NPORT-EX 2 NPORT_LCXA_81267537_0921.htm BlackRock Energy and Resources Trust

Schedule of Investments  (unaudited)

September 30, 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 Co.(a)

    237,795     $ 5,880,670  
   

 

 

  
Food Products — 1.0%  

Darling Ingredients, Inc.(a)(b)

    41,424       2,978,386  
   

 

 

  
Metals & Mining — 0.9%  

Glencore PLC

     600,800       2,826,226  
   

 

 

  
Oil, Gas & Consumable Fuels — 96.8%  

Aker BP ASA

     160,501       5,202,356  

ARC Resources Ltd.

     378,180       3,544,131  

BP PLC

     1,397,674       6,366,199  

Cairn Energy PLC

     907,375       2,289,554  

Canadian Natural Resources Ltd.

     337,163       12,327,506  

Cenovus Energy, Inc.

     707,991       7,138,043  

Chevron Corp.(a)(c)

    370,818       37,619,486  

ConocoPhillips(a)(c)

    334,785       22,688,354  

Devon Energy Corp.(a)

    265,267       9,419,631  

EOG Resources, Inc.(a)

    30,465       2,445,426  

Equinor ASA

     408,233       10,381,696  

Exxon Mobil Corp.(a)(c)

    314,577       18,503,419  

Hess Corp.

     114,419       8,937,268  

Kinder Morgan, Inc.(a)

    405,093       6,777,206  

Kosmos Energy Ltd.(b)

    751,145       2,223,389  

LUKOIL PJSC, ADR

     35,382       3,360,380  

Marathon Petroleum Corp.(a)

    180,684       11,168,078  

Oil Search Ltd.

     628,232       1,955,039  

Pioneer Natural Resources Co.(c)

    70,604       11,756,272  

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

    770,151       34,094,585  

Santos Ltd.

     783,530       4,013,265  

Suncor Energy, Inc.

     501,834       10,404,359  

TC Energy Corp.

     179,452       8,636,818  

TotalEnergies SE

     590,867       28,242,227  
Security   Shares      Value  
Oil, Gas & Consumable Fuels (continued)  

Tourmaline Oil Corp.

     114,283      $ 3,992,597  

Valero Energy Corp.(a)

    131,874        9,306,348  

Williams Cos., Inc.(a)

    307,408        7,974,163  
    

 

 

  
       290,767,795  
    

 

 

  

Total Long-Term Investments — 100.6%
(Cost: $240,701,629)

 

      302,453,077  
    

 

 

  

Short-Term Securities

     
Money Market Funds — 1.7%             

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

    5,090,194        5,090,194  
    

 

 

  

Total Short-Term Securities — 1.7%
(Cost: $5,090,194)

 

      5,090,194  
  

 

 

  

Total Investments Before Options Written — 102.3%
(Cost: $245,791,823)

 

      307,543,271  
  

 

 

  

Options Written — (2.3)%
(Premiums Received: $(2,703,867))

 

      (7,003,332 ) 
  

 

 

  

Total Investments, Net of Options Written — 100.0%
(Cost: $243,087,956)

 

      300,539,939  

Liabilities in Excess of Other Assets — 0.0%

 

      (77,274 ) 
  

 

 

  

Net Assets — 100.0%

 

    $ 300,462,665  
    

 

 

  

 

(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 September 30, 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
09/30/21		      Shares
Held at
09/30/21		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

    $  3,418,486      $  1,671,708 (a)     $ —      $ —      $ —      $  5,090,194        5,090,194      $  288      $ —  
           

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (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

                           

Chevron Corp.

      474          10/01/21        USD     103.00        USD     4,809        $ (10,902 ) 

Valero Energy Corp.

      153          10/01/21        USD     69.00        USD     1,080          (27,846 ) 

Chevron Corp.

      327          10/08/21        USD     101.00        USD     3,317          (67,689 ) 

 

 

SCHEDULES OF INVESTMENTS

   1

Schedule of Investments  (unaudited) (continued)

September 30, 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)

                           

ConocoPhillips

      78          10/08/21        USD     56.96        USD     529        $ (84,752 ) 

Kinder Morgan, Inc.

      222          10/08/21        USD     16.50        USD     371          (9,324 ) 

Marathon Petroleum Corp.

      73          10/08/21        USD     59.00        USD     451          (23,907 ) 

Baker Hughes Co.

      240          10/15/21        USD     23.00        USD     594          (47,400 ) 

Canadian Natural Resources Ltd.

      705          10/15/21        CAD     42.00        CAD     3,265          (253,257 ) 

Chevron Corp.

      282          10/15/21        USD     100.00        USD     2,861          (90,240 ) 

ConocoPhillips

      108          10/15/21        USD     60.00        USD     732          (88,560 ) 

Darling Ingredients, Inc.

      24          10/15/21        USD     85.00        USD     173          (300 ) 

Darling Ingredients, Inc.

      140          10/15/21        USD     80.00        USD     1,007          (3,850 ) 

Devon Energy Corp.

      470          10/15/21        USD     31.00        USD     1,669          (227,950 ) 

Exxon Mobil Corp.

      418          10/15/21        USD     57.50        USD     2,459          (95,304 ) 

Kinder Morgan, Inc.

      273          10/15/21        USD     16.70        USD     457          (10,360 ) 

Marathon Petroleum Corp.

      74          10/15/21        USD     57.50        USD     457          (35,150 ) 

Royal Dutch Shell PLC, Class B, ADR

      426          10/15/21        USD     42.50        USD     1,886          (95,850 ) 

Suncor Energy, Inc.

      840          10/15/21        CAD     24.00        CAD     2,206          (162,151 ) 

Valero Energy Corp.

      153          10/15/21        USD     70.00        USD     1,080          (40,086 ) 

Williams Cos., Inc.

      414          10/15/21        USD     25.00        USD     1,074          (48,645 ) 

EOG Resources, Inc.

      129          10/22/21        USD     72.00        USD     1,035          (120,615 ) 

Exxon Mobil Corp.

      165          10/22/21        USD     59.00        USD     971          (28,132 ) 

Marathon Petroleum Corp.

      114          10/22/21        USD     61.00        USD     705          (33,003 ) 

Chevron Corp.

      350          10/29/21        USD     100.00        USD     3,551          (144,375 ) 

ConocoPhillips

      754          10/29/21        USD     59.00        USD     5,110          (735,150 ) 

Exxon Mobil Corp.

      430          10/29/21        USD     57.00        USD     2,529          (138,675 ) 

Kinder Morgan, Inc.

      410          10/29/21        USD     16.50        USD     686          (27,470 ) 

Marathon Petroleum Corp.

      114          10/29/21        USD     62.00        USD     705          (29,925 ) 

ConocoPhillips

      66          11/05/21        USD     65.00        USD     447          (30,195 ) 

Kinder Morgan, Inc.

      317          11/05/21        USD     17.50        USD     530          (7,291 ) 

Marathon Petroleum Corp.

      90          11/05/21        USD     64.00        USD     556          (18,315 ) 

Williams Cos., Inc.

      397          11/05/21        USD     26.00        USD     1,030          (35,730 ) 

Baker Hughes Co.

      240          11/10/21        USD     24.40        USD     594          (32,668 ) 

ConocoPhillips

      115          11/12/21        USD     65.30        USD     779          (53,532 ) 

Devon Energy Corp.

      157          11/12/21        USD     30.10        USD     558          (102,733 ) 

Kinder Morgan, Inc.

      317          11/12/21        USD     17.00        USD     530          (16,801 ) 

Williams Cos., Inc.

      357          11/12/21        USD     26.35        USD     926          (26,246 ) 

Arc Resources Ltd.

      441          11/19/21        CAD     10.00        CAD     523          (72,247 ) 

Arc Resources Ltd.

      423          11/19/21        CAD     12.00        CAD     502          (22,710 ) 

Canadian Natural Resources Ltd.

      593          11/19/21        CAD     46.00        CAD     2,746          (124,068 ) 

Cenovus Energy Inc.

      1,250          11/19/21        CAD     11.50        CAD     1,596          (167,278 ) 

ConocoPhillips

      164          11/19/21        USD     60.00        USD     1,111          (145,140 ) 

Devon Energy Corp.

      410          11/19/21        USD     36.00        USD     1,456          (104,345 ) 

Exxon Mobil Corp.

      182          11/19/21        USD     62.50        USD     1,071          (20,202 ) 

Marathon Petroleum Corp.

      185          11/19/21        USD     62.50        USD     1,143          (56,887 ) 

Suncor Energy, Inc.

      1,002          11/19/21        CAD     25.00        CAD     2,631          (178,787 ) 

TC Energy Corp.

      446          11/19/21        CAD     64.00        CAD     2,719          (18,310 ) 

Tourmaline Oil Corp.

      262          11/19/21        CAD     39.25        CAD     1,159          (121,009 ) 

Valero Energy Corp.

      182          11/19/21        USD     70.00        USD     1,284          (77,350 ) 

Arc Resources Ltd.

      569          12/17/21        CAD     12.00        CAD     675          (41,330 ) 

Cenovus Energy Inc.

      1,440          12/17/21        CAD     13.50        CAD     1,839          (85,268 ) 

TC Energy Corp.

      235          12/17/21        CAD     64.00        CAD     1,433          (15,214 ) 

Tourmaline Oil Corp.

