BlackRock Energy and 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: 10/31/2011

Date of reporting period: 01/31/2011


Item 1       Schedule of Investments


Schedule of Investments January 31, 2011 (Unaudited)    BlackRock Energy and Resources Trust (BGR)
   (Percentages shown are based on Net Assets)

 

     Shares    Value

Common Stocks

         

Construction & Engineering – 0.7%

         

MYR Group, Inc.(a)

       269,231        $ 5,920,390  
               

Energy Equipment & Services – 16.5%

         

Cameron International Corp.(b)(c)

       465,500          24,811,150  

Core Laboratories NV(c)

       88,600          8,085,636  

Halliburton Co.(c)

       537,800          24,201,000  

National Oilwell Varco, Inc.(c)

       387,500          28,636,250  

Schlumberger Ltd.(c)

       128,400          11,426,316  

Technip SA(c)

       197,800          19,216,162  

Transocean, Inc.(b)

       231,300          18,487,809  

Weatherford International Ltd.(b)(c)

       578,000          13,710,160  
               
            148,574,483  
               

Metals & Mining – 1.7%

         

Goldcorp, Inc.(c)

       98,400          3,956,664  

Silver Wheaton Corp.(b)(c)

       369,100          11,368,280  
               
            15,324,944  
               

Oil, Gas & Consumable Fuels – 81.4%

         

Alpha Natural Resources, Inc.(b)(c)

       581,400          31,238,622  

AltaGas Ltd.

       470,900          10,580,965  

Anadarko Petroleum Corp.(c)

       352,000          27,132,160  

Apache Corp.(c)

       181,600          21,675,776  

Arch Coal, Inc.(c)

       535,300          18,334,025  

Brigham Exploration Co.(b)(c)

       687,300          20,350,953  

Cabot Oil & Gas Corp.(c)

       219,400          9,133,622  

Cimarex Energy Co.(c)

       152,700          15,900,651  

Consol Energy, Inc.(c)

       264,221          13,131,783  

Crescent Point Energy Corp.(c)

       315,400          13,937,634  

Dcp Midstream Partners

       144,800          5,713,808  

El Paso Corp.(c)

       795,400          12,630,952  

Energy XXI (Bermuda) Ltd.(b)(c)

       451,900          13,019,239  

EOG Resources, Inc.(c)

       301,200          32,044,668  

EQT Corp.(c)

       487,200          23,478,168  

EXCO Resources, Inc.(c)

       572,800          11,501,824  

Frontier Oil Corp.(b)(c)

       541,500          11,263,200  

International Coal Group, Inc.(b)(c)

       2,053,475          18,994,644  

Keyera Corp.

       646,667          22,828,860  

Magnum Hunter Resources Corp.(b)(c)

       807,500          5,684,800  

MarkWest Energy Partners LP

       206,200          8,984,134  

Massey Energy Co.(c)

       641,500          40,324,690  

Nordic Amererican Tanker Shipping Limited

       277,900          6,794,655  

NuVista Energy Ltd.(c)

       602,700          5,693,856  

Occidental Petroleum Corp.(c)

       361,200          34,920,816  

ONEOK Partners LP

       176,400          14,288,400  

Peabody Energy Corp.(c)

       485,500          30,790,410  

Pembina Pipeline Corp.

       277,000          6,135,577  

Penn Virginia Corp.(c)

       872,600          15,165,788  

Petrohawk Energy Corp.(b)(c)

       2,406,100          48,242,305  

Petroleo Brasileiro SA - ADR(c)

       554,200          18,427,150  

Petroleum Development Corp.(b)(c)

       129,300          5,884,443  

Plains All American Pipeline LP(c)

       171,900          11,249,136  

QEP Resources, Inc.(c)

       206,500          8,392,160  

Range Resources Corp.(c)

       376,200          18,761,094  

Royal Dutch Shell Plc, Class A - ADR(c)

       231,600          16,441,284  

Ship Finance International Ltd.(c)

       471,600          9,436,716  

SM Energy Co.(c)

       83,500          5,190,360  

Southwestern Energy Co.(b)(c)

       457,900          18,087,050  

Targa Resources Partners LP

       135,100          4,501,532  

Ultra Petroleum Corp.(b)(c)

       123,500          5,894,655  

Whiting Petroleum Corp.(b)(c)

