Portfolio Update

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

All information is at 31 October 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

-0.7%

0.1%

15.2%

-2.2%

3.2%

47.5%

Share price

-2.6%

-2.7%

21.6%

-3.7%

-2.2%

29.2%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

67.65p

Net asset value cum income*:

68.79p

Share price:

60.90p

Discount to NAV (cum income):

11.5%

Net yield:

6.6%

Gearing - cum income***:

0.0%

Total assets:

£78.0m

Ordinary shares in issue:

113,470,349

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.5%

* Includes net revenue of 1.14p. ** 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. ***The Company was not geared at the end of October 2020 and held net cash equivalent to 3.0% of net asset value.

Sector Overview

Mining

48.0%

Energy Transition

29.8%

Energy

19.2%

Cash & Cash Equivalents

3.0%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

21.2

Global

58.9

Copper

10.8

USA

13.8

Gold

7.2

Latin America

7.1

Industrial Minerals

3.0

Canada

4.5

Diamonds

2.0

Australia

3.2

Platinum

1.3

Germany

2.5

Steel

1.1

South Africa

2.0

Nickel

0.9

France

1.2

Iron

0.5

Norway

1.1

Subtotal mining:

48.0

Ireland

1.0

United Kingdom

1.0

Energy:

Brazil

0.4

Integrated

9.4

Africa

0.3

E&P

6.1

Other Net Assets^

3.0

Distribution

2.9

-----

Refining & Marketing

0.4

100.00

Oil Services

0.4

=====

Subtotal Energy:

19.2

Energy Transition:

Electrification

14.6

Energy Efficiency

8.5

Renewables

4.7

Transport

1.2

Storage

0.8

Subtotal Energy Transition:

29.8

Net Current Assets^

3.0

----

100.0

=====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current assets figure shown in the tables above exclude bank overdrafts.The company did not have any bank overdrafts at the end of October 2020.

Ten Largest Investments

Company

Region of Risk

% Total Assets

BHP

Global

7.3

Rio Tinto

Global

5.2

Vale

Latin America

5.2

Freeport-McMoran

USA

4.1

First Quantum Minerals*

Global

3.8

NextEra Energy

USA

3.6

Anglo American

Global

3.5

Vestas

Global

3.4

Enel

Global

3.2

EDP Renovaveis

Global

3.0

*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 decreased by 0.7% during the month of October (in Sterling terms with dividends reinvested). Global equity markets lost ground in October, amid rising COVID-19 infection rates and the announcements of further lockdowns, particularly across Europe. In addition, the lead up to the US election created volatility within the market, as a result of the divergence in views between the two opposing parties, and the inability to get a stimulus package passed in the US in the run up to the elections. For reference the MSCI AC World Index fell by 2.5%. Economic data from China pointed to a continued strong recovery. China’s Q3 GDP growth came in at +4.9% having been at -6.8% back in Q1. Elsewhere, South Korea and Japan followed China in announcing aims to achieve carbon neutrality, with both countries targeting 2050. Investment in lower carbon technologies from these countries could be a strong source of new demand for mined commodities over the coming years. The mining sector outperformed broader equity markets but still posted negative returns. Mined commodity price performance was mixed with, for example, the copper price up by 0.6% with gold and iron ore (62% fe.) prices down by 1.0% and 1.7% respectively (albeit gold and iron ore prices remaining at elevated levels). Turning to the companies, Q3 2020 results were generally solid and it was encouraging to see the miners remaining focused on capital discipline. Within the conventional energy sector, Libya have been ramping up oil production more rapidly than was expected, with production now at 1 million barrels per day (bpd). This has increased the probability that OPEC will use the next meeting to delay the tapering of cuts which was originally proposed for early January 2021. Against the backdrop of concerns around global growth as a result of the virus resurgence, oil prices came under pressure, with the Brent and WTI (West Texas Intermediate) falling by 9.9% and 10.2% respectively, ending the month at $36/bbl.  Within the energy transition space, the US presidential election led to some market volatility in the weeks ahead of polling day. However, October saw a number of supportive regulatory announcements the sustainable energy sector. German parliament approved a starting price of €25/tonne for the country's new CO2 reduction scheme in the heating and transport sectors. The price will increase to €55/tonne by 2025. Japan’s prime minister Yoshihide Suga also announced that the country would aim to become carbon neutral by 2050, whilst Thailand announced a low carbon transition plan to significantly increase power generation from renewable energy.  All data points in US Dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream. 24 November 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.