Schedule of Investments (unaudited) 

September 30, 2023

   

BlackRock Energy and Resources Trust (BGR)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

    

Energy Equipment & Services — 5.5%

    

NOV, Inc.(a)

    48,700     $ 1,017,830  

Patterson-UTI Energy, Inc.(a)

    70,400       974,336  

Schlumberger NV(a)

    262,681       15,314,302  

TechnipFMC PLC(a)

    162,950       3,314,403  

Tenaris SA

     61,100       965,133  

Weatherford International PLC(a)(b)

    11,900       1,074,927  
   

 

 

  
      22,660,931  

Food Products — 0.4%

    

Darling Ingredients, Inc.(a)(b)

    29,424       1,535,933  
   

 

 

  

Oil, Gas & Consumable Fuels — 94.2%

    

ARC Resources Ltd.

     371,230       5,925,468  

BP PLC

     3,482,005       22,444,776  

Canadian Natural Resources Ltd

     260,692       16,859,330  

Cenovus Energy, Inc.

     565,137       11,766,666  

Cheniere Energy, Inc.

     99,068       16,441,325  

Chevron Corp.(a)

    116,190       19,591,958  

ConocoPhillips(a)

    239,319       28,670,371  

Diamondback Energy, Inc.(a)

    59,551       9,223,259  

Eni SpA

     473,650       7,608,623  

EOG Resources, Inc.(a)

    132,716       16,823,080  

Exxon Mobil Corp.(a)(c)

    650,530       76,489,317  

Galp Energia SGPS SA

     213,900       3,168,311  

Gazprom PJSC(b)(d)

    879,200       91  

Hess Corp.(a)

    94,453       14,451,309  

Kinder Morgan, Inc.(a)

    491,661       8,151,739  

Kosmos Energy Ltd.(b)

    465,084       3,804,387  

Marathon Petroleum Corp.(a)

    92,545       14,005,760  

Shell PLC, ADR(a)

    662,760       42,668,489  

TC Energy Corp.

     147,450       5,070,782  

TotalEnergies SE

     473,661       31,142,888  

Tourmaline Oil Corp.

     140,833       7,087,013  
Security   Shares     Value  

Oil, Gas & Consumable Fuels (continued)

 

  

Valero Energy Corp.(a)

    73,411     $ 10,403,073  

Williams Cos., Inc.(a)

    429,731       14,477,637  
   

 

 

  
      386,275,652  
   

 

 

  

Total Long-Term Investments — 100.1%
(Cost: $258,941,537)

 

     410,472,516  
   

 

 

  

Short-Term Securities

 

  

Money Market Funds — 0.4%

    

BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.23%(e)(f)

    1,671,104       1,671,104  
   

 

 

  

Total Short-Term Securities — 0.4%
(Cost: $1,671,104)

 

     1,671,104  
   

 

 

  

Total Investments Before Options Written — 100.5%
(Cost: $260,612,641)

 

     412,143,620  
   

 

 

  

Options Written — (0.9)%
(Premiums Received: $(3,330,604))

 

     (3,648,807 ) 
   

 

 

  

Total Investments, Net of Options Written — 99.6%
(Cost: $257,282,037)

 

     408,494,813  

Other Assets Less Liabilities — 0.4%

 

     1,678,295  
   

 

 

  

Net Assets — 100.0%

     $ 410,173,108  
   

 

 

  

 

(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 September 30, 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
09/30/23 		    Shares
Held at
09/30/23 		    Income     Capital Gain
Distributions
from
Underlying
Funds 		 

BlackRock Liquidity Funds, T-Fund, Institutional Class

   $ 7,695,475     $ —     $ (6,024,371 )(a)    $ —     $ —     $ 1,671,104       1,671,104     $ 227,187     $ —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (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

                                 

Hess Corp

      28          09/29/23          USD          0.00          USD          428        $ (2,310 ) 

Chevron Corp

      374          10/06/23          USD          165.00          USD          6,306          (168,300 ) 

ConocoPhillips

      81          10/06/23          USD          117.00          USD          970          (29,970 ) 

 

1  

Schedule of Investments (unaudited) (continued)

September 30, 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)

                                 

EOG Resources, Inc.

      221          10/06/23          USD          130.00          USD          2,801        $ (17,127 ) 

Hess Corp.

      110          10/06/23          USD          157.50          USD          1,683          (9,350 ) 

Schlumberger NV

      164          10/06/23          USD          60.00          USD          956          (6,560 ) 

Valero Energy Corp.

      137          10/06/23          USD          134.00          USD          1,941          (113,367 ) 

Hess Corp.

      86          10/13/23          USD          165.00          USD          1,316          (4,085 ) 

Kinder Morgan, Inc.

      507          10/13/23          USD          16.74          USD          841          (10,236 ) 

Schlumberger NV

      165          10/13/23          USD          61.00          USD          962          (8,250 ) 

Shell PLC, ADR

      489          10/13/23          USD          63.00          USD          3,148          (96,577 ) 

Williams Cos., Inc.

      426          10/13/23          USD          34.00          USD          1,435          (18,105 ) 

ARC Resources Ltd.

      81          10/20/23          CAD          21.00          CAD          176          (5,785 ) 

Canadian Natural Resources Ltd.

      741          10/20/23          CAD          84.00          CAD          6,509          (259,139 ) 

Cenovus Energy, Inc.

      359          10/20/23          CAD          27.00          CAD          1,015          (43,215 ) 

ConocoPhillips

      417          10/20/23          USD          125.00          USD          4,996          (51,499 ) 

Diamondback Energy, Inc.

      107          10/20/23          USD          149.00          USD          1,657          (86,305 ) 

Exxon Mobil Corp.

      529          10/20/23          USD          115.00          USD          6,220          (232,760 ) 

Hess Corp.

      88          10/20/23          USD          160.00          USD          1,346          (16,500 ) 

Kinder Morgan, Inc.

      571          10/20/23          USD          17.57          USD          947          (2,873 ) 

NOV, Inc.

      161          10/20/23          USD          22.00          USD          336          (4,830 ) 

Patterson-UTI Energy, Inc.

      116          10/20/23          USD          16.00          USD          161          (870 ) 

Schlumberger NV

      173          10/20/23          USD          60.00          USD          1,009          (22,836 ) 

TechnipFMC PLC

      539          10/20/23          USD          22.00          USD          1,096          (12,128 ) 

Tourmaline Oil Corp.

      131          10/20/23          CAD          69.50          CAD          895          (10,320 ) 

Weatherford International PLC

      39          10/20/23          USD          100.00          USD          352          (1,268 ) 

Williams Cos., Inc.

      438          10/20/23          USD          35.00          USD          1,476          (8,760 ) 

ConocoPhillips

      81          10/27/23          USD          124.00          USD          970          (16,281 ) 

Exxon Mobil Corp.

      809          10/27/23          USD          121.00          USD          9,512          (148,451 ) 

Kinder Morgan, Inc.

      550          10/27/23          USD          17.50          USD          912          (4,675 ) 

Shell PLC, ADR

      551          10/27/23          USD          62.95          USD          3,547          (135,654 ) 

Valero Energy Corp.

      105          10/27/23          USD          145.00          USD          1,488          (40,687 ) 

Williams Cos., Inc.

      556          10/27/23          USD          34.00          USD          1,873          (37,530 ) 

Chevron Corp.

      10          11/03/23          USD          175.00          USD          169          (2,115 ) 

ConocoPhillips

      213          11/03/23          USD          126.64          USD          2,552          (38,995 ) 

EOG Resources, Inc.

      218          11/03/23          USD          134.00          USD          2,763          (44,145 ) 

Exxon Mobil Corp.

      817          11/03/23          USD          122.00          USD          9,606          (154,413 ) 

Hess Corp.

      27          11/03/23          USD          162.50          USD          413          (7,628 ) 

Marathon Petroleum Corp.

      131          11/03/23          USD          160.00          USD          1,983          (34,191 ) 

Schlumberger NV

      368          11/03/23          USD          63.00          USD          2,145          (33,672 ) 

Shell PLC, ADR

      419          11/03/23          USD          65.42          USD          2,698          (55,310 ) 

Marathon Petroleum Corp.

      174          11/10/23          USD          162.50          USD          2,633          (41,238 ) 

ARC Resources Ltd.

      427          11/17/23          CAD          21.50          CAD          926          (33,481 ) 

ARC Resources Ltd.

      183          11/17/23          CAD          22.00          CAD          397          (10,711 ) 

Canadian Natural Resources Ltd.

