# EDGAR Filing Document

**Accession Number:** 0001306550
**File Stem:** 0001410368-25-032158
**Filing Date:** 2025-11
**Character Count:** 58860
**Document Hash:** b0e5ad932101ed241924b20218b23ed5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032158.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001410368-25-032158

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Energy & Resources Trust
- **CENTRAL INDEX KEY:** 0001306550

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21656
- **FILM NUMBER:** 251525886

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 888-825-2257

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Global Energy & Resources Trust
- **DATE OF NAME CHANGE:** 20041020

## Nport-Ex

September 30, 2025

2025 Quarterly Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**BlackRock Energy and Resources Trust (BGR)**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

Schedule of Investments (unaudited)

September 30, 2025

**BlackRock Energy and Resources Trust (BGR)** 

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Consumer Staples Distribution & Retail — 0.9%** | **Consumer Staples Distribution & Retail — 0.9%** |  |
| Alimentation Couche-Tard, Inc. | 62250 | &nbsp;&nbsp; $3321163 |
| **Energy Equipment & Services — 2.6%** | **Energy Equipment & Services — 2.6%** |  |
| Subsea 7 SA | 44400 | &nbsp;&nbsp; 921287 |
| TechnipFMC PLC | 197249 | &nbsp;&nbsp; 7781473 |
| Tecnicas Reunidas SA<sup>(a)</sup> | 23659 | &nbsp;&nbsp; 739223 |
|  |  | &nbsp;&nbsp; 9441983 |
| **Oil, Gas & Consumable Fuels — 95.6%** | **Oil, Gas & Consumable Fuels — 95.6%** |  |
| California Resources Corp. | 51600 | &nbsp;&nbsp; 2744088 |
| Cameco Corp. | 57499 | &nbsp;&nbsp; 4825669 |
| Canadian Natural Resources Ltd. | 392379 | &nbsp;&nbsp; 12546429 |
| Cheniere Energy, Inc. | 56142 | &nbsp;&nbsp; 13192247 |
| Chevron Corp.<sup>(b)</sup> | 225911 | &nbsp;&nbsp; 35081746 |
| ConocoPhillips<sup>(b)</sup> | 131555 | &nbsp;&nbsp; 12443752 |
| EOG Resources, Inc.<sup>(b)</sup> | 103315 | &nbsp;&nbsp; 11583678 |
| EQT Corp. | 74922 | &nbsp;&nbsp; 4078005 |
| Exxon Mobil Corp.<sup>(b)</sup> | 634629 | &nbsp;&nbsp; 71554420 |
| Galp Energia SGPS SA, Class B | 198800 | &nbsp;&nbsp; 3767211 |
| Gazprom PJSC<sup>(a)(c)</sup> | 879200 | &nbsp;&nbsp; 106 |
| Gaztransport Et Technigaz SA | 25379 | &nbsp;&nbsp; 4712899 |
| HF Sinclair Corp. | 67900 | &nbsp;&nbsp; 3553886 |
| Kinder Morgan, Inc. | 445184 | &nbsp;&nbsp; 12603159 |
| Kosmos Energy Ltd.<sup>(a)</sup> | 837902 | &nbsp;&nbsp; 1390917 |
| Pembina Pipeline Corp. | 169622 | &nbsp;&nbsp; 6858252 |
| Permian Resources Corp., Class A | 572780 | &nbsp;&nbsp; 7331584 |
| Repsol SA | 253100 | &nbsp;&nbsp; 4500682 |
| Shell PLC, ADR | 539841 | &nbsp;&nbsp; 38614827 |
| Suncor Energy, Inc. | 265970 | &nbsp;&nbsp; 11130339 |
| Targa Resources Corp. | 63887 | &nbsp;&nbsp; 10703628 |
| TC Energy Corp. | 257364 | &nbsp;&nbsp; 13993486 |
| TotalEnergies SE | 407808 | &nbsp;&nbsp; 24839020 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |  |
| Tourmaline Oil Corp. | 84251 | &nbsp;&nbsp; $3633502 |
| Valero Energy Corp. | 74034 | &nbsp;&nbsp; 12605029 |
| Williams Cos., Inc. | 251318 | &nbsp;&nbsp; 15920995 |
|  |  | &nbsp;&nbsp; 344209556 |
| **Total Long-Term Investments — 99.1%** <br>**(Cost: $245,998,424)** | **Total Long-Term Investments — 99.1%** <br>**(Cost: $245,998,424)** | &nbsp;&nbsp; 356972702 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.3%** | **Money Market Funds — 2.3%** |  |
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 4.01%<sup>(d)(e)</sup><br>| 8260715 | &nbsp;&nbsp; 8260715 |
| **Total Short-Term Securities — 2.3%** <br>**(Cost: $8,260,715)** | **Total Short-Term Securities — 2.3%** <br>**(Cost: $8,260,715)** | &nbsp;&nbsp; 8260715 |
| **Total Investments Before Options Written — 101.4%** <br>**(Cost: $254,259,139)** | **Total Investments Before Options Written — 101.4%** <br>**(Cost: $254,259,139)** | &nbsp;&nbsp; 365233417 |
| **Options Written — (0.8)%** <br>**(Premiums Received: $(2608960))** | **Options Written — (0.8)%** <br>**(Premiums Received: $(2608960))** | &nbsp;&nbsp; (2960627)<br>|
| **Total Investments, Net of Options Written — 100.6%** <br>**(Cost: $251,650,179)** | **Total Investments, Net of Options Written — 100.6%** <br>**(Cost: $251,650,179)** | &nbsp;&nbsp; 362272790 |
| **Liabilities in Excess of Other Assets — (0.6)%** | **Liabilities in Excess of Other Assets — (0.6)%** | &nbsp;&nbsp; (2212330)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $360060460 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. 

