<SEC-DOCUMENT>0001752724-20-037928.txt : 20200227
<SEC-HEADER>0001752724-20-037928.hdr.sgml : 20200227
<ACCEPTANCE-DATETIME>20200226210213
ACCESSION NUMBER:		0001752724-20-037928
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200227
PERIOD START:           	20191231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Energy & Resources Trust
		CENTRAL INDEX KEY:			0001306550
		IRS NUMBER:				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:		20658101

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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      <totLiabs>7511917.32</totLiabs>
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        <name>Petroleo Brasileiro SA</name>
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        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE INTERNATIONAL</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Options Clearing Corp.</name>
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        <fairValLevel>1</fairValLevel>
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                <issuerName>Petroleo Brasileiro SA</issuerName>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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      <invstOrSec>
        <name>Enbridge Inc</name>
        <lei>98TPTUM4IVMFCZBCUR27</lei>
        <title>Enbridge Inc</title>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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        <name>UBS AG</name>
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      <invstOrSec>
        <name>BlackRock Liquidity Funds</name>
        <lei>5493007YVNX55LTRQ706</lei>
        <title>BlackRock Liquidity Funds: T-Fund, Institutional Shares</title>
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        <name>JP MORGAN CHASE BANK</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>WILLIAMS COS INC/THE JAN20 23.5 CALL</title>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <name>SUSQUEHANNA FINANCIAL GROUP LLLP</name>
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                <issuerName>Williams Companies Inc/The</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>-23598.8</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CONOCOPHILLIPS JAN20 60 CALL</title>
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        <balance>-477.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>CREDIT SUISSE INTERNATIONAL</name>
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        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC</title>
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        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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      <invstOrSec>
        <name>CNOOC Ltd</name>
        <lei>549300XIVJCBIGMRUD48</lei>
        <title>CNOOC Ltd</title>
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        <name>Options Clearing Corp.</name>
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        <name>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</name>
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        <name>Canadian Natural Resources Ltd</name>
        <lei>549300T15RIMIKZC5Q38</lei>
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        <name>Marathon Petroleum Corp</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
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        <name>JP MORGAN CHASE BANK</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
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      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
        <title>CANADIAN NATURAL RESOURCES LTD JAN20 38 CALL</title>
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      <invstOrSec>
        <name>SUSQUEHANNA FINANCIAL GROUP LLLP</name>
        <lei>549300E8QX0ZMRDC2M81</lei>
        <title>BRTYUBXP6 JAN20 VLO US CALL JAN20 101 CALL</title>
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        <balance>-136.00000000</balance>
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      <invstOrSec>
        <name>CITIBANK NA</name>
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      <invstOrSec>
        <name>Noble Energy Inc</name>
        <lei>02VFQXG2D1LR5ZH3K186</lei>
        <title>Noble Energy Inc</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Baker Hughes Co</name>
        <lei>3C7474T6CDKPR9K6YT90</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
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        <balance>-79.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>The Montreal Exchange / Bourse De Montreal</counterpartyName>
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                <issuerName>Suncor Energy Inc</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>-299.18</unrealizedAppr>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO LLC</name>
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        <title>BRTZCRHN1 JAN20 RDSA LN CALL JAN20 21.9765 CALL</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <unrealizedAppr>-4574.24</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>WILLIAMS COS INC/THE JAN20 23.5 CALL</title>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <unrealizedAppr>-18310.74</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>EOG RESOURCES INC FEB20 80 CALL</title>
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        <valUSD>-60095.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <unrealizedAppr>-12835.95</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>MARATHON PETROLEUM CORP JAN20 63.5 CALL</title>
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        <balance>-103.00000000</balance>
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        <valUSD>-11587.50000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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                <issuerName>Marathon Petroleum Corp</issuerName>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>MARATHON PETROLEUM CORP JAN20 64 CALL</title>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>BRTYGY9N4 JAN20 ENI IM CALL JAN20 14.44728 CALL</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <expDt>2020-01-09</expDt>
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            <unrealizedAppr>18038.32</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CONOCOPHILLIPS JAN20 64 CALL</title>
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        <balance>-160.00000000</balance>
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        <valUSD>-27040.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <shareNo>100.00000000</shareNo>
            <exercisePrice>64</exercisePrice>
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            <expDt>2020-01-10</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-9318.59</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JP MORGAN CHASE BANK</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>BRTYG5WT8 JAN20 883 HK CALL JAN20 12.9013 CALL</title>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>HK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <counterparties>