       382,200          48,264,216  

Williams Partners LP

       293,100          13,910,526  
               
            734,357,307  
               

Total Long-Term Investments
(Cost – $676,183,786) – 100.3%

            904,177,124  
               

Short-Term Securities

         

BlackRock Liquidity Funds, TempFund, Institutional Class,

         

0.17%(d)(e)

       8,474,086          8,474,086  
               

Total Short-Term Securities
(Cost – $8,474,086) – 0.9%

            8,474,086  
               

Total Investments Before Outstanding Options Written
(Cost – $684,657,872*) – 101.2%

            912,651,210  
               
     Contracts     

Options Written

         

Exchange-Traded Call Options Written – (1.3)%

         

Alpha Natural Resources, Inc., Strike Price USD 60, Expires 3/21/11

       250          (42,625 )

Alpha Natural Resources, Inc., Strike Price USD 57.50, Expires 3/21/11

       385          (91,822 )

Anadarko Petroleum Corp., Strike Price USD 80, Expires 2/21/11

       650          (106,600 )

Anadarko Petroleum Corp., Strike Price USD 80, Expires 3/21/11

       650          (185,575 )

Apache Corp., Strike Price USD 120, Expires 2/22/11

       300          (103,500 )

Apache Corp., Strike Price USD 120, Expires 4/18/11

       300          (182,250 )

Arch Coal, Inc., Strike Price USD 34, Expires 2/21/11

       700          (99,050 )

Arch Coal, Inc., Strike Price USD 35, Expires 2/22/11

       500          (46,750 )

Arch Coal, Inc., Strike Price USD 35, Expires 3/21/11

       700          (114,800 )

Arch Coal, Inc., Strike Price USD 36, Expires 3/21/11

       100          (12,500 )

Brigham Exploration Co., Strike Price USD 28, Expires 2/22/11

       460          (100,050 )

Brigham Exploration Co., Strike Price USD 29, Expires 2/22/11

       460          (67,850 )

Brigham Exploration Co., Strike Price USD 27, Expires 3/21/11

       500          (180,000 )

Brigham Exploration Co., Strike Price USD 28, Expires 3/21/11

       500          (145,000 )

Brigham Exploration Co., Strike Price USD 29, Expires 3/21/11

       200          (45,500 )

Brigham Exploration Co., Strike Price USD 27, Expires 4/18/11

       327          (132,435 )

Cabot Oil & Gas Corp., Strike Price USD 40, Expires 3/21/11

       500          (162,500 )

Cameron International Corp., Strike Price USD 52.50, Expires 3/21/11

       1,700          (556,750 )

Cimarex Energy Co., Strike Price USD 100, Expires 3/21/11

       600          (441,000 )

Consol Energy, Inc., Strike Price USD 45, Expires 2/22/11

       325          (160,875 )

Consol Energy, Inc., Strike Price USD 55, Expires 2/22/11

       100          (2,250 )

Consol Energy, Inc., Strike Price USD 50, Expires 3/21/11

       200          (49,800 )

Consol Energy, Inc., Strike Price USD 46, Expires 4/18/11

       325          (178,750 )

Core Laboratories NV, Strike Price USD 85, Expires 2/21/11

       150          (90,750 )

 

         JANUARY 31, 2011   1


Schedule of Investments (continued)    BlackRock Energy and Resources Trust (BGR)
   (Percentages shown are based on Net Assets)

 

     Contracts    Value

Options Written

         

Exchange-Traded Call Options Written (continued)

         

Core Laboratories NV, Strike Price USD 90, Expires 3/21/11

       150        $ (50,250 )

El Paso Corp., Strike Price USD 14, Expires 2/22/11

       1,320          (250,800 )

Energy XXI (Bermuda) Ltd., Strike Price USD 30, Expires 2/22/11

       135          (10,125 )

EOG Resources, Inc., Strike Price USD 95, Expires 2/22/11

       385          (454,300 )

EOG Resources, Inc., Strike Price USD 105, Expires 3/21/11

       670          (348,400 )

EXCO Resources, Inc., Strike Price USD 20, Expires 2/22/11

       400          (13,000 )

EXCO Resources, Inc., Strike Price USD 20, Expires 3/21/11

       750          (39,375 )

Frontier Oil Corp., Strike Price USD 19, Expires 2/22/11

       800          (158,000 )

Frontier Oil Corp., Strike Price USD 18, Expires 3/21/11

       200          (61,500 )

Goldcorp, Inc., Strike Price USD 40, Expires 3/21/11

       172          (33,970 )

Goldcorp, Inc., Strike Price USD 41, Expires 4/18/11

       172          (33,540 )

Halliburton Co., Strike Price USD 40, Expires 3/21/11

       815          (460,475 )

Halliburton Co., Strike Price USD 41, Expires 3/21/11

       815          (391,200 )

Halliburton Co., Strike Price USD 41, Expires 4/18/11

       250          (132,500 )

International Coal Group, Inc., Strike Price USD 9, Expires 2/22/11

       6,750          (455,625 )

Massey Energy Co., Strike Price USD 57.50, Expires 2/04/11

       1,250          (675,000 )

Massey Energy Co., Strike Price USD 55, Expires 2/21/11

       1,250          (1,018,750 )

National-Oilwell Varco, Inc., Strike Price USD 70, Expires 2/22/11

       100          (51,500 )

National-Oilwell Varco, Inc., Strike Price USD 70, Expires 3/21/11

       200          (122,000 )

Occidental Petroleum Corp., Strike Price USD 100, Expires 2/22/11

       200          (18,300 )

Occidental Petroleum Corp., Strike Price USD 100, Expires 3/21/11

       500          (98,750 )

Peabody Energy Corp., Strike Price USD 65, Expires 2/22/11

       375          (45,188 )

Peabody Energy Corp., Strike Price USD 60, Expires 3/21/11

       500          (255,000 )

Peabody Energy Corp., Strike Price USD 65, Expires 3/21/11

       705          (163,912 )

Penn Virginia Corp., Strike Price USD 17.50, Expires 3/21/11

       500          (57,500 )

Penn Virginia Corp., Strike Price USD 20, Expires 3/21/11

       250          (8,750 )

Petrohawk Energy Corp., Strike Price USD 20, Expires 2/22/11

       2,000          (138,000 )

Petrohawk Energy Corp., Strike Price USD 19, Expires 3/21/11

       2,000          (350,000 )

Petrohawk Energy Corp., Strike Price USD 20, Expires 3/21/11

       2,000          (232,000 )

Petrohawk Energy Corp., Strike Price USD 21, Expires 3/21/11

       250          (18,125 )

Range Resources Corp., Strike Price USD 49, Expires 2/22/11

       1,215          (246,038 )

Royal Dutch Shell Plc, Class A - ADR, Strike Price USD 70, Expires 3/21/11

       810          (172,125 )

Schlumberger Ltd., Strike Price USD 85, Expires 3/21/11

       450          (272,250 )

Ship Finance International Ltd., Strike Price USD 22.50, Expires 2/22/11

       600          (3,000 )

Silver Wheaton Corp., Strike Price USD 33, Expires 3/21/11

       500          (75,500 )

Silver Wheaton Corp., Strike Price USD 34, Expires 3/21/11

       450          (55,125 )

Silver Wheaton Corp., Strike Price USD 35, Expires 3/21/11

       450          (44,550 )

Southwestern Energy Co., Strike Price USD 40, Expires 3/21/11

       800          (118,800 )

Southwestern Energy Co., Strike Price USD 41, Expires 3/21/11

       800          (85,200 )

Transocean, Inc., Strike Price USD 80, Expires 3/21/11

       900          (351,000 )

Ultra Petroleum Corp., Strike Price USD 48, Expires 2/22/11

       160          (19,600 )

Ultra Petroleum Corp., Strike Price USD 48, Expires 3/21/11

       300          (57,750 )

Weatherford International Ltd., Strike Price USD 23, Expires 2/22/11

       1,400          (168,700 )

Weatherford International Ltd., Strike Price USD 23, Expires 3/21/11

       500          (80,250 )

Weatherford International Ltd., Strike Price USD 24, Expires 3/21/11

       500          (53,500 )

Whiting Petroleum Corp., Strike Price USD 120, Expires 2/22/11

       200          (159,000 )

Whiting Petroleum Corp., Strike Price USD 120, Expires 3/21/11

       460          (453,100 )
               

Total Exchange-Traded Call Options Written

            (11,860,305 )
               

Over-the-Counter Call Options Written – (0.5)%

         

Alpha Natural Resources, Inc., Strike Price USD 57.31, Expires 2/01/11, Broker UBS Securities LLC

       70,000          (1 )

Alpha Natural Resources, Inc., Strike Price USD 57.31, Expires 2/11/11, Broker UBS Securities LLC

       70,000          (49,880 )

Cabot Oil & Gas Corp., Strike Price USD 35.17, Expires 2/04/11, Broker JPMorgan Chase Securities

       30,000          (193,812 )

Crescent Point Energy Corp., Strike Price CAD 44.27, Expires 2/02/11, Broker Goldman Sachs & Co.

       80,000          (10,496 )

Crescent Point Energy Corp., Strike Price CAD 45.32, Expires 2/14/11, Broker Goldman Sachs & Co.

       19,000          (3,390 )

Crescent Point Energy Corp., Strike Price CAD 44, Expires 3/21/11, Broker T.D. Securities

       110          (12,084 )

El Paso Corp., Strike Price USD 14.75, Expires 3/21/11, Broker UBS Securities LLC

       1,465          (204,032 )

Energy XXI (Bermuda) Ltd., Strike Price USD 29.72, Expires 2/01/11, Broker UBS Securities LLC

       75,000          (1 )

Energy XXI (Bermuda) Ltd., Strike Price USD 29.72, Expires 2/11/11, Broker UBS Securities LLC

       75,000          (41,112 )

EQT Corp., Strike Price USD 44.42, Expires 2/02/11, Broker Morgan Stanley & Co., Inc.

       77,000          (289,982 )

EQT Corp., Strike Price USD 46.08, Expires 2/15/11, Broker UBS Securities LLC

       52,500          (123,127 )

 

2        JANUARY 31, 2011    


Schedule of Investments (continued)    BlackRock Energy and Resources Trust (BGR)
   (Percentages shown are based on Net Assets)
  

 

     Contracts    Value

Options Written

         

Over-the-Counter Call Options Written (continued)

         

EQT Corp., Strike Price USD 46.56, Expires 3/10/11, Broker Citigroup Global Markets, Inc.

       31,500        $ (72,078 )

Frontier Oil Corp., Strike Price USD 18.97, Expires 2/28/11, Broker Citigroup Global Markets, Inc.

       80,000          (157,233 )

International Coal Group, Inc., Strike Price USD 7.50, Expires 2/04/11, Broker Credit Suisse First Boston

       185,000          (324,087 )

Magnum Hunter Resources Corp., Strike Price USD 5.19, Expires 2/04/11, Broker Morgan Stanley & Co., Inc.

       100,000          (184,835 )

Magnum Hunter Resources Corp., Strike Price USD 7.73, Expires 2/28/11, Broker Barclays Capital, Inc.

       62,000          (2,610 )

Magnum Hunter Resources Corp., Strike Price USD 7.55, Expires 3/15/11, Broker JPMorgan Chase Securities

       105,000          (38,340 )

National-Oilwell Varco, Inc., Strike Price USD 67.50, Expires 2/22/11, Broker Jefferies & Co., Inc.

       1,160          (831,668 )

Nuvista Energy Ltd., Strike Price CAD 9.01, Expires 3/04/11, Broker Credit Suisse First Boston

       105,000          (64,799 )

Nuvista Energy Ltd., Strike Price CAD 9.05, Expires 3/14/11, Broker Credit Suisse First Boston

       105,000          (66,538 )

Occidental Petroleum Corp., Strike Price USD 99.24, Expires 2/14/11, Broker Morgan Stanley & Co., Inc.

       35,000          (30,923 )

Occidental Petroleum Corp., Strike Price USD 99.24, Expires 2/28/11, Broker Morgan Stanley & Co., Inc.

       35,000          (55,122 )

Petroleo Brasileiro SA - ADR, Strike Price USD 33.45, Expires 2/14/11, Broker Barclays Capital, Inc.

       50,000          (31,234 )

Petroleo Brasileiro SA - ADR, Strike Price USD 33.77, Expires 2/25/11, Broker Barclays Capital, Inc.

       50,000          (35,958 )

Petroleo Brasileiro SA - ADR, Strike Price USD 33.27, Expires 3/11/11, Broker Citigroup Global Markets, Inc.

       94,000          (72,714 )

Petroleum Development Corp., Strike Price USD 42.54, Expires 2/11/11, Broker Citigroup Global Markets, Inc.

       35,000          (114,132 )

Plains All American Pipeline LP, Strike Price USD 63.50, Expires 3/08/11, Broker UBS Securities LLC

       705          (136,770 )

QEP Resources, Inc., Strike Price USD 38.76, Expires 2/02/11, Broker Citigroup Global Markets, Inc.

       30,000          (56,404 )

QEP Resources, Inc., Strike Price USD 36.62, Expires 3/07/11, Broker Barclays Capital, Inc.

       42,500          (182,649 )

Ship Finance International Ltd., Strike Price USD 23.42, Expires 2/04/11, Broker UBS Securities LLC

       58,000          (1 )

SM Energy Co., Strike Price USD 56.21, Expires 3/08/11, Broker UBS Securities LLC

       29,000          (185,957 )

Technip SA, Strike Price EUR 75.88, Expires 3/03/11, Broker Citigroup Global Markets, Inc.

       69,500          (81,098 )

Whiting Petroleum Corp., Strike Price USD 117.43, Expires 2/11/11, Broker Morgan Stanley & Co., Inc.

       30,000          (277,301 )

Whiting Petroleum Corp., Strike Price USD 119, Expires 3/07/11, Broker Jefferies & Co., Inc.

       185          (178,417 )
               

Total Over-the-Counter Call Options Written

            (4,108,785 )
               

Total Options Written
(Premiums Received – $8,834,243) – (1.8)%

            (15,969,090 )
               

Total Investments Net of Outstanding Options Written – 99.4%

            896,682,120  

Other Assets in Excess of Liabilities – 0.6%

            5,330,983  
               

Net Assets – 100.0%

          $ 902,013,103  
               

 

* The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011 as computed for federal income tax purposes, were as follows:

 

Aggregate cost

     $ 668,885,839  
          

Gross unrealized appreciation

     $ 252,161,870  

Gross unrealized depreciation

       (8,396,499 )
          

Net unrealized appreciation

     $ 243,765,371  
          

 

(a) Restricted security as to resale acquired 12/20/07. As of January 31, 2011 the Trust held 0.6% of its net assets, with a current market value of $5,920,390 and an original cost of $3,500,003 in these securities.

 

(b) Non-income producing security.

 

(c) Security, or a portion thereof, pledged/held as collateral for outstanding options written.

 

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

 

(e) Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate

   Shares Held at
October  31,

2010
     Net Activity      Shares Held at
January  31,

2011
     Income  

BlackRock Liquidity Funds, TempFund, Institutional Class

             8,474,086         8,474,086       $ 11,711   

 

 

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. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

 

 

Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivatives, which are as follows:

 

   

Level 1 – price quotations in active markets/exchanges for identical assets and liabilities

 

   

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)

 

         JANUARY 31, 2011   3


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

 

   

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 derivatives)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivatives and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments and derivatives:

 

Valuation Inputs

   Level 1     Level 2     Level 3      Total  

Assets:

         

Investments in Securities:

         

Long Term Investments:

         

Common Stocks:

         

Construction & Engineering

          $ 5,920,390              $ 5,920,390   

Energy Equipment & Services

   $ 129,358,321        19,216,162                148,574,483   

Metals & Mining

     15,324,944                       15,324,944   

Oil, Gas & Consumable Fuels

     734,357,307                       734,357,307   

Short-Term Securities

     8,474,086                       8,474,086   
                                 

Total

   $ 887,514,658      $ 25,136,552              $ 912,651,210   
                                 
     Derivative Financial Instruments1  

Valuation Inputs

   Level 1     Level 2     Level 3      Total  

Liabilities:

         

Equity contracts

   $ (11,872,389   $ (4,096,701           $ (15,969,090
                                 

 

1

Derivative financial instruments are options which are shown at value.

 

4        JANUARY 31, 2011    


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: March 25, 2011

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: March 25, 2011

By:  

/s/ Neal J. Andrews

   
  Neal J. Andrews    
  Chief Financial Officer (principal financial officer) of BlackRock Energy and Resources Trust

Date: March 25, 2011