NPORT-EX 1 NPORT_221936218822487.htm EX-BGR

Schedule of Investments  (unaudited) 

March 31, 2019

   

BlackRock Energy and Resources Trust (BGR)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Common Stocks — 97.7%  

Energy Equipment & Services — 5.7%

 

Baker Hughes a GE Co.(a)

     254,300     $ 7,049,196  

Halliburton Co.(a)

     286,800       8,403,240  

Patterson-UTI Energy, Inc.(a)

     146,798       2,058,108  

Schlumberger Ltd.(a)

     119,974       5,227,267  
   

 

 

  
    22,737,811  
Oil, Gas & Consumable Fuels — 92.0%  

Anadarko Petroleum Corp.(a)

     196,203       8,923,312  

BP PLC

     4,724,300       34,305,378  

Cairn Energy PLC(b)

     1,531,278       3,227,271  

Canadian Natural Resources Ltd.

     420,840       11,554,323  

Chevron Corp.(a)(c)

     120,485       14,841,342  

CNOOC Ltd.

     2,213,000       4,122,110  

Concho Resources, Inc.(a)

     103,769       11,514,208  

ConocoPhillips(a)

     276,850       18,476,969  

EOG Resources, Inc.(a)

     139,700       13,296,646  

EQT Corp.

     218,550       4,532,727  

Exxon Mobil Corp.(a)(c)

     549,352       44,387,642  

Galp Energia SGPS SA

     351,365       5,630,163  

Hess Corp.(a)

     46,250       2,785,638  

Kosmos Energy Ltd.

     858,126       5,346,125  

Marathon Petroleum Corp.(a)

     238,035       14,246,395  

Noble Energy, Inc.(a)

     296,914       7,342,683  

Oil Search Ltd.

     877,163       4,880,307  

Pioneer Natural Resources Co.(a)

     78,426       11,942,711  

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

     727,400       45,527,966  
Security   Shares     Value  
Oil, Gas & Consumable Fuels (continued)  

Royal Dutch Shell PLC, Class A

     190,298     $ 5,980,289  

Suncor Energy, Inc.

     526,020       17,047,874  

TOTAL SA

     571,853       31,823,211  

TransCanada Corp.

     361,200       16,222,714  

Valero Energy Corp.(a)

     167,488       14,208,007  

Williams Cos., Inc.(a)

     545,400       15,663,888  
   

 

 

  
    367,829,899  
   

 

 

  

Total Long-Term Investments — 97.7%
(Cost — $388,035,416)

 

     390,567,710  
   

 

 

  

Short-Term Securities — 2.9%

 

BlackRock Liquidity Funds, T-Fund, Institutional Class,

    

2.37%(d)(e)

     11,754,822       11,754,822  
   

 

 

  

Total Short-Term Securities — 2.9%
(Cost — $11,754,822)

 

     11,754,822  
   

 

 

  

Total Investments Before Options Written — 100.6%
(Cost — $399,790,238)

 

     402,322,532  
   

 

 

  

Options Written — (0.7)%
(Premiums Received — $2,686,074)

 

     (2,768,645 ) 
   

 

 

  

Total Investments, Net of Options Written — 99.9%
(Cost — $397,104,164)

 

     399,553,887  

Other Assets Less Liabilities — 0.1%

 

     228,074  
   

 

 

  

Net Assets — 100.0%

 

   $ 399,781,961  
   

 

 

  
 
(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)

Annualized 7-day yield as of period end.

(e)

During the period ended March 31, 2019, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
12/31/18		      Net
Activity		      Shares
Held at
03/31/19		      Value at
03/31/19		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, T-Fund, Institutional Class

      5,006,975        6,747,847        11,754,822      $ 11,754,822      $ 35,803      $ —      $ —  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 

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.

 

 

     1  

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Energy and Resources Trust (BGR)

 

Currency Abbreviations

AUD — Australian Dollar

CAD — Canadian Dollar

EUR — Euro

GBP— British Pound

HKD — Hong Kong Dollar

USD — United States Dollar

Portfolio Abbreviations

ADR — American Depositary Receipts

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                                                   

Anadarko Petroleum Corp.

      144          04/05/19        USD     49.51        USD     655        $ (342 ) 

Canadian Natural Resources Ltd.

      481          04/05/19        CAD     37.50        CAD     1,765          (6,839 ) 

ConocoPhillips

      37          04/05/19        USD     73.00        USD     247          (111 ) 

EOG Resources, Inc.

      92          04/05/19        USD     100.00        USD     876          (1,058 ) 

Halliburton Co.

      97          04/05/19        USD     33.00        USD     284          (194 ) 

Marathon Petroleum Corp.

      116          04/05/19        USD     66.50        USD     694          (348 ) 

Pioneer Natural Resources Co.

      51          04/05/19        USD     148.00        USD     777          (27,030 ) 

Pioneer Natural Resources Co.

      47          04/05/19        USD     137.00        USD     716          (73,555 ) 

Valero Energy Corp.

      68          04/05/19        USD     83.00        USD     577          (16,184 ) 

Williams Cos., Inc.

      234          04/05/19        USD     27.50        USD     672          (29,952 ) 

ConocoPhillips

      158          04/12/19        USD     68.00        USD     1,054          (10,507 ) 

Exxon Mobil Corp.

      273          04/12/19        USD     80.00        USD     2,206          (39,858 ) 

Hess Corp.

      100          04/12/19        USD     58.00        USD     602          (29,700 ) 

Williams Cos., Inc.

      233          04/12/19        USD     27.00        USD     669          (42,290 ) 

Patterson-UTI Energy, Inc.

      343          04/17/19        USD     14.65        USD     481          (7,826 ) 

Anadarko Petroleum Corp.

      130          04/18/19        USD     45.00        USD     591          (21,450 ) 

Baker Hughes a GE Co.

      53          04/18/19        USD     26.00        USD     147          (10,335 ) 

Baker Hughes a GE Co.

      269          04/18/19        USD     27.00        USD     746          (32,280 ) 

Canadian Natural Resources Ltd.

      228          04/18/19        CAD     38.00        CAD     837          (5,545 ) 

Chevron Corp.

      138          04/18/19        USD     120.00        USD     1,700          (58,650 ) 

Concho Resources, Inc.

      173          04/18/19        USD     105.00        USD     1,920          (122,830 ) 

Concho Resources, Inc.

      190          04/18/19        USD     122.75        USD     2,108          (5,363 ) 

ConocoPhillips

      355          04/18/19        USD     70.00        USD     2,369          (12,602 ) 

EOG Resources, Inc.

      91          04/18/19        USD     100.00        USD     866          (6,643 ) 

Exxon Mobil Corp.

      379          04/18/19        USD     80.00        USD     3,062          (62,914 ) 

Halliburton Co.

      167          04/18/19        USD     32.50        USD     489          (835 ) 

Hess Corp.

      61          04/18/19        USD     60.00        USD     367          (12,200 ) 

Marathon Petroleum Corp.

      165          04/18/19        USD     65.00        USD     988          (2,062 ) 

Marathon Petroleum Corp.

      85          04/18/19        USD     62.00        USD     509          (5,397 ) 

Noble Energy, Inc.

      362          04/18/19        USD     25.00        USD     895          (25,340 ) 

Pioneer Natural Resources Co.

      92          04/18/19        USD     140.00        USD     1,401          (121,440 ) 

Royal Dutch Shell PLC, Class A

      360          04/18/19        USD     65.00        USD     2,253          (5,400 ) 

Schlumberger Ltd.

      100          04/18/19        USD     47.50        USD     436          (1,200 ) 

Suncor Energy, Inc.

      839          04/18/19        CAD     46.00        CAD     3,634          (4,395 ) 

TransCanada Corp.

      326          04/18/19        CAD     60.50        CAD     1,957          (12,929 ) 

Valero Energy Corp.

      136          04/18/19        USD     87.50        USD     1,154          (10,948 ) 

 

 

2   

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Energy and Resources Trust (BGR)

 

Exchange-Traded Options Written (continued)

 

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

Williams Cos., Inc.

      281          04/18/19        USD     28.00        USD     807        $ (28,943 ) 

Baker Hughes a GE Co. Class A

      1          04/24/19        USD     27.45        USD     3          (106 ) 

Williams Cos., Inc.

      322          04/25/19        USD     27.90        USD     925          (39,547 ) 

Anadarko Petroleum Corp.

      63          04/26/19        USD     45.00        USD     287          (12,474 ) 

Anadarko Petroleum Corp.

      71          04/26/19        USD     48.00        USD     323          (5,005 ) 

ConocoPhillips

      108          04/26/19        USD     68.00        USD     721          (17,172 ) 

EOG Resources, Inc.

      112          04/26/19        USD     97.50        USD     1,066          (21,224 ) 

EOG Resources, Inc.

      82          04/26/19        USD     90.00        USD     780          (52,070 ) 

Exxon Mobil Corp.

      293          04/26/19        USD     80.50        USD     2,367          (50,836 ) 

Halliburton Co.

      403          04/26/19        USD     30.00        USD     1,181          (30,024 ) 

Marathon Petroleum Corp.

      184          04/26/19        USD     61.50        USD     1,101          (22,264 ) 

Royal Dutch Shell PLC, Class A

      341          04/26/19        USD     61.00        USD     2,134          (76,725 ) 

Royal Dutch Shell PLC, Class A

      427          04/26/19        USD     63.50        USD     2,673          (27,755 ) 

Schlumberger Ltd.

      114          04/26/19        USD     44.50        USD     497          (10,887 ) 

Valero Energy Corp.

      67          04/26/19        USD     82.00        USD     568          (30,318 ) 

Baker Hughes a GE Co. Class A

      53          05/01/19        USD     27.87        USD     147          (4,593 ) 

Anadarko Petroleum Corp.

      71          05/03/19        USD     47.00        USD     323          (11,608 ) 

Chevron Corp.

      213          05/03/19        USD     126.00        USD     2,624          (51,014 ) 

ConocoPhillips

      152          05/03/19        USD     69.00        USD     1,014          (17,328 ) 

Exxon Mobil Corp.

      344          05/03/19        USD     81.50        USD     2,780          (47,300 ) 

Halliburton Co.

      193          05/03/19        USD     30.50        USD     565          (13,027 ) 

Pioneer Natural Resources Co.

      84          05/03/19        USD     155.00        USD     1,279          (38,220 ) 

Schlumberger Ltd.

      69          05/03/19        USD     44.00        USD     301          (9,177 ) 

Valero Energy Corp.

      104          05/03/19        USD     88.50        USD     882          (15,444 ) 

Williams Cos., Inc.

      227          05/03/19        USD     29.00        USD     652          (13,620 ) 

Baker Hughes a GE Co. Class A

      269          05/08/19        USD     28.20        USD     746          (24,057 ) 

Anadarko Petroleum Corp.

      144          05/10/19        USD     47.50        USD     655          (22,464 ) 

Exxon Mobil Corp.

      309          05/10/19        USD     81.00        USD     2,497          (53,303 ) 

Halliburton Co.

      143          05/10/19        USD     30.00        USD     419          (13,728 ) 

Valero Energy Corp.

      104          05/10/19        USD     89.00        USD     882          (16,952 ) 

Williams Cos., Inc.

      289          05/10/19        USD     29.00        USD     830          (19,652 ) 

Anadarko Petroleum Corp.

      63          05/17/19        USD     47.50        USD     287          (10,804 ) 

Canadian Natural Resources Ltd.

      423          05/17/19        CAD     38.00        CAD     1,552          (29,912 ) 

Chevron Corp.

      70          05/17/19        USD     125.00        USD     862          (16,415 ) 

ConocoPhillips

      158          05/17/19        USD     70.00        USD     1,054          (17,854 ) 

EOG Resources, Inc.

      111          05/17/19        USD     97.50        USD     1,056          (35,798 ) 

Exxon Mobil Corp.

      324          05/17/19        USD     80.00        USD     2,618          (77,112 ) 

Marathon Petroleum Corp.

      184          05/17/19        USD     62.50        USD     1,101          (26,036 ) 

Marathon Petroleum Corp.

      99          05/17/19        USD     65.00        USD     593          (6,732 ) 

Noble Energy, Inc.

      390          05/17/19        USD     25.00        USD     964          (49,725 ) 

Patterson-UTI Energy, Inc.

      170          05/17/19        USD     15.00        USD     238          (8,075 ) 

Royal Dutch Shell PLC, Class A

      922          05/17/19        USD     65.00        USD     5,771          (48,405 ) 

Schlumberger Ltd.

      136          05/17/19        USD     45.00        USD     593          (15,912 ) 

TransCanada Corp.

      327          05/17/19        CAD     60.00        CAD     1,963          (33,768 ) 

Valero Energy Corp.

      107          05/17/19        USD     90.00        USD     908          (15,140 ) 

Williams Cos., Inc.

      322          05/17/19        USD     28.00        USD     925          (43,792 ) 
                          

 

 

  
                           $ (2,058,869 ) 
                          

 

 

  

 

 

     3  

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Energy and Resources Trust (BGR)

 

OTC Options Written

 

Description    Counterparty   

Number of

Contracts

      Expiration
Date		      Exercise
Price		      Notional
Amount (000)		      Value  

Call

                      

BP PLC

    Goldman Sachs International      566,500        04/03/19        GBP       5.57        GBP       3,161      $ (44,817 ) 

Galp Energia SGPS SA

    Citibank N.A.      36,800        04/03/19        EUR       14.28        EUR       526        (7,577 ) 

Suncor Energy, Inc.

    Credit Suisse International      11,400        04/03/19        CAD       44.58        CAD       494        (386 ) 

TOTAL SA

    Credit Suisse International      35,600        04/04/19        EUR       50.23        EUR       1,766        (8,696 ) 

Noble Energy, Inc.

