NPORT-EX 2 NPORT_LCXA_13157935_0322.htm

BlackRock Energy and Resources Trust

Schedule of Investments (unaudited) March 31, 2022 BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)

Security		Shares				Value
Common Stocks
Energy Equipment & Services — 1.4%
Tenaris SA			362,600			$	5,446,641
Food Products — 0.5%
Darling Ingredients, Inc.(a)(b)			23,424				1,882,821
Metals & Mining — 1.1%
Glencore PLC(b)			639,050				4,158,109
Oil, Gas & Consumable Fuels — 97.8%
ARC Resources Ltd.			447,230				5,988,585
BP PLC			2,257,824				11,068,705
Canadian Natural Resources Ltd.			225,113				13,939,125
Capricorn Energy PLC(b)			794,358				2,293,593
Cenovus Energy Inc.			558,341				9,307,544
Cheniere Energy, Inc.(a)			59,300				8,221,945
Chevron Corp.(a)(c)			311,718				50,757,042
ConocoPhillips(a)			283,935				28,393,462
Devon Energy Corp.(a)			34,317				2,029,164
EOG Resources, Inc.(a)			151,265				18,035,326
Equinor ASA			253,533				9,466,067
Exxon Mobil Corp.(a)			302,477				24,981,575
Gazprom PJSC, ADR(b)(d)			439,600				4,396
Hess Corp.			116,769				12,498,954
Kosmos Energy Ltd.(b)			455,634				3,276,009
Marathon Petroleum Corp.(a)			180,534				15,435,657
Ovintiv, Inc.(a)			112,750				6,096,393
Pioneer Natural Resources Co.(a)(c)			60,454				15,115,314
Santos Ltd.			1,497,536				8,682,419
Shell PLC, ADR(a)			793,351				43,578,770
Suncor Energy, Inc.			464,084				15,108,762
TC Energy Corp.			261,302				14,737,755
TotalEnergies SE			382,917				19,375,416
Tourmaline Oil Corp.			184,533				8,502,260

Security		Shares				Value
Oil, Gas & Consumable Fuels (continued)
Valero Energy Corp.(a)			101,374			$	10,293,516
Williams Cos., Inc.(a)			412,358				13,776,881
							370,964,635
Total Long-Term Investments — 100.8% (Cost: $237,936,201)							382,452,206
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class,
0.21%(e)(f)			4,256,957				4,256,957
Total Short-Term Securities — 1.1% (Cost: $4,256,957)							4,256,957
Total Investments Before Options Written — 101.9% (Cost: $242,193,158)							386,709,163
Options Written — (1.7)% (Premiums Received: $(5,338,133))							(6,518,935	)
Total Investments, Net of Options Written — 100.2% (Cost: $236,855,025)							380,190,228
Liabilities in Excess of Other Assets — (0.2)%							(669,565	)
Net Assets — 100.0%						$	379,520,663

^(a)  All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

^(b)  Non-income producing security.

^(c)  All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

^(d)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)  Affiliate of the Trust.

^(f)  Annualized 7-day yield as of period end.

For Trust compliance purposes, the Trust’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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 12/31/21				Purchases at Cost				Proceeds from Sales				Net Realized Gain (Loss)				Change in Unrealized Appreciation (Depreciation)				Value at 03/31/22				Shares Held at 03/31/22				Income				Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class		$	2,725,280			$	1,531,677	(a)		$	—			$	—			$	—			$	4,256,957				4,256,957			$	564			$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

Description		Number of Contracts				Expiration Date				Exercise Price								Notional Amount (000)								Value
Call
Exxon Mobil Corp.			542				04/01/22				USD				82.65				USD				4,476			$	(28,610	)
Pioneer Natural Resources Co.			110				04/01/22				USD				235.00				USD				2,750				(173,800	)
Canadian Natural Resources Limited			192				04/08/22				CAD				79.00				CAD				1,486				(14,206	)

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Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Energy and Resources Trust (BGR)

Exchange-Traded Options Written (continued)    

