# EDGAR Filing Document

**Accession Number:** 0000766555
**File Stem:** 0001752724-23-072030
**Filing Date:** 2023-3
**Character Count:** 35116
**Document Hash:** 7e19934c3178c9163c8e809f99f55504
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-072030.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001752724-23-072030

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK NATURAL RESOURCES TRUST
- **CENTRAL INDEX KEY:** 0000766555
- **IRS NUMBER:** 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:** 23774155

**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

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> January 31, 2023 | **BlackRock Natural Resources Trust**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Chemicals — 11.9%** | **Chemicals — 11.9%** | **Chemicals — 11.9%** |
|  Albemarle Corp. | 15658 | $4406944 |
|  CF Industries Holdings, Inc. | 82467 | 6984955 |
|  FMC Corp. | 48278 | 6427250 |
|  Koninklijke DSM NV | 21731 | 2794650 |
|  Nutrien Ltd. | 133161 | 11024399 |
|  Sociedad Quimica y Minera de Chile SA, ADR | 18764 | 1830241 |
|  |  | 33468439 |
| **Containers & Packaging — 1.7%** | **Containers & Packaging — 1.7%** | **Containers & Packaging — 1.7%** |
|  Packaging Corp. of America | 18956 | 2705021 |
|  Smurfit Kappa Group PLC | 49359 | 2072315 |
|  |  | 4777336 |
| **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** | **Energy Equipment & Services — 0.6%** |
|  Schlumberger Ltd. | 31487 | 1794129 |
| **Food Products — 6.7%** | **Food Products — 6.7%** | **Food Products — 6.7%** |
|  Archer-Daniels-Midland Co. | 74115 | 6140428 |
|  Bunge Ltd. | 56532 | 5602321 |
|  Darling Ingredients, Inc.<sup>(a)</sup>  | 42034 | 2786434 |
|  Kerry Group PLC, Class A | 44611 | 4180054 |
|  |  | 18709237 |
| **Machinery — 5.4%** | **Machinery — 5.4%** | **Machinery — 5.4%** |
|  AGCO Corp. | 46804 | 6465036 |
|  Deere & Co. | 20619 | 8718538 |
|  |  | 15183574 |
| **Metals & Mining — 37.7%** | **Metals & Mining — 37.7%** | **Metals & Mining — 37.7%** |
|  Alcoa Corp. | 61160 | 3194998 |
|  Anglo American PLC | 102137 | 4405207 |
|  ArcelorMittal SA, Registered Shares<sup>(b)</sup>  | 114604 | 3545848 |
|  BHP Group Ltd., Class DI | 303904 | 10643366 |
|  First Quantum Minerals Ltd. | 186403 | 4324723 |
|  Franco-Nevada Corp. | 17989 | 2638986 |
|  Freeport-McMoRan, Inc. | 205080 | 9150670 |
|  Glencore PLC | 2353248 | 15759424 |
|  Newmont Corp. | 77302 | 4091595 |
|  Norsk Hydro ASA | 754156 | 6114582 |
|  Polyus PJSC<sup>(a)(c)</sup>  | 23064 | 3 |
|  Stelco Holdings, Inc. | 125180 | 4870594 |
|  Teck Resources Ltd., Class B<sup>(b)</sup>  | 252914 | 10951176 |
|  Vale SA, ADR<sup>(b)</sup>  | 774103 | 14460244 |
|  Wheaton Precious Metals Corp.<sup>(b)</sup>  | 254843 | 11656519 |
|  |  | 105807935 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels — 32.6%** | **Oil, Gas & Consumable Fuels — 32.6%** | **Oil, Gas & Consumable Fuels — 32.6%** |
|  BP PLC | 1796403 | $10850719 |
|  Canadian Natural Resources Ltd. | 90479 | 5553658 |
|  Cenovus Energy, Inc. | 158149 | 3159295 |
|  Cheniere Energy, Inc. | 9512 | 1453339 |
|  Chevron Corp. | 28853 | 5020999 |
|  ConocoPhillips | 40172 | 4895762 |
|  Eni SpA | 289207 | 4450383 |
|  EOG Resources, Inc. | 23473 | 3104304 |
|  Exxon Mobil Corp. | 118030 | 13692660 |
|  Galp Energia SGPS SA | 162728 | 2227428 |
|  Gazprom PJSC<sup>(c)</sup>  | 1253804 | 179 |
|  Hess Corp. | 15059 | 2261259 |
|  Kinder Morgan, Inc. | 183941 | 3366120 |
|  Shell PLC | 635817 | 18666162 |
|  TotalEnergies SE | 210357 | 13004429 |
|  |  | 91706696 |
| **Paper & Forest Products — 1.3%** | **Paper & Forest Products — 1.3%** | **Paper & Forest Products — 1.3%** |
|  UPM-Kymmene OYJ | 103133 | 3738181 |
|  **Total Long-Term Investments — 97.9%<br>(Cost: $214,618,158)** | **Total Long-Term Investments — 97.9%<br>(Cost: $214,618,158)** | 275185527 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.5%** | **Money Market Funds — 3.5%** | **Money Market Funds — 3.5%** |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.07%<sup>(d)(e)</sup>  | 7681819 | 7681819 |
|  SL Liquidity Series, LLC, Money Market Series, 4.54%<sup>(d)(e)(f)</sup>  | 2046036 | 2046446 |
|  **Total Short-Term Securities — 3.5%<br>(Cost: $9,727,579)** | **Total Short-Term Securities — 3.5%<br>(Cost: $9,727,579)** | 9728265 |
|  **Total Investments — 101.4%<br>(Cost: $224,345,737)** | **Total Investments — 101.4%<br>(Cost: $224,345,737)** | 284913792 |
|  **Liabilities in Excess of Other Assets — (1.4)%** | **Liabilities in Excess of Other Assets — (1.4)%** | (3835674) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $281078118 |

