N-Q 1 d592845dnq.htm BLACKROCK ENERGY & RESOURCES TRUST <![CDATA[BlackRock Energy & Resources Trust]]>

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

Name of Fund:     BlackRock Energy and Resources Trust (BGR)

Fund Address:     100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Energy and Resources Trust, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2013

Date of reporting period: 07/31/2013


Item 1 – Schedule of Investments


Schedule of Investments July 31, 2013 (Unaudited)    BlackRock Energy and Resources Trust (BGR)
   (Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

Energy Equipment & Services — 15.4%

     

Cameron International Corp. (a)

     445,500       $ 26,418,150   

Ensco PLC, Class A (b)

     289,000         16,571,260   

Halliburton Co. (b)

     413,700         18,695,103   

National Oilwell Varco, Inc. (b)

     188,500         13,227,045   

Schlumberger Ltd. (b)

     476,268         38,734,876   

Technip SA

     160,900         17,753,514   
     

 

 

 
                131,399,948   

Metals & Mining — 0.4%

     

Hi-Crush Partners LP

     131,350         2,934,359   

Oil, Gas & Consumable Fuels — 80.2%

     

Access Midstream Partners LP (b)

     237,800         11,169,466   

AltaGas Ltd. (b)

     494,600         17,330,984   

Anadarko Petroleum Corp. (b)

     559,233         49,503,305   

Cabot Oil & Gas Corp.

     333,800         25,308,716   

Cairn Energy PLC (a)

     2,000,000         8,184,903   

Chevron Corp. (b)

     499,500         62,882,055   

Cimarex Energy Co. (b)

     141,400         10,807,202   

Concho Resources, Inc. (a)(b)

     64,700         5,802,943   

ConocoPhillips (b)

     278,500         18,063,510   

CONSOL Energy, Inc.

     245,721         7,624,723   

Crew Energy, Inc. (a)

     1,307,339         6,720,621   

DCP Midstream Partners LP

     233,400         12,293,178   

Denbury Resources, Inc. (a)(b)

     1,118,646         19,576,305   

Enbridge, Inc. (b)

     197,000         8,740,424   

EOG Resources, Inc. (b)

     187,500         27,279,375   

EQT Corp. (b)

     175,632         15,192,168   

Exxon Mobil Corp. (b)

     730,000         68,437,500   

Golar LNG Ltd. (b)

     340,434         11,755,186   

Gulfport Energy Corp. (a)(b)

     695,648         37,008,474   

Keyera Corp. (b)

     426,467         23,858,236   

Kodiak Oil & Gas Corp. (a)(b)

     803,000         7,797,130   

Kosmos Energy Ltd. (a)

     993,007         10,486,154   

MarkWest Energy Partners LP (b)

     349,189         24,516,560   

Noble Energy, Inc. (b)

     708,992         44,304,910   

NuVista Energy Ltd. (a)(b)

     519,615         3,440,154   

Pembina Pipeline Corp. (b)

     288,000         9,020,504   

Pioneer Natural Resources Co.

     168,133         26,020,263   

Plains All American Pipeline LP (b)

     345,400         18,389,096   

Range Resources Corp. (b)

     514,200         40,673,220   

TransCanada Corp. (b)

     288,000         13,159,225   
Common Stocks    Shares      Value  

Oil, Gas & Consumable Fuels (concluded)

     

Whiting Petroleum Corp. (a)(b)

     517,900       $ 26,656,313   

Williams Partners LP (b)

     300,600         15,096,132   
     

 

 

 
                687,098,935   

Specialty Retail — 0.4%

     

CST Brands, Inc. (a)(b)

     103,333         3,369,689   

Total Common Stocks — 96.4%

              824,802,931   
     
Warrants (c)                

Oil, Gas & Consumable Fuels — 0.0%

     

Magnum Hunter Resources Corp., Expires 10/14/13(a)(d)

     70,300         3,663   

Total Long-Term Investments

(Cost — $657,438,325) — 96.4%

  

  

     824,806,594   
     
Short-Term Securities                

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.04% (e)(f)

     26,691,146         26,691,146   
      Beneficial
Interest
(000)
         

BlackRock Liquidity Series, LLC Money Market
Series, 0.18% (e)(f)(g)

   $ 7         6,500   

Total Short-Term Securities

(Cost — $26,697,646) — 3.1%

  

  

     26,697,646   

Total Investments Before Options Written

(Cost — $684,135,971*) — 99.5%

  

  

     851,504,240   
     
Options Written                

(Premiums Received — $8,067,252) — (1.1)%

  

     (9,113,562

Total Investments Net of Options Written — 98.4%

  

     842,390,678   

Other Assets Less Liabilities — 1.6%

  

     13,896,894   
     

 

 

 

Net Assets — 100.0%

      $ 856,287,572   
     

 

 

 
 
Notes to Schedule of Investments

 

* As of July 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

   $ 692,383,458   
  

 

 

 

Gross unrealized appreciation

   $ 179,864,287   

Gross unrealized depreciation

     (20,743,505
  

 

 

 

Net unrealized appreciation

   $ 159,120,782   
  

 

 

 

 

Portfolio Abbreviations        
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:  

CAD     Canadian Dollar

EUR     Euro

 

GBP     British Pound

USD     US Dollar

 

     BLACKROCK ENERGY AND RESOURCES TRUST (BGR)    JULY 31, 2013    1


Schedule of Investments (continued)      BlackRock Energy and Resources Trust (BGR)   

 

 

(a) Non-income producing security.

 

(b) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.

 

(c) Warrants entitle the Trust to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any.

 

(d) Security, or a portion of security, is on loan.

 

(e) Represents the current yield as of report date.

 

(f) Investments in issuers considered to be an affiliate of the Trust during the period ended July 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares/Beneficial Interest Held at
October 31, 2012
    

Net

Activity

    Shares/Beneficial Interest Held at
July 31, 2013
     Income      Realized
Gain
 

BlackRock Liquidity Funds, TempFund, Institutional Class

     4,572,699         22,118,447        26,691,146       $ 18,968       $ 108   

BlackRock Liquidity Series, LLC Money Market Series

   $ 13,663,321       $ (13,656,821   $ 6,500       $ 1,328           

 

(g) Security was purchased with the cash collateral from loaned securities. The Trust may withdraw up to 25% of its investment daily, although the manager of the BlackRock Liquidity Series, LLC Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

 

Ÿ  

Foreign currency exchange contracts as of July 31, 2013 were as follows:

 

Currency

Purchased

      

Currency

Sold

    Counterparty  

Settlement

Date

      

Unrealized

Depreciation

 
USD        202,755           CAD           208,579      Bank of New York Mellon Corp.     8/01/13         $ (321
USD        523,278           CAD           539,984      Citibank N.A.     8/02/13           (2,459
Total                         $ (2,780
                       

 

 

 

 

Ÿ  

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

 

Ÿ  

Exchange-traded options written as of July 31, 2013 were as follows:

 

Description    Put/
Call
    

Strike

Price

    

Expiration

Date

     Contracts     

Market

Value

 

ConocoPhillips

     Call         USD         62.50         8/13/13         81       $ (21,442

Noble Energy, Inc.

     Call         USD         59.00         8/15/13         1,264         (458,373

AltaGas Ltd.

     Call         CAD         38.00         8/19/13         305         (2,227

Anadarko Petroleum Corp.

     Call         USD         90.00         8/19/13         850         (140,250

Anadarko Petroleum Corp.

     Call         USD         92.50         8/19/13         1,108         (103,044

Anadarko Petroleum Corp.

     Call         USD         97.50         8/19/13         500         (14,500

Chevron Corp.

     Call         USD         120.00         8/19/13         453         (277,462

Chevron Corp.

     Call         USD         125.00         8/19/13         750         (150,000

Cimarex Energy Co.

     Call         USD         70.00         8/19/13         465         (341,775

CST Brands, Inc.

     Call         USD         33.00         8/19/13         180         (15,300

CST Brands, Inc.

     Call         USD         34.00         8/19/13         180         (7,650

Denbury Resources, Inc.

     Call         USD         17.00         8/19/13         1,335         (100,125

Denbury Resources, Inc.

     Call         USD         18.00         8/19/13         622         (15,550

Enbridge, Inc.

     Call         CAD         46.00         8/19/13         690         (20,490

Ensco PLC, Class A

     Call         USD         62.50         8/19/13         505         (2,525

EOG Resources, Inc.

     Call         USD         135.00         8/19/13         656         (762,600

EQT Corp.

     Call         USD         85.00         8/19/13         305         (85,400

Exxon Mobil Corp.

     Call         USD         95.00         8/19/13         790         (39,500

Halliburton Co.

     Call         USD         44.00         8/19/13         730         (117,530

Halliburton Co.

     Call         USD         46.00         8/19/13         365         (17,155

Halliburton Co.

     Call         USD         47.00         8/19/13         365         (7,300

Keyera Corp.

     Call         CAD         60.00         8/19/13         190         (6,012

Keyera Corp.

     Call         CAD         62.00         8/19/13         190         (1,665

Kodiak Oil & Gas Corp.

     Call         USD         9.00         8/19/13         320         (25,600

 

 

2    BLACKROCK ENERGY AND RESOURCES TRUST (BGR)    JULY 31, 2013     


Schedule of Investments (continued)      BlackRock Energy and Resources Trust (BGR)   

 

Ÿ  

Exchange-traded options written as of July 31, 2013 were as follows: (concluded)

 

Description    Put/
Call
    

Strike

Price

     Expiration
Date
     Contracts     

Market

Value

 

MarkWest Energy Partners LP

     Call         USD         70.00         8/19/13         640       $ (67,200

National Oilwell Varco, Inc.

     Call         USD         70.00         8/19/13         625         (86,250

Plains All American Pipeline LP

     Call         USD         57.50         8/19/13         330         (2,475

Range Resources Corp.

     Call         USD         77.50         8/19/13         900         (240,750

Schlumberger Ltd.

     Call         USD         77.50         8/19/13         100         (41,750

TransCanada Corp.

     Call         CAD         48.00         8/19/13         950         (18,499

MarkWest Energy Partners LP

     Call         USD         68.50         9/21/13         198         (54,910

AltaGas Ltd.

     Call         CAD         36.00         9/23/13         715         (67,873

Denbury Resources, Inc.

     Call         USD         18.00         9/23/13         1,957         (88,065

Ensco PLC, Class A

     Call         USD         62.50         9/23/13         505         (12,625

EQT Corp.

     Call         USD         85.00         9/23/13         305         (126,575

Golar LNG Ltd.

     Call         USD         35.00         9/23/13         600         (75,000

Keyera Corp.

     Call         CAD         58.00         9/23/13         555         (89,159

Pembina Pipeline Corp.

     Call         CAD         33.00         9/23/13         58         (2,118

Plains All American Pipeline LP

     Call         USD         57.50         9/23/13         150         (3,750

TransCanada Corp.

     Call         CAD         48.00         9/23/13         58         (3,727

Whiting Petroleum Corp.

     Call         USD         48.00         9/23/13         412         (187,460

Williams Partners LP

     Call         USD         50.00         9/23/13         332         (61,420

NuVista Energy Ltd.

     Call         CAD         8.00         10/21/13         1,100         (12,852

Total

                  $ (3,975,933
                 

 

 

 

 

Ÿ  

Over-the-counter options written as of July 31, 2013 were as follows:

 

Description    Counterparty    Put/
Call
    

Strike

Price

     Expiration
Date
     Contracts      Market
Value
 

Williams Partners LP

   Citibank N.A.      Call       USD      51.03         8/05/13         48,000       $ (12,748

MarkWest Energy Partners LP

   Citibank N.A.      Call       USD      68.44         8/06/13         38,500         (68,068

Cairn Energy PLC

   UBS AG      Call       GBP      2.65         8/07/13         234,000         (21,119

Kosmos Energy Ltd.

   UBS AG      Call       USD      11.18         8/08/13         42,500         (2,977

AltaGas Ltd.

   Goldman Sachs International      Call       CAD      40.34         8/12/13         71,300         (645

Cabot Oil & Gas Corp.

   Credit Suisse International      Call       USD      72.73         8/12/13         116,800         (411,596

DCP Midstream Partners LP

   Barclays Bank PLC      Call       USD      51.56         8/13/13         39,000         (43,407

Exxon Mobil Corp.

   Goldman Sachs International      Call       USD      93.36         8/13/13         127,000         (128,320

Kodiak Oil & Gas Corp.

   UBS AG      Call       USD      8.87         8/13/13         82,500         (72,791

Pioneer Natural Resources Co.

   Morgan Stanley & Co. International PLC      Call       USD      145.18         8/13/13         91,200         (967,417

Access Midstream Partners LP

   Morgan Stanley & Co. International PLC      Call       USD      49.37         8/14/13         39,200         (5,847

Kosmos Energy Ltd.

   Citibank N.A.      Call       USD      11.75         8/14/13         54,000         (5,794

Range Resources Corp.

   Goldman Sachs International      Call       USD      76.87         8/15/13         90,000         (271,694

Exxon Mobil Corp.

   Morgan Stanley & Co. International PLC      Call       USD      91.57         8/23/13         24,700         (72,259

Cameron International Corp.

   Deutsche Bank AG      Call       USD      63.87         8/27/13         75,500         (26,950

Gulfport Energy Corp.

   Citibank N.A.      Call       USD      52.80         8/27/13         86,500         (287,557

DCP Midstream Partners LP

   Citibank N.A.      Call       USD      58.35         8/28/13         42,600         (40,194

Kosmos Energy Ltd.

   Citibank N.A.      Call       USD      10.70         8/28/13         58,000         (25,455

Williams Partners LP

   Goldman Sachs International      Call       USD      52.60         8/29/13         24,000         (15,614

Plains All American Pipeline LP

   UBS AG      Call       USD      55.85         9/09/13         38,800         (18,913

Access Midstream Partners LP

   Citibank N.A.      Call       USD      49.29         9/10/13         44,000         (25,316

Cameron International Corp.

   Deutsche Bank AG      Call       USD      63.87         9/10/13         75,500         (52,560

Cairn Energy PLC

   Morgan Stanley & Co. International PLC      Call       GBP      2.67         9/11/13         43,000         (6,196

Cairn Energy PLC

   UBS AG      Call       GBP      2.58         9/11/13         190,000         (43,004

Kosmos Energy Ltd.

   Citibank N.A.      Call       USD      10.96         9/11/13         58,000         (19,902

NuVista Energy Ltd.

   Credit Suisse International      Call       CAD      7.22         9/12/13         81,400         (15,896

Kodiak Oil & Gas Corp.

   Goldman Sachs International      Call       USD      9.97         9/13/13         166,500         (65,436

Concho Resources, Inc.

   Deutsche Bank AG      Call       USD      89.35         9/16/13         22,600         (88,597

 

     BLACKROCK ENERGY AND RESOURCES TRUST (BGR)    JULY 31, 2013    3


Schedule of Investments (continued)      BlackRock Energy and Resources Trust (BGR)   

 

Ÿ  

Over-the-counter options written as of July 31, 2013 were as follows: (concluded)

 

Description    Counterparty    Put/
Call
    

Strike

Price

     Expiration
Date
     Contracts      Market
Value
 

Exxon Mobil Corp.

   Morgan Stanley & Co. International PLC      Call         USD         91.57         9/16/13         24,700       $ (70,961

Kosmos Energy Ltd.

   Deutsche Bank AG      Call         USD         11.03         9/16/13         70,000         (26,114

Schlumberger Ltd.

   Citibank N.A.      Call         USD         79.25         9/16/13         135,900         (460,147

Technip SA

   Deutsche Bank AG      Call         EUR         86.55         9/17/13         14,900         (40,274

CONSOL Energy, Inc.

   Goldman Sachs International      Call         USD         29.40         9/18/13         86,000         (203,494

Noble Energy, Inc.

   Deutsche Bank AG      Call         USD         67.11         9/19/13         121,700         (59,674

Pembina Pipeline Corp.

   Citibank N.A.      Call         CAD         32.42         9/19/13         95,000         (56,024

Golar LNG Ltd.

   Morgan Stanley & Co. International PLC      Call         USD         36.85         9/24/13         59,100         (54,053

Technip SA

   UBS AG      Call         EUR         84.83         9/25/13         41,400         (160,240

Gulfport Energy Corp.

   UBS AG      Call         USD         49.18         9/26/13         70,000         (432,584

Whiting Petroleum Corp.

   Citibank N.A.      Call         USD         52.78         9/26/13         70,000         (140,000

Chevron Corp.

   Barclays Bank PLC      Call         USD         126.25         9/30/13         54,500         (128,806

Gulfport Energy Corp.

   Morgan Stanley & Co. International PLC      Call         USD         54.75         9/30/13         86,900         (277,653

Cairn Energy PLC

   Goldman Sachs International      Call         GBP         2.74         10/01/13         116,500         (14,636

Plains All American Pipeline LP

   Deutsche Bank AG      Call         USD         56.03         10/01/13         32,000         (22,027

Whiting Petroleum Corp.

   Citibank N.A.      Call         USD         52.78         10/07/13         70,000         (158,900

Cairn Energy PLC

   Goldman Sachs International      Call         GBP         2.74         10/08/13         116,500         (15,770

Total

                     $ (5,137,629
                    

 

 

 

 

Ÿ  

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  Ÿ  

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

 

  Ÿ  

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)

 

  Ÿ  

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own 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.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument 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, please refer the Trust’s most recent financial statements as contained in its semi-annual report.

 

 

4    BLACKROCK ENERGY AND RESOURCES TRUST (BGR)    JULY 31, 2013     


Schedule of Investments (concluded)      BlackRock Energy and Resources Trust (BGR)   

 

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of July 31, 2013:

 

      Level 1   Level 2   Level 3    Total

Assets:

                 

Investments:

                 

Long-Term Investments:

                 

Common Stocks:

                 

Energy Equipment & Services

     $ 113,646,434       $ 17,753,514                $ 131,399,948  

Metals & Mining

       2,934,359                          2,934,359  

Oil, Gas & Consumable Fuels

       678,914,032         8,184,903                  687,098,935  

Specialty Retail

       3,369,689                          3,369,689  

Warrants

               3,663                  3,663  

Short-Term Securities

       26,691,146         6,500                  26,697,646  

Total

     $ 825,555,660       $ 25,948,580                $ 851,504,240  
    

 

 

 
                 
      Level 1   Level 2   Level 3    Total

Derivative Financial Instruments1

                 

Liabilities:

                 

Equity contracts

     $ (3,441,207 )     $ (5,672,355 )              $ (9,113,562 )

Foreign currency exchange contracts

       (2,780 )                        (2,780 )

Total

     $ (3,443,987 )     $ (5,672,355 )              $ (9,116,342 )
    

 

 

 

1    Derivative financial instruments are foreign currency exchange contracts and options written. Foreign currency exchange contracts are valued at the unrealized appreciation/ depreciation on the instrument and options written are shown at value.

        

 

Certain of the Trust’s assets and/or liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of July 31, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

   

                 
      Level 1   Level 2   Level 3    Total

Assets:

                 

Foreign currency at value

     $ 34,850                        $ 34,850  

Cash pledged as collateral for options written

       590,000                          590,000  

Liabilities:

                 

Bank overdraft

             $ (14,990 )                (14,990 )

Collateral on securities loaned at value

               (6,500 )                (6,500 )

Total

     $ 624,850       $ (21,490 )              $ 603,360  
    

 

 

 

There were no transfers between levels during the period ended July 31, 2013.

 

 

     BLACKROCK ENERGY AND RESOURCES TRUST (BGR)    JULY 31, 2013    5


Item 2 –   Controls and Procedures

2(a) –

  The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) –

  There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 –

  Exhibits
  Certifications – Attached hereto


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.

 

BlackRock Energy and Resources Trust
By:         /s/ John M. Perlowski
  John M. Perlowski
  Chief Executive Officer (principal executive officer) of BlackRock Energy and Resources Trust
Date: September 24, 2013

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/ John M. Perlowski
  John M. Perlowski
  Chief Executive Officer (principal executive officer) of BlackRock Energy and Resources Trust
Date: September 24, 2013
By:     /s/ Neal J. Andrews
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of BlackRock Energy and Resources Trust
Date: September 24, 2013