Portfolio Update

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

All information is at 30 June 2020 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

6.3%

30.3%

-8.5%

-12.1%

12.8%

22.2%

Share price

2.9%

27.9%

-17.8%

-19.1%

-3.1%

-2.8%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

67.86p

Net asset value cum income*:

68.82p

Share price:

55.80p

Discount to NAV (cum income):

18.9%

Net yield:

7.2%

Gearing - cum income:

2.9%

Total assets:

£78.1m

Ordinary shares in issue:

113,470,349

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.5%

* Includes net revenue of 0.96p. ** Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2019.

Sector overview

Mining

53.00%

Energy Transition

25.20%

Energy

22.40%

Cash & Cash Equivalents

-0.60%

-----

100.00%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

17.3

Global

63.3

Gold

13.6

USA

12.5

Copper

11.4

Australia

6.6

Industrial Minerals

3.6

Latin America

4.6

Nickel

2.0

Canada

4.5

Diamonds

1.5

Germany

2.3

Steel

1.4

South Africa

2.0

Iron

1.3

Russia

1.4

Platinum

0.9

France

0.9

Subtotal mining:

53.0

United Kingdom

0.9

Norway

0.9

Energy:

Brazil

0.4

Integrated

11.4

Africa

0.3

E&P

5.9

Net Current Liabilities^

-0.6

Distribution

3.1

-----

Refining & Marketing

1.7

100.0

Oil Services

0.3

Subtotal Energy:

22.4

=====

Energy Transition:

Electrification

13.1

Energy Efficiency

5.8

Renewables

4.1

Transport

1.3

Storage

0.9

Subtotal Energy Transition:

25.2

Net Current Liabilities^

-0.6

----

100.0

=====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current liabilities figure shown in the tables above therefore exclude bank overdrafts equivalent to 2.3% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

First Quantum Minerals*

Global

7.2

BHP

Global

6.8

Rio Tinto

Global

4.6

Barrick Gold

Global

4.5

Newmont Mining

Global

4.2

Vale

Latin America

3.6

Enel

Global

3.4

Chevron

Global

3.4

NextEra Energy

USA

2.9

Vestas

Global

2.6

*The holding in First Quantum Minerals includes both an equity holding and a holding in several bonds.

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted:

The Company’s NAV increased by 6.3% during the month of June (in Sterling terms). As announced on 26 June, the Company’s NAV was boosted by 1.26% in the month as a result of the recognition of tax recoverable on foreign income following the outcome of the Foreign Investment Income Group Litigation Order; the portfolio returned +5% over the month. Global equity markets continued to recover in June on the back of improving economic data, as economies began to emerge from lockdown. However, this positivity was partly offset by renewed acceleration of virus cases in the US. For reference, the MSCI All Country World Index rose by 3.0%. In the energy sector, OPEC announced the extension of cuts for another month, before tapering begins in August which was positive for the supply side. However, as oil prices continue to improve, North American companies have begun to return previously shut-in volumes. On the demand side, oil demand has recovered quickly as lockdown measures are gradually being removed, and the speed at which private transport has recovered has been a positive tailwind. The one area that has not recovered to the same extent is jet fuel demand, as air travel has been slower to improve. This is a trend which was highlighted throughout the month by our data scientists at BlackRock. Against this backdrop, oil prices posted positive returns, with the Brent and WTI rising by 11.6% and 10.7% respectively, to end the month at prices of $41/bbl and $39/bbl respectively.  Elsewhere, the EU’s Green Deal is the €1trillion roadmap for making the EU’s economy sustainable and includes renovation to make buildings more efficient and also accelerating the switch to renewable power. Stimulus measures being announced by European Union countries have been in line with its aims, which may prove supportive for the sustainable transition sector. June was another strong month for mined commodities as further evidence emerged of global activity resuming. Economic data from China surprised to the upside, with its manufacturing purchase managers index rising to 50.9, up from 50.6 in May, indicating continued expansion. Copper was among the top performing commodities, its price rising by 12.2% on stronger demand and concerns around disruptions to supply from Chile. The gold price also rose by another 3.0% to an 8 year high, supported by lower expectations around US interest rates. All data points in US Dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream. 24 July 2020

ENDS

Latest information is available by typing www.blackrock.com/uk/beri 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.