              <counterpartyName>JP MORGAN CHASE BANK</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>CNOOC Ltd</issuerName>
                <issueTitle>CNOOC Ltd</issueTitle>
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            <shareNo>1.00000000</shareNo>
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      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CABOT OIL + GAS CORP JAN20 18 CALL</title>
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        <balance>-325.00000000</balance>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Cabot Oil &amp; Gas Corp</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-988.59</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CONCHO RESOURCES INC JAN20 85 CALL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="Z94FTLZF8"/>
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        <balance>-163.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-72535.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>Concho Resources Inc</issuerName>
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                  <cusip value="20605P101"/>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
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            <expDt>2020-01-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-42745.55</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Chevron Corp</name>
        <lei>N/A</lei>
        <title>Chevron Corp</title>
        <cusip>166764100</cusip>
        <identifiers>
          <isin value="US1667641005"/>
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        <balance>115405.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13907456.55000000</valUSD>
        <pctVal>3.709506251532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>CREDIT SUISSE INTERNATIONAL</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
        <title>BRTYRURW0 JAN20 BP. LN CALL JAN20 5.1351 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTYRURW0"/>
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        <balance>-595000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75494500"/>
        <valUSD>-3455.19000000</valUSD>
        <pctVal>-0.00092159546</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>CREDIT SUISSE INTERNATIONAL</counterpartyName>
              <counterpartyLei>E58DKGMJYYYJLN8C3868</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>BP PLC</issuerName>
                <issueTitle>BP PLC</issueTitle>
                <identifiers>
                  <isin value="GB0007980591"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>5.1351</exercisePrice>
            <exercisePriceCurCd>GBP</exercisePriceCurCd>
            <expDt>2020-01-22</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>111860.89</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>BRW039ZK0 FEB20TRP CN CALL FEB20 68.45 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRW039ZK0"/>
        </identifiers>
        <balance>-17800.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>-21521.61000000</valUSD>
        <pctVal>-0.00574041317</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>TC Energy Corp</issuerName>
                <issueTitle>TC Energy Corp</issueTitle>
                <identifiers>
                  <isin value="CA87807B1076"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>68.45</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-02-06</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-5128.13</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PETROLEO BRASILEIRO SA JAN20 16 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94FSVZ91"/>
        </identifiers>
        <balance>-124.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-5332.00000000</valUSD>
        <pctVal>-0.00142219299</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Petroleo Brasileiro SA</issuerName>
                <issueTitle>Petroleo Brasileiro SA</issueTitle>
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                  <cusip value="71654V408"/>
                  <isin value="US71654V4086"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>16</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-1393.7</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>EXXON MOBIL CORP JAN20 70 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z92EAFFH4"/>
        </identifiers>
        <balance>-408.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-38556.00000000</valUSD>
        <pctVal>-0.01028395972</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Exxon Mobil Corp</issuerName>
                <issueTitle>Exxon Mobil Corp</issueTitle>
                <identifiers>
                  <cusip value="30231G102"/>
                  <isin value="US30231G1022"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>70</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>4851.4</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
        <title>ENBRIDGE INC JAN20 50 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z92AGTQU5"/>
        </identifiers>
        <balance>-137.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>-19570.67000000</valUSD>
        <pctVal>-0.00522004310</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>The Montreal Exchange / Bourse De Montreal</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Enbridge Inc</issuerName>
                <issueTitle>Enbridge Inc</issueTitle>
                <identifiers>
                  <isin value="CA29250N1050"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>50</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-12834.34</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>EXXON MOBIL CORP JAN20 70 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94FH9JR0"/>
        </identifiers>
        <balance>-115.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-3162.50000000</valUSD>
        <pctVal>-0.00084352688</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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              <otherRefInst>
                <issuerName>Exxon Mobil Corp</issuerName>
                <issueTitle>Exxon Mobil Corp</issueTitle>
                <identifiers>
                  <cusip value="30231G102"/>
                  <isin value="US30231G1022"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>70</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-03</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>6268.59</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>TOTAL SA</name>
        <lei>529900S21EQ1BO4ESM68</lei>
        <title>TOTAL SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FR0000120271"/>
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        <balance>574213.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>31863370.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CONOCOPHILLIPS FEB20 65 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94B48YP2"/>
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        <balance>-43.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-11072.50000000</valUSD>
        <pctVal>-0.00295334433</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
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                <issuerName>ConocoPhillips</issuerName>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>65</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-02-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-3557.93</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>BRTZCRHT8 FEB20 FP FP CALL FEB20 47.70449 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTZCRHT8"/>
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        <balance>-67200.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>-138229.06000000</valUSD>
        <pctVal>-0.03686954263</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
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            <putOrCall>Call</putOrCall>
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              <otherRefInst>
                <issuerName>TOTAL SA</issuerName>
                <issueTitle>TOTAL SA</issueTitle>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>47.70449</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2020-02-04</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-84612.14</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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      <invstOrSec>
        <name>SUSQUEHANNA FINANCIAL GROUP LLLP</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>Concho Resources Inc</name>
        <lei>SYHS7HRDXLL4I0IQ8776</lei>
        <title>Concho Resources Inc</title>
        <cusip>20605P101</cusip>
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          <isin value="US20605P1012"/>
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        <balance>90259.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Oil Search Ltd</name>
        <lei>N/A</lei>
        <title>Oil Search Ltd</title>
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        <invCountry>PG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>NOBLE ENERGY INC FEB20 25 CALL</title>
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        <balance>-340.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-41650.00000000</valUSD>
        <pctVal>-0.01110921575</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-16741.72</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>EXXON MOBIL CORP JAN20 70 CALL</title>
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        <isRestrictedSec>N</isRestrictedSec>

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            <unrealizedAppr>-1173.25</unrealizedAppr>
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        <name>CREDIT SUISSE INTERNATIONAL</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
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        <name>Cairn Energy PLC</name>
        <lei>213800ZJEUQ8ZOC9AL24</lei>
        <title>Cairn Energy PLC</title>
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        <name>CREDIT SUISSE INTERNATIONAL</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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                <issuerName>Exxon Mobil Corp</issuerName>
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            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>HESS CORP JAN20 69 CALL</title>
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        <isRestrictedSec>N</isRestrictedSec>

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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>790.7</unrealizedAppr>
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      <invstOrSec>
        <name>Kosmos Energy Ltd</name>
        <lei>213800YDFJ3OT9B5P157</lei>
        <title>Kosmos Energy Ltd</title>
        <cusip>500688106</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NOMURA SECURITIES INTERNATIONAL INC</name>
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        <fairValLevel>2</fairValLevel>
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                <issuerName>Williams Companies Inc/The</issuerName>
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      <invstOrSec>
        <name>ConocoPhillips</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <shareNo>1.00000000</shareNo>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>1998.47</unrealizedAppr>
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      <invstOrSec>
        <name>CREDIT SUISSE INTERNATIONAL</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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            <putOrCall>Call</putOrCall>
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                <issuerName>TOTAL SA</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <expDt>2020-01-14</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>22760.05</unrealizedAppr>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>BRTYRURR1 JAN20 LUPE SS CALL JAN20 317.40078 CALL</title>
        <cusip>000000000</cusip>
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        <balance>-33700.00000000</balance>
        <units>NC</units>
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        <pctVal>-0.00501995986</pctVal>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
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              <counterpartyName>GOLDMAN SACHS INTERNATIONAL</counterpartyName>
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                <issuerName>Lundin Petroleum AB</issuerName>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>317.40078</exercisePrice>
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            <expDt>2020-01-14</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>12187.47</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>VALERO ENERGY CORP JAN20 97.5 CALL</title>
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        <balance>-44.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2024.00000000</valUSD>
        <pctVal>-0.00053985720</pctVal>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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                <issuerName>Valero Energy Corp</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>4190.36</unrealizedAppr>
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        <securityLending>
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      <invstOrSec>
        <name>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</name>
        <lei>8NAV47T0Y26Q87Y0QP81</lei>
        <title>BRTZF7CL1 FEB20 BKR US CALL FEB20 23.2 CALL</title>
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        <identifiers>
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        <balance>-242.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-62865.07000000</valUSD>
        <pctVal>-0.01676786616</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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        <derivativeInfo>
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              <counterpartyName>Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated</counterpartyName>
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                <issuerName>Baker Hughes a GE Co LLC</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2020-02-21</expDt>
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            <unrealizedAppr>-41869.31</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JP MORGAN CHASE BANK</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
        <title>BRW09Z1Z0 FEB20 883 HK CALL FEB20 12.7162 CALL</title>
        <cusip>000000000</cusip>
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        <balance>-301000.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="HKD" exchangeRt="7.79230000"/>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>JP MORGAN CHASE BANK</counterpartyName>
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                <issuerName>CNOOC Ltd</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <expDt>2020-02-05</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-11277.86</unrealizedAppr>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>BRTYQKU74 JAN20 GALP PL CALL JAN20 15.5118 CALL</title>
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        <balance>-25000.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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                <issuerName>Galp Energia SGPS SA</issuerName>
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            <shareNo>1.00000000</shareNo>
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            <expDt>2020-01-14</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>6984.99</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CONOCOPHILLIPS JAN20 64 CALL</title>
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          <other otherDesc="BlackRock Identifier" value="Z94FS8NA2"/>
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        <curCd>USD</curCd>
        <valUSD>-76212.50000000</valUSD>
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                <issuerName>ConocoPhillips</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <expDt>2020-01-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-36763.34</unrealizedAppr>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>ROYAL DUTCH SHELL PLC JAN20 59 CALL</title>
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          <other otherDesc="BlackRock Identifier" value="Z94FSWUH6"/>
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        <balance>-340.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-28050.00000000</valUSD>
        <pctVal>-0.00748171673</pctVal>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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            <putOrCall>Call</putOrCall>
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                <issuerName>Royal Dutch Shell PLC</issuerName>
                <issueTitle>Royal Dutch Shell PLC</issueTitle>
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                  <cusip value="780259206"/>
                  <isin value="US7802592060"/>
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            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
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      <invstOrSec>
        <name>GOLDMAN SACHS INTERNATIONAL</name>
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        <name>Valero Energy Corp</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CONOCOPHILLIPS FEB20 68 CALL</title>
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                <issuerName>ConocoPhillips</issuerName>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>BRW023WJ0 JAN20 EQNR NO JAN20 170.22841 CALL</title>
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            <unrealizedAppr>-11402.12</unrealizedAppr>
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        <name>Cabot Oil &amp; Gas Corp</name>
        <lei>FCNMH6O7VWU7LHXMK351</lei>
        <title>Cabot Oil &amp; Gas Corp</title>
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        <balance>186250.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
        <title>Equinor ASA</title>
        <cusip>000000000</cusip>
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        <balance>388550.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BANK OF AMERICA NA</name>
        <lei>B4TYDEB6GKMZO031MB27</lei>
        <title>BRW0AW482 FEB20 PBR US CALL FEB20 16.098 CALL</title>
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        <identifiers>
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        <balance>-3600.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1937.09000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>BANK OF AMERICA NA</counterpartyName>
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                <issuerName>Petroleo Brasileiro SA</issuerName>
                <issueTitle>Petroleo Brasileiro SA</issueTitle>
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            <shareNo>1.00000000</shareNo>
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            <expDt>2020-02-07</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>186.91</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>NOBLE ENERGY INC JAN20 22.5 CALL</title>
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        <balance>-531.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-131422.50000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

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                <issuerName>Noble Energy Inc</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>-88008.22</unrealizedAppr>
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      <invstOrSec>
        <name>EOG Resources Inc</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG Resources Inc</title>
        <cusip>26875P101</cusip>
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          <isin value="US26875P1012"/>
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        <valUSD>15829802.40000000</valUSD>
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        <fairValLevel>1</fairValLevel>
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        <name>Royal Dutch Shell PLC</name>
        <lei>21380068P1DRHMJ8KU70</lei>
        <title>Royal Dutch Shell PLC</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>BAKER HUGHES CO JAN20 24 CALL</title>
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        <balance>-519.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>-90825.00000000</valUSD>
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            <shareNo>100.00000000</shareNo>
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            <unrealizedAppr>-62485.55</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PETROLEO BRASILEIRO SA JAN20 16 CALL</title>
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        <valUSD>-1092.00000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

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            <shareNo>100.00000000</shareNo>
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            <expDt>2020-01-03</expDt>
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            <unrealizedAppr>2627.08</unrealizedAppr>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CHEVRON CORP JAN20 121 CALL</title>
        <cusip>000000000</cusip>
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          <other otherDesc="BlackRock Identifier" value="Z94FWQZX4"/>
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        <balance>-199.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-44277.50000000</valUSD>
        <pctVal>-0.01181004322</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>Options Clearing Corp.</counterpartyName>
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      <invstOrSec>
        <name>Lundin Petroleum AB</name>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
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      <invstOrSec>
        <name>Royal Dutch Shell PLC</name>
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        <title>Royal Dutch Shell PLC</title>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>UBS AG</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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            <putOrCall>Call</putOrCall>
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                <issuerName>TOTAL SA</issuerName>
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      <invstOrSec>
        <name>JP MORGAN CHASE BANK</name>
        <lei>7H6GLXDRUGQFU57RNE97</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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                <issuerName>CNOOC Ltd</issuerName>
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            <shareNo>1.00000000</shareNo>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PIONEER NATURAL RESOURCES CO JAN20 140 CALL</title>
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        <fairValLevel>1</fairValLevel>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-70121.76</unrealizedAppr>
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      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
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        <isRestrictedSec>N</isRestrictedSec>

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            <shareNo>1.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>-931.12</unrealizedAppr>
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      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
        <title>TC ENERGY CORP FEB20 71 CALL</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyLei>N/A</counterpartyLei>
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            <putOrCall>Call</putOrCall>
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                <issuerName>TC Energy Corp</issuerName>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>186.83</unrealizedAppr>
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      <invstOrSec>
        <name>MORGAN STANLEY &amp; CO LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
        <title>BRW03GM02 JAN20BP LN CALL JAN20 4.7196 CALL</title>
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        <balance>-270500.00000000</balance>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>CREDIT SUISSE INTERNATIONAL</name>
        <lei>E58DKGMJYYYJLN8C3868</lei>
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        <name>MORGAN STANLEY &amp; CO LLC</name>
        <lei>9R7GPTSO7KV3UQJZQ078</lei>
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      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
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            <shareNo>100.00000000</shareNo>
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            <delta>XXXX</delta>
            <unrealizedAppr>11954.69</unrealizedAppr>
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      <invstOrSec>
        <name>The Montreal Exchange / Bourse De Montreal</name>
        <lei>N/A</lei>
        <title>TC ENERGY CORP JAN20 71 CALL</title>
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          <other otherDesc="BlackRock Identifier" value="BRW0H9SC1"/>
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        <balance>-250.00000000</balance>
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        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>-3657.93000000</valUSD>
        <pctVal>-0.00097567187</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>The Montreal Exchange / Bourse De Montreal</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>TC Energy Corp</issuerName>
                <issueTitle>TC Energy Corp</issueTitle>
                <identifiers>
                  <isin value="CA87807B1076"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>71</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>1317.8</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Williams Cos Inc/The</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>Williams Cos Inc/The</title>
        <cusip>969457100</cusip>
        <identifiers>
          <isin value="US9694571004"/>
        </identifiers>
        <balance>627150.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14875998.00000000</valUSD>
        <pctVal>3.967843248720</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pioneer Natural Resources Co</name>
        <lei>FY8JBF7CCL2VE4F1B628</lei>
        <title>Pioneer Natural Resources Co</title>
        <cusip>723787107</cusip>
        <identifiers>
          <isin value="US7237871071"/>
        </identifiers>
        <balance>54816.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8297497.92000000</valUSD>
        <pctVal>2.213173939869</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UBS AG</name>
        <lei>BFM8T61CT2L1QCEMIK50</lei>
        <title>BRTYQKU41 JAN20 ENI IM CALL JAN20 14.6075 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTYQKU41"/>
        </identifiers>
        <balance>-82400.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>-2767.48000000</valUSD>
        <pctVal>-0.00073816404</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>UBS AG</counterpartyName>
              <counterpartyLei>BFM8T61CT2L1QCEMIK50</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Eni SpA</issuerName>
                <issueTitle>Eni SpA</issueTitle>
                <identifiers>
                  <isin value="IT0003132476"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>14.6075</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2020-01-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>14611.78</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLDMAN SACHS &amp; CO. LLC</name>
        <lei>W22LROWP2IHZNBB6K528</lei>
        <title>BRW0AT1B5 FEB20 FP FP CALL FEB20 50.0683 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRW0AT1B5"/>
        </identifiers>
        <balance>-31200.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89150400"/>
        <valUSD>-20393.58000000</valUSD>
        <pctVal>-0.00543953613</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>GOLDMAN SACHS &amp; CO. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>TOTAL SA</issuerName>
                <issueTitle>TOTAL SA</issueTitle>
                <identifiers>
                  <isin value="FR0000120271"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>50.0683</exercisePrice>
            <exercisePriceCurCd>EUR</exercisePriceCurCd>
            <expDt>2020-02-11</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-7696.57</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hess Corp</name>
        <lei>UASVRYNXNK17ULIGK870</lei>
        <title>Hess Corp</title>
        <cusip>42809H107</cusip>
        <identifiers>
          <isin value="US42809H1077"/>
        </identifiers>
        <balance>73590.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4916547.90000000</valUSD>
        <pctVal>1.311380345172</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PETROLEO BRASILEIRO SA JAN20 16.5 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94FXATE7"/>
        </identifiers>
        <balance>-39.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-1170.00000000</valUSD>
        <pctVal>-0.00031207160</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Petroleo Brasileiro SA</issuerName>
                <issueTitle>Petroleo Brasileiro SA</issueTitle>
                <identifiers>
                  <cusip value="71654V408"/>
                  <isin value="US71654V4086"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>16.5</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-31</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-243.34</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>CHEVRON CORP JAN20 120 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94FS8S41"/>
        </identifiers>
        <balance>-47.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-11233.00000000</valUSD>
        <pctVal>-0.00299615415</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Chevron Corp</issuerName>
                <issueTitle>Chevron Corp</issueTitle>
                <identifiers>
                  <cusip value="166764100"/>
                  <isin value="US1667641005"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>120</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>0.29</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>PIONEER NATURAL RESOURCES CO JAN20 157.5 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94G1JPM7"/>
        </identifiers>
        <balance>-55.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-15812.50000000</valUSD>
        <pctVal>-0.00421763443</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Pioneer Natural Resources Co</issuerName>
                <issueTitle>Pioneer Natural Resources Co</issueTitle>
                <identifiers>
                  <cusip value="723787107"/>
                  <isin value="US7237871071"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>157.5</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-31</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>2341.74</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Suncor Energy Inc</name>
        <lei>549300W70ZOQDVLCHY06</lei>
        <title>Suncor Energy Inc</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="CA8672241079"/>
        </identifiers>
        <balance>440070.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>14423302.30000000</valUSD>
        <pctVal>3.847096689264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUSQUEHANNA FINANCIAL GROUP LLLP</name>
        <lei>549300E8QX0ZMRDC2M81</lei>
        <title>BRTYKEJL6 JAN20 WMB US CALL JAN20 22.55 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTYKEJL6"/>
        </identifiers>
        <balance>-347.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-41903.72000000</valUSD>
        <pctVal>-0.01117688994</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>SUSQUEHANNA FINANCIAL GROUP LLLP</counterpartyName>
              <counterpartyLei>549300E8QX0ZMRDC2M81</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Williams Companies Inc/The</issuerName>
                <issueTitle>Williams Companies Inc/The</issueTitle>
                <identifiers>
                  <cusip value="969457100"/>
                  <isin value="US9694571004"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>22.55</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-10</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-24636.95</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF MONTREAL</name>
        <lei>NQQ6HPCNCCU6TUTQYE16</lei>
        <title>SUNCOR ENERGY INC JAN20 43.5 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="BRTYRSSR5"/>
        </identifiers>
        <balance>-550.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.29855000"/>
        <valUSD>-5506.14000000</valUSD>
        <pctVal>-0.00146864098</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>BANK OF MONTREAL</counterpartyName>
              <counterpartyLei>NQQ6HPCNCCU6TUTQYE16</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Suncor Energy Inc</issuerName>
                <issueTitle>Suncor Energy Inc</issueTitle>
                <identifiers>
                  <isin value="CA8672241079"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>43.5</exercisePrice>
            <exercisePriceCurCd>CAD</exercisePriceCurCd>
            <expDt>2020-01-17</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>19416.12</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Options Clearing Corp.</name>
        <lei>549300CII6SLYGKNHA04</lei>
        <title>HESS CORP JAN20 65.5 CALL</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="BlackRock Identifier" value="Z94FSK168"/>
        </identifiers>
        <balance>-178.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-51442.00000000</valUSD>
        <pctVal>-0.01372101504</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerConditional desc="derivative" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Options Clearing Corp.</counterpartyName>
              <counterpartyLei>549300CII6SLYGKNHA04</counterpartyLei>
            </counterparties>
            <putOrCall>Call</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>Hess Corp</issuerName>
                <issueTitle>Hess Corp</issueTitle>
                <identifiers>
                  <cusip value="42809H107"/>
                  <isin value="US42809H1077"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.00000000</shareNo>
            <exercisePrice>65.5</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2020-01-24</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-22335.13</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2020-01-27</ncom:dateSigned>
      <ncom:nameOfApplicant>BlackRock Energy and Resources Trust</ncom:nameOfApplicant>
      <ncom:signature>Ann Frechette</ncom:signature>
      <ncom:signerName>Ann Frechette</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
