Portfolio Update

BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 31 August 2019 and unaudited.

Performance at month end with net income reinvested

One

Three

Six

One

Three

Five

Month

Months

Months

Year

Years

Years

Net asset value

-5.3%

4.5%

3.6%

-0.2%

26.1%

-4.7%

Share price

-9.5%

-0.8%

-6.4%

-7.6%

10.7%

-19.7%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

77.94p

Net asset value cum income*:

79.09p

Share price:

68.50p

Discount to NAV (cum income):

13.4%

Net yield:

5.8%

Gearing - cum income:

6.8%

Total assets:

£97.2m

Ordinary shares in issue:

114,531,198

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.4%

* Includes net revenue of 1.15p. ** Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2018.

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Integrated Oil

29.1

Global

66.6

Diversified Mining

20.9

Canada

11.8

Gold

16.9

USA

10.0

Copper

9.9

Australia

5.4

Exploration & Production

7.0

Latin America

4.2

Industrial Minerals

4.5

Asia

1.0

Silver

3.7

Africa

0.5

Diamonds

2.4

Net Current Assets^

0.5

Distribution

2.4

-----

Electricity

2.0

100.0

Steel

0.7

=====

Net Current Assets^

0.5

----- 100.0 =====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current asset figure shown in the tables above therefore exclude bank overdrafts equivalent to 7.3% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

BHP

Global

7.3

First Quantum Minerals*

Global

7.1

Royal Dutch Shell ‘B’

Global

6.3

Barrick Gold

Global

6.2

BP Group

Global

5.1

Chevron

Global

5.0

Rio Tinto

Global

4.8

Exxon Mobil

Global

4.6

Newmont Mining

Global

4.5

Teck Resources

Canada

2.9

*The holding in First Quantum Minerals includes both an equity holding and a holding in several bonds. Commenting on the markets, Olivia Markham and Tom Holl, representing the Investment Manager noted: The Company’s NAV fell by 5.3% during the month of August (in Sterling terms). The natural resources sector fell in August on the back of a deteriorating global economic growth outlook and declining commodity prices. Investors focused on the inversion of the yield curve, as the 10-year yield fell below that of the 2-year for the first time since 2007, a warning sign for a potential impending recession. Meanwhile, the US Federal Reserve Bank dampened expectations around further rate cuts and US-China trade tensions escalated, adding to concerns around growth. US President Donald Trump announced tariff hikes on effectively all Chinese imports to the US and Beijing announced retaliatory tariffs towards the end of the month. Broader equity markets were relatively weak amidst this backdrop, with the MSCI World TR Index falling by 2.1%. Within the mined commodities, the bulk commodities were the worst-performing, with iron ore (62% fe) and coking coal prices falling by 28.9% and 10.8% respectively. Having performed very well year-to-date, the iron ore price dropped to $86/tonne by the end of August on lower restocking at Chinese steel mills and as Brazilian exports began to normalize after outages following the Brumadinho tailings dam tragedy earlier this year. Elsewhere, the base metals were also weak, with aluminium, copper and zinc prices down by 2.7%, 4.2% and 9.4% respectively on deteriorating global growth concerns. Nickel bucked the trend, with its price rising 24.6% after Indonesia announced plans to introduce an export ban in 2020. Meanwhile, precious metals were strong, with gold and silver prices up 7.1% and 12.1% respectively. Gold benefitted from real rates continuing to decline and increased ‘safe-haven’ demand amid broader equity market weakness. Within the energy sector, Brent and WTI oil prices weakened over the month, returning -4.6% and -5.9% to end the period at prices of $61/bbl and $56/bbl respectively. European and US gas prices also hit multi-year lows following a period of strong oversupply. All data points in US Dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream. 26 September 2019

ENDS

Latest information is available by typing www.blackrock.co.uk/brci on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).  Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.