NPORT-EX 2 BREnergyandResourcesTrust.HTM EX-BGR

Schedule of Investments  (unaudited)

September 30, 2019

   

BlackRock Energy and Resources Trust (BGR)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks — 98.8%

 

Energy Equipment & Services — 2.8%  

Baker Hughes a GE Co.

     338,800     $ 7,860,160  

Schlumberger Ltd.

     63,344       2,164,465  
   

 

 

  
      10,024,625  
Oil, Gas & Consumable Fuels — 96.0%  

BP PLC

     4,981,050       31,533,825  

Cairn Energy PLC(a)

     1,607,814       3,786,790  

Canadian Natural Resources Ltd.

     342,360       9,109,099  

Chevron Corp.(b)(c)

     114,755       13,609,943  

CNOOC Ltd.

     4,526,000       6,929,891  

Concho Resources, Inc.

     99,259       6,739,686  

ConocoPhillips(b)

     346,800       19,760,664  

Enbridge, Inc.

     156,750       5,501,661  

Eni SpA

     671,500       10,263,722  

EOG Resources, Inc.

     187,790       13,937,774  

Equinor ASA

     384,050       7,274,741  

Exxon Mobil Corp.(c)

     486,812       34,373,795  

Galp Energia SGPS SA

     264,985       3,985,149  

Hess Corp.

     60,140       3,637,267  

Kosmos Energy Ltd.

     931,046       5,809,727  

Lundin Petroleum AB

     96,400       2,889,939  

Marathon Petroleum Corp.

     214,925       13,056,694  

Noble Energy, Inc.

     255,394       5,736,149  

Oil Search Ltd.

     956,833       4,723,637  

Petroleo Brasileiro SA — ADR

     139,500       2,018,565  

Pioneer Natural Resources Co.

     60,616       7,623,674  

Royal Dutch Shell PLC — ADR, Class A

     892,298       47,934,400  
Security   Shares     Value  
Oil, Gas & Consumable Fuels (continued)  

Suncor Energy, Inc.

     463,420     $ 14,617,747  

TC Energy Corp.

     300,490       15,559,206  

TOTAL SA

     584,563       30,436,295  

Valero Energy Corp.

     129,268       11,018,804  

Williams Cos., Inc.

     613,450       14,759,607  
   

 

 

  
      346,628,451  
   

 

 

  

Total Long-Term Investments — 98.8%
(Cost — $372,098,142)

 

     356,653,076  
   

 

 

  

Short-Term Securities — 2.2%

 

BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.87%(d)(e)

   $ 7,899,280       7,899,280  
   

 

 

  

Total Short-Term Securities — 2.2%
(Cost — $7,899,280)

 

     7,899,280  
   

 

 

  

Total Investments Before Options Written — 101.0%
(Cost — $379,997,422)

 

     364,552,356  
   

 

 

  

Options Written — (0.9)%
(Premiums Received — $2,444,704)

 

     (3,246,244 ) 
   

 

 

  

Total Investments, Net of Options Written — 100.1%
(Cost — $377,552,718)

 

     361,306,112  

Liabilities in Excess of Other Assets — (0.1)%

 

     (346,382 ) 
   

 

 

  

Net Assets — 100.0%

 

   $ 360,959,730  
   

 

 

  
 
(a) 

Non-income producing security.

(b) 

All or a portion of security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

(c) 

All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

(d) 

Annualized 7-day yield as of period end.

(e) 

During the period ended September 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
12/31/18		      Net
Activity		      Shares
Held at
09/30/19		      Value at
09/30/19		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      5,006,975        2,892,305        7,899,280      $ 7,899,280      $ 147,107      $ —      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

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.

 

 

        1  

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Energy and Resources Trust (BGR)

 

Currency Abbreviations

AUD — Australian Dollar

CAD — Canadian Dollar

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

NOK — Norwegian Krone

SEK — Swedish Krona

USD — United States Dollar

Portfolio Abbreviations

ADR — American Depositary Receipts

OTC — Over-the-Counter

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  

EOG Resources, Inc.

      203          10/04/19        USD     77.50        USD     1,507        $ (3,552 ) 

Enbridge, Inc.

      137          10/04/19        CAD     46.00        CAD     637          (6,773 ) 

Exxon Mobil Corp.

      282          10/04/19        USD     69.50        USD     1,991          (37,506 ) 

Marathon Petroleum Corp.

      104          10/04/19        USD     51.00        USD     632          (109,720 ) 

Petroleo Brasileiro SA — ADR

      125          10/04/19        USD     15.50        USD     181          (250 ) 

Royal Dutch Shell PLC — ADR, Class A

      341          10/04/19        USD     57.50        USD     2,007          (53,708 ) 

Schlumberger Ltd.

      99          10/04/19        USD     34.00        USD     338          (6,732 ) 

Valero Energy Corp.

      129          10/04/19        USD     77.50        USD     1,100          (100,943 ) 

Canadian Natural Resources Ltd.

      605          10/11/19        CAD     36.50        CAD     2,133          (8,905 ) 

Chevron Corp.

      208          10/11/19        USD     123.00        USD     2,467          (4,264 ) 

ConocoPhillips

      318          10/11/19        USD     55.00        USD     1,812          (79,341 ) 

EOG Resources, Inc.

      50          10/11/19        USD     80.00        USD     371          (1,050 ) 

Enbridge, Inc.

      137          10/11/19        CAD     46.50        CAD     637          (4,653 ) 

Exxon Mobil Corp.

      219          10/11/19        USD     71.00        USD     1,546          (15,659 ) 

Exxon Mobil Corp.

      281          10/11/19        USD     72.50        USD     1,984          (6,041 ) 

Exxon Mobil Corp.

      226          10/11/19        USD     73.50        USD     1,596          (1,921 ) 

Hess Corp.

      110          10/11/19        USD     67.00        USD     665          (1,155 ) 

Marathon Petroleum Corp.

      118          10/11/19        USD     52.50        USD     717          (104,430 ) 

Petroleo Brasileiro SA — ADR

      125          10/11/19        USD     16.00        USD     181          (187 ) 

Royal Dutch Shell PLC — ADR, Class A

      423          10/11/19        USD     57.50        USD     2,489          (72,968 ) 

Valero Energy Corp.

      104          10/11/19        USD     81.50        USD     886          (45,760 ) 

Baker Hughes a GE Co.

      59          10/18/19        USD     27.00        USD     137          (590 ) 

Baker Hughes a GE Co.

      198          10/18/19        USD     26.00        USD     459          (1,980 ) 

Canadian Natural Resources Ltd.

      593          10/18/19        CAD     32.00        CAD     2,090          (152,183 ) 

Chevron Corp.

      93          10/18/19        USD     125.00        USD     1,103          (1,581 ) 

ConocoPhillips

      169          10/18/19        USD     55.22        USD     963          (40,097 ) 

EOG Resources, Inc.

      94          10/18/19        USD     80.00        USD     698          (3,901 ) 

Enbridge, Inc.

      137          10/18/19        CAD     47.00        CAD     637          (3,154 ) 

Enbridge, Inc.

      137          10/18/19        CAD     46.00        CAD     637          (9,203 ) 

Exxon Mobil Corp.

      429          10/18/19        USD     72.50        USD     3,029          (16,517 ) 

Hess Corp.

      100          10/18/19        USD     65.00        USD     605          (4,500 ) 

Marathon Petroleum Corp.

      63          10/18/19        USD     57.50        USD     383          (25,200 ) 

Noble Energy, Inc.

      360          10/18/19        USD     22.25        USD     809          (35,402 ) 

Petroleo Brasileiro SA — ADR

      125          10/18/19        USD     16.00        USD     181          (625 ) 

 

 

2      

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Energy and Resources Trust (BGR)

 

Exchange-Traded Options Written (continued)

 

Description    Number of
Contracts		        Expiration
Date		        Exercise
Price		        Notional
Amount (000)		        Value  
Call  

Royal Dutch Shell PLC — ADR, Class A

      340          10/18/19        USD     57.50        USD     2,001        $ (63,750 ) 

Suncor Energy, Inc.

      436          10/18/19        CAD     38.00        CAD     1,822          (129,992 ) 

Valero Energy Corp.

      104          10/18/19        USD     85.00        USD     886          (24,648 ) 

Williams Cos., Inc.

      322          10/18/19        USD     24.00        USD     775          (17,871 ) 

Williams Cos., Inc.

      382          10/18/19        USD     25.00        USD     919          (6,112 ) 

Baker Hughes a GE Co.

      182          10/25/19        USD     23.77        USD     422          (13,040 ) 

ConocoPhillips

      164          10/25/19        USD     59.00        USD     934          (13,694 ) 

EOG Resources, Inc.

      77          10/25/19        USD     84.00        USD     571          (1,578 ) 

Marathon Petroleum Corp.

      184          10/25/19        USD     55.00        USD     1,118          (120,060 ) 

Pioneer Natural Resources Co.

      55          10/25/19        USD     130.00        USD     692          (15,675 ) 

Royal Dutch Shell PLC — ADR, Class A

      450          10/25/19        USD     57.00        USD     2,648          (110,250 ) 

Royal Dutch Shell PLC — ADR, Class A

      383          10/25/19        USD     58.00        USD     2,254          (65,110 ) 

TC Energy Corp.

