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 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 10/31/2014

Date of reporting period: 01/31/2014

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Item 1 – Schedule of Investments

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Schedule of Investments January 31, 2014 (Unaudited)			BlackRock Energy and Resources Trust (BGR)
			(Percentages shown are based on Net Assets)

 

Notes to Schedule of Investments

 

*	As of January 31, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

 

(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)	Represents the current yield as of report date.

 

(d)	Investments in issuers considered to be an affiliate of the Trust during the period ended January 31, 2014, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:		ADR     American Depositary Receipt AUD     Australian Dollar CAD     Canadian Dollar		GBP     British Pound NOK    Norwegian Krone USD     US Dollar

 

 

				JANUARY 31, 2014		1

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

 

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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 the investment advisor. These definitions may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

 

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Foreign currency exchange contracts as of January 31, 2014 were as follows:

 

 

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Exchange-traded options written as of January 31, 2014 were as follows:

 

 

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Over-the-counter options written as of January 31, 2014 were as follows:

 

 

 

2				JANUARY 31, 2014

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

 

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Over-the-counter options written as of January 31, 2014 were as follows: (concluded)

 

 

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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:

 

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

 

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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)

 

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Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments, please refer to the Trust’s most recent financial statements as contained in its annual report.

 

 

				JANUARY 31, 2014		3

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

 

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2014:

 

		Level 1					Level 2					Level 3					Total
Assets:
Investments:
Long-Term Investments:
Common Stocks:
Energy Equipment & Services			$	60,233,110					—					—				$	60,233,110
Oil, Gas & Consumable Fuels				589,770,365				$	84,632,328					—					674,402,693
Short-Term Securities				40,931,495					—					—					40,931,495
Total			$	690,934,970				$	84,632,328					—				$	775,567,298
		Level 1					Level 2					Level 3					Total
Derivative Financial Instruments1
Assets:
Foreign currency exchange contracts			$	1,667					—					—				$	1,667
Liabilities:
Equity contracts				(1,123,646	)			$	(1,432,920	)				—					(2,556,566	)
Foreign currency exchange contracts				(592	)				—					—					(592	)
Total			$	(1,122,571	)			$	(1,432,920	)				—				$	(2,555,491	)
1      Derivative financial instruments are foreign currency exchange contracts and options written. Foreign currency exchange contracts are value at the unrealized appreciation/ depreciation on the instrument and options written are shown at value.
The carrying amount for certain of the Trust’s assets approximates fair value for financial reporting purposes. As of January 31, 2014, such assets are categorized within the disclosure hierarchy as follows:
		Level 1					Level 2					Level 3					Total
Assets:
Cash			$	6,930					—					—				$	6,930
Foreign currency at value				174,434					—					—					174,434
Total			$	181,364					—					—				$	181,364

There were no transfers between Levels during the period ended January 31, 2014.

 

 

4				JANUARY 31, 2014

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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

 

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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, 2014

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, 2014

 

By:		/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Energy and Resources Trust
Date : March 25, 2014