# EDGAR Filing Document

**Accession Number:** 0000766555
**File Stem:** 0001410368-25-010240
**Filing Date:** 2025-9
**Character Count:** 30829
**Document Hash:** 597708388f5ce64ece24f9e925be8858
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-010240.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001410368-25-010240

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20260430

**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:** 251338715

**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 |  |

## Nport-Ex

July 31, 2025

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BlackRock Natural Resources Trust**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

July 31, 2025

**BlackRock Natural Resources Trust** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Chemicals — 15.2%** | **Chemicals — 15.2%** |  |
| CF Industries Holdings, Inc. | 5174 | &nbsp;&nbsp; $480302 |
| Corteva, Inc. | 94029 | &nbsp;&nbsp; 6782312 |
| Mosaic Co. | 178440 | &nbsp;&nbsp; 6425624 |
| Novonesis Novozymes B, Class B | 20874 | &nbsp;&nbsp; 1350496 |
| Nutrien Ltd. | 113180 | &nbsp;&nbsp; 6713838 |
|  |  | &nbsp;&nbsp; 21752572 |
| **Construction Materials — 2.7%** | **Construction Materials — 2.7%** |  |
| CRH PLC | 24018 | &nbsp;&nbsp; 2292518 |
| Heidelberg Materials AG | 6751 | &nbsp;&nbsp; 1557419 |
|  |  | &nbsp;&nbsp; 3849937 |
| **Containers & Packaging — 7.8%** | **Containers & Packaging — 7.8%** |  |
| Graphic Packaging Holding Co. | 59470 | &nbsp;&nbsp; 1329749 |
| Packaging Corp. of America | 21482 | &nbsp;&nbsp; 4162137 |
| Smurfit WestRock PLC | 128160 | &nbsp;&nbsp; 5687741 |
|  |  | &nbsp;&nbsp; 11179627 |
| **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** |  |
| TechnipFMC PLC | 36728 | &nbsp;&nbsp; 1335797 |
| **Food Products — 2.2%** | **Food Products — 2.2%** |  |
| Bunge Global SA | 21915 | &nbsp;&nbsp; 1747941 |
| Darling Ingredients, Inc.<sup>(a)</sup> | 44932 | &nbsp;&nbsp; 1454898 |
|  |  | &nbsp;&nbsp; 3202839 |
| **Machinery — 1.1%** | **Machinery — 1.1%** |  |
| Deere & Co. | 2905 | &nbsp;&nbsp; 1523295 |
| **Metals & Mining — 36.6%** | **Metals & Mining — 36.6%** |  |
| Anglo American PLC | 200374 | &nbsp;&nbsp; 5638142 |
| ArcelorMittal SA, ADR, Registered Shares<sup>(b)</sup> | 86846 | &nbsp;&nbsp; 2746938 |
| Barrick Mining Corp. | 167968 | &nbsp;&nbsp; 3547484 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | 91060 | &nbsp;&nbsp; 1530591 |
| Freeport-McMoRan, Inc. | 157692 | &nbsp;&nbsp; 6345526 |
| Glencore PLC | 1129954 | &nbsp;&nbsp; 4534869 |
| Kinross Gold Corp. | 110321 | &nbsp;&nbsp; 1765136 |
| Newmont Corp. | 100633 | &nbsp;&nbsp; 6249309 |
| Norsk Hydro ASA | 476531 | &nbsp;&nbsp; 2824395 |
| Polyus PJSC<sup>(a)(c)</sup> | 230640 | &nbsp;&nbsp; 3 |
| Teck Resources Ltd., Class B | 66938 | &nbsp;&nbsp; 2172808 |
| Vale SA, ADR | 531071 | &nbsp;&nbsp; 5061107 |
| Valterra Platinum Ltd. | 20275 | &nbsp;&nbsp; 910548 |
| Wheaton Precious Metals Corp. | 98497 | &nbsp;&nbsp; 9013460 |
|  |  | &nbsp;&nbsp; 52340316 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Oil, Gas & Consumable Fuels — 29.9%** | **Oil, Gas & Consumable Fuels — 29.9%** |  |
| Chevron Corp. | 46049 | &nbsp;&nbsp; $6982870 |
| EOG Resources, Inc. | 26444 | &nbsp;&nbsp; 3173809 |
| EQT Corp. | 18906 | &nbsp;&nbsp; 1016197 |
| Exxon Mobil Corp. | 99606 | &nbsp;&nbsp; 11120014 |
| Gazprom PJSC<sup>(a)(c)</sup> | 1253804 | &nbsp;&nbsp; 155 |
| HF Sinclair Corp. | 33279 | &nbsp;&nbsp; 1462279 |
| Permian Resources Corp., Class A | 69076 | &nbsp;&nbsp; 978116 |
| Shell PLC | 356189 | &nbsp;&nbsp; 12798976 |
| Suncor Energy, Inc. | 134123 | &nbsp;&nbsp; 5289999 |
|  |  | &nbsp;&nbsp; 42822415 |
| **Paper & Forest Products — 2.8%** | **Paper & Forest Products — 2.8%** |  |
| Mondi PLC | 117303 | &nbsp;&nbsp; 1585729 |
| UPM-Kymmene OYJ | 90961 | &nbsp;&nbsp; 2357506 |
|  |  | &nbsp;&nbsp; 3943235 |
| **Total Long-Term Investments — 99.2%** <br>**(Cost: $123,464,431)** | **Total Long-Term Investments — 99.2%** <br>**(Cost: $123,464,431)** | &nbsp;&nbsp; 141950033 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.4%** | **Money Market Funds — 2.4%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(d)(e)(f)</sup><br>| 1911990 | &nbsp;&nbsp; 1912755 |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 4.20%<sup>(d)(e)</sup><br>| 1509923 | &nbsp;&nbsp; 1509923 |
| **Total Short-Term Securities — 2.4%** <br>**(Cost: $3,422,678)** | **Total Short-Term Securities — 2.4%** <br>**(Cost: $3,422,678)** | &nbsp;&nbsp; 3422678 |
| **Total Investments — 101.6%** <br>**(Cost: $126,887,109)** | **Total Investments — 101.6%** <br>**(Cost: $126,887,109)** | &nbsp;&nbsp; 145372711 |
| **Liabilities in Excess of Other Assets — (1.6)%** | **Liabilities in Excess of Other Assets — (1.6)%** | &nbsp;&nbsp; (2297889)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $143074822 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Natural Resources Trust** 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*04/30/25*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*07/31/25*<br>| *Shares* <br>*Held at* <br>*07/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $986502 | $926253 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $99 | $(99)<br>| $1912755 | 1911990 | $699 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | 3304203 |  | &nbsp;&nbsp; (1794280 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 1509923 | 1509923 | 32554 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $99 | $(99)<br>| $3422678 |  | $33253 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, 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 at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 that may not have a secondary market and/or may have 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.