      348          10/25/19        CAD     70.00        CAD     2,387          (13,790 ) 

Valero Energy Corp.

      40          10/25/19        USD     87.50        USD     341          (7,100 ) 

Williams Cos., Inc.

      382          10/25/19        USD     25.00        USD     919          (9,168 ) 

Williams Cos., Inc.

      382          10/31/19        USD     25.15        USD     919          (11,390 ) 

Baker Hughes a GE Co.

      182          11/01/19        USD     23.77        USD     422          (15,379 ) 

Chevron Corp.

      106          11/01/19        USD     123.00        USD     1,257          (12,826 ) 

Concho Resources, Inc.

      172          11/01/19        USD     77.50        USD     1,168          (14,620 ) 

ConocoPhillips

      85          11/01/19        USD     63.00        USD     484          (2,677 ) 

EOG Resources, Inc.

      233          11/01/19        USD     79.00        USD     1,729          (26,912 ) 

Exxon Mobil Corp.

      266          11/01/19        USD     72.00        USD     1,878          (29,792 ) 

Marathon Petroleum Corp.

      283          11/01/19        USD     59.50        USD     1,719          (101,173 ) 

Pioneer Natural Resources Co.

      70          11/01/19        USD     145.00        USD     880          (3,850 ) 

Royal Dutch Shell PLC — ADR, Class A

      248          11/01/19        USD     60.50        USD     1,459          (16,740 ) 

Schlumberger Ltd.

      122          11/01/19        USD     42.00        USD     417          (1,464 ) 

Valero Energy Corp.

      75          11/01/19        USD     87.00        USD     639          (17,213 ) 

ConocoPhillips

      477          11/08/19        USD     61.00        USD     2,718          (38,876 ) 

Royal Dutch Shell PLC — ADR, Class A

      395          11/08/19        USD     60.00        USD     2,325          (36,538 ) 

Baker Hughes a GE Co.

      564          11/15/19        USD     25.00        USD     1,308          (33,840 ) 

Noble Energy, Inc.

      263          11/15/19        USD     27.50        USD     591          (3,945 ) 

Noble Energy, Inc.

      270          11/15/19        USD     25.00        USD     606          (13,500 ) 

Petroleo Brasileiro SA — ADR

      125          11/15/19        USD     17.00        USD     181          (1,062 ) 

Pioneer Natural Resources Co.

      87          11/15/19        USD     135.00        USD     1,094          (28,275 ) 

Suncor Energy, Inc.

      190          11/15/19        CAD     42.00        CAD     794          (17,138 ) 

Suncor Energy, Inc.

      360          11/15/19        CAD     44.00        CAD     1,504          (12,092 ) 

TC Energy Corp.

      307          11/15/19        CAD     68.00        CAD     2,106          (44,375 ) 

Williams Cos., Inc.

      382          11/15/19        USD     26.00        USD     919          (8,022 ) 

Williams Cos., Inc.

      297          11/15/19        USD     25.00        USD     715          (14,107 ) 
                          

 

 

  
                           $ (2,078,095 ) 
                          

 

 

  

OTC Options Written

 

Description    Counterparty    Number of
Contracts		      Expiration
Date		      Exercise
Price		      Notional
Amount (000)		      Value  
Call                                                

TOTAL SA

    Goldman Sachs International      35,500        10/03/19      EUR     44.88      EUR     1,696      $ (112,088 ) 

Suncor Energy, Inc.

    Royal Bank of Canada      27,700        10/04/19      CAD     38.28      CAD     1,158        (74,907 ) 

Galp Energia SGPS SA

    Goldman Sachs International      40,300        10/09/19      EUR     13.28      EUR     556        (24,798 ) 

TransCanada Corp.

    Goldman Sachs International      21,100        10/10/19      CAD     68.97      CAD     1,447        (8,493 ) 

CNOOC Ltd.

    JPMorgan Chase Bank N.A.      950,000        10/16/19      HKD     11.77      HKD     11,400        (57,347 ) 

 

 

        3  

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Energy and Resources Trust (BGR)

 

OTC Options Written (continued)

 

Description    Counterparty    Number of
Contracts		      Expiration
Date		      Exercise
Price		      Notional
Amount (000)		      Value  
Call                                                    

Eni SpA

    Goldman Sachs International      74,200        10/16/19        EUR     $ 13.46        EUR       1,040      $ (49,067 ) 

Royal Dutch Shell PLC — ADR, Class A

    Credit Suisse International      28,300        10/16/19        GBP       23.25        GBP       675        (26,847 ) 

BP PLC

    Credit Suisse International      607,800        10/17/19        GBP       5.13        GBP       3,130        (85,215 ) 

Equinor ASA

    Citibank N.A.      16,800        10/17/19        NOK       183.55        NOK       2,895        (1,926 ) 

Galp Energia SGPS SA

    Morgan Stanley & Co. International PLC      27,400        10/17/19        EUR       13.23        EUR       378        (19,495 ) 

TOTAL SA

    Credit Suisse International      68,400        10/17/19        EUR       45.67        EUR       3,267        (176,704 ) 

Concho Resources, Inc.

