Portfolio Update

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

All information is at 30 November 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

17.4%

14.6%

26.6%

13.9%

23.2%

81.3%

Share price

17.2%

17.5%

33.8%

16.0%

13.5%

64.2%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

79.40p

Net asset value cum income*:

80.78p

Share price:

71.40p

Discount to NAV (cum income):

11.6%

Net yield:

5.6%

Gearing - cum income:

6.4%

Total assets:

£97.2m

Ordinary shares in issue:

113,470,349

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.5%

* Includes net revenue of 1.38p. ** 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

45.2%

Energy Transition

24.1%

Energy

31.0%

Net Current Liabilities

-0.3%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

21.3

Global

58.8

Copper

9.6

USA

11.6

Industrial Minerals

4.7

Latin America

9.9

Gold

3.2

Canada

7.5

Iron

1.6

Australia

4.2

Diamonds

1.6

Germany

2.2

Platinum

1.2

South Africa

1.8

Steel

1.1

Norway

1.3

Nickel

0.9

France

0.9

Subtotal mining:

45.2

Ireland

0.8

United Kingdom

0.7

Energy:

Brazil

0.4

Integrated

19.1

Africa

0.2

E&P

10.0

Other Net Liabilities^

-0.3

Distribution

1.4

-----

Oil Services

0.5

100.00

Subtotal Energy:

31.0

=====

Energy Transition:

Electrification

10.9

Energy Efficiency

7.3

Renewables

4.0

Transport

1.1

Storage

0.8

Subtotal Energy Transition:

24.1

Net Current Liabilities^

-0.3

----

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 6.1% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

BHP

Global

6.3

Vale

Latin America

6.0

Rio Tinto

Global

5.6

Chevron

Global

5.2

Petrobras - ADR

Latin America

3.9

Freeport-McMoran

USA

3.7

Anglo American

Global

3.4

First Quantum Minerals*

Global

3.1

Exxon Mobil

Global

3.0

Enel

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 increased by 17.4% during the month of November (in Sterling terms with dividends reinvested). Despite renewed lockdowns across Europe and parts of Asia, global equity markets performed strongly during November, following the announcement of progress in a COVID-19 vaccine. This positive sentiment led to one of the strongest months on record for equities. For reference the MSCI AC World Index increased by 12.2%.  Economic data also evidenced continued strength in global activity with, for example, global manufacturing PMIs at 53.7, the highest level since early 2018. Most mined commodities performed well with copper and iron ore (62% fe.) prices rising 12.9% and 11.0% respectively. For reference, copper prices are now at the highest level since February 2013. Gold bucked the trend, however, its price falling by 5.7%, as improved investor sentiment dampened demand for ‘safe-haven’ assets. The conventional energy sector was one of the strongest performing sectors during the month, on the back of increased confidence in some form of return to normality in 2021. Although the renewed lockdowns have led to some near-term demand challenges for oil, there was a general view that OPEC would extend the cuts to some degree, instead of starting to taper on 1 January 2021, as under the original agreement. Elsewhere, the US election took place during the month, resulting in a . Democrat president but a divided Congress. From an energy perspective, this suggests that there is less scope for a comprehensive energy policy going through congress. The changes are likely to be more driven by federal agencies, rather than through legislation. Against this backdrop, oil prices rose, with the Brent and WTI increasing by 28.9% and 26.0%, ending the month at $47/bbl and $45/bbl respectively.  Within the energy transition space, the sector continued to benefit from supportive commentary by policymakers. In the US Presidential Election, Joe Biden has been vocally supportive of the sustainable energy sector, whilst a split government may limit potential policy action. All data points in US Dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.

23 December 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.