<![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: 01/31/2013

Item 1 – Schedule of Investments

  

 

Schedule of Investments January 31, 2013 (Unaudited)

  

 

BlackRock Energy and Resources Trust (BGR)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

 

  

Energy Equipment & Services – 17.5%

  

Basic Energy Services, Inc. (a)

      2,103,498       $ 27,198,229   

Cameron International Corp. (a)(b)

      462,600         29,287,206   

National Oilwell Varco, Inc.

      370,500         27,468,870   

Schlumberger Ltd. (b)

      272,880         21,298,284   

Superior Energy Services, Inc. (a)

      194,200         4,849,174   

Technip SA

      160,900         17,422,010   

Transocean Ltd. (b)

      286,400         16,241,744   
     

 

 

  
        143,765,517   

 

  

Metals & Mining – 4.5%

      

Goldcorp, Inc.

      90,000         3,176,100   

Hi-Crush Partners LP

      839,743         14,200,054   

Pan American Silver Corp. (b)

      162,800         2,850,628   

Prospect Global Resources, Inc. (a)

      2,884,615         4,153,846   

Silver Wheaton Corp. (b)

      366,000         12,755,100   
     

 

 

  
        37,135,728   

 

  

Oil, Gas & Consumable Fuels – 74.0%

  

Access Midstream Partners LP

      259,500         9,466,560   

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

      1,284,695         11,382,398   

AltaGas Ltd. (b)

      513,100         18,164,789   

Anadarko Petroleum Corp. (b)

      603,633         48,302,713   

Cabot Oil & Gas Corp. (b)

      365,000         19,264,700   

Cimarex Energy Co.

      148,200         9,464,052   

Concho Resources, Inc. (a)(b)

      65,800         6,002,276   

Crescent Point Energy Corp. (b)

      336,400         13,012,143   

Crew Energy, Inc. (a)(b)

      1,695,792         10,116,265   

DCP Midstream Partners LP (b)

      242,600         10,943,686   

Delek Logistics Partners LP (a)

      416,600         10,785,774   

Denbury Resources, Inc. (a)

      1,122,846         20,918,621   

Energy XXI (Bermuda) Ltd. (b)

      446,400         13,981,248   

EQT Corp. (b)

      191,232         11,361,093   

Golar LNG Ltd. (b)

      340,934         13,995,341   

Gulfport Energy Corp. (a)(b)

      918,350         37,900,304   

Keyera Corp. (b)

      451,967         23,518,235   

Kodiak Oil & Gas Corp. (a)(b)

      827,700         7,614,840   

Kosmos Energy Ltd. (a)(b)

      993,007         12,293,427   

MarkWest Energy Partners LP (b)

      369,889         20,425,270   

Noble Energy, Inc. (b)

      363,596         39,192,013   

NuVista Energy Ltd. (a)(b)

      574,100         3,010,370   

Occidental Petroleum Corp.

      343,107         30,286,055   

Pembina Pipeline Corp. (b)

      298,700         8,666,912   

Pioneer Natural Resources Co. (b)

      283,833         33,361,731   

Plains All American Pipeline LP

      360,000         18,972,000   

Range Resources Corp.

      543,600         36,513,612   

Trilogy Energy Corp. (b)

      343,470         9,759,314   

Valero Energy Corp. (b)

      1,385,300         60,579,169   

Whiting Petroleum Corp. (a)(b)

      528,500         25,146,030   
Common Stocks    Shares      Value  

 

  

Oil, Gas & Consumable Fuels (concluded)

  

Williams Partners LP

      300,784       $ 15,261,780   
     

 

 

  
        609,662,721   

 

  

Total Common Stocks – 96.0%

  

      790,563,966   

 

  
     
     

Rights

      

 

  

Oil, Gas & Consumable Fuels – 0.0%

  

Magnum Hunter Resources Corp., Expires
10/14/2013(a)(c)

      70,300         9,842   

 

  

Total Long-Term Investments

(Cost – $645,781,878) – 96.0%

  

  

      790,573,808   

 

  
     
     

Short-Term Securities

      

 

  

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (d)(e)

      42,776,255         42,776,255   

 

  
     Beneficial
Interest
(000)		         

 

  

BlackRock Liquidity Series, LLC Money Market
Series, 0.28% (d)(e)(f)

    $ 7         6,500   

 

  

Total Short-Term Securities

(Cost – $42,782,755) – 5.2%

  

  

      42,782,755   

 

  

Total Investments Before Options Written

(Cost – $688,564,633*) – 101.2%

  

  

      833,356,563   

 

  
     
     

Options Written

      

 

  

(Premiums Received – $7,187,254) – (1.5)%

  