    JPMorgan Chase Bank N.A.      29,000        04/05/19        USD       23.60        USD       717        (36,074 ) 

Baker Hughes a GE Co.

    Deutsche Bank AG      24,500        04/08/19        USD       25.50        USD       679        (56,721 ) 

Galp Energia SGPS SA

    Goldman Sachs International      37,800        04/09/19        EUR       14.74        EUR       540        (3,888 ) 

BP PLC

    Goldman Sachs International      270,000        04/10/19        GBP       5.46        GBP       1,507        (53,480 ) 

TOTAL SA

    Credit Suisse International      59,600        04/11/19        EUR       51.08        EUR       2,957        (12,019 ) 

CNOOC Ltd.

    UBS AG      407,000        04/16/19        HKD       14.11        HKD       5,950        (35,979 ) 

Canadian Natural Resources Ltd.

    Goldman Sachs International      17,000        04/17/19        CAD       37.90        CAD       624        (7,567 ) 

Oil Search Ltd.

    Morgan Stanley & Co. International PLC      182,800        04/17/19        AUD       8.55        AUD       1,433        (933 ) 

TOTAL SA

    Credit Suisse International      40,000        04/17/19        EUR       51.17        EUR       1,984        (10,688 ) 

BP PLC

    Credit Suisse International      270,000        04/23/19        GBP       5.49        GBP       1,507        (58,912 ) 

TOTAL SA

    Credit Suisse International      33,100        04/24/19        EUR       51.68        EUR       1,642        (7,443 ) 

TransCanada Corp.

    Credit Suisse International      34,800        04/25/19        CAD       61.21        CAD       2,089        (10,191 ) 

Suncor Energy, Inc.

    Credit Suisse International      23,800        04/29/19        CAD       45.24        CAD       1,031        (6,341 ) 

Canadian Natural Resources Ltd.

    Credit Suisse International      17,000        04/30/19        CAD       37.70        CAD       624        (8,033 ) 

Royal Dutch Shell PLC, Class A

    Barclays Bank PLC      49,500        05/01/19        USD       63.76        USD       3,098        (37,714 ) 

BP PLC

    Goldman Sachs International      309,800        05/02/19        GBP       5.62        GBP       1,729        (49,957 ) 

Suncor Energy, Inc.

    Credit Suisse International      23,800        05/02/19        CAD       45.24        CAD       1,031        (7,082 ) 

TransCanada Corp.

    Credit Suisse International      26,300        05/02/19        CAD       58.96        CAD       1,579        (37,555 ) 

BP PLC

    Goldman Sachs International      237,200        05/08/19        GBP       5.57        GBP       1,324        (48,589 ) 

Galp Energia SGPS SA

    Credit Suisse International      48,300        05/08/19        EUR       14.34        EUR       690        (23,682 ) 

Oil Search Ltd.

    UBS AG      124,300        05/08/19        AUD       8.02        AUD       975        (14,725 ) 

Royal Dutch Shell PLC, Class A

    Morgan Stanley & Co. International PLC      26,000        05/09/19        GBP       24.98        GBP       627        (7,952 ) 

Suncor Energy, Inc.

    Royal Bank of Canada      41,200        05/10/19        CAD       45.50        CAD       1,784        (13,412 ) 

TOTAL SA

    UBS AG      31,800        05/14/19        EUR       50.03        EUR       1,578        (34,491 ) 

CNOOC Ltd.

    Goldman Sachs International      368,000        05/15/19        HKD       14.67        HKD       5,380        (27,288 ) 

Royal Dutch Shell PLC, Class A

    UBS AG      40,700        05/15/19        GBP       23.98        GBP       982        (37,584 ) 
                     

 

 

  
                      $ (709,776 ) 
                     

 

 

  

 

 

4   

Schedule of Investments  (unaudited) (continued)

March 31, 2019

   

BlackRock Energy and Resources Trust (BGR)

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative 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 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. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (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. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value 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 investments and derivative 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 investments and derivative financial instruments, refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                  

Investments:

                  

Common Stocks:

                  

Energy Equipment & Services

    $ 22,737,811        $ —        $ —        $ 22,737,811  

Oil, Gas & Consumable Fuels

      277,861,170          89,968,729          —          367,829,899  

Short-Term Securities

      11,754,822          —          —          11,754,822  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 312,353,803        $ 89,968,729        $ —        $ 402,322,532  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(a)

                  

Liabilities:

                  

Equity contracts

    $ (1,964,106 )       $ (804,539 )       $ —        $ (2,768,645 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a)

Derivative financial instruments are options written, which are shown at value.

 

During the period ended March 31, 2019, there were no transfers between levels.

 

 

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