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September 30, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Energy and Resources Trust (BGR)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
September 30, 2025
BlackRock Energy and Resources Trust (BGR)
(Percentages shown are based on Net Assets)
 
Security
 
 
Shares
Value
Common Stocks
Consumer Staples Distribution & Retail — 0.9%
Alimentation Couche-Tard, Inc.
 
62,250
$ 3,321,163
Energy Equipment & Services — 2.6%
Subsea 7 SA
 
44,400
921,287
TechnipFMC PLC
 
197,249
7,781,473
Tecnicas Reunidas SA(a)
 
23,659
739,223
 
 
9,441,983
Oil, Gas & Consumable Fuels — 95.6%
California Resources Corp.
 
51,600
2,744,088
Cameco Corp.
 
57,499
4,825,669
Canadian Natural Resources Ltd.
 
392,379
12,546,429
Cheniere Energy, Inc.
 
56,142
13,192,247
Chevron Corp.(b)
 
225,911
35,081,746
ConocoPhillips(b)
 
131,555
12,443,752
EOG Resources, Inc.(b)
 
103,315
11,583,678
EQT Corp.
 
74,922
4,078,005
Exxon Mobil Corp.(b)
 
634,629
71,554,420
Galp Energia SGPS SA, Class B
 
198,800
3,767,211
Gazprom PJSC(a)(c)
 
879,200
106
Gaztransport Et Technigaz SA
 
25,379
4,712,899
HF Sinclair Corp.
 
67,900
3,553,886
Kinder Morgan, Inc.
 
445,184
12,603,159
Kosmos Energy Ltd.(a)
 
837,902
1,390,917
Pembina Pipeline Corp.
 
169,622
6,858,252
Permian Resources Corp., Class A
 
572,780
7,331,584
Repsol SA
 
253,100
4,500,682
Shell PLC, ADR
 
539,841
38,614,827
Suncor Energy, Inc.
 
265,970
11,130,339
Targa Resources Corp.
 
63,887
10,703,628
TC Energy Corp.
 
257,364
13,993,486
TotalEnergies SE
 
407,808
24,839,020
Security
 
 
Shares
Value
Oil, Gas & Consumable Fuels (continued)
Tourmaline Oil Corp.
 
84,251
$ 3,633,502
Valero Energy Corp.
 
74,034
12,605,029
Williams Cos., Inc.
 
251,318
15,920,995
 
 
344,209,556
Total Long-Term Investments — 99.1%
(Cost: $245,998,424)
356,972,702
Short-Term Securities
Money Market Funds — 2.3%
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.01%(d)(e)
 
8,260,715
8,260,715
Total Short-Term Securities — 2.3%
(Cost: $8,260,715)
8,260,715
Total Investments Before Options Written — 101.4%
(Cost: $254,259,139)
365,233,417
Options Written — (0.8)%
(Premiums Received: $(2,608,960))
(2,960,627
)
Total Investments, Net of Options Written — 100.6%
(Cost: $251,650,179)
362,272,790
Liabilities in Excess of Other Assets — (0.6)%
(2,212,330
)
Net Assets — 100.0%
$ 360,060,460
 
(a)
Non-income producing security.
(b)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(c)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(d)
Affiliate of the Trust.
(e)
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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
09/30/25
Shares
Held at
09/30/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ 7,583,996
$ 676,719
(a)
$ —
$ —
$ —
$ 8,260,715
8,260,715
$ 216,242
$ —
 