    UBS AG      17,500        10/18/19        USD       74.43        USD       1,188        (9,410 ) 

BP PLC

    Credit Suisse International      270,500        10/22/19        GBP       5.21        GBP       1,393        (27,708 ) 

Equinor ASA

    Credit Suisse International      34,000        10/23/19        NOK       188.88        NOK       5,859        (2,663 ) 

TOTAL SA

    Goldman Sachs International      17,800        10/23/19        EUR       45.08        EUR       850        (56,704 ) 

CNOOC Ltd.

    JPMorgan Chase Bank N.A.      301,000        10/29/19        HKD       12.34        HKD       3,612        (10,797 ) 

Equinor ASA

    Goldman Sachs International      33,400        10/29/19        NOK       188.76        NOK       5,756        (3,630 ) 

TC Energy Corp.

    Goldman Sachs International      18,500        10/29/19        CAD       66.39        CAD       1,269        (38,126 ) 

TOTAL SA

    Credit Suisse International      31,100        10/29/19        EUR       47.73        EUR       1,486        (39,351 ) 

Oil Search Ltd.

    JPMorgan Chase Bank N.A.      125,100        11/01/19        AUD       7.56        AUD       914        (12,461 ) 

Oil Search Ltd.

    Morgan Stanley & Co. International PLC      34,700        11/01/19        AUD       7.54        AUD       254        (3,621 ) 

BP PLC

    Citibank N.A.      270,000        11/06/19        GBP       5.25        GBP       1,391        (31,910 ) 

CNOOC Ltd.

    JPMorgan Chase Bank N.A.      333,000        11/06/19        HKD       12.92        HKD       3,996        (6,811 ) 

Eni SpA

    Credit Suisse International      78,400        11/06/19        EUR       14.24        EUR       1,099        (20,507 ) 

Equinor ASA

    Credit Suisse International      25,000        11/06/19        NOK       185.46        NOK       4,308        (5,354 ) 

Eni SpA

    Citibank N.A.      82,400        11/13/19        EUR       14.18        EUR       1,155        (25,847 ) 

Galp Energia SGPS SA

    Morgan Stanley & Co. International PLC      25,000        11/13/19        EUR       13.98        EUR       345        (9,528 ) 

Oil Search Ltd.

    Morgan Stanley & Co. International PLC      175,000        11/13/19        AUD       7.83        AUD       1,279        (13,137 ) 

Royal Dutch Shell PLC — ADR, Class A

    UBS AG      26,000        11/13/19        GBP       23.80        GBP       620        (19,972 ) 

TOTAL SA

    Morgan Stanley & Co. International PLC      31,900        11/13/19        EUR       48.50        EUR       1,524        (36,636 ) 

BP PLC

    Morgan Stanley & Co. International PLC      595,000        11/14/19        GBP       5.14        GBP       3,064        (89,962 ) 

Lundin Petroleum AB

    Goldman Sachs International      33,700        11/14/19        SEK       317.84        SEK       9,945        (17,101 ) 

TOTAL SA

    Credit Suisse International      19,900        11/19/19        EUR       47.98        EUR       951        (29,192 ) 

Suncor Energy, Inc.

    Morgan Stanley & Co. International PLC      36,000        12/09/19        CAD       43.28        CAD       1,504        (20,834 ) 
                     

 

 

  
                      $ (1,168,149 ) 
                     

 

 

  

 

 

4      

Schedule of Investments  (unaudited) (continued)

September 30, 2019

   

BlackRock Energy and Resources Trust (BGR)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access

 

  •  

Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

  •  

Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (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 trusts. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Common Stocks:

                  

Energy Equipment & Services

   $ 10,024,625        $ —        $ —        $ 10,024,625  

Oil, Gas & Consumable Fuels

     240,257,224          106,371,227          —          346,628,451  

Short-Term Securities

     7,899,280          —          —          7,899,280  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 258,181,129        $ 106,371,227        $ —        $ 364,552,356  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                  

Liabilities:

                 

Equity contracts

   $ (1,962,787 )       $ (1,283,457 )       $ —        $ (3,246,244 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

 

 

 

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