NPORT-EX 2 NPORT_LCXA_80964711_0922.htm

BlackRock Energy and Resources Trust

Schedule of Investments (unaudited) September 30, 2022 BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)

Security		Shares				Value
Common Stocks
Energy Equipment & Services — 1.4%
Patterson-UTI Energy, Inc.(a)			113,050			$	1,320,424
Tenaris SA			270,100				3,494,842
							4,815,266
Food Products — 0.5%
Darling Ingredients, Inc.(a)(b)			24,924				1,648,723
Metals & Mining — 0.7%
Glencore PLC			471,400				2,477,213
Oil, Gas & Consumable Fuels — 94.9%
ARC Resources Ltd.			295,280				3,546,310
BP PLC, ADR			3,319,000				15,859,463
Canadian Natural Resources Ltd.			267,609				12,456,842
Cenovus Energy, Inc.			437,856				6,726,249
Cheniere Energy, Inc.(a)			44,300				7,349,813
Chevron Corp.(a)(c)			224,020				32,184,953
ConocoPhillips(a)			266,442				27,267,738
Enbridge, Inc.			406,000				15,054,345
Eni SpA			363,200				3,860,342
EOG Resources, Inc.(a)			128,929				14,405,237
Equinor ASA			138,033				4,552,151
Exxon Mobil Corp.(a)(c)			613,095				53,529,325
Gazprom PJSC(b)(d)			879,200				146
Hess Corp.(a)			96,690				10,538,243
Kinder Morgan, Inc.			505,200				8,406,528
Kosmos Energy Ltd.(a)(b)			224,334				1,159,807
Marathon Petroleum Corp.(a)			95,225				9,458,699
Pioneer Natural Resources Co.(a)(c)			49,394				10,695,283
Santos Ltd.			994,636				4,594,765
Shell PLC, ADR(a)			704,622				35,061,991
TotalEnergies SE			403,348				18,922,888
Tourmaline Oil Corp.			136,083				7,072,356

Security		Shares				Value
Oil, Gas & Consumable Fuels (continued)
Valero Energy Corp.(a)			101,374			$	10,831,812
Williams Cos., Inc.(a)			460,432				13,182,168
							326,717,454
Total Long-Term Investments — 97.5% (Cost: $245,058,588)							335,658,656
Short-Term Securities
Money Market Funds — 1.9%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.79%(e)(f)			6,564,243				6,564,243
Total Short-Term Securities — 1.9% (Cost: $6,564,243)							6,564,243
Total Investments Before Options Written — 99.4% (Cost: $251,622,831)							342,222,899
Options Written — (0.5)% (Premiums Received: $(4,459,581))							(1,633,472	)
Total Investments, Net of Options Written — 98.9% (Cost: $247,163,250)							340,589,427
Other Assets Less Liabilities — 1.1%							3,942,255
Net Assets — 100.0%						$	344,531,682

^(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 September 30, 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 09/30/22				Shares Held at 09/30/22				Income				Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class		$	2,725,280			$	3,838,963	(a)		$	—			$	—			$	—			$	6,564,243				6,564,243			$	42,837			$	—

^(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
Canadian Natural Resources Ltd.			321				10/07/22				CAD				74.00				CAD				2,064			$	(11,387	)
Chevron Corp.			304				10/07/22				USD				165.00				USD				4,368				(2,736	)
ConocoPhillips			368				10/07/22				USD				114.00				USD				3,766				(4,784	)

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Schedule of Investments (unaudited)  (continued) September 30, 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)
Exxon Mobil Corp.			307				10/07/22				USD				94.00				USD				2,680			$	(4,605	)
Pioneer Natural Resources Co.			100				10/07/22				USD				250.00				USD				2,165				(1,500	)
Valero Energy Corp.			124				10/07/22				USD				122.00				USD				1,325				(1,054	)
Shell PLC, ADR			533				10/12/22				USD				55.00				USD				2,652				(4,793	)
Chevron Corp.			295				10/14/22				USD				162.50				USD				4,238				(5,310	)
ConocoPhillips			185				10/14/22				USD				107.00				USD				1,893				(37,462	)
Marathon Petroleum Corp.			49				10/14/22				USD				106.00				USD				487				(5,390	)
Pioneer Natural Resources Co.			100				10/14/22				USD				250.00				USD				2,165				(7,500	)
Shell PLC, ADR			1,507				10/14/22				USD				55.52				USD				7,499				(14,184	)
Williams Cos., Inc.			469				10/14/22				USD				34.00				USD				1,343				(4,690	)
ARC Resources Ltd.			660				10/21/22				CAD				21.00				CAD				1,095				(3,345	)
Canadian Natural Resources Ltd.			247				10/21/22				CAD				74.50				CAD				1,588				(3,308	)
Cenovus Energy, Inc.			1,196				10/21/22				CAD				26.00				CAD				2,538				(6,061	)
Cheniere Energy, Inc.			60				10/21/22				USD				175.00				USD				995				(24,300	)
Chevron Corp.			80				10/21/22				USD				165.00				USD				1,149				(2,200	)
Darling Ingredients, Inc.			20				10/21/22				USD				85.00				USD				132				(1,500	)
Enbridge, Inc.			577				10/21/22				CAD				56.00				CAD				2,955				(2,715	)
EOG Resources, Inc.			143				10/21/22				USD				125.70				USD				1,598				(13,943	)
Exxon Mobil Corp.			573				10/21/22				USD				94.00				USD				5,003				(56,727	)
Hess Corp.			172				10/21/22				USD				120.00				USD				1,875				(29,670	)
Kosmos Energy Ltd.			310				10/21/22				USD				7.50				USD				160				(1,550	)
Patterson-UTI Energy, Inc.			197				10/21/22				USD				17.00				USD				230				(2,955	)
Shell PLC, ADR			764				10/21/22				USD				55.00				USD				3,802				(21,010	)
Tourmaline Oil Corp.			210				10/21/22				CAD				78.00				CAD				1,508				(16,191	)
ConocoPhillips			450				10/28/22				USD				111.00				USD				4,605				(100,800	)
EOG Resources, Inc.			193				10/28/22				USD				120.50				USD				2,156				(49,697	)
EOG Resources, Inc.			153				10/28/22				USD				114.50				USD				1,709				(72,675	)
Exxon Mobil Corp.			573				10/28/22				USD				95.00				USD				5,003				(71,338	)
Hess Corp.			195				10/28/22				USD				115.00				USD				2,125				(78,975	)
Valero Energy Corp.			124				10/28/22				USD				113.00				USD				1,325				(46,500	)
Williams Cos., Inc.			664				10/28/22				USD				33.00				USD				1,901				(6,640	)
Kosmos Energy Ltd.			555				11/03/22				USD				7.00				USD				287				(5,407	)
Chevron Corp.			172				11/04/22				USD				155.00				USD				2,471				(46,096	)
Exxon Mobil Corp.			263				11/04/22				USD				94.00				USD				2,296				(49,970	)
Marathon Petroleum Corp.			179				11/04/22				USD				104.00				USD				1,778				(66,230	)
Valero Energy Corp.			137				11/04/22				USD				113.00				USD				1,464				(60,280	)
Williams Cos., Inc.			616				11/04/22				USD				31.00				USD				1,764				(27,720	)
ARC Resources Ltd.			462				11/18/22				CAD				20.50				CAD				766				(9,699	)
Canadian Natural Resources Ltd.			80				11/18/22				CAD				74.00				CAD				514				(5,965	)
Canadian Natural Resources Ltd.			284				11/18/22				CAD				76.50				CAD				1,826				(13,467	)
Cenovus Energy, Inc.			468				11/18/22				CAD				26.00				CAD				993				(12,874	)
Cheniere Energy, Inc.			123				11/18/22				USD				166.00				USD				2,041				(141,242	)
Exxon Mobil Corp.			350				11/18/22				USD				100.00				USD				3,056				(37,275	)
Exxon Mobil Corp.			263				11/18/22				USD				95.00				USD				2,296				(56,939	)
Patterson-UTI Energy, Inc.			232				11/18/22				USD				17.00				USD				271				(17,400	)
Tourmaline Oil Corp.			310				11/18/22				CAD				80.00				CAD				2,225				(46,342	)
																										$	(1,314,401	)

OTC Options Written

Description		Counterparty		Number of Contracts				Expiration Date				Exercise Price								Notional Amount (000)								Value
Call
Eni SpA		Goldman Sachs International			46,200				10/04/22				EUR				11.67				EUR				504			$	(235	)
Tenaris SA		JPMorgan Chase Bank N.A.			68,500				10/04/22				EUR				13.79				EUR				909				(5,351	)
Statoil ASA		Morgan Stanley & Co. International PLC			7,500				10/06/22				NOK				373.99				NOK				2,686				(2,600	)
Canadian Natural Resources Ltd.		Morgan Stanley & Co. International PLC			8,400				10/12/22				CAD				72.24				CAD				540				(784	)
Santos Ltd.		Morgan Stanley & Co. International PLC			169,000				10/12/22				AUD				7.38				AUD				1,198				(16,714	)
Total SA		JPMorgan Chase Bank N.A.			33,300				10/14/22				EUR				53.38				EUR				1,608				(4,647	)
Total SA		JPMorgan Chase Bank N.A.			75,000				10/18/22				EUR				51.79				EUR				3,621				(20,663	)

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) September 30, 2022 BlackRock Energy and Resources Trust (BGR)

OTC Options Written (continued)

Description		Counterparty		Number of Contracts				Expiration Date				Exercise Price								Notional Amount (000)								Value
Call (continued)
Total SA		Merrill Lynch International			26,900				10/18/22				EUR				51.52				EUR				1,299			$	(12,241	)
Statoil ASA		Morgan Stanley & Co. International PLC			46,000				10/20/22				NOK				416.27				NOK				16,473				(6,876	)
Darling Ingredients, Inc.		Citibank N.A.			7,400				10/27/22				USD				79.06				USD				490				(1,946	)
Eni SpA		Royal Bank of Canada			91,900				11/04/22				EUR				12.28				EUR				1,003				(7,702	)
Santos Ltd.		UBS AG			166,800				11/04/22				AUD				8.00				AUD				1,183				(10,182	)
BP PLC, ADR		Credit Suisse International			619,300				11/08/22				GBP				4.67				GBP				2,682				(65,399	)
BP PLC, ADR		Goldman Sachs International			642,000				11/15/22				GBP				4.51				GBP				2,781				(99,647	)
Tenaris SA		Merrill Lynch International			34,200				11/15/22				EUR				13.67				EUR				454				(21,793	)
Total SA		Morgan Stanley & Co. International PLC			18,100				11/15/22				EUR				49.68				EUR				874				(31,308	)
Santos Ltd.		Morgan Stanley & Co. International PLC			42,200				11/17/22				AUD				7.25				AUD				299				(10,983	)
																												$	(319,071	)

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 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 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		$	1,320,424			$	3,494,842			$	—			$	4,815,266
Food Products			1,648,723				—				—				1,648,723
Metals & Mining			—				2,477,213				—				2,477,213
Oil, Gas & Consumable Fuels			278,927,699				47,789,609				146				326,717,454
Short-Term Securities
Money Market Funds			6,564,243				—				—				6,564,243
		$	288,461,089			$	53,761,664			$	146			$	342,222,899
Derivative Financial Instruments(a)
Liabilities
Equity Contracts		$	(1,148,775	)		$	(484,697	)		$	—			$	(1,633,472	)

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

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Schedule of Investments (unaudited)  (continued) September 30, 2022 BlackRock Energy and Resources Trust (BGR)

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

S C H E D U L E   O F   I N V E S T M E N T S 4