      120          11/17/23          CAD          88.00          CAD          1,054          (31,364 ) 

Cenovus Energy, Inc.

      1,509          11/17/23          CAD          27.00          CAD          4,267          (248,861 ) 

Darling Ingredients, Inc.

      74          11/17/23          USD          60.00          USD          386          (5,735 ) 

Diamondback Energy, Inc.

      91          11/17/23          USD          160.00          USD          1,409          (38,675 ) 

Patterson-UTI Energy, Inc.

      117          11/17/23          USD          17.00          USD          162          (2,048 ) 

Shell PLC, ADR

      736          11/17/23          USD          65.00          USD          4,738          (134,320 ) 

Tourmaline Oil Corp.

      335          11/17/23          CAD          71.00          CAD          2,290          (42,916 ) 

ARC Resources Ltd.

      538          12/15/23          CAD          22.00          CAD          1,166          (42,382 ) 
                                

 

 

  
                                 $  (2,628,803 ) 
                                

 

 

  

OTC Options Written

 

Description    Counterparty    Number of
Contracts 		     Expiration
Date 		    

Exercise Price

    

Notional
Amount (000)

      Value  

Call

                        

Eni SpA

    JPMorgan Chase Bank N.A.      126,300        10/03/23        EUR        14.08        EUR        1,919      $ (158,415 ) 

Eni SpA

    Goldman Sachs International      51,500        10/10/23        EUR        14.43        EUR        782        (46,897 ) 

BP PLC

    Barclays Bank PLC      715,200        10/13/23        GBP        4.90        GBP        3,778        (374,396 ) 

TotalEnergies SE

    Morgan Stanley & Co. International PLC      31,300        10/13/23        EUR        59.25        EUR        1,947        (110,177 ) 

 

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)

September 30, 2023

   

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)

                        

TC Energy Corp.

    Royal Bank of Canada      25,300        10/20/23        CAD        49.07        CAD        1,182      $ (3,418 ) 

BP PLC

    Morgan Stanley & Co. International PLC      438,300        10/24/23        GBP        5.18        GBP        2,316        (114,933 ) 

Darling Ingredients, Inc.

    JPMorgan Chase Bank N.A.      2,300        10/25/23        USD        62.21        USD        120        (282 ) 

Galp Energia SGPS SA

    Goldman Sachs International      35,400        10/25/23        EUR        14.53        EUR        496        (4,982 ) 

TC Energy Corp.

    Royal Bank of Canada      28,300        10/25/23        CAD        49.88        CAD        1,322        (4,369 ) 

Galp Energia SGPS SA

    Goldman Sachs International      35,400        11/07/23        EUR        14.53        EUR        496        (7,517 ) 

Tenaris SA

    Morgan Stanley & Co. International PLC      20,200        11/14/23        EUR        14.88        EUR        302        (14,474 ) 

TotalEnergies SE

    Morgan Stanley & Co. International PLC      125,700        11/16/23        EUR        64.19        EUR        7,817        (180,144 ) 
                       

 

 

  
                        $  (1,020,004 ) 
                       

 

 

  

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

    $ 21,695,798      $ 965,133      $ —      $ 22,660,931  

Food Products

      1,535,933        —        —        1,535,933  

Oil, Gas & Consumable Fuels

      321,910,963        64,364,598        91        386,275,652  

Short-Term Securities

            

Money Market Funds

      1,671,104        —        —        1,671,104  
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 346,813,798      $ 65,329,731      $ 91      $ 412,143,620  
  

 

 

     

 

 

     

 

 

     

 

 

  

Derivative Financial Instruments(a)

           

Liabilities

            

Equity Contracts

    $ (2,299,430 )     $ (1,349,377 )     $ —      $ (3,648,807 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

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

 

 

3  

Schedule of Investments (unaudited) (continued)

September 30, 2023

   

BlackRock Energy and Resources Trust (BGR)

 

Currency Abbreviation

 

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
Grafico Azioni BlackRock Energy and Res... (NYSE:BGR)
Storico
Da Apr 2024 a Mag 2024 Clicca qui per i Grafici di BlackRock Energy and Res...
Grafico Azioni BlackRock Energy and Res... (NYSE:BGR)
Storico
Da Mag 2023 a Mag 2024 Clicca qui per i Grafici di BlackRock Energy and Res...