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> Affiliate of the Trust.

<sup>(e)</sup> 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* <br>*12/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*09/30/25*<br>| *Shares* <br>*Held at* <br>*09/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $7583996<br> $676719 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $8260715 | 8260715 | $216242 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Derivative Financial Instruments Outstanding as of Period End**

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | CAD | 72.00 | CAD | 765 | &nbsp;&nbsp;&nbsp;&nbsp; $(16985)<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | &nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | USD | 245.00 | USD | 2420 | &nbsp;&nbsp;&nbsp;&nbsp; (6695)<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | USD | 125.00 | USD | 1536 | &nbsp;&nbsp;&nbsp;&nbsp; (29455)<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | &nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | USD | 28.00 | USD | 1939 | &nbsp;&nbsp;&nbsp;&nbsp; (31167)<br>|
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | &nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | CAD | 58.00 | CAD | 3582 | &nbsp;&nbsp;&nbsp;&nbsp; (29387)<br>|
| &nbsp;&nbsp;&nbsp; Tourmaline Oil Corp. | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 10/03/25 | CAD | 59.00 | CAD | 990 | &nbsp;&nbsp;&nbsp;&nbsp; (15116)<br>|

---

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Energy and Resources Trust (BGR)** 

**Exchange-Traded Options Written (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 245.00 | USD | 1222 | &nbsp;&nbsp;&nbsp;&nbsp; $(7020)<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | &nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 76.00 | USD | 1230 | &nbsp;&nbsp;&nbsp;&nbsp; (1720)<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. | &nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; 10/10/25 | USD | 59.00 | USD | 1102 | &nbsp;&nbsp;&nbsp;&nbsp; (73080)<br>|
| &nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | CAD | 76.00 | CAD | 757 | &nbsp;&nbsp;&nbsp;&nbsp; (3188)<br>|
| &nbsp;&nbsp;&nbsp; California Resources Corp. | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 52.50 | USD | 314 | &nbsp;&nbsp;&nbsp;&nbsp; (12537)<br>|
| &nbsp;&nbsp;&nbsp; California Resources Corp. | &nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 65.00 | USD | 590 | &nbsp;&nbsp;&nbsp;&nbsp; (1110)<br>|
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 100.00 | USD | 1343 | &nbsp;&nbsp;&nbsp;&nbsp; (8804)<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 110.00 | USD | 7261 | &nbsp;&nbsp;&nbsp;&nbsp; (259210)<br>|
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | &nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 55.00 | USD | 675 | &nbsp;&nbsp;&nbsp;&nbsp; (7418)<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | &nbsp;&nbsp; 746 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 28.00 | USD | 2112 | &nbsp;&nbsp;&nbsp;&nbsp; (56696)<br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Corp., Class A | &nbsp;&nbsp; 1207 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 15.00 | USD | 1545 | &nbsp;&nbsp;&nbsp;&nbsp; (6035)<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | &nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 180.00 | USD | 1525 | &nbsp;&nbsp;&nbsp;&nbsp; (10692)<br>|
| &nbsp;&nbsp;&nbsp; TechnipFMC PLC | &nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 36.00 | USD | 1637 | &nbsp;&nbsp;&nbsp;&nbsp; (153550)<br>|
| &nbsp;&nbsp;&nbsp; TechnipFMC PLC | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 42.00 | USD | 927 | &nbsp;&nbsp;&nbsp;&nbsp; (7638)<br>|
| &nbsp;&nbsp;&nbsp; Tourmaline Oil Corp. | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | CAD | 59.30 | CAD | 510 | &nbsp;&nbsp;&nbsp;&nbsp; (10414)<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. | &nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp; 10/17/25 | USD | 60.00 | USD | 1071 | &nbsp;&nbsp;&nbsp;&nbsp; (64220)<br>|