		Description		Number of Contracts				Expiration Date				Exercise Price								Notional Amount (000)								Value
		Call (continued)
		Cenovus Energy Inc.			1,046				04/08/22				CAD				20.50				CAD				2,180			$	(62,334	)
		ConocoPhillips			80				04/08/22				USD				96.01				USD				800				(38,732	)
		EOG Resources, Inc.			373				04/08/22				USD				114.00				USD				4,447				(235,922	)
		Valero Energy Corp.			167				04/08/22				USD				88.00				USD				1,696				(237,975	)
		Williams Cos., Inc.			413				04/08/22				USD				31.00				USD				1,380				(104,283	)
		Arc Resources Ltd.			212				04/14/22				CAD				15.50				CAD				355				(23,826	)
		Canadian Natural Resources Limited			192				04/14/22				CAD				80.00				CAD				1,486				(16,049	)
		Cenovus Energy Inc.			1,248				04/14/22				CAD				19.50				CAD				2,601				(158,727	)
		Darling Ingredients, Inc.			71				04/14/22				USD				75.00				USD				571				(44,020	)
		Exxon Mobil Corp.			37				04/14/22				USD				87.50				USD				306				(1,924	)
		Ovintiv Inc.			143				04/14/22				USD				50.00				USD				773				(69,355	)
		Pioneer Natural Resources Co.			110				04/14/22				USD				235.00				USD				2,750				(194,700	)
		Pioneer Natural Resources Co.			16				04/14/22				USD				240.00				USD				400				(23,600	)
		Shell PLC, ADR			470				04/14/22				USD				52.50				USD				2,582				(141,000	)
		Suncor Energy Inc.			804				04/14/22				CAD				39.00				CAD				3,272				(141,165	)
		Tourmaline Oil Corp.			140				04/14/22				CAD				50.75				CAD				806				(79,790	)
		Valero Energy Corp.			81				04/14/22				USD				90.00				USD				822				(96,390	)
		Williams Cos., Inc.			658				04/14/22				USD				32.00				USD				2,198				(108,570	)
		Chevron Corp.			418				04/22/22				USD				170.00				USD				6,806				(79,420	)
		ConocoPhillips			20				04/22/22				USD				101.00				USD				200				(6,010	)
		EOG Resources, Inc.			33				04/22/22				USD				119.00				USD				393				(14,933	)
		Exxon Mobil Corp.			415				04/22/22				USD				78.00				USD				3,427				(220,988	)
		Marathon Petroleum Corp.			246				04/22/22				USD				78.00				USD				2,103				(200,490	)
		Shell PLC, ADR			821				04/28/22				USD				55.00				USD				4,510				(156,116	)
		Chevron Corp.			275				04/29/22				USD				170.00				USD				4,478				(72,600	)
		ConocoPhillips			71				04/29/22				USD				96.00				USD				710				(45,440	)
		ConocoPhillips			59				04/29/22				USD				109.00				USD				590				(6,549	)
		Devon Energy Corp.			12				04/29/22				USD				65.00				USD				71				(1,554	)
		Williams Cos., Inc.			101				04/29/22				USD				33.00				USD				337				(12,373	)
		ConocoPhillips			107				05/06/22				USD				101.00				USD				1,070				(45,475	)
		Devon Energy Corp.			118				05/06/22				USD				64.00				USD				698				(24,780	)
		Exxon Mobil Corp.			155				05/06/22				USD				88.00				USD				1,280				(20,460	)
		Marathon Petroleum Corp.			393				05/06/22				USD				82.00				USD				3,360				(226,958	)
		Valero Energy Corp.			137				05/06/22				USD				98.00				USD				1,391				(96,585	)
		Arc Resources Ltd.			312				05/20/22				CAD				16.00				CAD				522				(37,061	)
		Arc Resources Ltd.			588				05/20/22				CAD				17.50				CAD				984				(34,570	)
		Canadian Natural Resources Limited			177				05/20/22				CAD				76.00				CAD				1,370				(67,252	)
		Cheniere Energy, Inc.			72				05/20/22				USD				140.00				USD				998				(51,840	)
		Cheniere Energy, Inc.			116				05/20/22				USD				128.00				USD				1,608				(164,305	)
		Chevron Corp.			294				05/20/22				USD				160.00				USD				4,787				(249,165	)
		ConocoPhillips			741				05/20/22				USD				100.00				USD				7,410				(396,435	)
		Darling Ingredients, Inc.			20				05/20/22				USD				80.00				USD				161				(10,000	)
		EOG Resources, Inc.			168				05/20/22				USD				125.00				USD				2,003				(75,180	)
		Marathon Petroleum Corp.			47				05/20/22				USD				82.50				USD				402				(27,848	)
		Ovintiv Inc.			143				05/20/22				USD				55.00				USD				773				(58,630	)
		Shell PLC, ADR			1,025				05/20/22				USD				55.00				USD				5,630				(279,312	)
		Suncor Energy Inc.			440				05/20/22				CAD				41.00				CAD				1,791				(72,327	)
		TC Energy Corp.			688				05/20/22				CAD				70.00				CAD				4,851				(137,308	)
		Tourmaline Oil Corp.			301				05/20/22				CAD				52.75				CAD				1,734				(157,705	)
		Williams Cos., Inc.			452				05/20/22				USD				33.00				USD				1,510				(67,800	)
		Arc Resources Ltd.			588				06/17/22				CAD				17.50				CAD				984				(45,623	)
		Canadian Natural Resources Limited			178				06/17/22				CAD				76.00				CAD				1,378				(79,734	)
		Cheniere Energy, Inc.			72				06/17/22				USD				140.00				USD				998				(64,800	)
		Chevron Corp.			197				06/17/22				USD				165.00				USD				3,208				(144,795	)
		Suncor Energy Inc.			440				06/17/22				CAD				41.00				CAD				1,791				(86,934	)
		TC Energy Corp.			314				06/17/22				CAD				74.00				CAD				2,214				(31,522	)
		Tourmaline Oil Corp.			248				06/17/22				CAD				52.00				CAD				1,428				(156,717	)
																												$	(5,722,572	)

