BlackRock Energy and Resources Trust (BGR) NPORT-P BlackRock Energy and Resources Trust (Sep 2020 report)

Schedule of Investments  (unaudited) September 30, 2020 BlackRock Energy and Resources Trust (BGR) (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Energy Equipment & Services(a) — 4.0%
Baker Hughes Co.		214,622	$	2,852,326
Schlumberger NV		335,317		5,217,533
				8,069,859
Oil, Gas & Consumable Fuels — 94.5%
Aker BP ASA		132,921		2,077,846
BP PLC		4,704,350		13,604,879
Cairn Energy PLC(b)		1,179,626		2,189,163
Canadian Natural Resources Ltd.		111,474		1,786,531
Chevron Corp.(a)		379,973		27,358,056
CNOOC Ltd.		3,159,000		3,038,573
Concho Resources, Inc.(a)		70,197		3,097,092
ConocoPhillips(a)		288,489		9,473,979
Enbridge, Inc.		165,100		4,823,244
EOG Resources, Inc.(a)		157,184		5,649,193
Exxon Mobil Corp.(a)(c)		120,661		4,142,292
Galp Energia SGPS SA		422,898		3,922,584
Hess Corp.(a)		141,550		5,793,642
Kinder Morgan, Inc.(a)		682,614		8,416,631
Kosmos Energy Ltd.		1,821,665		1,777,216
Lukoil PJSC, ADR		32,091		1,854,247
Lundin Energy AB		213,522		4,234,315
Marathon Petroleum Corp.(a)		169,138		4,962,509
Oil Search Ltd.		984,713		1,883,491
Petroleo Brasileiro SA, ADR(a)		500,251		3,561,787
Pioneer Natural Resources Co.(a)		72,358		6,222,064
Royal Dutch Shell PLC, Class A, ADR(a)		700,803		17,639,212
Santos Ltd.		755,530		2,671,389
Suncor Energy, Inc.		567,269		6,927,110
TC Energy Corp.		226,316		9,501,006
Total SA		570,080		19,578,003

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Valero Energy Corp.(a)		108,422	$	4,696,841
Williams Cos., Inc.(a)		439,351		8,633,247
				189,516,142
Total Long-Term Investments — 98.5% (Cost: $291,883,738)				197,586,001
Short-Term Securities
Money Market Funds — 2.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.02%(d)(e)		4,806,251		4,806,251
Total Short-Term Securities — 2.4% (Cost: $4,806,251)				4,806,251
Total Investments Before Options Written — 100.9% (Cost: $296,689,989)				202,392,252
Options Written — (0.4)% (Premiums Received: $(2,512,561))				(836,856	)
Total Investments, Net of Options Written — 100.5% (Cost: $294,177,428)				201,555,396
Liabilities in Excess of Other Assets — (0.5)%			(909,235)
Net Assets — 100.0%			$	200,646,161

^(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)  Affiliate of the Trust.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/19		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/20		Shares Held at 09/30/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	12,745,390	$	—	$	(7,939,139	)(a)	$	—	$	—	$	4,806,251		4,806,251	$	41,063	$	—

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

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.

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		224		10/02/20	USD	43.00	USD	736	$	(672	)
Petroleo Brasileiro SA, ADR		242		10/02/20	USD	9.50	USD	172		(726	)
Pioneer Natural Resources Co.		28		10/02/20	USD	110.00	USD	241		(280	)
Royal Dutch Shell PLC, Class A, ADR		507		10/02/20	USD	31.50	USD	1,276		(17,745	)
Williams Cos., Inc.		485		10/02/20	USD	22.50	USD	953		(2,425	)

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) September 30, 2020 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)
Canadian Natural Resources Ltd.		300		10/09/20	CAD	24.50	CAD	640	$	(1,127	)
Concho Resources, Inc.		120		10/09/20	USD	53.50	USD	529		(1,800	)
ConocoPhillips		539		10/09/20	USD	39.00	USD	1,770		(1,078	)
Enbridge, Inc.		77		10/09/20	CAD	42.00	CAD	300		(289	)
EOG Resources, Inc.		309		10/09/20	USD	47.00	USD	1,111		(2,781	)
Hess Corp.		290		10/09/20	USD	49.00	USD	1,187		(2,610	)
Kinder Morgan, Inc.		642		10/09/20	USD	14.25	USD	792		(164	)
Marathon Petroleum Corp.		50		10/09/20	USD	37.50	USD	147		(650	)
Petroleo Brasileiro SA, ADR		854		10/09/20	USD	9.23	USD	608		(30	)
Pioneer Natural Resources Co.		58		10/09/20	USD	106.00	USD	499		(870	)
Royal Dutch Shell PLC, Class A, ADR		641		10/09/20	USD	29.00	USD	1,613		(3,205	)
Schlumberger NV		394		10/09/20	USD	21.00	USD	613		(1,576	)
Williams Cos., Inc.		241		10/09/20	USD	21.95	USD	474		(401	)
Baker Hughes Co.		392		10/16/20	USD	17.00	USD	521		(5,880	)
Canadian Natural Resources Ltd.		123		10/16/20	CAD	29.00	CAD	262		(277	)
Chevron Corp.		270		10/16/20	USD	92.50	USD	1,944		(1,620	)
ConocoPhillips		254		10/16/20	USD	41.00	USD	834		(4,826	)
Enbridge, Inc.		383		10/16/20	CAD	46.00	CAD	1,490		(575	)
Exxon Mobil Corp.		107		10/16/20	USD	45.00	USD	367		(268	)
Kinder Morgan, Inc.		641		10/16/20	USD	14.00	USD	790		(1,603	)
Marathon Petroleum Corp.		214		10/16/20	USD	40.00	USD	628		(1,391	)
Petroleo Brasileiro SA, ADR		76		10/16/20	USD	9.00	USD	54		(152	)
Pioneer Natural Resources Co.		13		10/16/20	USD	95.00	USD	112		(1,008	)
Schlumberger NV		430		10/16/20	USD	20.00	USD	669		(1,505	)
Suncor Energy, Inc.		1,654		10/16/20	CAD	23.00	CAD	2,689		(4,969	)
TC Energy Corp.		92		10/16/20	CAD	64.00	CAD	514		(138	)
TC Energy Corp.		149		10/16/20	CAD	66.00	CAD	833		(224	)
TC Energy Corp.		185		10/16/20	CAD	62.00	CAD	1,034		(695	)
Valero Energy Corp.		90		10/16/20	USD	50.00	USD	390		(1,305	)
Williams Cos., Inc.		241		10/16/20	USD	22.00	USD	474		(2,410	)
Chevron Corp.		127		10/23/20	USD	83.00	USD	914		(2,794	)
Chevron Corp.		30		10/23/20	USD	85.00	USD	216		(600	)
ConocoPhillips		16		10/23/20	USD	36.50	USD	53		(552	)
EOG Resources, Inc.		96		10/23/20	USD	43.50	USD	345		(1,680	)
Exxon Mobil Corp.		100		10/23/20	USD	39.00	USD	343		(1,450	)
Kinder Morgan, Inc.		331		10/23/20	USD	14.00	USD	408		(1,324	)
Marathon Petroleum Corp.		16		10/23/20	USD	36.00	USD	47		(264	)
Marathon Petroleum Corp.		40		10/23/20	USD	35.00	USD	117		(800	)
Pioneer Natural Resources Co.		177		10/23/20	USD	95.00	USD	1,522		(27,435	)
Royal Dutch Shell PLC, Class A, ADR		863		10/23/20	USD	28.00	USD	2,172		(19,417	)
Schlumberger NV		436		10/23/20	USD	19.50	USD	678		(2,834	)
Valero Energy Corp.		42		10/23/20	USD	51.50	USD	182		(1,302	)
Williams Cos., Inc.		532		10/23/20	USD	21.97	USD	1,045		(6,762	)
Chevron Corp.		281		10/30/20	USD	80.00	USD	2,023		(23,323	)
Concho Resources, Inc.		146		10/30/20	USD	46.00	USD	644		(27,375	)
EOG Resources, Inc.		192		10/30/20	USD	40.50	USD	690		(10,464	)
Exxon Mobil Corp.		110		10/30/20	USD	37.00	USD	378		(6,985	)
Hess Corp.		247		10/30/20	USD	42.50	USD	1,011		(42,237	)
Kinder Morgan, Inc.		330		10/30/20	USD	13.50	USD	407		(4,290	)
Marathon Petroleum Corp.		214		10/30/20	USD	34.50	USD	628		(13,268	)
Royal Dutch Shell PLC, Class A, ADR		675		10/30/20	USD	28.00	USD	1,699		(23,625	)
Valero Energy Corp.		165		10/30/20	USD	50.00	USD	715		(9,735	)
Williams Cos., Inc.		93		10/30/20	USD	20.86	USD	183		(4,011	)
Chevron Corp.		263		11/06/20	USD	75.50	USD	1,894		(64,829	)
Exxon Mobil Corp.		136		11/06/20	USD	37.00	USD	467		(11,764	)
Kinder Morgan, Inc.		324		11/06/20	USD	12.68	USD	399		(11,455	)
Marathon Petroleum Corp.		108		11/06/20	USD	31.00	USD	317		(17,226	)
Petroleo Brasileiro SA, ADR		329		11/06/20	USD	8.00	USD	234		(6,087	)
Valero Energy Corp.		110		11/06/20	USD	47.50	USD	477		(16,280	)
Kinder Morgan, Inc.		324		11/13/20	USD	12.68	USD	400		(13,038	)
Baker Hughes Co.		448		11/20/20	USD	17.00	USD	595		(6,720	)
Chevron Corp.		205		11/20/20	USD	92.50	USD	1,476		(4,818	)

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Schedule of Investments  (unaudited) (continued) September 30, 2020 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)
Chevron Corp.		267		11/20/20	USD	80.00	USD	1,922	$	(38,047	)
ConocoPhillips		86		11/20/20	USD	36.00	USD	282		(9,675	)
Enbridge, Inc.		162		11/20/20	CAD	42.00	CAD	630		(3,467	)
Petroleo Brasileiro SA, ADR		328		11/20/20	USD	8.00	USD	234		(8,036	)
Suncor Energy, Inc.		490		11/20/20	CAD	20.00	CAD	797		(7,176	)
TC Energy Corp.		434		11/20/20	CAD	60.00	CAD	2,426		(18,415	)
Williams Cos., Inc.		117		11/20/20	USD	22.00	USD	230		(3,744	)
									$	(540,579	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
Total SA	Morgan Stanley & Co. International PLC	15,600			10/07/20		EUR	33.11		EUR	457	$	(3	)
BP PLC	Goldman Sachs International	673,000			10/15/20		GBP	2.78		GBP	1,508		(1,363	)
Galp Energia SGPS SA	Goldman Sachs International	96,000			10/20/20		EUR	9.19		EUR	759		(107	)
Lundin Energy AB	Credit Suisse International	22,400			10/20/20		SEK	215.36		SEK	3,978		(1,092	)
Total SA	Credit Suisse International	52,700			10/20/20		EUR	34.32		EUR	1,544		(3,682	)
Aker BP ASA	Morgan Stanley & Co. International PLC	26,500			10/21/20		NOK	165.11		NOK	3,864		(1,321	)
CNOOC Ltd.	Goldman Sachs International	380,000			10/21/20		HKD	8.42		HKD	2,833		(928	)
BP PLC	Barclays Bank PLC	373,100			10/22/20		GBP	2.78		GBP	836		(669	)
BP PLC	Credit Suisse International	596,500			11/04/20		GBP	2.53		GBP	1,337		(20,187	)
Galp Energia SGPS SA	Morgan Stanley & Co. International PLC	62,100			11/04/20		EUR	8.86		EUR	491		(3,568	)
Santos Ltd.	JPMorgan Chase Bank N.A.	41,400			11/04/20		AUD	5.27		AUD	204		(2,798	)
Total SA	Credit Suisse International	75,800			11/04/20		EUR	30.94		EUR	2,220		(61,274	)
CNOOC Ltd.	JPMorgan Chase Bank N.A.	800,000			11/06/20		HKD	8.32		HKD	5,964		(6,857	)
Lukoil PJSC, ADR	Barclays Bank PLC		4,800		11/06/20		USD	66.53		USD	277		(1,944	)
Lukoil PJSC, ADR	Morgan Stanley & Co. International PLC		2,000		11/06/20		USD	59.74		USD	116		(3,800	)
Oil Search Ltd.	JPMorgan Chase Bank N.A.	239,000			11/06/20		AUD	2.92		AUD	638		(6,692	)
Total SA	Goldman Sachs International	20,400			11/06/20		EUR	32.80		EUR	598		(7,899	)
Aker BP ASA	Barclays Bank PLC	21,800			11/10/20		NOK	151.52		NOK	3,179		(10,009	)
Lukoil PJSC, ADR	Barclays Bank PLC		5,100		11/10/20		USD	59.14		USD	295		(11,370	)
Total SA	Credit Suisse International	49,400			11/10/20		EUR	29.30		EUR	1,447		(76,226	)
BP PLC	Morgan Stanley & Co. International PLC	139,500			11/12/20		GBP	2.36		GBP	313		(13,263	)
Lundin Energy AB	Credit Suisse International	35,000			11/12/20		SEK	193.07		SEK	6,216		(8,803	)
Lundin Energy AB	Credit Suisse International	22,000			11/12/20		SEK	183.77		SEK	3,907		(13,197	)
Santos Ltd.	Morgan Stanley & Co. International PLC	245,700			11/18/20		AUD	5.08		AUD	1,213		(29,512	)
Oil Search Ltd.	Morgan Stanley & Co. International PLC	135,200			11/19/20		AUD	2.79		AUD	361		(9,713	)
												$	(296,277	)

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)

• 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

SCHEDULES OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Energy and Resources Trust (BGR)

Fair Value Hierarchy as of Period End (continued)

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 tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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	$	8,069,859		$	—		$	—	$	8,069,859
Oil, Gas & Consumable Fuels		134,461,652			55,054,490			—		189,516,142
Short-Term Securities
Money Market Funds		4,806,251			—			—		4,806,251
	$	147,337,762		$	55,054,490		$	—	$	202,392,252
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(504,718	)	$	(332,138	)	$	—	$	(836,856	)

^(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
HKD	Hong Kong Dollar
NOK	Norwegian Krone
SEK	Swedish Krona
USD	United States Dollar

Portfolio Abbreviation
ADR	American Depositary Receipt
OTC	Over-the-Counter
PJSC	Public Joint Stock Company

4