Portfolio Update

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

All information is at 30 November 2022 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

8.4%

10.7%

6.4%

44.6%

121.3%

139.3%

Share price

6.3%

7.0%

-3.3%

44.8%

138.0%

132.8%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

143.26p

Net asset value cum income1:

144.95p

Share price:

135.00p

Discount to NAV (cum income):

6.9%

Net yield:

3.3%

Gearing - cum income:

6.0%

Total assets:

£194.7m

Ordinary shares in issue2:

134,356,194

Gearing range (as a % of net assets):

0-20%

Ongoing charges3:

1.21%

1 Includes net revenue of 1.69p. 2 Excluding 0 ordinary shares held in treasury. 3 The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended 30 November 2021. In addition, the Company’s Manager has also agreed to cap ongoing charges by rebating a portion of the management fee to the extent that the Company’s ongoing charges exceed 1.25% of average net assets.

Sector Overview

Mining

47.9%

Traditional Energy

31.6%

Energy Transition

22.4%

Net Current Liabilities

-1.9%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

22.6

Global

57.9

Copper

9.0

USA

19.7

Industrial Minerals

6.2

Canada

10.4

Aluminium

3.6

Latin America

6.2

Steel

2.4

Germany

3.8

Gold

1.2

Australia

2.9

Diamonds

0.9

Ireland

0.5

Uranium

0.8

France

0.5

Iron

0.6

Net Current Liabilities

-1.9

Nickel

0.6

-----

Subtotal Mining:

47.9

100.0

=====

Traditional Energy:

E&P

16.4

Integrated

10.7

Oil Services

2.2

Refining & Marketing

1.2

Distribution

1.1

Subtotal Traditional Energy:

31.6

Energy Transition:

Energy Efficiency

6.6

Electrification

6.4

Renewables

5.0

Transport

4.4

Subtotal Energy Transition:

22.4

Net Current Liabilities

-1.9

----

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 4.0% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Glencore

Global

7.4

Vale

Latin America

Equity

3.3

Bond

1.1

BHP

Global

4.3

Teck Resources

Global

3.7

First Quantum Minerals

Global

Equity

2.0

Bond

1.5

Shell

Global

3.3

BP

Global

3.0

ConocoPhillips

Global

2.8

NextEra Energy

United States

2.6

Canadian Natural Resources

Canada

2.5

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted: The Company’s Net Asset Value (NAV) per share increased by +8.4% during the month of November (in Sterling terms with dividends reinvested). Equity markets moved higher in November with US monthly inflation coming in below expectations. The US Federal Reserve (Fed) and other central banks have been raising interest rates in an attempt to bring inflation down from the high levels seen this year. Both the US Fed and the Bank of England raised rates by 0.75% as expected during the month. China appeared to be moving beyond Covid-19 related lockdowns, which have contributed to slower economic growth from the region. Macro-economic uncertainty remained with the latest manufacturing survey data for China, US and Europe below 50, suggesting declining activity. For reference, the MSCI AC World index rose +7.8%. Within the traditional energy space, US natural gas prices rose with Henry Hub up by +10.1% at $6.9/mmbtu. European gas prices remained softer relative to summer levels, supporting European equities with the continued high gas storage levels reducing the risk of power outages in the near-term. On the other hand, Brent and WTI (West Texas Intermediate) oil prices fell by -9.5% and -7.0%, ending the month at $86/bbl and $80/bbl respectively. Within the mining sector, destocking continued to take place in China, with inventory levels for copper and aluminium in China reaching the lowest in 15 years. Mined commodity prices increased in November, against a backdrop where industrial commodities were doing well. Notably, iron ore (62% fe), copper and aluminium prices increased by +25.9%, +9.4% and +10.4% respectively. Within the energy transition theme, climate conference COP-27 saw more than 120 heads of state come together to seek to agree policies in support of climate action to limit global temperature rise to 1.5C above historic levels. The G7 launched the Global Shield Initiative to provide funding for nations to deal with climate disasters and increase resilience. Energy security and reducing reliance on Russian gas was a new key theme for the conference, whilst there was greater focus on biodiversity and protecting forests with the Forests and Climate Leaders’ Partnership.  22 December 2022

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.