# EDGAR Filing Document

**Accession Number:** 0000766555
**File Stem:** 0001410368-25-043445
**Filing Date:** 2025-12
**Character Count:** 19005
**Document Hash:** 9446cbfc7b9c00a954e3dbf97102f2ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-043445.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001410368-25-043445

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**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:** 251606855

**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:** 2026-04-30

- **b. Date as of which information is reported:** 2025-10-31

**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:** $152579019.53

**Total Liabilities:** $4669091.47

**Net Assets:** $147909928.06

**Cash Not Reported:** $1002403.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005583 | 6.32%                | 3.34%                | -2.81%               |
| Class ID C000005585 | 6.30%                | 3.27%                | -2.90%               |
| Class ID C000005586 | 6.36%                | 3.36%                | -2.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $300484.44               | $8149661.19                                |
| Month 2  | $729338.46               | $4210431.16                                |
| Month 3  | $1420155.05              | $-5679874.70                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ArcelorMittal SA              | ArcelorMittal SA                                        | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |     74911 | NS      | $2853359.99   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp           | Barrick Mining Corp                                     | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    206665 | NS      | $6778612.00   | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                 | Rio Tinto PLC                                           | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     64363 | NS      | $4639925.99   | 3.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Cameco Corp                   | Cameco Corp                                             | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     19930 | NS      | $2037045.30   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                  | Chevron Corp                                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45728 | NS      | $7212220.16   | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                   | Corteva Inc                                             | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     93374 | NS      | $5736898.56   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                    | Deere & Co                                              | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      4464 | NS      | $2060716.32   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc             | EOG Resources Inc                                       | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     23871 | NS      | $2526506.64   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                      | EQT Corp                                                | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     30599 | NS      | $1639494.42   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp              | Exxon Mobil Corp                                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     89548 | NS      | $10240709.28  | 6.92%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd    | First Quantum Minerals Ltd                              | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |     42738 | NS      | $887334.18    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc          | Freeport-McMoRan Inc                                    | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     66422 | NS      | $2769797.40   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co  | Graphic Packaging Holding Co                            | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59055 | NS      | $944289.45    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp              | HF Sinclair Corp                                        | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     29319 | NS      | $1512860.40   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd             | Ivanhoe Mines Ltd                                       | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |     74545 | NS      | $745689.17    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp             | Kinross Gold Corp                                       | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |     85657 | NS      | $1990668.68   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| UPM-Kymmene Oyj               | UPM-Kymmene Oyj                                         | CUSIP: 000000000<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |     63677 | NS      | $1708600.21   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Heidelberg Materials AG       | Heidelberg Materials AG                                 | CUSIP: 000000000<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |      6053 | NS      | $1420055.02   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Martin Marietta Materials Inc | Martin Marietta Materials Inc                           | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      2427 | NS      | $1487993.70   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                 | Mosaic Co/The                                           | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    150742 | NS      | $4137867.90   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                  | Newmont Corp                                            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     71899 | NS      | $5821662.03   | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                   | Nutrien Ltd                                             | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    112391 | NS      | $6119689.95   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd         | Valterra Platinum Ltd                                   | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |     23421 | NS      | $1448570.24   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Packaging Corp of America     | Packaging Corp of America                               | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     21332 | NS      | $4175952.32   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp        | Permian Resources Corp                                  | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |     78588 | NS      | $987065.28    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc             | Suncor Energy Inc                                       | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |    121345 | NS      | $4831997.61   | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd            | Teck Resources Ltd                                      | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     63544 | NS      | $2727308.48   | 1.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Vale SA                       | Vale SA                                                 | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    527368 | NS      | $6375879.12   | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds     | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   3241226 | NS      | $3241226.20   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp  | Wheaton Precious Metals Corp                            | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     93522 | NS      | $9026743.44   | 6.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Funds III           | BlackRock Cash Funds: Institutional, SL Agency Shares   | CUSIP: 066922519<br>LEI: 5493008LW2651I1QB503 | Long             | STIV             | RF                | US        |     45148 | NS      | $45170.23     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The          | Williams Cos Inc/The                                    | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     25528 | NS      | $1477305.36   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC            | Anglo American PLC                                      | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    187766 | NS      | $7103679.52   | 4.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA               | Norsk Hydro ASA                                         | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |    414894 | NS      | $2804916.09   | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                  | Glencore PLC                                            | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    927306 | NS      | $4442319.43   | 3.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Polyus PJSC                   | Polyus PJSC                                             | CUSIP: 000000000<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |    230640 | NS      | $2.85         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Gazprom PJSC                  | Gazprom PJSC                                            | CUSIP: 000000000<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |   1253804 | NS      | $155.17       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Novonesis Novozymes B         | Novonesis Novozymes B                                   | CUSIP: 000000000<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |     26683 | NS      | $1594565.48   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondi PLC                     | Mondi PLC                                               | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |    116485 | NS      | $1302050.93   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                     | Shell PLC                                               | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    324286 | NS      | $12157289.84  | 8.22%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                       | CRH PLC                                                 | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |     24297 | NS      | $2893772.70   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC          | Smurfit WestRock PLC                                    | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |    127267 | NS      | $4698697.64   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                | TechnipFMC PLC                                          | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     30214 | NS      | $1249348.90   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA               | Bunge Global SA                                         | CUSIP: 000000000<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |     36310 | NS      | $3434926.00   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer