NPORT-EX 2 NPORT_LCXA_53655832_0924.htm EDGAR HTML
Schedule of Investments (unaudited)
September 30, 2024
BlackRock Energy and Resources Trust (BGR)
(Percentages shown are based on Net Assets)

 
Security
 
 
Shares
Value
Common Stocks
Energy Equipment & Services — 3.9%
Saipem SpA(a)
 
2,501,949
$ 5,528,539
TechnipFMC PLC
 
235,052
6,165,414
Tenaris SA
 
203,250
3,225,960
 
 
14,919,913
Oil, Gas & Consumable Fuels — 94.6%
ARC Resources Ltd.
 
298,218
5,040,676
Cameco Corp.
 
111,150
5,309,920
Canadian Natural Resources Ltd.
 
466,961
15,506,095
Cheniere Energy, Inc.
 
73,954
13,299,887
Chevron Corp.(b)
 
106,072
15,621,224
ConocoPhillips(c)
 
230,538
24,271,001
Diamondback Energy, Inc.
 
53,367
9,200,471
Eni SpA
 
570,886
8,687,475
EOG Resources, Inc.
 
120,750
14,843,798
Exxon Mobil Corp.(b)(c)
 
676,544
79,304,488
Gazprom PJSC(a)(d)
 
879,200
95
Gaztransport Et Technigaz SA
 
27,300
3,860,140
Hess Corp.
 
79,723
10,826,383
Keyera Corp.
 
193,700
6,039,653
Kosmos Energy Ltd.(a)
 
348,784
1,405,600
Marathon Petroleum Corp.
 
73,965
12,049,638
Neste OYJ
 
254,950
4,953,183
Pembina Pipeline Corp.
 
307,455
12,673,752
Permian Resources Corp., Class A
 
556,190
7,569,746
Shell PLC, ADR
 
611,349
40,318,467
Targa Resources Corp.
 
95,220
14,093,512
TC Energy Corp.
 
147,129
6,993,917
TotalEnergies SE
 
437,994
28,441,262
Tourmaline Oil Corp.
 
116,989
5,433,161
Williams Cos., Inc.
 
343,539
15,682,555
 
 
361,426,099
Total Long-Term Investments — 98.5%
(Cost: $254,308,341)
376,346,012
Security
 
 
Shares
Value
Short-Term Securities
Money Market Funds — 3.0%
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.83%(e)(f)
 
11,541,215
$  11,541,215
Total Short-Term Securities — 3.0%
(Cost: $11,541,215)
11,541,215
Total Investments Before Options Written — 101.5%
(Cost: $265,849,556)
387,887,227
Options Written — (0.6)%
(Premiums Received: $(2,718,768))
(2,260,752
)
Total Investments, Net of Options Written — 100.9%
(Cost: $263,130,788)
385,626,475
Liabilities in Excess of Other Assets — (0.9)%
(3,471,381
)
Net Assets — 100.0%
$ 382,155,094
 
(a)
Non-income producing security.
(b)
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
(c)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(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 purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/23
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/24
Shares
Held at
09/30/24
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ 3,612,320
$ 7,928,895
(a)
$ —
$ —
$ —
$ 11,541,215
11,541,215
$ 267,873
$ —
 
(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
211
10/04/24
USD
115.00
USD
2,221
$ (2,532
)
Exxon Mobil Corp.
233
10/04/24
USD
119.00
USD
2,731
(12,582
)
Shell PLC, ADR
455
10/04/24
USD
74.00
USD
3,001
(34,125
)
Schedule of Investments
1
Schedule of Investments (unaudited)(continued)
September 30, 2024
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)
 
 
Cheniere Energy, Inc.
73
10/11/24
USD
185.00
USD
1,313
$ (5,658
)
Shell PLC, ADR
170
10/11/24
USD
71.00
USD
1,121
(1,700
)
Shell PLC, ADR
29
10/11/24
USD
70.00
USD
191
(363
)
ARC Resources Ltd.
489
10/18/24
CAD
26.00
CAD
1,118
(1,446
)
Cameco Corp.
181
10/18/24
CAD
58.00
CAD
1,169
(95,020
)
Canadian Natural Resources Ltd.
152
10/18/24
CAD
52.00
CAD
683
(674
)
Chevron Corp.
123
10/18/24
USD
155.00
USD
1,811
(6,335
)
ConocoPhillips
355
10/18/24
USD
115.00
USD
3,737
(7,278
)
EOG Resources, Inc.
91
10/18/24
USD
125.00
USD
1,119
(14,560
)
Exxon Mobil Corp.
332
10/18/24
USD
120.00
USD
3,892
(38,346
)
Marathon Petroleum Corp.
136
10/18/24
USD
170.00
USD
2,216
(24,480
)
Permian Resources Corp., Class A
847
10/18/24
USD
16.00
USD
1,153
(4,235
)
Shell PLC, ADR
267
10/18/24
USD
72.50
USD
1,761
(2,670
)
Targa Resources Corp.
150
10/18/24
USD
155.00
USD
2,220
(18,000
)
TechnipFMC PLC
435
10/18/24
USD
29.00
USD
1,141
(5,438
)
Tourmaline Oil Corp.
190
10/18/24
CAD
61.00
CAD
1,193
(35,543
)
Williams Cos., Inc.
441
10/18/24
USD
46.00
USD
2,013
(29,767
)
Cheniere Energy, Inc.
84
10/25/24
USD
185.00
USD
1,511
(15,120
)
Chevron Corp.
132
10/25/24
USD
145.00
USD
1,944
(65,340
)
Diamondback Energy, Inc.
42
10/25/24
USD
180.00
USD
724
(10,500
)
EOG Resources, Inc.
91
10/25/24
USD
124.00
USD
1,119
(21,612
)
Exxon Mobil Corp.
820
10/25/24
USD
118.00
USD
9,612
(202,540
)
Marathon Petroleum Corp.
102
10/25/24
USD
170.00
USD
1,662
(25,398
)
Shell PLC, ADR
500
10/25/24
USD
69.00
USD
3,298
(20,000
)
Williams Cos., Inc.
479
10/25/24
USD
46.00
USD
2,187
(52,690
)
Cheniere Energy, Inc.
83
11/01/24
USD
185.00
USD
1,493
(21,995
)
Chevron Corp.
166
11/01/24
USD
150.00
USD
2,445
(50,215
)
ConocoPhillips
185
11/01/24
USD
106.00
USD
1,948
(61,050
)
EOG Resources, Inc.
186
11/01/24
USD
128.00
USD
2,286
(22,785
)
Exxon Mobil Corp.
426
11/01/24
USD
119.00
USD
4,994
(110,334
)
Hess Corp.
191
11/01/24
USD
136.00
USD
2,594
(84,040
)
Shell PLC, ADR
275
11/01/24
USD
70.00
USD
1,814
(12,375
)
Diamondback Energy, Inc.
131
11/08/24
USD
180.00
USD
2,258
(55,675
)
ARC Resources Ltd.
482
11/15/24
CAD
24.00
CAD
1,102
(17,641
)
Cameco Corp.
181
11/15/24
CAD
64.00
CAD
1,169
(59,889
)
Canadian Natural Resources Ltd.
1,369
11/15/24
CAD
46.00
CAD
6,148
(129,566
)
Exxon Mobil Corp.
421
11/15/24
USD
120.00
USD
4,935
(123,984
)
Hess Corp.
68
11/15/24
USD
140.00
USD
923
(22,780
)
Permian Resources Corp., Class A
964
11/15/24
USD
14.24
USD
1,312
(45,587
)
Shell PLC, ADR
274
11/15/24
USD
72.50
USD
1,807
(9,590
)
TechnipFMC PLC
330
11/15/24
USD
26.17
USD
866
(46,046
)
Tourmaline Oil Corp.
190
11/15/24
CAD
61.50
CAD
1,193
(44,253
)
Williams Cos., Inc.
14
11/15/24
USD
46.00
USD
64
(2,030
)
Pembina Pipeline Corp.
886
12/20/24
CAD
56.00
CAD
4,939
(91,715
)
 
 
 
$ (1,765,502
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
TotalEnergies SE
UBS AG
4,600
10/01/24
EUR
63.37
EUR
268
$ —
Eni SpA
Bank of America N.A.
93,200
10/02/24
EUR
14.43
EUR
1,274
—
Gaztransport Et Technigaz SA
Citibank N.A.
5,100
10/03/24
EUR
138.52
EUR
648
—
Saipem SpA
Goldman Sachs International
560,000
10/08/24
EUR
2.05
EUR
1,112
(11,563
)
Neste OYJ
Morgan Stanley & Co. International PLC
41,500
10/10/24
EUR
20.24
EUR
724
(94
)
TotalEnergies SE
Goldman Sachs International
49,700
10/10/24
EUR
62.54
EUR
2,899
(2,857
)
TC Energy Corp.
Morgan Stanley & Co. International PLC
30,700
10/11/24
CAD
60.19
CAD
1,974
(98,358
)
Targa Resources Corp.
JPMorgan Chase Bank N.A.
14,200
10/21/24
USD
142.85
USD
2,102
(92,235
)
TC Energy Corp.
Morgan Stanley & Co. International PLC
19,400
10/24/24
CAD
61.90
CAD
1,247
(44,087
)
2
Schedule of Investments (unaudited)(continued)
September 30, 2024
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)
 
 
 
 
 
Neste OYJ
Bank of America N.A.
41,500
10/30/24
EUR
20.43
EUR
724
$ (2,731
)
Eni SpA
Citibank N.A.
92,800
11/08/24
EUR
14.66
EUR
1,269
(10,491
)
Pembina Pipeline Corp.
Morgan Stanley & Co. International PLC
11,500
11/08/24
CAD
55.41
CAD
641
(10,724
)
TC Energy Corp.
Royal Bank of Canada
35,700
11/12/24
CAD
63.34
CAD
2,295
(58,876
)
Saipem SpA
Goldman Sachs International
239,400
11/14/24
EUR
2.01
EUR
475
(26,473
)
Tenaris SA
Citibank N.A.
66,300
11/14/24
EUR
14.42
EUR
945
(36,080
)
TotalEnergies SE
Bank of America N.A.
81,100
11/14/24
EUR
60.77
EUR
4,731
(100,681
)
 
 
 
 
 
 
$ (495,250
)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Trust has the ability to access for identical, unrestricted assets or liabilities;
• Level 2 – Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (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
$ 6,165,414
$ 8,754,499
$ —
$ 14,919,913
Oil, Gas & Consumable Fuels
315,483,944
45,942,060
95
361,426,099
Short-Term Securities 
Money Market Funds
11,541,215
—
—
11,541,215
 
$333,190,573
$54,696,559
$95
$387,887,227
Derivative Financial Instruments(a)
Equity Contracts
$ —
$ —
$ —
$ —
Liabilities 
Equity Contracts
(1,673,869
)
(586,883
)
—
(2,260,752
)
 
$(1,673,869
)
$(586,883
)
$—
$(2,260,752
)
 
(a)
Derivative financial instruments are options written. Options written are shown at value.
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2024
BlackRock Energy and Resources Trust (BGR)
 
 
Currency Abbreviation 
CAD
Canadian Dollar
EUR
Euro
USD
United States Dollar
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
PJSC
 Public Joint Stock Company
4