---

<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 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.

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Natural Resources Trust** |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 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*<br> *04/30/22* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *01/31/23* | *Shares*<br> *Held at*<br> *01/31/23* | *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $14472588 | $— | $(6790769)<sup>(a)</sup> | $— | $— | $7681819 | 7681819 | $120183 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 4678 | 2040546 <sup>(a)</sup> |  | 536 | 686 | 2046446 | 2046036 | 10448 <sup>(b)</sup> |  |
|  |  |  |  | $536 | $686 | $9728265 |  | $130631 | $— |

---

<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 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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") per share 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | $&nbsp;&nbsp;&nbsp;&nbsp;30673789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;33468439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 2705021 | 2072315 |  | 4777336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 1794129 |  |  | 1794129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 14529183 | 4180054 |  | 18709237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 15183574 |  |  | 15183574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 68885353 | 36922579 | 3 | 105807935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 42507396 | 49199121 | 179 | 91706696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products |  | 3738181 |  | 3738181 |

---

S C H E D U L E O F I N V E S T M E N T S 2

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> January 31, 2023 | **BlackRock Natural Resources Trust** |

---

**Fair Value Hierarchy as of Period End (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $7681819 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $7681819 |
|  | $183960264 | $&nbsp;&nbsp;&nbsp;&nbsp;98906900 | $182 | 282867346 |
|  Investments Valued at NAV<sup>(a)</sup>  |  |  |  | 2046446 |
|  |  |  |  | $284913792 |

---

<sup>(a)</sup> 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

3<br>

## 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:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**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:** $287510559.40

