Portfolio Update

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

All information is at 31 May 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

6.9%

1.2%

-10.0%

-9.3%

4.0%

4.8%

Share price

6.6%

0.7%

-13.3%

-16.0%

-10.0%

-13.9%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

64.74p

Net asset value cum income*:

65.71p

Share price:

55.20p

Discount to NAV (cum income):

16.0%

Net yield:

7.2%

Gearing - cum income:

3.0%

Total assets:

£74.6m

Ordinary shares in issue:

113,470,349

Gearing range (as a % of net assets):

0-20%

Ongoing charges**:

1.5%

* Includes net revenue of 0.97p. ** 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 Analysis

% Total Assets^

Country Analysis

% Total Assets^

Integrated Oil, Gas and Energy

37.0

Global

60.3

Diversified Mining

20.7

USA

16.4

Gold

16.1

Canada

7.7

Copper

8.7

Australia

6.5

Distribution

5.2

Latin America

4.9

Exploration & Production

3.9

Asia

2.4

Silver

3.1

South Africa

1.7

Steel

1.5

Africa

0.3

Diamonds

1.5

Net Current Liabilities^

-0.2

Platinum Group Metals

1.3

-----

Iron Ore

0.8

100.0

Nickel

0.4

=====

Net Current Liabilities^

-0.2

----

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 2.8% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

BHP

Global

8.4

First Quantum Minerals*

Global

6.6

Barrick Gold

Global

5.7

Chevron

Global

5.0

Total

Global

4.6

Rio Tinto

Global

4.6

Newmont Mining

Global

4.3

Royal Dutch Shell ‘B’

Global

4.1

Vale

Latin America

3.6

Williams Companies

USA

3.5

*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 6.9% during the month of May (in Sterling terms). Global equity markets continued to recover in May as signs of activity restarting and the hopes for antiviral treatments and a vaccine improved equity market sentiment. For reference, the MSCI All Country World Index rose by 4.2%. Elsewhere, tensions between the US and China escalated as markets reacted to China’s move to impose new national security legislation on Hong Kong. China also dropped its annual gross domestic product (GDP) target and instead adopted a target to keep urban unemployment below 6% and promised monetary policy support of credit growth “significantly higher” than last year. Against this backdrop, oil prices experienced their best month on record, with Brent and WTI (West Texas Intermediate) indices rising by 88.6% and 78.9%, to end the month at prices of $37/bbl and $35/bbl respectively. The oil price was boosted by anticipation of improved demand after some lockdown measures were eased globally, in conjunction with OPEC cuts being implemented. The US oil and natural gas rig count also slipped to 333 by the end of the month, plummeting from 835 in early March.  Mined commodity prices were up almost across the board as positive economic data from China indicated a recovery in industrial activity. For example, the Caixin China Manufacturing Purchasing Managers’ Index rose to 50.7 in May, up from 49.4 in April. The copper price rose by 3.7% over the month, whilst the iron ore (62% fe) price rose by 21.3% to $102.5/tonne. The iron ore (62% fe) price was boosted by improving steel demand as well as supply concerns as COVID-19 cases began to rise sharply in Brazil. All data points in US Dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream. 16 June 2020

ENDS

Latest information is available by typing www.blackrock.co.uk/brci 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.