BlackRock Energy and Resources Trust

NPORT-EX 2 NPORT_5839907403448953.htm BlackRock Energy and Resources Trust

Schedule of Investments (unaudited)

March 31, 2020

BlackRock Energy and Resources Trust (BGR)

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks — 94.1%

Energy Equipment & Services — 1.7%
Baker Hughes Co. (a)		345,050	$	3,623,025


Oil, Gas & Consumable Fuels — 92.4%
BP PLC		4,224,800		17,325,669
Cairn Energy PLC (b)		1,801,591		1,707,791
Canadian Natural Resources Ltd.		215,160		2,943,104
Chevron Corp. (a)		314,705		22,803,524
CNOOC Ltd.		3,269,000		3,397,060
Concho Resources, Inc. (a)		85,759		3,674,773
ConocoPhillips (a)(c)		320,100		9,859,080
Enbridge, Inc.		125,050		3,641,405
EOG Resources, Inc. (a)		188,090		6,756,193
Equinor ASA		455,900		5,683,308
Exxon Mobil Corp. (a)(c)		130,362		4,949,845
Galp Energia SGPS SA		300,485		3,436,398
Gazprom PJSC — ADR		87,750		397,923
Hess Corp. (a)		129,740		4,320,342
Kinder Morgan, Inc. (a)		602,349		8,384,698
Kosmos Energy Ltd.		1,580,388		1,415,395
Lukoil PJSC — ADR		6,800		400,736
Lundin Petroleum AB		213,600		4,032,036
Marathon Petroleum Corp. (a)		159,825		3,775,066
Noble Energy, Inc. (a)		176,494		1,066,024
Oil Search Ltd.		975,083		1,414,121
Petroleo Brasileiro SA — ADR (a)		489,391		2,691,651
Pioneer Natural Resources Co. (a)		61,716		4,329,377


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Royal Dutch Shell PLC — ADR, Class A (a)		742,500	$	25,905,825
Suncor Energy, Inc.		279,620		4,462,634
TC Energy Corp.		218,290		9,702,295
TOTAL SA		593,863		22,376,030
Valero Energy Corp. (a)		84,918		3,851,880
Williams Cos., Inc. (a)		638,100		9,029,115

				193,733,298


Total Long-Term Investments — 94.1% (Cost — $323,818,003)				197,356,323


Short-Term Securities — 7.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.21% (d)(e)		16,333,180		16,333,180


Total Short-Term Securities — 7.8% (Cost — $16,333,180)				16,333,180


Total Investments Before Options Written — 101.9% (Cost — $340,151,183)				213,689,503


Options Written — (1.8)% (Premiums Received — $2,704,866)				(3,790,202	)


Total Investments, Net of Options Written — 100.1% (Cost — $337,446,317)				209,899,301

Liabilities in Excess of Other Assets — (0.1)%				(272,501	)


Net Assets — 100.0%			$	209,626,800

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

^(b)	Non-income producing security.

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

^(d)	Annualized 7-day yield as of period end.

^(e)	Investments in issuers considered to be an affiliate/affiliates of the during the period ended March 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Shares Held at 12/31/19		Shares Purchased			Shares Sold		Shares Held at 03/31/20		Value at 03/31/20		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		12,745,390		3,587,790	^(b)		—		16,333,180	$	16,333,180	$	36,256	$	—	$	—

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares purchased(sold).

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.


SCHEDULE OF INVESTMENTS		MARCH 31, 2020			1

Schedule of Investments (unaudited) (continued)

March 31, 2020

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
Chevron Corp.		134		04/03/20	USD	112.00	USD	971	$	(1,206	)
ConocoPhillips		43		04/03/20	USD	60.00	USD	132		(43	)
EOG Resources, Inc.		101		04/03/20	USD	80.00	USD	363		(2,525	)
Hess Corp.		187		04/03/20	USD	62.50	USD	623		(12,716	)
Marathon Petroleum Corp.		70		04/03/20	USD	62.50	USD	165		(630	)
Royal Dutch Shell PLC – ADR, Class A		547		04/03/20	USD	52.50	USD	1,908		(54,700	)
Williams Cos., Inc.		347		04/03/20	USD	20.50	USD	491		(347	)
Canadian Natural Resources Ltd.		133		04/09/20	CAD	17.00	CAD	256		(25,800	)
Chevron Corp.		161		04/09/20	USD	100.00	USD	1,167		(18,676	)
ConocoPhillips		491		04/09/20	USD	51.00	USD	1,512		(2,455	)
Kinder Morgan, Inc.		378		04/09/20	USD	20.00	USD	526		(23,814	)
Kinder Morgan, Inc.		519		04/09/20	USD	11.00	USD	722		(142,466	)
Pioneer Natural Resources Co.		131		04/09/20	USD	121.00	USD	919		(2,620	)
Williams Cos., Inc.		396		04/09/20	USD	19.50	USD	560		(17,028	)
Baker Hughes Co.		513		04/17/20	USD	24.00	USD	539		(15,390	)
Baker Hughes Co.		690		04/17/20	USD	13.00	USD	725		(15,525	)
Canadian Natural Resources Ltd.		267		04/17/20	CAD	42.00	CAD	514		(1,328	)
Canadian Natural Resources Ltd.		354		04/17/20	CAD	16.00	CAD	681		(96,845	)
Chevron Corp.		197		04/17/20	USD	65.00	USD	1,427		(179,270	)
Chevron Corp.		134		04/17/20	USD	112.01	USD	971		(850	)
Concho Resources, Inc.		157		04/17/20	USD	70.00	USD	673		(10,205	)
ConocoPhillips		160		04/17/20	USD	62.50	USD	493		(2,080	)
EOG Resources, Inc.		335		04/17/20	USD	67.50	USD	1,203		(8,375	)
Exxon Mobil Corp.		52		04/17/20	USD	40.00	USD	197		(7,462	)
Exxon Mobil Corp.		221		04/17/20	USD	38.00	USD	839		(52,046	)
Hess Corp.		114		04/17/20	USD	37.50	USD	380		(10,146	)
Hess Corp.		153		04/17/20	USD	38.00	USD	509		(11,628	)
Kinder Morgan, Inc.		522		04/17/20	USD	16.00	USD	727		(5,220	)
Marathon Petroleum Corp.		245		04/17/20	USD	45.00	USD	579		(2,450	)
Marathon Petroleum Corp.		163		04/17/20	USD	25.00	USD	385		(25,265	)
Noble Energy, Inc.		340		04/17/20	USD	10.00	USD	205		(1,700	)
Petroleo Brasileiro SA—ADR		304		04/17/20	USD	16.00	USD	167		(1,520	)
Petroleo Brasileiro SA—ADR		632		04/17/20	USD	8.00	USD	348		(2,528	)


2		MARCH 31, 2020		SCHEDULE OF INVESTMENTS

Schedule of Investments (unaudited) (continued)

March 31, 2020

BlackRock Energy and Resources Trust (BGR)

Exchange-Traded Options Written (Continued)


Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (Continued)
Petroleo Brasileiro SA — ADR		507		04/17/20	USD	7.00	USD	279	$	(4,309	)
Pioneer Natural Resources Co.		73		04/17/20	USD	70.00	USD	512		(38,690	)
Royal Dutch Shell PLC — ADR, Class A		1,398		04/17/20	USD	30.00	USD	4,878		(719,970	)
Royal Dutch Shell PLC — ADR, Class A		400		04/17/20	USD	36.00	USD	1,396		(100,000	)
TC Energy Corp.		167		04/17/20	CAD	72.00	CAD	1,045		(1,780	)
TC Energy Corp.		201		04/17/20	CAD	74.00	CAD	1,257		(1,714	)
TC Energy Corp.		125		04/17/20	CAD	76.00	CAD	782		(622	)
TC Energy Corp.		271		04/17/20	CAD	62.00	CAD	1,695		(51,415	)
Valero Energy Corp.		130		04/17/20	USD	39.00	USD	590		(103,025	)
Williams Cos., Inc.		354		04/17/20	USD	23.00	USD	501		(13,098	)
Williams Cos., Inc.		387		04/17/20	USD	16.00	USD	548		(17,028	)
Chevron Corp.		454		04/24/20	USD	60.00	USD	3,290		(627,655	)
Concho Resources, Inc.		143		04/24/20	USD	47.00	USD	613		(40,040	)
EOG Resources, Inc.		222		04/24/20	USD	42.00	USD	797		(22,200	)
Marathon Petroleum Corp.		114		04/24/20	USD	27.50	USD	269		(25,308	)
Valero Energy Corp.		167		04/24/20	USD	51.00	USD	758		(27,304	)
ConocoPhillips		297		05/15/20	USD	50.00	USD	915		(6,534	)
ConocoPhillips		129		05/15/20	USD	30.00	USD	397		(54,825	)
Enbridge, Inc.		75		05/15/20	CAD	38.00	CAD	307		(23,316	)
Exxon Mobil Corp.		183		05/15/20	USD	37.50	USD	695		(67,253	)
Kinder Morgan, Inc.		588		05/15/20	USD	16.00	USD	818		(21,168	)
Noble Energy, Inc.		340		05/15/20	USD	10.00	USD	205		(11,050	)
Pioneer Natural Resources Co.		12		05/15/20	USD	80.00	USD	84		(7,920	)
Suncor Energy, Inc.		163		05/15/20	CAD	16.00	CAD	366		(81,077	)
Williams Cos., Inc.		375		05/15/20	USD	12.00	USD	531		(115,875	)
Williams Cos., Inc.		374		05/15/20	USD	16.00	USD	529		(31,416	)

									$	(2,969,451	)

OTC Options Written


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		$ Value
Call
Galp Energia SGPS SA	Credit Suisse International		50,700		04/01/20	EUR	14.95	EUR	527	$	—
Lundin Petroleum AB	UBS AG		20,700		04/01/20	SEK	319.65	SEK	3,943		—
TOTAL SA	Credit Suisse International		31,800		04/01/20	EUR	45.07	EUR	1,125		—
Suncor Energy, Inc.	Credit Suisse International		13,000		04/06/20	CAD	39.96	CAD	292		(2	)
TOTAL SA	Credit Suisse International		31,300		04/07/20	EUR	45.46	EUR	1,108		(1	)
Statoil ASA	Morgan Stanley & Co. International PLC		33,400		04/08/20	NOK	163.38	NOK	4,380		(12	)
BP PLC	Credit Suisse International		506,800		04/14/20	GBP	4.29	GBP	1,744		(289	)
CNOOC Ltd.	Goldman Sachs International		977,000		04/14/20	HKD	11.53	HKD	7,943		(17	)
Suncor Energy, Inc.	Credit Suisse International		70,400		04/14/20	CAD	40.89	CAD	1,581		(1,138	)
Statoil ASA	Credit Suisse International		18,300		04/15/20	NOK	151.77	NOK	2,400		(1,564	)
Lundin Petroleum AB	Credit Suisse International		15,600		04/16/20	SEK	287.78	SEK	2,972		(148	)
Oil Search Ltd.	Morgan Stanley & Co. International PLC		161,700		04/16/20	AUD	6.03	AUD	385		(7	)
Suncor Energy, Inc.	Credit Suisse International		36,000		04/20/20	CAD	40.07	CAD	809		(199	)
BP PLC	Credit Suisse International		595,000		04/21/20	GBP	4.26	GBP	2,048		(12,244	)
TOTAL SA	Credit Suisse International		53,000		04/21/20	EUR	40.86	EUR	1,876		(12,701	)
BP PLC	Credit Suisse International		304,000		04/22/20	GBP	3.44	GBP	1,046		(69,079	)
CNOOC Ltd.	JPMorgan Chase Bank N.A.		167,000		04/22/20	HKD	7.87	HKD	1,358		(14,262	)


SCHEDULE OF INVESTMENTS		MARCH 31, 2020			3

Schedule of Investments (unaudited) (continued)

March 31, 2020

BlackRock Energy and Resources Trust (BGR)

OTC Options Written (continued)


Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call (continued)
Oil Search Ltd.	UBS AG		162,600		04/22/20	AUD	5.46	AUD	387	$	(87	)
Statoil ASA	Credit Suisse International		33,400		04/22/20	NOK	124.22	NOK	4,380		(33,854	)
TOTAL SA	Credit Suisse International		67,000		04/22/20	EUR	32.68	EUR	2,371		(212,861	)
Enbridge, Inc.	Credit Suisse International		36,200		04/27/20	CAD	52.47	CAD	1,483		(450	)
Gazprom PJSC—ADR	Credit Suisse International		30,000		04/28/20	USD	4.88	USD	139		(8,985	)
Lundin Petroleum AB	UBS AG		38,000		04/28/20	SEK	190.35	SEK	7,239		(43,876	)
Statoil ASA	UBS AG		34,000		04/28/20	NOK	115.21	NOK	4,459		(56,769	)
TOTAL SA	Credit Suisse International		21,100		04/28/20	EUR	34.12	EUR	747		(53,445	)
BP PLC	Credit Suisse International		97,600		05/05/20	GBP	2.50	GBP	336		(106,428	)
Galp Energia SGPS SA	Morgan Stanley & Co. International PLC		55,400		05/05/20	EUR	9.13	EUR	576		(89,825	)
Statoil ASA	Credit Suisse International		44,400		05/06/20	NOK	107.43	NOK	5,823		(102,508	)

										$	(820,751	)

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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for 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 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	$	3,623,025		$	—		$	—	$	3,623,025
Oil, Gas & Consumable Fuels		133,562,226			60,171,072			—		193,733,298
Short-Term Securities		16,333,180			—			—		16,333,180

	$	153,518,431		$	60,171,072		$	—	$	213,689,503

Derivative Financial Instruments ^(a)
Liabilities:
Equity contracts	$	(2,968,601	)	$	(821,601	)	$	—	$	(3,790,202	)

^(a)

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


4		MARCH 31, 2020		SCHEDULE OF INVESTMENTS