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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp; $20402076 | &nbsp;&nbsp;&nbsp;&nbsp; $1350496 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21752572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp; 2292518 | &nbsp;&nbsp;&nbsp;&nbsp; 1557419 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3849937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp; 11179627 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11179627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp; 1335797 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1335797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp; 3202839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3202839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp; 1523295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1523295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp; 38432359 | &nbsp;&nbsp;&nbsp;&nbsp; 13907954 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 52340316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 30023284 | &nbsp;&nbsp;&nbsp;&nbsp; 12798976 | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 42822415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3943235 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3943235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 3422678 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3422678 |
|  | &nbsp;&nbsp; $111814473 | &nbsp;&nbsp;&nbsp;&nbsp; $33558080 | &nbsp;&nbsp;&nbsp;&nbsp; $158 | &nbsp;&nbsp;&nbsp;&nbsp; $145372711 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

July 31, 2025

**BlackRock Natural Resources Trust** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| PJSC | Public Joint Stock Company |

---

------

## 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:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**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:** $147535586.90

**Total Liabilities:** $4298794.45

**Net Assets:** $143236792.45

**Cash Not Reported:** $0.01

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005583 | 3.41%                | 4.00%                | 0.31%                |
| Class ID C000005586 | 3.43%                | 4.03%                | 0.32%                |
| Class ID C000005585 | 3.37%                | 3.95%                | 0.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-495103.96              | $4754579.67                                |
| Month 2  | $862971.76               | $3999706.18                                |
| Month 3  | $78801.78                | $531826.17                                 |

