BlackRock Energy and Resources Trust (BGR) NPORT-P BlackRock Energy & Resources Trust (Mar 2022 report)

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	)

1

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	)

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, 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

3

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

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