      (12,259,660 ) 

 

  

Total Investments Net of Options
Written – 99.7%

   

      821,096,903   

Other Assets Less Liabilities – 0.3%

  

      2,841,808   
     

 

 

  

Net Assets – 100.0%

       $ 823,938,711   

 

  

 

 

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many securities have been abbreviated according to the following list:      CAD       Canadian Dollar      USD       US Dollar
     EUR       Euro      
           

 

                 
        JANUARY 31, 2013    1

  

 

Schedule of Investments (continued)

   

 

BlackRock Energy and Resources Trust (BGR)

 

Notes to Schedule of Investments

 

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

 

Tax cost

    $ 696,812,121   
  

 

 

  

Gross unrealized appreciation

    $ 182,761,446   

Gross unrealized depreciation

      (46,217,000 ) 
  

 

 

  

Net unrealized appreciation

    $ 136,544,446   
  

 

 

  

 

(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) Security, or a portion of security, is on loan.
(d) Represents the current yield as of report date.
(e) Investments in issuers considered to be an affiliate of the Trust during the period ended January 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

January 31,

2013

      Income      Realized
Gain		  

 

  

BlackRock Liquidity Funds, TempFund,
Institutional Class

      4,572,699         38,203,556        42,776,255       $ 3,653       $ 108   

BlackRock Liquidity Series, LLC Money Market Series

    $ 13,663,321       $ (13,656,821 )    $ 6,500       $ 1,317         –   

 

(f) 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.

 

—  

Exchange-Traded options written as of January 31, 2013 were as follows:

 

 

  
Description    Put/
Call		     

Strike

Price

      Expiration
Date		      Contracts      Market
Value		  

 

  

Pioneer Natural Resources Co.

      Call         USD         110         2/16/13         435       $ (371,451 ) 

Anadarko Petroleum Corp.

      Call         USD         80         2/18/13         370         (75,295 ) 

Cabot Oil & Gas Corp.

      Call         USD         50         2/18/13         600         (186,000 ) 

Crew Energy, Inc.

      Call         CAD         7         2/18/13         1,000         (4,010 ) 

Energy XXI (Bermuda) Ltd.

      Call         USD         35         2/18/13         1,475         (7,375 ) 

Gulfport Energy Corp.

      Call         USD         42.50         2/18/13         150         (9,375 ) 

MarkWest Energy Partners LP

      Call         USD         52.50         2/18/13         415         (114,125 ) 

Noble Energy, Inc.

      Call         USD         110         2/18/13         1,274         (130,585 ) 

Pioneer Natural Resources Co.

      Call         USD         115         2/18/13         210         (111,300 ) 

Schlumberger Ltd.

      Call         USD         75         2/18/13         160         (54,400 ) 

Silver Wheaton Corp.

      Call         USD         37         2/18/13         600         (10,800 ) 

Transocean Ltd.

      Call         USD         57.50         2/18/13         650         (51,025 ) 

Valero Energy Corp.

      Call         USD         35         2/18/13         1,150         (1,006,250 ) 

Kosmos Energy Ltd.

      Call         USD         12.50         3/11/13         735         (22,579 ) 

Alpha Natural Resources, Inc.

      Call         USD         11         3/18/13         1,200         (17,400 ) 

AltaGas Ltd.

      Call         CAD         34         3/18/13         1,795         (283,449 ) 

Anadarko Petroleum Corp.

      Call         USD         80         3/18/13         1,740         (661,200 ) 

Cameron International Corp.

      Call         USD         60         3/18/13         1,620         (712,800 ) 

Concho Resources, Inc.

      Call         USD         90         3/18/13         137         (64,390 ) 

Concho Resources, Inc.

      Call         USD         95         3/18/13         93         (22,320 ) 

Crescent Point Energy Corp.

      Call         CAD         39         3/18/13         1,200         (63,164 ) 

Crew Energy, Inc.

      Call         CAD         6.50         3/18/13         1,000         (12,533 ) 

DCP Midstream Partners LP

      Call         USD         45         3/18/13         400         (39,000 ) 

EQT Corp.

      Call         USD         60         3/18/13         500         (86,250 ) 

Golar LNG Ltd.

      Call         USD         40         3/18/13         570         (114,000 ) 

Kodiak Oil & Gas Corp.

      Call         USD         10         3/18/13         415         (9,338 ) 

MarkWest Energy Partners LP

      Call         USD         55         3/18/13         379         (36,005 ) 

Pan American Silver Corp.

      Call         USD         20         3/18/13         570         (7,125 ) 

Pioneer Natural Resources Co.

      Call         USD         115         3/18/13         350         (250,250 ) 

Silver Wheaton Corp.

      Call         USD         38         3/18/13         600         (27,000 ) 

 

                 
2         JANUARY 31, 2013   

  

 

Schedule of Investments (continued)

   

 

BlackRock Energy and Resources Trust (BGR)

 

—  

Exchange-Traded options written as of January 31, 2013 were as follows: (concluded)

 

 

  
Description   

Put/

Call

       

Strike

Price

       

Expiration

Date

      Contracts       

Market

Value

  

 

  

Trilogy Energy Corp.

      Call           CAD         29         3/18/13        1,200         $ (114,297 ) 

Valero Energy Corp.

      Call           USD         38         3/18/13        1,700           (1,003,000 ) 

Whiting Petroleum Corp.

      Call           USD         50         3/18/13        651           (73,238 ) 

Cabot Oil & Gas Corp.

      Call           USD         52         3/22/13        600           (162,311 ) 

Keyera Corp.

      Call           CAD         52         4/22/13        1,182           (133,322 ) 

Kosmos Energy Ltd.

      Call           USD         12.50         4/22/13        850           (46,750 ) 

NuVista Energy Ltd.

      Call           CAD         6         4/22/13        1,175           (20,616 ) 

Pembina Pipeline Corp.

      Call           CAD         30         4/22/13        1,045           (16,240 ) 

 

  

Total

                           $ (6,130,568 ) 
                         

 

 

  

 

—  

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

 

 

  
Description    Counterparty   

Put/

Call

     

Strike

Price

     

Expiration

Date

    Contracts       

Market

Value

  

 

  

Basic Energy Services, Inc.

    Ubs Securities Llc      Call         USD         11.73       2/07/13      200,000         $ (242,903 ) 

Gulfport Energy Corp.

    Citigroup Global Markets, Inc.      Call         USD         39.38       2/07/13      84,000           (170,695 ) 

Kodiak Oil & Gas Corp.

    Goldman Sachs & Co.      Call         USD         8.56       2/08/13      108,000           (69,999 ) 

Technip SA

    Morgan Stanley & Co., Inc.      Call         EUR         88.93       2/12/13      26,500           (912 ) 

NuVista Energy Ltd.

    Deutsche Bank Securities Corp.      Call         CAD         6.07       2/13/13      72,000           (241 ) 

Gulfport Energy Corp.

    Citigroup Global Markets, Inc.      Call         USD         39.90       2/14/13      78,000           (144,511 ) 

Occidental Petroleum Corp.

    Citigroup Global Markets, Inc.      Call         USD         80.70       2/22/13      120,000           (908,400 ) 

Kosmos Energy Ltd.

    Citigroup Global Markets, Inc.      Call         USD         12.61       2/25/13      30,200           (7,085 ) 

Kosmos Energy Ltd.

    JPMorgan Chase Securities      Call         USD         13.13       2/25/13      35,000           (1,043 ) 

MarkWest Energy Partners LP

    Deutsche Bank Securities Corp.      Call         USD         53.15       2/25/13      50,000           (107,229 ) 

EQT Corp.

    Goldman Sachs & Co.      Call         USD         59.73       2/27/13      16,500           (20,933 ) 

Gulfport Energy Corp.

    Morgan Stanley & Co., Inc.      Call         USD         40.70       2/27/13      76,000           (138,031 ) 

Basic Energy Services, Inc.

    Citigroup Global Markets, Inc.      Call         USD         12.92       2/28/13      200,000           (121,858 ) 

Keyera Corp.

    Deutsche Bank Securities Corp.      Call         CAD         49.69       2/28/13      40,000           (90,458 ) 

National Oilwell Varco, Inc.

    Morgan Stanley & Co., Inc.      Call         USD         72.50       2/28/13      140,000           (452,197 ) 

Whiting Petroleum Corp.

    Goldman Sachs & Co.      Call         USD         47.20       3/01/13      41,400           (77,523 ) 

Kosmos Energy Ltd.

    Citigroup Global Markets, Inc.      Call         USD         12.61       3/04/13      30,200           (5,011 ) 

Kosmos Energy Ltd.

    JPMorgan Chase Securities      Call         USD         13.26       3/04/13      35,000           (1,092 ) 

Plains All American Pipeline LP

    Morgan Stanley & Co., Inc.      Call         USD         51.97       3/05/13      126,000           (143,927 ) 

Technip SA

    Citigroup Global Markets, Inc.      Call         EUR         81.52       3/06/13      14,900           (41,127 ) 

Range Resources Corp.

    Goldman Sachs & Co.      Call         USD         66.69       3/07/13      190,200           (506,346 ) 

Access Midstream Partners LP

    Morgan Stanley & Co., Inc.      Call         USD         35.17       3/08/13      48,000           (89,000 ) 

Basic Energy Services, Inc.

    JPMorgan Chase Securities      Call         USD         12.23       3/08/13      199,500           (219,632 ) 

Kodiak Oil & Gas Corp.

    UBS Securities LLC      Call         USD         9.72       3/08/13      140,000           (29,185 ) 

Access Midstream Partners LP

    Morgan Stanley & Co., Inc.      Call         USD         36.50       3/11/13      37,500           (43,948 ) 

Golar LNG Ltd.

    UBS Securities LLC      Call         USD         38.57       3/11/13      60,000           (173,857 ) 

Denbury Resources, Inc.

    Banc of America Securities      Call         USD         18.05       3/12/13      173,900           (178,403 ) 

Denbury Resources, Inc.

    Morgan Stanley & Co., Inc.      Call         USD         16.98       3/12/13      219,000           (386,559 ) 

Technip SA

    Citigroup Global Markets, Inc.      Call         EUR         81.52       3/12/13      14,900           (44,919 ) 

Cimarex Energy Co.

    UBS Securities LLC      Call         USD         64.57       3/21/13      51,800           (125,913 ) 

Goldcorp, Inc.

    UBS Securities LLC      Call         USD         38.38       3/21/13      31,500           (15,622 ) 

Schlumberger Ltd.

    Citigroup Global Markets, Inc.      Call         USD         79.31       3/26/13      79,800           (131,945 ) 

Superior Energy Services, Inc.

    Goldman Sachs & Co.      Call         USD         25.11       3/26/13      68,000           (79,724 ) 

Transocean Ltd.

    Morgan Stanley & Co., Inc.      Call         USD         56.46       3/26/13      35,000           (86,257 ) 

Valero Energy Corp.

    Morgan Stanley & Co., Inc.      Call         USD         38.71       3/27/13      190,000           (1,014,979 ) 

Basic Energy Services, Inc.

    Citigroup Global Markets, Inc.      Call         USD         13.29       4/01/13      136,000           (98,981 ) 

Kosmos Energy Ltd.

    Citigroup Global Markets, Inc.      Call         USD         12.60       4/01/13      60,000           (22,088 ) 

Whiting Petroleum Corp.

    Morgan Stanley & Co., Inc.      Call         USD         49.75       4/02/13      68,000           (98,648 ) 

 

                 
        JANUARY 31, 2013    3

  

 

Schedule of Investments (continued)

   

 

BlackRock Energy and Resources Trust (BGR)

 

—  

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

 

  
Description    Counterparty    Put/
Call		     

Strike

Price

      Expiration
Date		    Contracts      Market
Value		  

 

  

Williams Partners LP

    UBS Securities LLC      Call         USD         50.79       4/11/13      27,000       $ (37,911 ) 

 

  

Total

                      $ (6,129,092 ) 
                    

 

 

  

 

—  

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.

 

—  

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:

 

  —  

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and 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 level in the fair value hierarchy within which the fair value measurement falls in its entirety 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 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 Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2013:

 

        Level 1        Level 2        Level 3      Total  

Assets:

                    

Investments:

                    

Long-Term Investments:

                    

Common Stocks:

                    

Energy Equipment & Services

      $ 126,343,507         $ 17,422,010         –      $ 143,765,517   

Metals & Mining

        37,135,728           –         –        37,135,728   

Oil, Gas & Consumable Fuels

        609,662,721           –         –        609,662,721   

Rights

        –           9,842         –        9,842   

Short-Term Securities

        42,776,255           6,500         –        42,782,755   

Total

      $ 815,918,211         $ 17,438,352         –      $ 833,356,563   
                   
        Level 1        Level 2        Level 3      Total  

Derivative Financial Instruments1

                    

Liabilities:

                    

Equity contracts

      $ (5,574,227 )       $ (6,685,433 )       –      $ (12,259,660 ) 

Total

      $ (5,574,227 )       $ (6,685,433 )       –      $ (12,259,660 ) 

 

  1 

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

 

                 
4         JANUARY 31, 2013   

  

 

Schedule of Investments (concluded)

   

 

BlackRock Energy and Resources Trust (BGR)

 

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

 

         Level 1           Level 2         Level 3        Total   

Assets:

                    

Cash

      $ 171,293           –         –      $ 171,293   

Liabilities:

                    

Bank overdraft

        –         $ (660 )       –        (660 ) 

Total

      $     171,293         $     (660 )       –      $     170,633   

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

 

                 
        JANUARY 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: March 26, 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: March 26, 2013

 

By:      

  /s/ Neal J. Andrews

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

Date: March 26, 2013