NPORT-EX 2 NPORT_5836357846771229.htm BlackRock Energy and Resources Trust

Schedule of Investments  (unaudited)

September 30, 2020

   

BlackRock Energy and Resources Trust (BGR)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

    
Energy Equipment & Services(a) — 4.0%            

Baker Hughes Co.

     214,622     $ 2,852,326  

Schlumberger NV

     335,317       5,217,533  
   

 

 

  
      8,069,859  
Oil, Gas & Consumable Fuels — 94.5%            

Aker BP ASA

     132,921       2,077,846  

BP PLC

     4,704,350       13,604,879  

Cairn Energy PLC(b)

    1,179,626       2,189,163  

Canadian Natural Resources Ltd.

     111,474       1,786,531  

Chevron Corp.(a)

    379,973       27,358,056  

CNOOC Ltd.

     3,159,000       3,038,573  

Concho Resources, Inc.(a)

    70,197       3,097,092  

ConocoPhillips(a)

    288,489       9,473,979  

Enbridge, Inc.

     165,100       4,823,244  

EOG Resources, Inc.(a)

    157,184       5,649,193  

Exxon Mobil Corp.(a)(c)

    120,661       4,142,292  

Galp Energia SGPS SA

     422,898       3,922,584  

Hess Corp.(a)

    141,550       5,793,642  

Kinder Morgan, Inc.(a)

    682,614       8,416,631  

Kosmos Energy Ltd.

     1,821,665       1,777,216  

Lukoil PJSC, ADR

     32,091       1,854,247  

Lundin Energy AB

     213,522       4,234,315  

Marathon Petroleum Corp.(a)

    169,138       4,962,509  

Oil Search Ltd.

     984,713       1,883,491  

Petroleo Brasileiro SA, ADR(a)

    500,251       3,561,787  

Pioneer Natural Resources Co.(a)

    72,358       6,222,064  

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

    700,803       17,639,212  

Santos Ltd.

     755,530       2,671,389  

Suncor Energy, Inc.

     567,269       6,927,110  

TC Energy Corp.

     226,316       9,501,006  

Total SA

     570,080       19,578,003  
Security   Shares     Value  
Oil, Gas & Consumable Fuels (continued)            

Valero Energy Corp.(a)

    108,422     $ 4,696,841  

Williams Cos., Inc.(a)

    439,351       8,633,247  
   

 

 

  
      189,516,142  
   

 

 

  

Total Long-Term Investments — 98.5%
(Cost: $291,883,738)

       197,586,001  
   

 

 

  
Short-Term Securities            
Money Market Funds — 2.4%            

BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.02%(d)(e)

    4,806,251       4,806,251  
   

 

 

  

Total Short-Term Securities — 2.4%
(Cost: $4,806,251)

       4,806,251  
   

 

 

  

Total Investments Before Options Written — 100.9%
(Cost: $296,689,989)

 

     202,392,252  
   

 

 

  

Options Written — (0.4)%
(Premiums Received: $(2,512,561))

       (836,856 ) 
   

 

 

  

Total Investments, Net of Options Written — 100.5%
(Cost: $294,177,428)

 

     201,555,396  
Liabilities in Excess of Other Assets — (0.5)%     (909,235)  
   

 

 

  

Net Assets — 100.0%

     $ 200,646,161  
   

 

 

  

 

(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.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended September 30, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
12/31/19		      Purchases
at Cost		      Proceeds
from Sales		      Net Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		      Value at
09/30/20		      Shares
Held at
09/30/20		      Income     

Capital

Gain
Distributions

from
Underlying

Funds

  

BlackRock Liquidity Funds, T-Fund, Institutional Class

    $  12,745,390      $ —      $ (7,939,139 )(a)     $ —      $  —      $  4,806,251        4,806,251      $  41,063      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a)

Represents net amount 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.

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                                                   

ConocoPhillips

      224          10/02/20        USD     43.00        USD     736        $ (672 ) 

Petroleo Brasileiro SA, ADR

      242          10/02/20        USD     9.50        USD     172          (726 ) 

Pioneer Natural Resources Co.

      28          10/02/20        USD     110.00        USD     241          (280 ) 

Royal Dutch Shell PLC, Class A, ADR

      507          10/02/20        USD     31.50        USD     1,276          (17,745 ) 

Williams Cos., Inc.

      485          10/02/20        USD     22.50        USD     953          (2,425 ) 

 

 

SCHEDULE OF INVESTMENTS

   1

Schedule of Investments  (unaudited) (continued)

September 30, 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)

                           

Canadian Natural Resources Ltd.

      300          10/09/20        CAD     24.50        CAD     640        $ (1,127 ) 

Concho Resources, Inc.

      120          10/09/20        USD     53.50        USD     529          (1,800 ) 

ConocoPhillips

      539          10/09/20        USD     39.00        USD     1,770          (1,078 ) 

Enbridge, Inc.

      77          10/09/20        CAD     42.00        CAD     300          (289 ) 

EOG Resources, Inc.

      309          10/09/20        USD     47.00        USD     1,111          (2,781 ) 

Hess Corp.

      290          10/09/20        USD     49.00        USD     1,187          (2,610 ) 

Kinder Morgan, Inc.

      642          10/09/20        USD     14.25        USD     792          (164 ) 

Marathon Petroleum Corp.

      50          10/09/20        USD     37.50        USD     147          (650 ) 

Petroleo Brasileiro SA, ADR

      854          10/09/20        USD     9.23        USD     608          (30 ) 

Pioneer Natural Resources Co.

      58          10/09/20        USD     106.00        USD     499          (870 ) 

Royal Dutch Shell PLC, Class A, ADR

      641          10/09/20        USD     29.00        USD     1,613          (3,205 ) 

Schlumberger NV

      394          10/09/20        USD     21.00        USD     613          (1,576 ) 

Williams Cos., Inc.

      241          10/09/20        USD     21.95        USD     474          (401 ) 

Baker Hughes Co.

      392          10/16/20        USD     17.00        USD     521          (5,880 ) 

Canadian Natural Resources Ltd.

      123          10/16/20        CAD     29.00        CAD     262          (277 ) 

Chevron Corp.

      270          10/16/20        USD     92.50        USD     1,944          (1,620 ) 

ConocoPhillips

      254          10/16/20        USD     41.00        USD     834          (4,826 ) 

Enbridge, Inc.

      383          10/16/20        CAD     46.00        CAD     1,490          (575 ) 

Exxon Mobil Corp.

      107          10/16/20        USD     45.00        USD     367          (268 ) 

Kinder Morgan, Inc.

      641          10/16/20        USD     14.00        USD     790          (1,603 ) 

Marathon Petroleum Corp.

      214          10/16/20        USD     40.00        USD     628          (1,391 ) 

Petroleo Brasileiro SA, ADR

      76          10/16/20        USD     9.00        USD     54          (152 ) 

Pioneer Natural Resources Co.

      13          10/16/20        USD     95.00        USD     112          (1,008 ) 

Schlumberger NV

      430          10/16/20        USD     20.00        USD     669          (1,505 ) 

Suncor Energy, Inc.

      1,654          10/16/20        CAD     23.00        CAD     2,689          (4,969 ) 

TC Energy Corp.

      92          10/16/20        CAD     64.00        CAD     514          (138 ) 

TC Energy Corp.

      149          10/16/20        CAD     66.00        CAD     833          (224 ) 

TC Energy Corp.

      185          10/16/20        CAD     62.00        CAD     1,034          (695 ) 

Valero Energy Corp.

      90          10/16/20        USD     50.00        USD     390          (1,305 ) 

Williams Cos., Inc.

      241          10/16/20        USD     22.00        USD     474          (2,410 ) 

Chevron Corp.

      127          10/23/20        USD     83.00        USD     914          (2,794 ) 

Chevron Corp.

      30          10/23/20        USD     85.00        USD     216          (600 ) 

ConocoPhillips

      16          10/23/20        USD     36.50        USD     53          (552 ) 

EOG Resources, Inc.

      96          10/23/20        USD     43.50        USD     345          (1,680 ) 

Exxon Mobil Corp.

      100          10/23/20        USD     39.00        USD     343          (1,450 ) 

Kinder Morgan, Inc.

      331          10/23/20        USD     14.00        USD     408          (1,324 ) 

Marathon Petroleum Corp.

      16          10/23/20        USD     36.00        USD     47          (264 ) 

Marathon Petroleum Corp.

      40          10/23/20        USD     35.00        USD     117          (800 ) 

Pioneer Natural Resources Co.

      177          10/23/20        USD     95.00        USD     1,522          (27,435 ) 

Royal Dutch Shell PLC, Class A, ADR

      863          10/23/20        USD     28.00        USD     2,172          (19,417 ) 

Schlumberger NV

      436          10/23/20        USD     19.50        USD     678          (2,834 ) 

Valero Energy Corp.

      42          10/23/20        USD     51.50        USD     182          (1,302 ) 

Williams Cos., Inc.

      532          10/23/20        USD     21.97        USD     1,045          (6,762 ) 

Chevron Corp.

      281          10/30/20        USD     80.00        USD     2,023          (23,323 ) 

Concho Resources, Inc.

      146          10/30/20        USD     46.00        USD     644          (27,375 ) 

EOG Resources, Inc.

      192          10/30/20        USD     40.50        USD     690          (10,464 ) 

Exxon Mobil Corp.

      110          10/30/20        USD     37.00        USD     378          (6,985 ) 

Hess Corp.

      247          10/30/20        USD     42.50        USD     1,011          (42,237 ) 

Kinder Morgan, Inc.

      330          10/30/20        USD     13.50        USD     407          (4,290 ) 

Marathon Petroleum Corp.

      214          10/30/20        USD     34.50        USD     628          (13,268 ) 

Royal Dutch Shell PLC, Class A, ADR

      675          10/30/20        USD     28.00        USD     1,699          (23,625 ) 

Valero Energy Corp.

      165          10/30/20        USD     50.00        USD     715          (9,735 ) 

Williams Cos., Inc.

      93          10/30/20        USD     20.86        USD     183          (4,011 ) 

Chevron Corp.

      263          11/06/20        USD     75.50        USD     1,894          (64,829 ) 

Exxon Mobil Corp.

      136          11/06/20        USD     37.00        USD     467          (11,764 ) 

Kinder Morgan, Inc.

      324          11/06/20        USD     12.68        USD     399          (11,455 ) 

Marathon Petroleum Corp.

      108          11/06/20        USD     31.00        USD     317          (17,226 ) 

Petroleo Brasileiro SA, ADR

      329          11/06/20        USD     8.00        USD     234          (6,087 ) 

Valero Energy Corp.

      110          11/06/20        USD     47.50        USD     477          (16,280 ) 

Kinder Morgan, Inc.

      324          11/13/20        USD     12.68        USD     400          (13,038 ) 

Baker Hughes Co.

      448          11/20/20        USD     17.00        USD     595          (6,720 ) 

Chevron Corp.

      205          11/20/20        USD     92.50        USD     1,476          (4,818 ) 

 

 

2  

Schedule of Investments  (unaudited) (continued)

September 30, 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)

                           

Chevron Corp.

      267          11/20/20        USD     80.00        USD     1,922        $ (38,047 ) 

ConocoPhillips

      86          11/20/20        USD     36.00        USD     282          (9,675 ) 

Enbridge, Inc.

      162          11/20/20        CAD     42.00        CAD     630          (3,467 ) 

Petroleo Brasileiro SA, ADR

      328          11/20/20        USD     8.00        USD     234          (8,036 ) 

Suncor Energy, Inc.

      490          11/20/20        CAD     20.00        CAD     797          (7,176 ) 

TC Energy Corp.

      434          11/20/20        CAD     60.00        CAD     2,426          (18,415 ) 

Williams Cos., Inc.

      117          11/20/20        USD     22.00        USD     230          (3,744 ) 
                          

 

 

  
                           $ (540,579 ) 
                          

 

 

  

OTC Options Written

 

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

Call

                                                                                

Total SA

    Morgan Stanley & Co. International PLC      15,600

 

        10/07/20          EUR       33.11          EUR       457     $ (3 ) 

BP PLC

    Goldman Sachs International      673,000

 

        10/15/20          GBP       2.78          GBP       1,508       (1,363 ) 

Galp Energia SGPS SA

    Goldman Sachs International      96,000

 

        10/20/20          EUR       9.19          EUR       759       (107 ) 

Lundin Energy AB

    Credit Suisse International      22,400

 

        10/20/20          SEK       215.36          SEK       3,978       (1,092 ) 

Total SA

    Credit Suisse International      52,700

 

        10/20/20          EUR       34.32          EUR       1,544       (3,682 ) 

Aker BP ASA

    Morgan Stanley & Co. International PLC      26,500

 

        10/21/20          NOK       165.11          NOK       3,864       (1,321 ) 

CNOOC Ltd.

    Goldman Sachs International      380,000

 

        10/21/20          HKD       8.42          HKD       2,833       (928 ) 

BP PLC

    Barclays Bank PLC      373,100

 

        10/22/20          GBP       2.78          GBP       836       (669 ) 

BP PLC

    Credit Suisse International      596,500

 

        11/04/20          GBP       2.53          GBP       1,337       (20,187 ) 

Galp Energia SGPS SA

    Morgan Stanley & Co. International PLC      62,100

 

        11/04/20          EUR       8.86          EUR       491       (3,568 ) 

Santos Ltd.

    JPMorgan Chase Bank N.A.      41,400

 

        11/04/20          AUD       5.27          AUD       204       (2,798 ) 

Total SA

    Credit Suisse International      75,800

 

        11/04/20          EUR       30.94          EUR       2,220       (61,274 ) 

CNOOC Ltd.

    JPMorgan Chase Bank N.A.      800,000

 

        11/06/20          HKD       8.32          HKD       5,964       (6,857 ) 

Lukoil PJSC, ADR

    Barclays Bank PLC             4,800          11/06/20          USD       66.53          USD       277       (1,944 ) 

Lukoil PJSC, ADR

    Morgan Stanley & Co. International PLC             2,000          11/06/20          USD       59.74          USD       116       (3,800 ) 

Oil Search Ltd.

    JPMorgan Chase Bank N.A.      239,000

 

        11/06/20          AUD       2.92          AUD       638       (6,692 ) 

Total SA

    Goldman Sachs International      20,400

 

        11/06/20          EUR       32.80          EUR       598       (7,899 ) 

Aker BP ASA

    Barclays Bank PLC      21,800

 

        11/10/20          NOK       151.52          NOK       3,179       (10,009 ) 

Lukoil PJSC, ADR

    Barclays Bank PLC             5,100          11/10/20          USD       59.14          USD       295       (11,370 ) 

Total SA

    Credit Suisse International      49,400

 

        11/10/20          EUR       29.30          EUR       1,447       (76,226 ) 

BP PLC

    Morgan Stanley & Co. International PLC      139,500

 

        11/12/20          GBP       2.36          GBP       313       (13,263 ) 

Lundin Energy AB

    Credit Suisse International      35,000

 

        11/12/20          SEK       193.07          SEK       6,216       (8,803 ) 

Lundin Energy AB

    Credit Suisse International      22,000

 

        11/12/20          SEK       183.77          SEK       3,907       (13,197 ) 

Santos Ltd.

    Morgan Stanley & Co. International PLC      245,700

 

        11/18/20          AUD       5.08          AUD       1,213       (29,512 ) 

Oil Search Ltd.

    Morgan Stanley & Co. International PLC      135,200

 

        11/19/20          AUD       2.79          AUD       361       (9,713 ) 
                                 

 

 

  
                                  $ (296,277 ) 
                                 

 

 

  

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)

 

  •  

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

 

 

SCHEDULES OF INVESTMENTS

   3

Schedule of Investments  (unaudited) (continued)

September 30, 2020

   

BlackRock Energy and Resources Trust (BGR)

 

Fair Value Hierarchy as of Period End (continued)

 

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 tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure 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

      $ 8,069,859        $ —        $ —        $ 8,069,859  

Oil, Gas & Consumable Fuels

        134,461,652          55,054,490          —          189,516,142  

Short-Term Securities

                    

Money Market Funds

        4,806,251          —          —          4,806,251  
    

 

 

       

 

 

       

 

 

       

 

 

  
     $ 147,337,762        $ 55,054,490        $ —        $  202,392,252  
    

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

 

               

Liabilities

                    

Equity Contracts

      $ (504,718 )       $ (332,138 )       $  —        $ (836,856 ) 
    

 

 

       

 

 

       

 

 

       

 

 

  
                   

 

  (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
HKD    Hong Kong Dollar
NOK    Norwegian Krone
SEK    Swedish Krona
USD    United States Dollar

 

Portfolio Abbreviation
ADR    American Depositary Receipt
OTC    Over-the-Counter
PJSC    Public Joint Stock Company

 

 

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