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | &nbsp;&nbsp; 517 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | CAD | 45.00 | CAD | 2301 | &nbsp;&nbsp;&nbsp;&nbsp; (34363)<br>|
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | USD | 240.00 | USD | 705 | &nbsp;&nbsp;&nbsp;&nbsp; (13350)<br>|
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | USD | 157.50 | USD | 6724 | &nbsp;&nbsp;&nbsp;&nbsp; (111064)<br>|
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | USD | 95.00 | USD | 1523 | &nbsp;&nbsp;&nbsp;&nbsp; (43550)<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | USD | 55.00 | USD | 348 | &nbsp;&nbsp;&nbsp;&nbsp; (12096)<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | USD | 115.00 | USD | 3698 | &nbsp;&nbsp;&nbsp;&nbsp; (52152)<br>|
| &nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. | &nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | CAD | 55.00 | CAD | 1058 | &nbsp;&nbsp;&nbsp;&nbsp; (24383)<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | &nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | USD | 74.00 | USD | 1960 | &nbsp;&nbsp;&nbsp;&nbsp; (15755)<br>|
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 10/24/25 | CAD | 60.00 | CAD | 670 | &nbsp;&nbsp;&nbsp;&nbsp; (4793)<br>|
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | &nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | CAD | 45.00 | CAD | 1580 | &nbsp;&nbsp;&nbsp;&nbsp; (28314)<br>|
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | &nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | CAD | 44.00 | CAD | 1878 | &nbsp;&nbsp;&nbsp;&nbsp; (49881)<br>|
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 101.00 | USD | 1239 | &nbsp;&nbsp;&nbsp;&nbsp; (12576)<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 120.00 | USD | 1132 | &nbsp;&nbsp;&nbsp;&nbsp; (8333)<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 123.00 | USD | 2276 | &nbsp;&nbsp;&nbsp;&nbsp; (8628)<br>|
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 57.00 | USD | 996 | &nbsp;&nbsp;&nbsp;&nbsp; (27633)<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 2126 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 119.00 | USD | 23971 | &nbsp;&nbsp;&nbsp;&nbsp; (198781)<br>|
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | &nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 29.00 | USD | 108 | &nbsp;&nbsp;&nbsp;&nbsp; (1881)<br>|
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | &nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 73.00 | USD | 3305 | &nbsp;&nbsp;&nbsp;&nbsp; (56595)<br>|
| &nbsp;&nbsp;&nbsp; Tourmaline Oil Corp. | &nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | CAD | 64.00 | CAD | 510 | &nbsp;&nbsp;&nbsp;&nbsp; (3054)<br>|
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | &nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 10/31/25 | USD | 170.00 | USD | 2111 | &nbsp;&nbsp;&nbsp;&nbsp; (87110)<br>|
| &nbsp;&nbsp;&nbsp; Permian Resources Corp., Class A | &nbsp;&nbsp; 683 | &nbsp;&nbsp;&nbsp;&nbsp; 11/04/25 | USD | 14.00 | USD | 874 | &nbsp;&nbsp;&nbsp;&nbsp; (14424)<br>|
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | &nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 11/04/25 | USD | 175.00 | USD | 2027 | &nbsp;&nbsp;&nbsp;&nbsp; (41928)<br>|
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp; 11/07/25 | USD | 162.50 | USD | 4845 | &nbsp;&nbsp;&nbsp;&nbsp; (66144)<br>|
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 11/07/25 | USD | 120.00 | USD | 404 | &nbsp;&nbsp;&nbsp;&nbsp; (4950)<br>|
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | &nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; 11/07/25 | CAD | 60.00 | CAD | 856 | &nbsp;&nbsp;&nbsp;&nbsp; (10087)<br>|
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. | &nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp;&nbsp; 11/07/25 | USD | 63.00 | USD | 3079 | &nbsp;&nbsp;&nbsp;&nbsp; (119071)<br>|
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | USD | 110.00 | USD | 7261 | &nbsp;&nbsp;&nbsp;&nbsp; (359030)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(2222063)<br>|

---

**OTC Options Written** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | Morgan Stanley & Co. International PLC | 13000 | 10/07/25 | USD | 45.47 | &nbsp;&nbsp; USD | 680 | &nbsp;&nbsp; $(89768)<br>|
| &nbsp;&nbsp;&nbsp; Galp Energia SGPS SA, Class B | Morgan Stanley & Co. International PLC | 39500 | 10/14/25 | EUR | 16.31 | &nbsp;&nbsp; EUR | 638 | &nbsp;&nbsp; (13037)<br>|
| &nbsp;&nbsp;&nbsp; Repsol SA | Barclays Bank PLC | 44200 | 10/14/25 | EUR | 14.61 | &nbsp;&nbsp; EUR | 669 | &nbsp;&nbsp; (29944)<br>|
| &nbsp;&nbsp;&nbsp; Galp Energia SGPS SA, Class B | Bank of America N.A. | 39500 | 10/22/25 | EUR | 16.08 | &nbsp;&nbsp; EUR | 638 | &nbsp;&nbsp; (22196)<br>|
| &nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. | Goldman Sachs International | 37100 | 10/22/25 | CAD | 52.25 | &nbsp;&nbsp; CAD | 2088 | &nbsp;&nbsp; (120071)<br>|
| &nbsp;&nbsp;&nbsp; Repsol SA | UBS AG | 44100 | 10/22/25 | EUR | 14.69 | &nbsp;&nbsp; EUR | 668 | &nbsp;&nbsp; (30487)<br>|
| &nbsp;&nbsp;&nbsp; TC Energy Corp. | Morgan Stanley & Co. International PLC | 46400 | 10/22/25 | CAD | 71.88 | &nbsp;&nbsp; CAD | 3511 | &nbsp;&nbsp; (149019)<br>|
| &nbsp;&nbsp;&nbsp; TC Energy Corp. | Royal Bank of Canada | 21250 | 10/22/25 | CAD | 71.50 | &nbsp;&nbsp; CAD | 1608 | &nbsp;&nbsp; (73727)<br>|
| &nbsp;&nbsp;&nbsp; TotalEnergies SE | Goldman Sachs International | 88100 | 10/28/25 | EUR | 53.19 | &nbsp;&nbsp; EUR | 4571 | &nbsp;&nbsp; (37645)<br>|
| &nbsp;&nbsp;&nbsp; Gaztransport Et Technigaz SA | Goldman Sachs International | 5500 | 11/04/25 | EUR | 155.76 | &nbsp;&nbsp; EUR | 870 | &nbsp;&nbsp; (36366)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

September 30, 2025

**BlackRock Energy and Resources Trust (BGR)** 

**OTC Options Written (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Counterparty* | &nbsp;&nbsp; *Number of*<br> *Contracts*<br>| &nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp; *Exercise* <br> *Price* | &nbsp;&nbsp; *Exercise* <br> *Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
| Call (continued) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shell PLC, ADR | Morgan Stanley & Co. International PLC | 41000 | 11/07/25 | USD | 73.27 | &nbsp;&nbsp; USD | 2933 | &nbsp;&nbsp; $(46919)<br>|
| &nbsp;&nbsp;&nbsp; TC Energy Corp. | Royal Bank of Canada | 21200 | 11/07/25 | CAD | 71.95 | &nbsp;&nbsp; CAD | 1604 | &nbsp;&nbsp; (70575)<br>|
| &nbsp;&nbsp;&nbsp; TotalEnergies SE | Bank of America N.A. | 46400 | 11/07/25 | EUR | 54.14 | &nbsp;&nbsp; EUR | 2407 | &nbsp;&nbsp; (18810)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(738564)<br>|

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | &nbsp;&nbsp; $3321163 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3321163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp; 7781473 | &nbsp;&nbsp;&nbsp;&nbsp; 1660510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9441983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 306389638 | &nbsp;&nbsp;&nbsp;&nbsp; 37819812 | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 344209556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 8260715 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8260715 |
|  | &nbsp;&nbsp; $325752989 | &nbsp;&nbsp;&nbsp;&nbsp; $39480322 | &nbsp;&nbsp;&nbsp;&nbsp; $106 | &nbsp;&nbsp;&nbsp;&nbsp; $365233417 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; $(2165711)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(794916)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2960627)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are options written. Options written are shown at value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| CAD | Canadian Dollar |
| EUR | Euro |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| PJSC | Public Joint Stock Company |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Energy & Resources Trust

- **b. Investment Company Act file number:** 811-21656

- **c. CIK number of Registrant:** 0001306550

- **d. LEI of Registrant:** GG70RT52UUBWY2PJSI68

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 BELLEVUE PARKWAY

  - **City:** WILMINGTON

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock Energy & Resources Trust

- **c. LEI of Series:** GG70RT52UUBWY2PJSI68

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $369942417.92

**Total Liabilities:** $9900876.19

**Net Assets:** $360041541.73

**Cash Not Reported:** $757646.75

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.10%                | 3.18%                | -0.06%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1346633.64              | $2199487.53                                |
| Month 2  | $65110.56                | $10102032.03                               |
| Month 3  | $2431207.60              | $-3540819.46                               |

**Designated Index Information**

- **Index Name:** MSCI World Energy Call Overwrite Index

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                       | Title                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| EQT Corp                                   | EQT Corp                                                | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     74922 | NS      | $4078004.46   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                  | Shell PLC                                               | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    539841 | NS      | $38614826.73  | 10.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EQT CORP                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -64 | NC      | $-12096.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | TOURMALINE OIL CORP                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |       -85 | NC      | $-3053.82     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | CONOCOPHILLIPS                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -142 | NC      | $-8804.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | HF SINCLAIR CORP                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -129 | NC      | $-7417.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | NOV25 GTT FP C @ 155.7568                               | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |     -5500 | NC      | $-36366.56    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MORGAN STANLEY & CO LLC                    | PR.FLEX                                                 | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      -683 | NC      | $-14424.28    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | CHEVRON CORP                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -433 | NC      | $-111064.50   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | OCT25 PPL CN C @ 52.25                                  | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    -37100 | NC      | $-120071.03   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| Valero Energy Corp                         | Valero Energy Corp                                      | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     74034 | NS      | $12605028.84  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EOG RESOURCES INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -101 | NC      | $-8332.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Gaztransport Et Technigaz SA               | Gaztransport Et Technigaz SA                            | CUSIP: 000000000<br>LEI: 969500BVOHVZUUFWDT54 | Long             | EC               | CORP              | FR        |     25379 | NS      | $4712899.29   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | CANADIAN NATURAL RESOURCES LTD                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -422 | NC      | $-49880.72    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp                     | Permian Resources Corp                                  | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    572780 | NS      | $7331584.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnicas Reunidas SA                       | Tecnicas Reunidas SA                                    | CUSIP: 000000000<br>LEI: 213800JEZBUPZKWJGF49 | Long             | EC               | CORP              | ES        |     13241 | NS      | $413713.87    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Tourmaline Oil Corp                        | Tourmaline Oil Corp                                     | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |     84251 | NS      | $3633502.21   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | KINDER MORGAN INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -38 | NC      | $-1881.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL         | OCT25 DINO US C @ 45.473                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |    -13000 | NC      | $-89767.73    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | TOURMALINE OIL CORP                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -165 | NC      | $-15116.40    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| UBS AG                                     | OCT25 REP SM C @ 14.6905                                | CUSIP: 000000000<br>LEI: BFM8T61CT2L1QCEMIK50 | N/A              | DE               |  | US        |    -44100 | NC      | $-30487.56    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | WILLIAMS COS INC/THE                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -174 | NC      | $-73080.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                          | EOG Resources Inc                                       | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |    103315 | NS      | $11583677.80  | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                       | Williams Cos Inc/The                                    | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    251318 | NS      | $15920995.30  | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EOG RESOURCES INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -137 | NC      | $-29455.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                        | Cheniere Energy Inc                                     | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     56142 | NS      | $13192247.16  | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | PEMBINA PIPELINE CORP                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -188 | NC      | $-24383.13    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | SHELL PLC                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -462 | NC      | $-56595.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | CANADIAN NATURAL RESOURCES LTD                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -517 | NC      | $-34362.65    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp                  | California Resources Corp                               | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     51600 | NS      | $2744088.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | VALERO ENERGY CORP                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -120 | NC      | $-214200.00   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                           | TotalEnergies SE                                        | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |    407808 | NS      | $24839020.16  | 6.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | EQT CORP                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -183 | NC      | $-2104.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Alimentation Couche-Tard Inc               | Alimentation Couche-Tard Inc                            | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |     62250 | NS      | $3321162.97   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | CALIFORNIA RESOURCES CORP                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -111 | NC      | $-1110.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                          | Suncor Energy Inc                                       | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |    265970 | NS      | $11130339.01  | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | TARGA RESOURCES CORP                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -91 | NC      | $-10692.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                       | Targa Resources Corp                                    | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     63887 | NS      | $10703627.98  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp                      | Pembina Pipeline Corp                                   | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |    169622 | NS      | $6858252.45   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | VALERO ENERGY CORP                                      | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -124 | NC      | $-87110.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                               | Chevron Corp                                            | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    225911 | NS      | $35081746.37  | 9.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | CONOCOPHILLIPS                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -161 | NC      | $-43550.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity Funds                  | BlackRock Liquidity Funds: T-Fund, Institutional Shares | CUSIP: 09248U718<br>LEI: 5493007YVNX55LTRQ706 | Long             | STIV             | RF                | US        |   8260715 | NS      | $8260715.46   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EOG RESOURCES INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -36 | NC      | $-4950.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO LLC                    | TRGP.FLEX                                               | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DE               |  | US        |      -121 | NC      | $-41927.83    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | CHEVRON CORP                                            | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -312 | NC      | $-66144.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EXXON MOBIL CORP                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -644 | NC      | $-359030.00   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA NA                         | OCT25 GALP PL C @ 16.0792                               | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |    -39500 | NC      | $-22196.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp                           | Exxon Mobil Corp                                        | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    634629 | NS      | $71554419.75  | 19.87%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL         | NOV25 SHEL US C @ 73.272                                | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |    -41000 | NC      | $-46919.17    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CANADA                       | OCT25 TRP CN C @ 71.4962                                | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DE               |  | US        |    -21250 | NC      | $-73726.83    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | WILLIAMS COS INC/THE                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -169 | NC      | $-64220.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | SHELL PLC                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -274 | NC      | $-15755.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Repsol SA                                  | Repsol SA                                               | CUSIP: 000000000<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |    253100 | NS      | $4500682.12   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | KINDER MORGAN INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -685 | NC      | $-31167.50    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EQT CORP                                                | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -183 | NC      | $-27633.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | CHENIERE ENERGY INC                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -30 | NC      | $-13350.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | TECHNIPFMC PLC                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -235 | NC      | $-7637.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS BANK PLC                          | OCT25 REP SM C @ 14.612                                 | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               |  | US        |    -44200 | NC      | $-29943.85    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS INTERNATIONAL                | OCT25 TTE FP C @ 53.1875                                | CUSIP: 000000000<br>LEI: W22LROWP2IHZNBB6K528 | N/A              | DE               |  | US        |    -88100 | NC      | $-37644.76    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | TOURMALINE OIL CORP                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |       -85 | NC      | $-10413.52    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | KINDER MORGAN INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -746 | NC      | $-56696.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd                          | Kosmos Energy Ltd                                       | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |    837902 | NS      | $1390917.32   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Gazprom PJSC                               | Gazprom PJSC                                            | CUSIP: 000000000<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |    879200 | NS      | $106.06       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Options Clearing Corp.                     | EOG RESOURCES INC                                       | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -203 | NC      | $-8627.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Galp Energia SGPS SA                       | Galp Energia SGPS SA                                    | CUSIP: 000000000<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |    198800 | NS      | $3767211.12   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | PERMIAN RESOURCES CORP                                  | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |     -1207 | NC      | $-6035.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | SHELL PLC                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -463 | NC      | $-13890.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                             | TechnipFMC PLC                                          | CUSIP: 000000000<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |    197249 | NS      | $7781473.05   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                          | Kinder Morgan Inc                                       | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    445184 | NS      | $12603159.04  | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | EXXON MOBIL CORP                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -328 | NC      | $-52152.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd             | Canadian Natural Resources Ltd                          | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |    392379 | NS      | $12546429.19  | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp                           | HF Sinclair Corp                                        | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     67900 | NS      | $3553886.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Subsea 7 SA                                | Subsea 7 SA                                             | CUSIP: 000000000<br>LEI: 222100AIF0CBCY80AH62 | Long             | EC               | CORP              | LU        |     44400 | NS      | $921286.56    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | SHELL PLC                                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -172 | NC      | $-1720.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | SUNCOR ENERGY INC                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -615 | NC      | $-29386.72    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                                | Cameco Corp                                             | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     57499 | NS      | $4825668.75   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                             | TC Energy Corp                                          | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    257364 | NS      | $13993485.58  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | ALIMENTATION COUCHE-TARD INC                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -102 | NC      | $-3188.19     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | CHENIERE ENERGY INC                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -103 | NC      | $-6695.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | TECHNIPFMC PLC                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | GB        |      -415 | NC      | $-153550.00   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | ALIMENTATION COUCHE-TARD INC                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -103 | NC      | $-16985.34    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | SUNCOR ENERGY INC                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -115 | NC      | $-4792.70     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | CALIFORNIA RESOURCES CORP                               | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -59 | NC      | $-12537.50    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL BANK OF CANADA                       | NOV25 TRP CN C @ 71.95                                  | CUSIP: 000000000<br>LEI: ES7IP3U3RHIGC71XBU11 | N/A              | DE               |  | US        |    -21200 | NC      | $-70574.66    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | EXXON MOBIL CORP                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -644 | NC      | $-259210.00   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA NA                         | NOV25 TTE FP C @ 54.1416                                | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DE               |  | US        |    -46400 | NC      | $-18810.01    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | CHENIERE ENERGY INC                                     | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |       -52 | NC      | $-7020.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL         | OCT25 GALP PL C @ 16.3133                               | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |    -39500 | NC      | $-13036.94    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | EXXON MOBIL CORP                                        | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |     -2126 | NC      | $-198781.00   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | CANADIAN NATURAL RESOURCES LTD                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -355 | NC      | $-28314.29    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY & CO. INTERNATIONAL         | OCT25 TRP CN C @ 71.88                                  | CUSIP: 000000000<br>LEI: 4PQUHN3JPFGFNF3BB653 | N/A              | DE               |  | US        |    -46400 | NC      | $-149019.11   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Options Clearing Corp.                     | WILLIAMS COS INC/THE                                    | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -486 | NC      | $-119070.00   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Options Clearing Corp.                     | CONOCOPHILLIPS                                          | CUSIP: 000000000<br>LEI: 549300CII6SLYGKNHA04 | N/A              | DE               |  | US        |      -131 | NC      | $-12576.00    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal | SUNCOR ENERGY INC                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |      -147 | NC      | $-10087.30    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                             | ConocoPhillips                                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    131555 | NS      | $12443751.51  | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** BlackRock Energy & Resources Trust

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer