NPORT-EX 2 NPORT_LCXA_88672107_0323.htm BlackRock Energy and Resources Trust

Schedule of Investments (unaudited) 

March 31, 2023

   

BlackRock Energy and Resources Trust (BGR)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

    

Energy Equipment & Services — 4.0%

    

Patterson-UTI Energy, Inc.(a)

    162,700     $ 1,903,590  

Schlumberger NV(a)

    203,050       9,969,755  

Tenaris SA

     249,500       3,535,212  
   

 

 

  
        15,408,557  

Food Products — 0.4%

    

Darling Ingredients, Inc.(a)(b)

    29,524       1,724,202  
   

 

 

  

Oil, Gas & Consumable Fuels — 95.6%

    

ARC Resources Ltd.

     347,980       3,947,121  

BP PLC

     3,968,650       25,083,927  

Canadian Natural Resources Ltd.

     303,659       16,804,037  

Cenovus Energy, Inc.

     595,906       10,396,939  

Cheniere Energy, Inc.(a)

    69,100       10,890,160  

Chevron Corp.(a)

    110,870       18,089,549  

ConocoPhillips(a)

    244,443       24,251,152  

Diamondback Energy, Inc.(a)

    52,650       7,116,700  

Eni SpA

     532,750       7,429,925  

EOG Resources, Inc.(a)

    137,629       15,776,412  

Exxon Mobil Corp.(a)(c)

    655,695       71,903,514  

Galp Energia SGPS SA

     138,501       1,567,176  

Gazprom PJSC(d)

    879,200       113  

Hess Corp.(a)

    97,840       12,948,146  

Kinder Morgan, Inc.(a)

    558,000       9,770,580  

Kosmos Energy Ltd.(a)(b)

    421,634       3,136,957  

Marathon Petroleum Corp.(a)

    93,975       12,670,649  

Ovintiv, Inc.(a)

    54,400       1,962,752  

Santos Ltd.

     937,636       4,315,374  

Shell PLC, ADR(a)

    714,622       41,119,350  

TC Energy Corp.

     144,150       5,607,078  

TotalEnergies SE

     465,948       27,474,005  

Tourmaline Oil Corp.

     131,533       5,481,272  
Security   Shares      Value  

Oil, Gas & Consumable Fuels (continued)

 

   

Valero Energy Corp.(a)

    98,574      $ 13,760,930  

Williams Cos., Inc.(a)

    475,182        14,188,935  
    

 

 

  
       365,692,753  
    

 

 

  

Total Long-Term Investments — 100.0%
(Cost: $268,413,184)

 

      382,825,512  
    

 

 

  

Short-Term Securities

 

   

Money Market Funds — 0.9%

     

BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.70%(e)(f)

    3,449,285        3,449,285  
    

 

 

  

Total Short-Term Securities — 0.9%
(Cost: $3,449,285)

 

      3,449,285  
    

 

 

  

Total Investments Before Options Written — 100.9%
(Cost: $271,862,469)

 

      386,274,797  
    

 

 

  

Options Written — (0.8)%
(Premiums Received: $(3,363,636))

 

      (3,046,708 ) 
    

 

 

  

Total Investments, Net of Options Written — 100.1%
(Cost: $268,498,833)

 

      383,228,089  

Liabilities in Excess of Other Assets — (0.1)%

 

      (515,521 ) 
    

 

 

  

Net Assets — 100.0%

      $ 382,712,568  
    

 

 

  

 

(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
12/31/22		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
03/31/23		     Shares
Held at
03/31/23		     Income     Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

   $  7,695,475     $  —     $ (4,246,190 )(a)    $  —     $  —     $  3,449,285       3,449,285     $  81,006     $  —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (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

               

ConocoPhillips

      218        04/06/23      USD    111.00      USD    2,163      $           (872)  

EOG Resources, Inc.

      112        04/06/23      USD  117.00      USD  1,284        (8,680)  

Exxon Mobil Corp.

      387        04/06/23      USD  116.00      USD  4,244        (1,742)  

Kinder Morgan, Inc.

      483        04/06/23      USD  18.00      USD  846        (1,208)  

 

1  

Schedule of Investments (unaudited) (continued)

March 31, 2023

    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)

               

Schlumberger Ltd.

      135        04/06/23      USD  58.00      USD  663      $ (540 ) 

Cheniere Energy, Inc.

      57        04/14/23      USD    160.00      USD  898        (13,537 ) 

Exxon Mobil Corp.

      308        04/14/23      USD  110.00      USD    3,378        (62,832 ) 

Hess Corp.

      103        04/14/23      USD  141.00      USD  1,363        (7,983 ) 

Kinder Morgan, Inc.

      640        04/14/23      USD  17.50      USD  1,121        (17,280 ) 

Shell PLC, ADR

      419        04/14/23      USD  63.00      USD  2,411        (6,285 ) 

Shell PLC, ADR

      118        04/14/23      USD  58.00      USD  679        (10,915 ) 

Valero Energy Corp.

      73        04/14/23      USD  140.00      USD  1,019        (25,915 ) 

Williams Cos., Inc.

      471        04/14/23      USD  31.00      USD  1,406        (4,710 ) 

ARC Resources Ltd.

      480        04/21/23      CAD  17.00      CAD  736        (1,598 ) 

Cenovus Energy, Inc.

      295        04/21/23      CAD  26.00      CAD  696        (2,619 ) 

Chevron Corp.

      364        04/21/23      USD  162.50      USD  5,939        (153,790 ) 

ConocoPhillips

      158        04/21/23      USD  105.00      USD  1,568        (14,852 ) 

Darling Ingredients, Inc.

      22        04/21/23      USD  70.00      USD  128        (220 ) 

Diamondback Energy, Inc.

      85        04/21/23      USD  137.85      USD  1,149        (25,712 ) 

Diamondback Energy, Inc.

      41        04/21/23      USD  152.85      USD  554        (820 ) 

Diamondback Energy, Inc.

      45        04/21/23      USD  127.85      USD  608        (42,075 ) 

EOG Resources, Inc.

      118        04/21/23      USD  124.00      USD  1,353        (6,195 ) 

Exxon Mobil Corp.

      106        04/21/23      USD  115.00      USD  1,162        (8,056 ) 

Hess Corp.

      168        04/21/23      USD  135.00      USD  2,223        (56,280 ) 

Kosmos Energy Ltd.

      774        04/21/23      USD  7.50      USD  576        (25,155 ) 

Kosmos Energy Ltd.

      40        04/21/23      USD  9.00      USD  30        (200 ) 

Marathon Petroleum Corp.

      177        04/21/23      USD  130.00      USD  2,386        (131,422 ) 

Ovintiv, Inc.

      177        04/21/23      USD  50.00      USD  639        (1,770 ) 

Patterson-UTI Energy, Inc.

      260        04/21/23      USD  16.00      USD  304        (9,100 ) 

Patterson-UTI Energy, Inc.

      65        04/21/23      USD  13.00      USD  76        (813 ) 

Schlumberger Ltd.

      234        04/21/23      USD  55.00      USD  1,149        (6,435 ) 

Shell PLC, ADR

      614        04/21/23      USD  60.00      USD  3,533        (30,700 ) 

Tourmaline Oil Corp.

      124        04/21/23      CAD  63.75      CAD  698        (734 ) 

Valero Energy Corp.

      137        04/21/23      USD  138.00      USD  1,913        (77,747 ) 

Cheniere Energy, Inc.

      47        04/28/23      USD  157.50      USD  741        (25,850 ) 

EOG Resources, Inc.

      199        04/28/23      USD  113.00      USD  2,281        (93,530 ) 

Exxon Mobil Corp.

      308        04/28/23      USD  110.00      USD  3,378        (103,180 ) 

Hess Corp.

      51        04/28/23      USD  135.00      USD  675        (22,695 ) 

Kinder Morgan, Inc.

      230        04/28/23      USD  17.00      USD  403        (17,940 ) 

Marathon Petroleum Corp.

      132        04/28/23      USD  127.00      USD  1,780        (136,620 ) 

Shell PLC, ADR

      420        04/28/23      USD  63.00      USD  2,417        (6,300 ) 

Shell PLC, ADR

      118        04/28/23      USD  58.00      USD  679        (17,700 ) 

Valero Energy Corp.

      115        04/28/23      USD  142.00      USD  1,605        (54,050 ) 

Williams Cos., Inc.

      543        04/28/23      USD  30.00      USD  1,621        (39,367 ) 

Kosmos Energy Ltd.

      560        05/04/23      USD  6.25      USD  417        (75,559 ) 

ConocoPhillips

      438        05/05/23      USD  103.00      USD  4,345        (118,917 ) 

Schlumberger Ltd.

      146        05/05/23      USD  51.00      USD  717        (24,309 ) 

Shell PLC, ADR

      728        05/05/23      USD  56.00      USD  4,189        (223,860 ) 

Williams Cos., Inc.

      515        05/05/23      USD  30.00      USD  1,538        (47,637 ) 

Kinder Morgan, Inc.

      488        05/12/23      USD  18.00      USD  854        (12,200 ) 

ARC Resources Ltd.

      515        05/19/23      CAD  16.00      CAD  789        (21,149 ) 

Canadian Natural Resources Ltd.

      76        05/19/23      CAD  80.00      CAD  568        (8,210 ) 

Canadian Natural Resources Ltd.

      184        05/19/23      CAD  72.00      CAD  1,376        (72,838 ) 

Cenovus Energy, Inc.

      1,429        05/19/23      CAD  26.00      CAD  3,370        (61,855 ) 

Cheniere Energy, Inc.

      124        05/19/23      USD  165.00      USD  1,954        (54,560 ) 

Darling Ingredients, Inc.

      74        05/19/23      USD  64.00      USD  432        (7,826 ) 

Exxon Mobil Corp.

      1,039        05/19/23      USD  110.00      USD  11,394        (449,367 ) 

Patterson-UTI Energy, Inc.

      251        05/19/23      USD  15.00      USD  294        (3,138 ) 

Patterson-UTI Energy, Inc.

      74        05/19/23      USD  13.00      USD  87        (3,515 ) 

Schlumberger Ltd.

      153        05/19/23      USD  50.00      USD  751        (38,862 ) 

TC Energy Corp.

      238        05/19/23      CAD  54.00      CAD  1,251        (18,667 ) 

Tourmaline Oil Corp.

      304        05/19/23      CAD  58.00      CAD  1,712        (49,598 ) 

Canadian Natural Resources Ltd.

      739        06/16/23      CAD  73.50      CAD  5,527        (284,336 ) 

TC Energy Corp.

      238        06/16/23      CAD  54.00      CAD  1,251        (26,415 ) 
              

 

 

  
               $ (2,878,842 ) 
              

 

 

  

 

 

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)

March 31, 2023

    BlackRock Energy and Resources Trust (BGR)

 

OTC Options Written

 

Description    Counterparty    Number of
Contracts		      Expiration
Date		      Exercise Price     

Notional

Amount (000)

      Value  

Call

                  

Eni SpA

    Morgan Stanley & Co. International PLC      127,700        04/04/23      EUR  15.27      EUR  1,648      $ —  

Santos Ltd.

    JPMorgan Chase Bank N.A.      36,500        04/04/23      AUD  7.28      AUD  252        (58 ) 

TotalEnergies SE

    Morgan Stanley & Co. International PLC      111,500        04/05/23      EUR  60.20      EUR  6,061        —  

Tenaris SA

    Morgan Stanley & Co. International PLC      70,200        04/11/23      EUR  17.13      EUR  920        —  

BP PLC

    Goldman Sachs International      618,600        04/12/23      GBP  5.53      GBP  3,160        (2,648 ) 

Santos Ltd.

    Morgan Stanley & Co. International PLC      148,600        04/13/23      AUD  7.10      AUD  1,025        (6,913 ) 

TotalEnergies SE

    Goldman Sachs International      36,500        04/13/23      EUR  60.40      EUR  1,984        (175 ) 

Santos Ltd.

    Goldman Sachs International      132,400        04/27/23      AUD  6.99      AUD  914        (15,711 ) 

Eni SpA

    Goldman Sachs International      47,700        05/09/23      EUR  12.97      EUR  616        (19,416 ) 

BP PLC

    Morgan Stanley & Co. International PLC      691,000        05/16/23      GBP  5.23      GBP  3,530        (115,017 ) 

Tenaris SA

    UBS AG      12,000        05/16/23      EUR  14.08      EUR  157        (4,940 ) 

TotalEnergies SE

    Morgan Stanley & Co. International PLC      1,300        05/16/23      EUR  54.32      EUR  71        (2,988 ) 
                 

 

 

  
                  $ (167,866 ) 
                 

 

 

  

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

    $ 11,873,345      $ 3,535,212      $ —      $ 15,408,557  

Food Products

      1,724,202        —        —        1,724,202  

Oil, Gas & Consumable Fuels

      299,822,233        65,870,407        113        365,692,753  

Short-Term Securities

            

Money Market Funds

      3,449,285        —        —        3,449,285  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 316,869,065      $  69,405,619      $  113      $  386,274,797  
  

 

 

     

 

 

     

 

 

     

 

 

  

Derivative Financial Instruments(a)

           

Liabilities

            

Equity Contracts

    $ (2,795,457 )     $ (251,251 )     $ —      $ (3,046,708 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Derivative financial instruments are options written. Options written are shown at value.

 

 

3  

Schedule of Investments (unaudited) (continued)

March 31, 2023

    BlackRock Energy and Resources Trust (BGR)

 

Currency Abbreviation

 

AUD

  

Australian Dollar

CAD

  

Canadian Dollar

EUR

  

Euro

GBP

  

British Pound

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