      172          12/17/21        CAD     43.25        CAD     761          (37,625 ) 
                          

 

 

  
                           $  (4,292,149 ) 
                          

 

 

  

OTC Options Written

Description    Counterparty    Number of
Contracts		      Expiration
Date		      Exercise Price     

Notional

Amount (000)

      Value  

Call

                      

Royal Dutch Shell PLC, Class B, ADR

    Barclays Bank PLC      104,600        10/01/21        USD       40.00        USD       4,631      $  (446,220 ) 

BP PLC

    Credit Suisse International      114,000        10/05/21        GBP       3.13        GBP       388        (38,448 ) 

Lukoil PJSC, ADR

    Credit Suisse International      7,000        10/05/21        USD       91.07        USD       671        (33,702 ) 

 

 

2  

    

Schedule of Investments  (unaudited) (continued)

September 30, 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)

                      

Santos Ltd.

    UBS AG      46,600        10/05/21        AUD       6.35        AUD       334      $ (24,855 ) 

Total SA

    Credit Suisse International      43,500        10/05/21        EUR       38.58        EUR       1,798        (136,184 ) 

Baker Hughes Co.

    Citibank N.A.      42,300        10/06/21        USD       23.19        USD       1,046        (68,717 ) 

Total SA

    Credit Suisse International      29,200        10/07/21        EUR       38.60        EUR       1,207        (91,799 ) 

Oil Search Ltd.

    Goldman Sachs International      133,700        10/08/21        AUD       4.04        AUD       587        (27,575 ) 

Aker BP

    Morgan Stanley & Co. International PLC      25,000        10/12/21        NOK       236.39        NOK       7,128        (134,303 ) 

Statoil ASA

    Morgan Stanley & Co. International PLC      72,300        10/12/21        NOK       186.29        NOK       16,098        (297,960 ) 

Lukoil PJSC, ADR

    Credit Suisse International      7,000        10/13/21        USD       89.13        USD       671        (48,487 ) 

BP PLC

    UBS AG      427,500        10/14/21        GBP       3.04        GBP       1,455        (202,355 ) 

Glencore International PLC

    Goldman Sachs International      114,000        10/15/21        GBP       3.41        GBP       401        (20,867 ) 

Total SA

    Goldman Sachs International      73,400        10/15/21        EUR       39.38        EUR       3,034        (184,633 ) 

Glencore International PLC

    Goldman Sachs International      114,000        10/20/21        GBP       3.41        GBP       401        (22,471 ) 

Santos Ltd.

    JPMorgan Chase Bank N.A.      273,000        10/26/21        AUD       6.30        AUD       1,957        (168,215 ) 

Statoil ASA

    Morgan Stanley & Co. International PLC      29,000        10/26/21        NOK       204.85        NOK       6,457        (60,914 ) 

Royal Dutch Shell PLC, Class B, ADR

    Citibank N.A.      77,000        10/27/21        USD       41.69        USD       3,409        (235,900 ) 

Oil Search Ltd.

    Morgan Stanley & Co. International PLC      105,100        10/29/21        AUD       3.86        AUD       461        (37,045 ) 

Royal Dutch Shell PLC, Class B, ADR

    Citibank N.A.      77,000        11/04/21        USD       41.69        USD       3,409        (247,511 ) 

Statoil ASA

    Morgan Stanley & Co. International PLC      29,000        11/09/21        NOK       204.85        NOK       6,457        (63,700 ) 

Statoil ASA

    Morgan Stanley & Co. International PLC      23,300        11/09/21        NOK       215.67        NOK       5,188        (30,996 ) 

Total SA

    UBS AG      73,100        11/10/21        EUR       42.43        EUR       3,022        (58,762 ) 

Aker BP

    Goldman Sachs International      37,000        11/11/21        NOK       296.50        NOK       10,549        (29,564 ) 
                     

 

 

  
                      $  (2,711,183 ) 
                     

 

 

  

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 financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

     Level 1      Level 2      Level 3      Total  

Assets

           

Investments

           

Long-Term Investments

           

Common Stocks

           

Energy Equipment & Services

   $ 5,880,670      $ —      $  —      $ 5,880,670  

Food Products.

     2,978,386        —        —        2,978,386  

Metals & Mining

     —        2,826,226        —        2,826,226  

Oil, Gas & Consumable Fuels

     228,957,079        61,810,716        —        290,767,795  

 

 

SCHEDULES OF INVESTMENTS

   3

Schedule of Investments  (unaudited) (continued)

September 30, 2021

  

BlackRock Energy and Resources Trust (BGR)

 

Fair Value Hierarchy as of Period End (continued)

      Level 1        Level 2        Level 3        Total  

Short-Term Securities

                  

Money Market Funds

    $ 5,090,194        $  —        $ —        $  5,090,194  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 242,906,329        $  64,636,942        $ —        $  307,543,271  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                 

Liabilities

                  

Equity Contracts

    $ (3,860,849)        $ (3,142,483)      $ —        $  (7,003,332)  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (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