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Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Energy and Resources Trust (BGR)

OTC Options Written

		Description		Counterparty		Number of Contracts				Expiration Date				Exercise Price								Notional Amount (000)				Value
		Call
		BP PLC		Goldman Sachs International			145,600				04/01/22				GBP				4.04			GBP	547			$	—
		Shell PLC, ADR		Citibank N.A.			72,000				04/04/22				USD				52.75			USD	3,955				(166,432	)
		Tenaris SA		Morgan Stanley & Co. International PLC			68,800				04/07/22				EUR				12.50			EUR	946				(83,109	)
		Total SA		UBS AG			16,500				04/07/22				EUR				49.28			EUR	759				(978	)
		BP PLC		Credit Suisse International			67,400				04/12/22				GBP				3.77			GBP	253				(7,035	)
		Tenaris SA		Morgan Stanley & Co. International PLC			68,800				04/12/22				EUR				12.75			EUR	946				(73,304	)
		Santos Ltd.		Morgan Stanley & Co. International PLC			295,300				04/27/22				AUD				7.60			AUD	2,286				(87,718	)
		Santos Ltd.		JPMorgan Chase Bank N.A.			170,700				05/05/22				AUD				8.28			AUD	1,321				(21,557	)
		Total SA		Morgan Stanley & Co. International PLC			44,500				05/05/22				EUR				49.17			EUR	2,048				(22,508	)
		Statoil ASA		Goldman Sachs International			48,000				05/10/22				NOK				320.08			NOK	15,898				(111,016	)
		Santos Ltd.		Morgan Stanley & Co. International PLC			103,000				05/13/22				AUD				8.16			AUD	797				(19,148	)
		BP PLC		UBS AG			645,000				05/18/22				GBP				4.08			GBP	2,421				(45,644	)
		Total SA		UBS AG			84,600				05/18/22				EUR				49.35			EUR	3,894				(52,243	)
		Statoil ASA		Goldman Sachs International			48,000				05/31/22				NOK				323.30			NOK	15,898				(105,671	)
																										$(796,363)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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 Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

		Level 1				Level 2				Level 3				Total
Assets
Investments
Long-Term Investments
Common Stocks
Energy Equipment & Services		$	—			$	5,446,641			$	—			$	5,446,641
Food Products			1,882,821				—				—				1,882,821
Metals & Mining			—				4,158,109				—				4,158,109
Oil, Gas & Consumable Fuels			320,074,039				50,886,200				4,396				370,964,635
Short-Term Securities
Money Market Funds			4,256,957				—				—				4,256,957
		$	326,213,817			$	60,490,950			$	4,396			$	386,709,163

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Schedule of Investments (unaudited) (continued) March 31, 2022 BlackRock Energy and Resources Trust (BGR)

Fair Value Hierarchy as of Period End (continued)

		Level 1				Level 2				Level 3				Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts		$	(5,193,809	)		$	(1,325,126	)		$	—			$	(6,518,935	)

^(a)  Derivative financial instruments are options written. Options written are shown at value.

Currency Abbreviation
AUD		Australian Dollar
CAD		Canadian Dollar
EUR		Euro
GBP		British Pound
NOK		Norwegian Krone
USD		United States Dollar
Portfolio Abbreviation
ADR		American Depositary Receipt
PJSC		Public Joint Stock Company

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