(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 
 
 
Alimentation Couche-Tard, Inc.
103
10/03/25
CAD
72.00
CAD
765
$ (16,985
)
Cheniere Energy, Inc.
103
10/03/25
USD
245.00
USD
2,420
(6,695
)
EOG Resources, Inc.
137
10/03/25
USD
125.00
USD
1,536
(29,455
)
Kinder Morgan, Inc.
685
10/03/25
USD
28.00
USD
1,939
(31,167
)
Suncor Energy, Inc.
615
10/03/25
CAD
58.00
CAD
3,582
(29,387
)
Tourmaline Oil Corp.
165
10/03/25
CAD
59.00
CAD
990
(15,116
)
2
Schedule of Investments (unaudited)(continued)
September 30, 2025
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.
52
10/10/25
USD
245.00
USD
1,222
$ (7,020
)
Shell PLC, ADR
172
10/10/25
USD
76.00
USD
1,230
(1,720
)
Williams Cos., Inc.
174
10/10/25
USD
59.00
USD
1,102
(73,080
)
Alimentation Couche-Tard, Inc.
102
10/17/25
CAD
76.00
CAD
757
(3,188
)
California Resources Corp.
59
10/17/25
USD
52.50
USD
314
(12,537
)
California Resources Corp.
111
10/17/25
USD
65.00
USD
590
(1,110
)
ConocoPhillips
142
10/17/25
USD
100.00
USD
1,343
(8,804
)
Exxon Mobil Corp.
644
10/17/25
USD
110.00
USD
7,261
(259,210
)
HF Sinclair Corp.
129
10/17/25
USD
55.00
USD
675
(7,418
)
Kinder Morgan, Inc.
746
10/17/25
USD
28.00
USD
2,112
(56,696
)
Permian Resources Corp., Class A
1,207
10/17/25
USD
15.00
USD
1,545
(6,035
)
Targa Resources Corp.
91
10/17/25
USD
180.00
USD
1,525
(10,692
)
TechnipFMC PLC
415
10/17/25
USD
36.00
USD
1,637
(153,550
)
TechnipFMC PLC
235
10/17/25
USD
42.00
USD
927
(7,638
)
Tourmaline Oil Corp.
85
10/17/25
CAD
59.30
CAD
510
(10,414
)
Williams Cos., Inc.
169
10/17/25
USD
60.00
USD
1,071
(64,220
)
Canadian Natural Resources Ltd.
517
10/24/25
CAD
45.00
CAD
2,301
(34,363
)
Cheniere Energy, Inc.
30
10/24/25
USD
240.00
USD
705
(13,350
)
Chevron Corp.
433
10/24/25
USD
157.50
USD
6,724
(111,064
)
ConocoPhillips
161
10/24/25
USD
95.00
USD
1,523
(43,550
)
EQT Corp.
64
10/24/25
USD
55.00
USD
348
(12,096
)
Exxon Mobil Corp.
328
10/24/25
USD
115.00
USD
3,698
(52,152
)
Pembina Pipeline Corp.
188
10/24/25
CAD
55.00
CAD
1,058
(24,383
)
Shell PLC, ADR
274
10/24/25
USD
74.00
USD
1,960
(15,755
)
Suncor Energy, Inc.
115
10/24/25
CAD
60.00
CAD
670
(4,793
)
Canadian Natural Resources Ltd.
355
10/31/25
CAD
45.00
CAD
1,580
(28,314
)
Canadian Natural Resources Ltd.
422
10/31/25
CAD
44.00
CAD
1,878
(49,881
)
ConocoPhillips
131
10/31/25
USD
101.00
USD
1,239
(12,576
)
EOG Resources, Inc.
101
10/31/25
USD
120.00
USD
1,132
(8,333
)
EOG Resources, Inc.
203
10/31/25
USD
123.00
USD
2,276
(8,628
)
EQT Corp.
183
10/31/25
USD
57.00
USD
996
(27,633
)
Exxon Mobil Corp.
2,126
10/31/25
USD
119.00
USD
23,971
(198,781
)
Kinder Morgan, Inc.
38
10/31/25
USD
29.00
USD
108
(1,881
)
Shell PLC, ADR
462
10/31/25
USD
73.00
USD
3,305
(56,595
)
Tourmaline Oil Corp.
85
10/31/25
CAD
64.00
CAD
510
(3,054
)
Valero Energy Corp.
124
10/31/25
USD
170.00
USD
2,111
(87,110
)
Permian Resources Corp., Class A
683
11/04/25
USD
14.00
USD
874
(14,424
)
Targa Resources Corp.
121
11/04/25
USD
175.00
USD
2,027
(41,928
)
Chevron Corp.
312
11/07/25
USD
162.50
USD
4,845
(66,144
)
EOG Resources, Inc.
36
11/07/25
USD
120.00
USD
404
(4,950
)
Suncor Energy, Inc.
147
11/07/25
CAD
60.00
CAD
856
(10,087
)
Williams Cos., Inc.
486
11/07/25
USD
63.00
USD
3,079
(119,071
)
Exxon Mobil Corp.
644
11/21/25
USD
110.00
USD
7,261
(359,030
)
 
 
 
$ (2,222,063
)
OTC Options Written 
Description
Counterparty
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
 
 
 
HF Sinclair Corp.
Morgan Stanley & Co. International PLC
13,000
10/07/25
USD
45.47
USD
680
$ (89,768
)
Galp Energia SGPS SA, Class B
Morgan Stanley & Co. International PLC
39,500
10/14/25
EUR
16.31
EUR
638
(13,037
)
Repsol SA
Barclays Bank PLC
44,200
10/14/25
EUR
14.61
EUR
669
(29,944
)
Galp Energia SGPS SA, Class B
Bank of America N.A.
39,500
10/22/25
EUR
16.08
EUR
638
(22,196
)
Pembina Pipeline Corp.
Goldman Sachs International
37,100
10/22/25
CAD
52.25
CAD
2,088
(120,071
)
Repsol SA
UBS AG
44,100
10/22/25
EUR
14.69
EUR
668
(30,487
)
TC Energy Corp.
Morgan Stanley & Co. International PLC
46,400
10/22/25
CAD
71.88
CAD
3,511
(149,019
)
TC Energy Corp.
Royal Bank of Canada
21,250
10/22/25
CAD
71.50
CAD
1,608
(73,727
)
TotalEnergies SE
Goldman Sachs International
88,100
10/28/25
EUR
53.19
EUR
4,571
(37,645
)
Gaztransport Et Technigaz SA
Goldman Sachs International
5,500
11/04/25
EUR
155.76
EUR
870
(36,366
)
Schedule of Investments
3
Schedule of Investments (unaudited)(continued)
September 30, 2025
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)
 
 
 
 
 
Shell PLC, ADR
Morgan Stanley & Co. International PLC
41,000
11/07/25
USD
73.27
USD
2,933
$ (46,919
)
TC Energy Corp.
Royal Bank of Canada
21,200
11/07/25
CAD
71.95
CAD
1,604
(70,575
)
TotalEnergies SE
Bank of America N.A.
46,400
11/07/25
EUR
54.14
EUR
2,407
(18,810
)
 
 
 
 
 
 
$ (738,564
)
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 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 that may not have a secondary market and/or may have 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 
Consumer Staples Distribution & Retail
$ 3,321,163
$ —
$ —
$ 3,321,163
Energy Equipment & Services
7,781,473
1,660,510
—
9,441,983
Oil, Gas & Consumable Fuels
306,389,638
37,819,812
106
344,209,556
Short-Term Securities 
Money Market Funds
8,260,715
—
—
8,260,715
 
$325,752,989
$39,480,322
$106
$365,233,417
Derivative Financial Instruments(a)
Liabilities 
Equity Contracts
$ (2,165,711
)
$ (794,916
)
$ —
$ (2,960,627
)
 
(a)
Derivative financial instruments are options written. Options written are shown at value.
 
Currency Abbreviation 
CAD
Canadian Dollar
EUR
Euro
USD
United States Dollar
 
Portfolio Abbreviation 
ADR
 American Depositary Receipt
PJSC
 Public Joint Stock Company
4