**Total Liabilities:** $6168731.88

**Net Assets:** $281341827.52

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005583 | 9.65%                | -3.75%               | 5.94%                |
| Class ID C000005586 | 9.69%                | -3.73%               | 5.96%                |
| Class ID C000005585 | 9.49%                | -3.80%               | 5.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2019366.49              | $21090906.16                               |
| Month 2  | $2407084.69              | $-12996545.11                              |
| Month 3  | $1684566.72              | $13768512.74                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| FMC Corp                                                 | FMC Corp                                                | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |     48278 | NS      | $6427250.14   | 2.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Albemarle Corp                                           | Albemarle Corp                                          | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |     15658 | NS      | $4406944.10   | 1.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Hess Corp                                                | Hess Corp                                               | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |     15059 | NS      | $2261259.44   | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| BP PLC                                                   | BP PLC                                                  | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |   1796403 | NS      | $10850718.92  | 3.86%             |  |  |  | No            | 2                  | On Loan: No      |
| Schlumberger Ltd                                         | Schlumberger Ltd                                        | CUSIP: 000000000<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     31487 | NS      | $1794129.26   | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| EOG Resources Inc                                        | EOG Resources Inc                                       | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     23473 | NS      | $3104304.25   | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Shell PLC                                                | Shell PLC                                               | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    635817 | NS      | $18666161.71  | 6.63%             |  |  |  | No            | 2                  | On Loan: No      |
| Nutrien Ltd                                              | Nutrien Ltd                                             | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |    133161 | NS      | $11024399.19  | 3.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Stelco Holdings Inc                                      | Stelco Holdings Inc                                     | CUSIP: 858522105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    125180 | NS      | $4870593.81   | 1.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Cheniere Energy Inc                                      | Cheniere Energy Inc                                     | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      9512 | NS      | $1453338.48   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| AGCO Corp                                                | AGCO Corp                                               | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     46804 | NS      | $6465036.52   | 2.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Cenovus Energy Inc                                       | Cenovus Energy Inc                                      | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |    158149 | NS      | $3159295.34   | 1.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Archer-Daniels-Midland Co                                | Archer-Daniels-Midland Co                               | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     74115 | NS      | $6140427.75   | 2.18%             |  |  |  | No            | 1                  | On Loan: No      |
| TotalEnergies SE                                         | TotalEnergies SE                                        | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    210357 | NS      | $13004428.79  | 4.62%             |  |  |  | No            | 2                  | On Loan: No      |
| Darling Ingredients Inc                                  | Darling Ingredients Inc                                 | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |     42034 | NS      | $2786433.86   | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Packaging Corp of America                                | Packaging Corp of America                               | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     18956 | NS      | $2705021.20   | 0.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Newmont Corp                                             | Newmont Corp                                            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     77302 | NS      | $4091594.86   | 1.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Kerry Group PLC                                          | Kerry Group PLC                                         | CUSIP: 000000000<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |     44611 | NS      | $4180054.42   | 1.49%             |  |  |  | No            | 2                  | On Loan: No      |
| Chevron Corp                                             | Chevron Corp                                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28853 | NS      | $5020999.06   | 1.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Exxon Mobil Corp                                         | Exxon Mobil Corp                                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    118030 | NS      | $13692660.30  | 4.87%             |  |  |  | No            | 1                  | On Loan: No      |
| ArcelorMittal SA                                         | ArcelorMittal SA                                        | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |    114604 | NS      | $3545847.76   | 1.26%             |  |  |  | No            | 1                  | On Loan: —       |
| Gazprom PJSC                                             | Gazprom PJSC                                            | CUSIP: 000000000<br>LEI: 253400KXA9P2AN72P004 | Long             | EC               | CORP              | RU        |   1253804 | NS      | $178.58       | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Galp Energia SGPS SA                                     | Galp Energia SGPS SA                                    | CUSIP: 000000000<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |    162728 | NS      | $2227428.09   | 0.79%             |  |  |  | No            | 2                  | On Loan: No      |
