BGR - BlackRock Energy & Resources Trust

What this means for you

City of London owned more than 5% of this fund and has since sold down below that level, so it no longer has to report its holding.

Nothing is required of you. If a large investor buys in again, the notice appears here the day it is filed.

Email me if this changes

What happened, and when

In the fund's last buy-back (results filed Feb 25, 2025), holders offered 14.9% of all shares and the fund bought about 17 of every 100 shares offered, so holders who took part got only part of what they offered. Results of the last buy-back →

1. April 15, 2025

   Allspring Global Investments Holdings, LLC sold down below 5% and stopped reporting.

   Original document →

2. Feb 25, 2025

   The buy-back ended; holders offered 14.9% of all shares and the fund paid $13.8376 a share.

   Original document →

3. Feb 24, 2025

   The buy-back ended; an early count says holders offered 14.9% of all shares.

   Original document →

4. Jan 22, 2025

   The fund offered to buy back 2.5% of its shares at 98% of value, until Feb 21, 2025.

   Original document →

5. Dec 6, 2024

   City of London sold down below 5% and stopped reporting.

   Original document →

About this fund

• Run by BlackRock Advisors, LLC. Part of the BlackRock-advised Funds fund family. As of Dec 31, 2025, from the fund's yearly report. Original document →
• Size: about $417 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1% a year in management fees; 1.2% a year in total, including interest on borrowed money. Fiscal year ended Dec 31, 2025. As of Dec 31, 2025, from the fund's yearly report. Original document →
  Among the 10 funds we follow that invest in energy and resources companies, 2 charge a lower management fee and 3 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Dec 31, 2025) the fund paid $1.17 a share. $0.36 of that was income; $0.81 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Dec 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Dec 31, 2025): $14.18. The shares traded at $13.54, about 4.5% below that. As of Dec 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 12% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2004.

How this has changed

• Payouts per share: $1.17 in the fiscal year ended Dec 31, 2025; $0.84 in the year ended Dec 31, 2024; $0.77 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.81 in the year ended Dec 31, 2025; $0.51 in the year ended Dec 31, 2024; $0.40 in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.23% a year in the fiscal year ended Dec 31, 2025; 1.12% a year in the year ended Dec 31, 2024; 1.07% a year in the year ended Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $361 million at Dec 31, 2025; $360 million at Dec 31, 2024; $388 million at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• Borrowing: none at Dec 31, 2025; none at Dec 31, 2024; none at Dec 31, 2023. From the fund's quarterly holdings reports. Original documents: Dec 31, 2025 →, Dec 31, 2024 →, Dec 31, 2023 →.
• The fund had about 25.5 million shares at Dec 31, 2025, down 7.3% from Dec 31, 2023.As of Dec 31, 2025, from the fund's annual report. Original document →
  In between, the fund bought back shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Dec 31, 2025: the shares returned +17.2%, counting payouts; the holdings +12.4%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Dec 31, 2025, from the fund's annual report. Original document →
• The year ended Dec 31, 2024: the shares returned +8%, counting payouts; the holdings +3.9%. As of Dec 31, 2024, from the fund's annual report. Original document →
• The year ended Dec 31, 2023: the shares returned +5.7%, counting payouts; the holdings +5.8%. As of Dec 31, 2023, from the fund's annual report. Original document →
• The year ended Dec 31, 2022: the shares returned +38.8%, counting payouts; the holdings +38.5%. As of Dec 31, 2022, from the fund's annual report. Original document →
• The year ended Dec 31, 2021: the shares returned +40.1%, counting payouts; the holdings +38.4%. As of Dec 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned +160%. $10,000 of shares bought at the start (Jan 1, 2021) would have become about $26,000 by Dec 31, 2025, with every payout counted, before tax. As of Dec 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +28.2%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 8 funds that invest in energy and resources companies with a fiscal year ending within six months of this one, 3 reported a higher share return for that year and 4 a lower one. As of Dec 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (99%), the rest cash and short-term holdings. About 62% issued in the U.S.

1. Exxon Mobil - 18.6%
2. Chevron - 10.8%
3. Shell PLC - 9.5%
4. TotalEnergies SE - 6.5%
5. Williams Cos Inc/The - 4.7%
6. Valero Energy - 4.6%
7. Targa Resources - 4.4%
8. ConocoPhillips - 4.2%
9. Cheniere Energy - 3.8%
10. Canadian Natural Resources - 3.6%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →