Portfolio Update

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

All information is at 31 July 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

0.6%

5.5%

10.3%

-0.8%

30.8%

2.0%

Share price

2.6%

1.1%

8.0%

-3.5%

28.0%

-9.0%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

83.21p

Net asset value cum income*:

83.50p

Share price:

75.70p

Discount to NAV (cum income):

9.3%

Net yield:

5.3%

Gearing - cum income:

7.5%

Total assets:

£102.2m

Ordinary shares in issue:

114,716,515

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.4%

* Includes net revenue of 0.29p. ** 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

30.1

Global

65.8

Diversified Mining

22.3

USA

12.1

Gold

14.2

Canada

11.2

Copper

10.6

Australia

5.5

Exploration & Production

9.0

Latin America

4.2

Industrial Minerals

4.6

Asia

1.4

Silver

3.0

Africa

0.6

Diamonds

2.4

Net current liabilities^

-0.8

Distribution

2.3

-----

Electricity

1.7

100.0

Steel

0.6

=====

Net current liabilities^

-0.8

----- 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 6.7% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

BHP

Global

7.8

First Quantum Minerals*

Global

7.6

Royal Dutch Shell ‘B’

Global

6.9

BP Group

Global

5.3

Chevron

Global

5.0

Barrick Gold

Global

5.0

Exxon Mobil

Global

4.7

Rio Tinto

Global

4.3

Newmont Mining

Global

3.9

Teck Resources

Canada

3.3

*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 increased by 0.6% during the month of July (in Sterling terms). The energy sector’s fall in July was partially driven by the macroeconomic outlook deteriorating. Consensus global growth expectations continued to decline, exacerbated by a lack of progress on US-China trade. Central banks have begun to react, with the US Federal Reserve Bank cutting interest rates on the final day of the month and the European Central Bank putting another round of quantitative easing ‘back on the table’. Amidst this backdrop, the International Energy Agency kept its 2019 global oil demand growth outlook unchanged at 1.2 million barrels per day but this came after two consecutive months of downward revisions. The International Energy Agency also upgraded its 2019 non-OPEC (Organisation of the Petroleum Exporting Countries) supply growth forecast to 2 million barrels per day, with expected growth led by the US. Meanwhile, we saw Brent and WTI (West Texas Intermediate) oil prices diverge, with Brent falling by 5.1% and WTI rising by 0.6%. Natural gas prices also continued to be weak, with Henry Hub falling by 3.5%, on account of warm weather in the US and robust supply. In terms of the mined commodities, we continued to see bulk commodity and precious metals prices rising but most base metals coming under pressure. The iron ore (62% fe) price rose by 3.9% over the month to $112.5/tonne, on the back of continued market tightness. Meanwhile, gold rose by 1.1% to $1,428/oz, the highest level since May 2013. Gold benefitted from real rates falling further, with the US 10-year real rate falling to 0.26%, having started the year at 0.98%. Real rates represent the true opportunity cost of holding gold and we expect them to compress further over the next 12 months. On the negative side, the copper price declined by 1.3% which appeared to be driven by speculation in the futures market as investors continued to use the metal as a play on deteriorating global growth expectations. All data points in US Dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream. 27 August 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.