N-Q 1 c35943_nq.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:__811-21656______

_______BlackRock Global Energy & Resources Trust_______
(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE
19809
(Address of principal executive offices)
(Zip code)
     

 

Robert S. Kapito, President

BlackRock Global Energy & Resources Trust

__________40 East 52nd Street, New York, NY 10022__________
(Name and address of agent for service)

Registrant's telephone number, including area code:_888-825-2257__________________

Date of fiscal year end: October 31, 2005

Date of reporting period:__January 31, 2005_________________________________

Item 1. Schedule of Investments.

The registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

 

PORTFOLIO OF INVESTMENTS (unaudited)
JANUARY 31, 2005

BlackRock Global Energy and Resource Trust (BGR)

Shares
  
Description
Value   
  
    COMMON STOCKS—56.7%          
    Australia—1.5%          
210,000   BHP Billiton Ltd. (ADR) $   5,359,200  
576,600   Santos Ltd. 4,146,626  
    Total Australia 9,505,826  
    Bermuda—1.7%          
75,900 1 Nabors Industries Ltd. 3,825,360  
318,800   Ship Finance International Ltd. 7,255,888  
    Total Bermuda 11,081,248  
    Brazil—0.3%          
55,600   Petroleo Brasileiro SA (ADR) 2,260,140  
    Canada—12.2%          
423,600   ARC Energy Trust 6,658,992  
115,600   Baytext Energy Trust 1,235,764  
150,500   Bonavista Energy Trust 3,532,235  
43,600   Canadian Natural Resources Ltd. 1,915,784  
174,600   Crescent Point Energy Trust 2,585,826  
70,400   EnCana Corp. 4,159,936  
247,200   Focus Energy Trust 4,266,672  
71,100   Fording Canadian Coal Trust 5,659,560  
181,500   Harvest Energy Trust 3,510,210  
149,000   Husky Energy, Inc. 4,014,060  
108,600   NAL Oil & Gas Trust 1,220,664  
182,100   Paramount Energy Trust 2,529,369  
106,500   Penn West Petroleum Ltd. 6,880,965  
121,900   Peyto Energy Trust 4,755,319  
33,900 1 Precision Drilling Corp. 2,311,980  
83,354   Primewest Energy Trust 1,897,137  
312,200   Progress Energy Trust 3,518,494  
166,100 1 Savanna Energy Services 2,491,500  
53,100   Suncor Energy, Inc. 1,699,200  
132,600   Talisman Energy, Inc. 3,951,480  
37,800 1 Trican Well Service Ltd. 2,216,214  
297,900   Trinidad Energy Services Income Trust 2,621,520  
209,200   Vermilion Energy Trust 3,531,296  
91,600   Zargon Energy Trust 1,904,364  
    Total Canada 79,068,541  
    China—0.7%          
82,200   Petrochina Co. Ltd. (ADR) 4,611,420  
    France—1.6%          
13,335   Technip SA 2,233,683  
77,500   Total SA (ADR) 8,335,125  
    Total France 10,568,808  
    Italy—0.4%          
181,800   Saipem 2,298,746  
    Netherlands—0.9%          
37,800   IHC Caland NV 2,385,351  
58,300   Royal Dutch Petroleum Co. (ADR) 3,408,801  
    Total Netherlands 5,794,152  
    Norway—1.0%          
26,800   Norsk Hydro ASA 2,039,555  
300,500   Statoil ASA (ADR) 4,603,660  
    Total Norway 6,643,215  
    Spain—0.3%          
85,900   Repsol YPF SA (ADR) 2,197,322  

1

BlackRock Global Energy and Resource Trust (BGR) (continued)

Shares
  
Description
Value   
  
    United Kingdom—1.8%          
97,600   BP Amoco PLC (ADR) $    5,818,912  
273,273   BG Group PLC 1,864,549  
30,800   Rio Tinto PLC (ADR) 3,868,480  
    Total United Kingdom 11,551,941  
    United States—34.3%          
113,600   AGL Resources, Inc. 3,936,240  
6,000   Apache Corp. 326,520  
196,500   Arch Coal, Inc. 7,182,075  
139,500   Atmos Energy Corp. 3,864,150  
65,800   Burlington Resources, Inc. 2,876,118  
227,600   Chesapeake Energy Corp. 3,998,932  
56,300   ConocoPhillips 5,224,077  
192,000   Consol Energy, Inc. 8,100,480  
76,200   Diamond Offshore Drilling, Inc. 3,335,274  
45,900   Dominion Resources, Inc. 3,184,542  
47,800   Enbridge Energy Partners LP 2,620,396  
147,300   Energy Transfer Partners LP 9,589,230  
67,700   ENSCO International, Inc. 2,317,371  
60,900   Entergy Corp. 4,233,768  
281,600   Enterprise Products Partners LP 7,718,656  
98,900   EOG Resources, Inc. 7,343,325  
79,400   Exelon Corp. 3,513,450  
116,000   Exxon Mobil Corp. 5,985,600  
215,500 1 Key Energy Services, Inc. 2,674,355  
105,300   Keyspan Corp. 4,156,191  
8,300   Kinder Morgan Energy Partners 383,958  
164,085 1 Kinder Morgan Management LLC 6,930,950  
123,700   Magellan Midstream Partners LP 7,669,400  
265,100   Massey Energy Co. 10,055,243  
154,500 1 McDermott International, Inc. 2,858,250  
121,800   National Resource Partners LP 7,058,310  
69,400 1 Newfield Exploration Co. 4,247,280  
175,400   NiSource, Inc. 4,016,660  
78,500   Noble Corp. 4,187,975  
63,700   Noble Energy, Inc. 3,769,129  
46,300   Northern Border Partners LP 2,305,740  
124,100   Oneok, Inc. 3,437,570  
169,200   Patterson-UTI Energy, Inc. 3,290,940  
87,100   Peabody Energy Corp. 7,381,725  
117,300   Penn Virginia Resource Partner 6,316,605  
161,100   PG&E Corp. 5,638,500  
188,000   Plains All American Pipeline LP 7,510,600  
49,200   Public Service Enterprise Group, Inc. 2,595,300  
43,300   Schlumberger Ltd. 2,946,132  
120,500   Stolt-Nielsen SA (ADR) 4,063,260  
103,300   TEPPCO Partners LP 4,108,241  
118,300 1 Transocean, Inc. 5,205,200  
104,800   Unocal Corp. 4,985,336  
104,900   Valero LP 6,462,889  
129,300 1 Varco International, Inc. 3,957,873  
72,400 1 Weatherford International Ltd. 3,929,148  
154,900   XTO Energy, Inc. 5,562,459  
    Total United States 223,055,423  
    Total Common Stocks (cost $354,220,511) 368,636,782  

2

BlackRock Global Energy and Resource Trust (BGR) (continued)

Principal
     
Amount
     
(000)
Description
Value   
  
    SHORT-TERM INVESTMENTS—50.1%          
    U.S. Treasury & Agency Obligations—26.5%          
$72,116   Federal Home Loan Mortgage Corp., zero coupon, 2/04/05 $   72,102,659  
25,000   Federal Home Loan Mortgage Corp., zero coupon, 2/08/05 24,989,208  
75,000   U.S. Treasury Bills, zero coupon, 2/17/05 74,939,167  
    Total U.S. Treasury & Agency Obligations (cost $172,031,034) 172,031,034  
    Discount Notes—23.3%          
2,960   Abbot Labs, zero coupon, 2/08/05 2,958,722  
30,000   Bank of America Corp., zero coupon, 3/07/05 29,931,717  
4,000   Coca-Cola (The) Co., zero coupon, 2/08/05 3,998,234  
30,000   GE Capital Corp., zero coupon, 2/18/05 29,966,992  
30,000   International Business Machines Corp., zero coupon, 2/01/05 30,000,000  
25,000   Merck & Co., zero coupon, 2/03/05 24,996,428  
30,000   Royal Bank of Scotland PLC, zero coupon, 2/01/05 30,000,000  
    Total Discount Notes (cost $151,852,093) 151,852,093  
Shares
   
    Money Market Funds—0.3%          
3,210   Fidelity Institutional Money Market Prime Portfolio 3,210  
1,874,910   Goldman Financial Square Treasury Fund 1,874,910  
    Total Money Market Funds (cost $1,878,120) 1,878,120  
    Total Short-Term Investments (cost $325,761,247) 325,761,247  
    Total investments before outstanding options written (cost $679,981,758) 694,398,029  
Contracts    
    OUTSTANDING PUT OPTIONS WRITTEN—0.0%          
(220)   Burlington Resources, Inc., strike price $42.50, expires 2/19/05 (8,800)  
(400)   Consol Energy, Inc., strike price $40, expires 2/19/05 (26,000)  
(114)   Diamond Offshore Drilling, Inc., strike price $40, expires 2/19/05 (2,850)  
(230)   EOG Resources, Inc., strike price $70, expires 2/19/05 (10,925)  
(210)   Fording Canadian Coal Trust, strike price $75, expires 2/19/05 (14,700)  
(455)   Massey Energy Co., strike price $35, expires 2/19/05 (22,750)  
(335)   Nabors Industries Ltd., strike price $47.50, expires 2/19/05 (21,775)  
(132)   Newfield Exploration Co., strike price $55, expires 2/19/05 (4,290)  
(209)   Noble Corp., strike price $47.50, expires 2/19/05 (4,180)  
(318)   Peabody Energy Corp., strike price $70, expires 2/19/05 (1,590)  
(400)   Ship Finance International Ltd., strike price $20, expires 2/19/05 (10,000)  
(150)   Total SA, strike price $105, expires 2/19/05 (6,750)  
(258)   Transocean, Inc., strike price $40, expires 2/19/05 (11,610)  
(250)   Unocal Corp., strike price $42.50, expires 2/19/05 (2,500)  
(270)   XTO Energy, Inc., strike price $35, expires 2/19/05 (10,800)  
    Total Outstanding Put Options Written (premium received $390,066) (159,520)  
    OUTSTANDING CALL OPTIONS WRITTEN—0.0%          
(800)   Consol Energy, Inc., strike price $45, expires 3/19/05 (88,000)  
(114)   Diamond Offshore Drilling, Inc., strike price $45, expires 3/19/05 (17,385)  
(910)   Massey Energy Co., strike price $40, expires 3/19/05 (118,300)  
(132)   Newfield Exploration Co., strike price $65, expires 2/19/05 (6,930)  
(209)   Noble Corp., strike price $55, expires 2/19/05 (11,495)  
(318)   Peabody Energy Corp., strike price $85, expires 2/19/05 (58,830)  
(258)   Transocean, Inc., strike price $45, expires 2/19/05 (19,350)  
(250)   Unocal Corp., strike price $50, expires 2/19/05 (6,250)  
    Total Outstanding Call Options Written (premium received $248,587) (326,540)  
    Total investments, net of outstanding options written—106.8% (cost $679,343,105) $693,911,969  
    Liabilities in excess of other assets—(6.8%) (44,018,828)  
    Net Assets—100.0% $649,893,141  
   
   
    1 Non-incoming producing security.    

KEY TO ABBREVIATIONS

ADR   —   American Depository Receipt

3

 

Item 2. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications of the registrant’s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)___BlackRock Global Energy & Resources Trust___

By:    /s/ Henry Gabbay                                                                                                            
Name: Henry Gabbay
Title: Treasurer
Date: April 1, 2005

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:    /s/ Robert S. Kapito                                                                                                        
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: April 1, 2005

By:    /s/ Henry Gabbay                                                                                                             
Name: Henry Gabbay
Title: Principal Financial Officer
Date: April 1, 2005