Platinum Ltd  | Anglo American Platinum Ltd                             | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     21937 | NS      | $751210.34    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA              | Norsk Hydro ASA                                         | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |    890477 | NS      | $4723459.21   | 3.37%             |  |  |  | No            |                  2 | On Loan: No      |
| CF Industries Holdings Inc   | CF Industries Holdings Inc                              | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     18700 | NS      | $1465519.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp | Wheaton Precious Metals Corp                            | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    100410 | NS      | $8386243.20   | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| UPM-Kymmene Oyj              | UPM-Kymmene Oyj                                         | CUSIP: 000000000<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |     93118 | NS      | $2466332.70   | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Smurfit WestRock PLC         | Smurfit WestRock PLC                                    | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |     67635 | NS      | $2842022.70   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds    | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   3304203 | NS      | $3304203.22   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd           | Teck Resources Ltd                                      | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     58502 | NS      | $1988482.98   | 1.42%             |  |  |  | No            |                  1 | On Loan: —       |
| CRH PLC                      | CRH PLC                                                 | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     24589 | NS      | $2346282.38   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC           | Anglo American PLC                                      | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    187210 | NS      | $5110530.16   | 3.64%             |  |  |  | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd   | First Quantum Minerals Ltd                              | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |    221709 | NS      | $2976812.41   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-05-30

**Name of Applicant:** BlackRock Natural Resources Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer