Portfolio Update

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

All information is at 31 July 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

1.3%

15.1%

-0.3%

-11.5%

6.8%

40.1%

Share price

14.0%

25.0%

2.4%

-10.1%

6.3%

25.9%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

68.56p

Net asset value cum income*:

69.70p

Share price:

63.60p

Discount to NAV (cum income):

8.8%

Net yield:

6.3%

Gearing - cum income:

5.7%

Total assets:

£79.1m

Ordinary shares in issue:

113,470,349

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.5%

* Includes net revenue of 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.

Sector Overview

Mining

52.00%

Energy Transition

27.20%

Energy

19.20%

Cash & Cash Equivalents

1.60%

-----

100.00%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

17.1

Global

61.8

Gold

14.2

USA

12.8

Copper

11.6

Australia

7.6

Industrial Minerals

3.4

Latin America

4.6

Iron

1.5

Canada

4.1

Diamonds

1.4

Germany

2.4

Steel

1.2

South Africa

1.8

Platinum

1.1

France

1.0

Nickel

0.5

Norway

0.8

Subtotal mining:

52.0

United Kingdom

0.8

Brazil

0.5

Energy:

Africa

0.2

Integrated

9.5

Net Current Assets^

1.6

E&P

5.0

-----

Distribution

2.8

100.0

Refining & Marketing

1.5

Oil Services

0.4

=====

Subtotal Energy:

19.2

Energy Transition:

Electrification

14.2

Energy Efficiency

5.9

Renewables

5.1

Transport

1.2

Storage

0.8

Subtotal Energy Transition:

27.2

Net Current Assets^

1.6

----

100.0

=====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current assets figure shown in the tables above therefore exclude bank overdrafts equivalent to 7.4% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

First Quantum Minerals*

USA

6.7

BHP

Global

6.4

Newmont Mining

USA

4.4

Rio Tinto

Global

4.4

Barrick Gold

Global

4.3

Vale

Latin America

3.7

Enel

Global

3.5

NextEra Energy

USA

3.3

Vestas

Global

3.3

Chevron

USA

2.8

*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 1.3% during the month of July (in Sterling terms). Despite concerns around COVID-19 cases increasing in emerging markets such as Brazil, Iran and India, global equity markets continued to rise with the MSCI World TR Index rising by 4.8% in July. Chinese economic data was also better-than-expected, with its manufacturing PMI rising to 51.1, up from 50.9 in June, indicating continued expansion. On 15th July, OPEC had the 20th meeting for the Joint Ministerial Monitoring Committee, where they reaffirmed their commitment to supporting oil price stability. Against this backdrop, oil prices posted positive returns, with the Brent and WTI rising by 3.6% and 1.3%, to end the month at prices of US$43/bbl and US$40/bbl respectively. In terms of company news within the energy sector, the headline observations from earnings season were that most companies have beaten very low expectations. The energy equities remained relatively flat during the month, however European integrated oil companies outperformed their US counterparts. Mined commodity prices were up across the board in July. Copper and iron ore (62% fe.) prices were up by 7.0% and 7.9% respectively following stronger demand from China and concerns around supply disruptions in Central and South America. Elsewhere, the gold price returned +10.7% over the month, reaching a new all-time high of $1,975/oz., with declining real rates appearing to be the main positive tailwind. Turning to mining companies, the month saw second quarter production results being announced and, in general, operational disruptions were not as bad as had been feared. Within the energy transition space, the EU’s €750 billion recovery package to help economies recover from the COVID-19 impact was agreed in addition to the regular EU budget. Both the recovery package and the budget will be geared towards the green and digital transitions to help enable the EU to meet its ambitious climate targets. Clean energy is seeing focus in the US in the run up to the US Presidential Election with policies that include up to $2 trillion of clean energy spending over four years. All data points in US Dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream. 27 August 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.