| BlackRock Liquidity Funds                                | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |    436234 | NS      | $436233.79    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Polyus PJSC                                              | Polyus PJSC                                             | CUSIP: 000000000<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |     23064 | NS      | $3.28         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Kinder Morgan Inc                                        | Kinder Morgan Inc                                       | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    183941 | NS      | $3366120.30   | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Freeport-McMoRan Inc                                     | Freeport-McMoRan Inc                                    | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |    205080 | NS      | $9150669.60   | 3.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Canadian Natural Resources Ltd                           | Canadian Natural Resources Ltd                          | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     90479 | NS      | $5553658.21   | 1.97%             |  |  |  | No            | 1                  | On Loan: No      |
| BlackRock Liquidity Funds                                | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   7245585 | NS      | $7245585.49   | 2.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Vale SA                                                  | Vale SA                                                 | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    774103 | NS      | $14460244.04  | 5.14%             |  |  |  | No            | 1                  | On Loan: —       |
| Deere & Co                                               | Deere & Co                                              | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     20619 | NS      | $8718537.96   | 3.10%             |  |  |  | No            | 1                  | On Loan: No      |
| BHP Group Ltd                                            | BHP Group Ltd                                           | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    301913 | NS      | $10573636.70  | 3.76%             |  |  |  | No            | 2                  | On Loan: No      |
| Eni SpA                                                  | Eni SpA                                                 | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |    289207 | NS      | $4450382.92   | 1.58%             |  |  |  | No            | 2                  | On Loan: No      |
| Money Market Series a series of SL Liquidity Series, LLC | SL Liquidity Series, LLC, Money Market Series           | CUSIP: 590204509<br>LEI: 549300I0RQO84VDWQP47 | Long             | STIV             |  | US        |   2068341 | NS      | $2068754.70   | 0.74%             |  |  |  | No            | N/A                | On Loan: No      |
| Smurfit Kappa Group PLC                                  | Smurfit Kappa Group PLC                                 | CUSIP: 000000000<br>LEI: 635400CPLP8H5ITDVT56 | Long             | EC               | CORP              | IE        |     49359 | NS      | $2072314.47   | 0.74%             |  |  |  | No            | 2                  | On Loan: No      |
| Sociedad Quimica y Minera de Chile SA                    | Sociedad Quimica y Minera de Chile SA                   | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               | CORP              | CL        |     18764 | NS      | $1830240.56   | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Franco-Nevada Corp                                       | Franco-Nevada Corp                                      | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     17989 | NS      | $2638986.30   | 0.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Norsk Hydro ASA                                          | Norsk Hydro ASA                                         | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |    754156 | NS      | $6114582.02   | 2.17%             |  |  |  | No            | 2                  | On Loan: No      |
| CF Industries Holdings Inc                               | CF Industries Holdings Inc                              | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     82467 | NS      | $6984954.90   | 2.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Wheaton Precious Metals Corp                             | Wheaton Precious Metals Corp                            | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    254843 | NS      | $11656518.82  | 4.14%             |  |  |  | No            | 1                  | On Loan: —       |
| Glencore PLC                                             | Glencore PLC                                            | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |   2353248 | NS      | $15759423.59  | 5.60%             |  |  |  | No            | 2                  | On Loan: No      |
| UPM-Kymmene Oyj                                          | UPM-Kymmene Oyj                                         | CUSIP: 000000000<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |    103133 | NS      | $3738180.85   | 1.33%             |  |  |  | No            | 2                  | On Loan: No      |
| Alcoa Corp                                               | Alcoa Corp                                              | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     61160 | NS      | $3194998.40   | 1.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Koninklijke DSM NV                                       | Koninklijke DSM NV                                      | CUSIP: 000000000<br>LEI: 724500SNT1MK246AHP04 | Long             | EC               | CORP              | NL        |     21731 | NS      | $2794649.77   | 0.99%             |  |  |  | No            | 2                  | On Loan: No      |
| Teck Resources Ltd                                       | Teck Resources Ltd                                      | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |    252914 | NS      | $10951176.20  | 3.89%             |  |  |  | No            | 1                  | On Loan: —       |
| Bunge Ltd                                                | Bunge Ltd                                               | CUSIP: 000000000<br>LEI: 5493007M0RIN8HY3MM77 | Long             | EC               | CORP              | BM        |     56532 | NS      | $5602321.20   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Anglo American PLC                                       | Anglo American PLC                                      | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    102137 | NS      | $4405207.25   | 1.57%             |  |  |  | No            | 2                  | On Loan: No      |
| First Quantum Minerals Ltd                               | First Quantum Minerals Ltd                              | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |    186403 | NS      | $4324723.32   | 1.54%             |  |  |  | No            | 1                  | On Loan: No      |
| ConocoPhillips                                           | ConocoPhillips                                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     40172 | NS      | $4895761.64   | 1.74%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2023-03-01

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

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer