NPORT-EX 2 NPORT_LCXA_6934840688.htm BlackRock Energy and Resources Trust

Schedule of Investments  (unaudited)

March 31, 2021

   

BlackRock Energy and Resources Trust (BGR)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

    
Energy Equipment & Services — 1.9%            

Baker Hughes, Inc.(a)

    233,472     $ 5,045,330  
   

 

 

  
Food Products — 0.8%            

Darling Ingredients, Inc.(a)(b)

    29,750       2,189,005  
   

 

 

  
Oil, Gas & Consumable Fuels — 97.5%            

Aker BP ASA

     172,371       4,889,695  

ARC Resources Ltd.

     478,650       2,940,382  

BP PLC

     1,774,650       7,208,545  

Cairn Energy PLC

     947,199       2,223,200  

Canadian Natural Resources Ltd.

     352,524       10,898,032  

Chevron Corp.(a)(c)

    373,823       39,172,912  

Cimarex Energy Co.(a)

    45,150       2,681,458  

CNOOC Ltd.

     3,700,000       3,875,965  

ConocoPhillips(a)

    344,238       18,234,267  

Devon Energy Corp.(a)

    249,000       5,440,650  

EOG Resources, Inc.(a)

    56,384       4,089,531  

Equinor ASA

     322,400       6,293,162  

Exxon Mobil Corp.(a)(c)

    323,414       18,056,204  

Hess Corp.(a)

    125,950       8,912,222  

Kinder Morgan, Inc.(a)

    425,264       7,080,646  

Kosmos Energy Ltd.(b)

    870,917       2,673,715  

Lukoil PJSC—ADR

     35,491       2,868,011  

Marathon Petroleum Corp.(a)

    162,200       8,676,078  

Oil Search Ltd.

     864,463       2,702,816  

Petroleo Brasileiro SA, ADR(a)

    258,651       2,193,360  

Pioneer Natural Resources Co.(a)

    65,289       10,369,199  

Royal Dutch Shell PLC, Class B, ADR(a)

    804,275       29,621,448  

Santos Ltd.

     788,430       4,267,496  

Suncor Energy, Inc.

     475,405       9,937,845  

TC Energy Corp.

     188,267       8,630,590  

TOTAL SE

     508,917       23,725,582  
Security   Shares     Value  
Oil, Gas & Consumable Fuels (continued)            

Tourmaline Oil Corp.

     159,150     $ 3,029,258  

Valero Energy Corp.(a)

    131,974       9,449,338  

Williams Cos., Inc.(a)

    323,901       7,673,215  
   

 

 

  
      267,814,822  
   

 

 

  

Total Long-Term Investments — 100.2%
(Cost: $244,976,053)

       275,049,157  
   

 

 

  

Short-Term Securities

    
Money Market Funds — 0.9%            

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(d)(e)

    2,537,877       2,537,877  
   

 

 

  

Total Short-Term Securities — 0.9%
(Cost: $2,537,877)

       2,537,877  
   

 

 

  

Total Investments Before Options Written — 101.1%
(Cost: $247,513,930)

 

     277,587,034  
   

 

 

  

Options Written — (0.8)%
(Premiums Received: $(3,712,427))

       (2,165,194 ) 
   

 

 

  

Total Investments, Net of Options Written — 100.3%
(Cost: $243,801,503)

 

     275,421,840  

Liabilities in Excess of Other Assets — (0.3)%

 

     (802,409 ) 
   

 

 

  

Net Assets — 100.0%

     $ 274,619,431  
   

 

 

  

 

(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)

Affiliate of the Trust.

(e)

Annualized 7-day yield as of period end.

 

 

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
12/31/20		      Purchases
at Cost		      Proceeds
from Sales		     

Net
Realized

Gain (Loss)

      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
03/31/21		      Shares
Held at
03/31/21		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

    $ 3,418,486      $ —      $ (880,609 )(a)     $ —      $ —      $ 2,537,877        2,537,877      $ 157      $ —  
              

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a)

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Exchange-Traded Options Written

 

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

Hess Corp

      256          04/01/21        USD     64.00        USD     1,811        $ (174,080 ) 

Marathon Petroleum Corp

      60          04/01/21        USD     51.50        USD     321          (12,720 ) 

Chevron Corp.

      222          04/09/21        USD     106.00        USD     2,326          (27,084 ) 

Devon Energy Corp

      279          04/09/21        USD     27.00        USD     610          (7,533 ) 

 

 

SCHEDULE OF INVESTMENTS

   1

Schedule of Investments  (unaudited) (continued)

March 31, 2021

  

BlackRock Energy and Resources Trust (BGR)

 

Exchange-Traded Options Written (continued)

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

EOG Resources, Inc.

      107          04/09/21        USD     71.50        USD     776        $ (29,050 ) 

Kinder Morgan, Inc.

      275          04/09/21        USD     15.50        USD     458          (30,112 ) 

Marathon Petroleum Corp.

      183          04/09/21        USD     58.00        USD     979          (2,196 ) 

Pioneer Natural Resources Co.

      187          04/09/21        USD     155.00        USD     2,970          (119,680 ) 

Tourmaline Oil Corp.

      300          04/09/21        CAD     27.50        CAD     718          (955 ) 

Valero Energy Corp.

      252          04/09/21        USD     78.50        USD     1,804          (3,780 ) 

ARC Resources Ltd.

      900          04/16/21        CAD     9.00        CAD     695          (4,655 ) 

Baker Hughes Co.

      440          04/16/21        USD     24.00        USD     951          (5,500 ) 

Canadian Natural Resources Ltd.

      615          04/16/21        CAD     38.00        CAD     2,389          (74,875 ) 

Cimarex Energy Co.

      85          04/16/21        USD     70.00        USD     505          (4,038 ) 

Cimarex Energy Co.

      86          04/16/21        USD     75.00        USD     511          (2,150 ) 

ConocoPhillips

      90          04/16/21        USD     60.00        USD     477          (1,440 ) 

Darling Ingredients, Inc.

      99          04/16/21        USD     70.00        USD     728          (47,025 ) 

Devon Energy Corp.

      278          04/16/21        USD     28.00        USD     607          (1,668 ) 

Exxon Mobil Corp.

      181          04/16/21        USD     50.00        USD     1,011          (109,052 ) 

Kinder Morgan, Inc.

      415          04/16/21        USD     16.00        USD     691          (32,785 ) 

Petroleo Brasileiro SA

      307          04/16/21        USD     8.00        USD     260          (17,653 ) 

Royal Dutch Shell PLC, Class B, ADR

      908          04/16/21        USD     45.00        USD     3,344          (4,540 ) 

Royal Dutch Shell PLC, Class B, ADR

      1,164          04/16/21        USD     42.50        USD     4,287          (8,730 ) 

Suncor Energy, Inc.

      498          04/16/21        CAD     26.00        CAD     1,308          (39,826 ) 

Williams Cos., Inc.

      430          04/16/21        USD     24.00        USD     1,019          (17,845 ) 

Chevron Corp.

      311          04/23/21        USD     110.00        USD     3,259          (36,231 ) 

ConocoPhillips

      737          04/23/21        USD     61.00        USD     3,904          (28,375 ) 

Marathon Petroleum Corp.

      108          04/23/21        USD     62.00        USD     578          (2,700 ) 

Pioneer Natural Resources Co.

      28          04/23/21        USD     167.50        USD     445          (9,450 ) 

Williams Cos., Inc.

      357          04/23/21        USD     24.00        USD     846          (17,850 ) 

Chevron Corp.

      288          04/30/21        USD     115.00        USD     3,018          (19,296 ) 

ConocoPhillips

      115          04/30/21        USD     52.00        USD     609          (24,495 ) 

Devon Energy Corp.

      278          04/30/21        USD     29.00        USD     607          (6,533 ) 

EOG Resources, Inc.

      108          04/30/21        USD     73.00        USD     783          (40,230 ) 

Exxon Mobil Corp.

      889          04/30/21        USD     57.00        USD     4,963          (146,240 ) 

Hess Corp.

      221          04/30/21        USD     75.00        USD     1,564          (45,747 ) 

Kinder Morgan, Inc.

      654          04/30/21        USD     16.50        USD     1,089          (36,951 ) 

Valero Energy Corp.

      68          04/30/21        USD     86.50        USD     487          (3,230 ) 

Chevron Corp.

      237          05/07/21        USD     108.00        USD     2,484          (62,568 ) 

Kinder Morgan, Inc.

      272          05/07/21        USD     17.00        USD     453          (11,424 ) 

Baker Hughes Co.

      454          05/21/21        USD     25.00        USD     981          (13,620 ) 

Canadian Natural Resources Ltd.

      570          05/21/21        CAD     40.00        CAD     2,214          (61,459 ) 

Chevron Corp.

      359          05/21/21        USD     110.00        USD     3,762          (87,775 ) 

ConocoPhillips

      153          05/21/21        USD     60.00        USD     810          (15,989 ) 

Darling Ingredients, Inc.

      66          05/21/21        USD     80.00        USD     486          (17,325 ) 

Exxon Mobil Corp.

      224          05/21/21        USD     62.50        USD     1,251          (15,120 ) 

Marathon Petroleum Corp.

      265          05/21/21        USD     55.00        USD     1,417          (73,537 ) 

Royal Dutch Shell PLC, Class B, ADR

      882          05/21/21        USD     42.50        USD     3,248          (30,870 ) 

Suncor Energy, Inc.

      984          05/21/21        CAD     29.00        CAD     2,585          (52,070 ) 

TC Energy Corp.

      468          05/21/21        CAD     60.00        CAD     2,696          (20,296 ) 

Valero Energy Corp.

      182          05/21/21        USD     80.00        USD     1,303          (32,487 ) 

Williams Cos., Inc.

      357          05/21/21        USD     24.00        USD     846          (29,988 ) 

Williams Cos., Inc.

      86          05/21/21        USD     25.00        USD     204          (4,386 ) 

Suncor Energy, Inc.

      338          06/18/21        CAD     30.00        CAD     888          (21,382 ) 
                          

 

 

  
                           $ (1,746,596 ) 
                          

 

 

  

OTC Options Written

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

Lukoil PJSC - ADR

    Credit Suisse International      7,000        04/07/21      USD     79.04      USD     566      $ (16,540 ) 

TOTAL SE

    Credit Suisse International      43,500        04/07/21      EUR     39.65      EUR     1,729        (39,025 ) 

ConocoPhillips

    Bank of America N.A.      9,500        04/09/21      USD     57.61      USD     503        (1,819 ) 

 

 

2  

Schedule of Investments  (unaudited) (continued)

March 31, 2021

  

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)                                                        

Aker BP ASA

    Credit Suisse International        21,500        04/13/21      NOK      226.05      NOK        5,217        $ (44,353 ) 

Equinor ASA

    Credit Suisse International        48,500        04/13/21      NOK      165.52      NOK        8,097          (24,263 ) 

BP PLC

    UBS AG        560,000        04/15/21      GBP      3.14      GBP        1,650          (20,394 ) 

Oil Search Ltd.

    Goldman Sachs International        111,600        04/20/21      AUD      4.78      AUD        459          (599 ) 

Equinor ASA

    Barclays Bank PLC        42,500        04/21/21      NOK      168.98      NOK        7,096          (17,639 ) 

Santos Ltd.

    JPMorgan Chase Bank N.A.        253,000        04/21/21      AUD      7.50      AUD        1,803          (18,772 ) 

Royal Dutch Shell PLC, Class B, ADR

    JPMorgan Chase Bank N.A.        12,700        04/29/21      USD      42.69      USD        468          (2,950 ) 

TC Energy Corp.

    Credit Suisse International        24,700        04/29/21      CAD      58.57      CAD        1,423          (13,292 ) 

Equinor ASA

    UBS AG        31,200        05/04/21      NOK      176.28      NOK        5,209          (8,204 ) 

TOTAL SE

    Goldman Sachs International        54,600        05/04/21      EUR      41.99      EUR        2,171          (34,943 ) 

ConocoPhillips

    Credit Suisse International        11,500        05/06/21      USD      53.66      USD        609          (28,110 ) 

Oil Search Ltd.

    Goldman Sachs International        219,700        05/06/21      AUD      4.43      AUD        904          (14,830 ) 

TOTAL SE

    Credit Suisse International        70,900        05/06/21      EUR      40.82      EUR        2,819          (77,262 ) 

Aker BP ASA

    Credit Suisse International        43,900        05/11/21      NOK      267.39      NOK        10,651          (10,532 ) 

Lukoil PJSC - ADR

    Goldman Sachs International        6,500        05/14/21      USD      83.29      USD        525          (16,048 ) 

TOTAL SE

    Goldman Sachs International        24,400        05/14/21      EUR      40.97      EUR        970          (29,023 ) 
                             

 

 

  
                              $ (418,598 ) 
                             

 

 

  

Fair Value Hierarchy as of Period End

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

 

  •  

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

 

  •  

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

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the 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 financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s investments categorized in the fair value hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Common Stocks

                  

Energy Equipment & Services

    $ 5,045,330        $ —          $        —        $ 5,045,330  

Food Products.

      2,189,005          —          —          2,189,005  

Oil, Gas & Consumable Fuels

      209,760,350          58,054,472          —          267,814,822  

Short-Term Securities

                  

Money Market Funds

      2,537,877          —          —          2,537,877  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 219,532,562        $ 58,054,472          $        —        $ 277,587,034  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

SCHEDULE OF INVESTMENTS

   3

Schedule of Investments  (unaudited) (continued)

March 31, 2021

  

BlackRock Energy and Resources Trust (BGR)

 

Fair Value Hierarchy as of Period End (continued)

 

      Level 1        Level 2        Level 3        Total  

Derivative Financial Instruments(a)

                 

Liabilities

                  

Equity Contracts

    $   (1,746,596 )       $   (418,598 )       $ —        $   (2,165,194 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

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

 

 

Currency Abbreviation
AUD    Australian Dollar
CAD    Canadian Dollar
EUR    Euro
GBP    British Pound
NOK    Norwegian Krone
USD    United States Dollar

Portfolio Abbreviation

ADR    American Depositary Receipt
PJSC    Public Joint Stock Company

 

 

4