### 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        |     18906 | NS      | $1016197.50   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp       | Permian Resources Corp                                  | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     69076 | NS      | $978116.16    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc            | EOG Resources Inc                                       | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     26444 | NS      | $3173808.88   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                    | Shell PLC                                               | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    356189 | NS      | $12798975.84  | 8.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Nutrien Ltd                  | Nutrien Ltd                                             | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    113180 | NS      | $6713837.60   | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                | Mosaic Co/The                                           | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    178440 | NS      | $6425624.40   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co | Graphic Packaging Holding Co                            | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59470 | NS      | $1329749.20   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                  | Corteva Inc                                             | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     94029 | NS      | $6782311.77   | 4.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp            | Kinross Gold Corp                                       | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    110321 | NS      | $1765136.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients Inc      | Darling Ingredients Inc                                 | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |     44932 | NS      | $1454898.16   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Funds III          | BlackRock Cash Funds: Institutional, SL Agency Shares   | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |   1940829 | NS      | $1941605.00   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc            | Suncor Energy Inc                                       | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |    134123 | NS      | $5289998.52   | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America    | Packaging Corp of America                               | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     21482 | NS      | $4162137.50   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                 | Newmont Corp                                            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    100633 | NS      | $6249309.30   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                 | Chevron Corp                                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46049 | NS      | $6982870.36   | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp             | Exxon Mobil Corp                                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     99606 | NS      | $11120013.84  | 7.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA             | ArcelorMittal SA                                        | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |     86846 | NS      | $2746938.98   | 1.92%             |  |  |  | No            |                  1 | On Loan: —       |
| BlackRock Liquidity Funds    | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   1509923 | NS      | $1509922.51   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA              | Bunge Global SA                                         | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |     21915 | NS      | $1747940.40   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Novonesis Novozymes B        | Novonesis Novozymes B                                   | CUSIP: 000000000<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |     20874 | NS      | $1350495.89   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Gazprom PJSC                 | Gazprom PJSC                                            | CUSIP: 000000000<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |   1253804 | NS      | $154.60       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Polyus PJSC                  | Polyus PJSC                                             | CUSIP: 000000000<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |    230640 | NS      | $2.84         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| TechnipFMC PLC               | TechnipFMC PLC                                          | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     36728 | NS      | $1335797.36   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc         | Freeport-McMoRan Inc                                    | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    157692 | NS      | $6345526.08   | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                      | Vale SA                                                 | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    531071 | NS      | $5061106.63   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp             | HF Sinclair Corp                                        | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     33279 | NS      | $1462279.26   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                   | Deere & Co                                              | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      2905 | NS      | $1523294.85   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondi PLC                    | Mondi PLC                                               | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |    117303 | NS      | $1585729.35   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials AG      | Heidelberg Materials AG                                 | CUSIP: 000000000<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |      6751 | NS      | $1557418.49   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Valterra Platinum Ltd        | Valterra Platinum Ltd                                   | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     20275 | NS      | $910548.43    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA              | Norsk Hydro ASA                                         | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |    476531 | NS      | $2824394.77   | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp          | Barrick Mining Corp                                     | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    167968 | NS      | $3547484.16   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc   | CF Industries Holdings Inc                              | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      5174 | NS      | $480302.42    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp | Wheaton Precious Metals Corp                            | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     98497 | NS      | $9013460.47   | 6.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                 | Glencore PLC                                            | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |   1129954 | NS      | $4534868.56   | 3.17%             |  |  |  | No            |                  2 | On Loan: No      |
| UPM-Kymmene Oyj              | UPM-Kymmene Oyj                                         | CUSIP: 000000000<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |     90961 | NS      | $2357505.52   | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Smurfit WestRock PLC         | Smurfit WestRock PLC                                    | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |    128160 | NS      | $5687740.80   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd           | Teck Resources Ltd                                      | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     66938 | NS      | $2172807.48   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                      | CRH PLC                                                 | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     24018 | NS      | $2292518.10   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC           | Anglo American PLC                                      | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    200374 | NS      | $5638142.14   | 3.94%             |  |  |  | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd   | First Quantum Minerals Ltd                              | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |     91060 | NS      | $1530591.37   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-29

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer