Portfolio Update

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

All information is at 30 June 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

-14.8%

-9.9%

13.2%

19.9%

62.7%

108.9%

Share price

-24.0%

-15.0%

8.1%

21.2%

69.6%

103.2%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

116.56p

Net asset value cum income1:

117.05p

Share price:

107.00p

Discount to NAV (cum income):

8.6%

Net yield:

4.0%

Gearing - cum income:

0.4%

Total assets:

£157.3m

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 0.49p. 2 Excluding 0 ordinary shares held in treasury. 3 Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2021.

Sector Overview

Mining

38.2%

Traditional Energy

38.1%

Energy Transition

22.3%

Net Current Assets

1.4%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

19.5

Global

50.3

Industrial Minerals

6.2

USA

18.0

Copper

4.6

Canada

12.9

Steel

2.3

Latin America

6.7

Aluminium

1.6

Germany

3.7

Gold

1.4

Australia

3.5

Diamonds

1.1

Spain

1.7

Nickel

0.8

Ireland

0.6

Iron

0.7

France

0.6

Subtotal Mining:

38.2

India

0.6

Net Current Assets

1.4

Traditional Energy:

-----

E&P

16.0

100.00

Integrated

13.7

=====

Oil Services

3.9

Refining & Marketing

2.6

Distribution

1.9

Subtotal Traditional Energy:

38.1

Energy Transition:

Energy Efficiency

7.4

Electrification

6.9

Transport

4.5

Renewables

3.5

Subtotal Energy Transition:

22.3

Net Current Assets

1.4

----

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 1.0% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Glencore

Global

7.0

Vale

Latin America

Equity

4.1

Bond

1.8

First Quantum Minerals

Global

Equity

2.2

Bond

1.0

Shell

Global

3.2

Samsung SDI

Global

2.7

Suncor Energy

Canada

2.7

BHP

Global

2.5

EDP Renováveis

Global

2.5

ConocoPhillips

Global

2.5

Cenovus Energy

Canada

2.4

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted: The Company’s NAV returned -14.8% during the month of June (in GBP terms). Global stock markets fell during June with the US Fed indicating further interest rate rises in response to inflation remaining at higher levels. However global economic growth is already showing signs of slowing leading to fears that higher interest rates will lead to recession.   Tensions between Russia and Europe increased with Russian gas supplies being reduced to Europe, where higher energy prices are contributing to price inflation.  Having performed strongly to the end of May, June saw a sharp pullback in energy equities as fears around a recession mounted.  Physical energy markets appeared to remain tight, despite the market pullback and there were modest supply disruptions around the world, due to protests, strikes and outages. Strong refining margins and the shape of the forward oil curve continue to suggest that the physical market for oil remains tight.  Natural gas prices in the US fell, with the Henry Hub price falling -34% to $5.42/mmbtu.  Brent and WTI oil prices fell -4.6% and -6.1%, ending the month at $120/bbl and $108/bbl respectively. June was a torrid month for the mining sector, with the benchmark index recording its worst month in over 10 years. This took the mining sector into negative territory so far in 2022 but it remains meaningfully ahead of broader equity markets on a year-to-date basis. Rising concerns around a potential impending global recession and slowing Chinese commodity demand, as the country continues to pursue a zero-COVID policy, contributed to the falls. There had been optimism at the end of May around China lockdowns beginning to ease but progress through June proved slower than the market had hoped for. Mined commodity prices were down across the board with, for example, iron ore (62% fe), copper and nickel prices down -11.9%, -12.6% and -20.1% respectively. The gold price was also down -1.6%, as US dollar strength was a headwind, but held up better than the other mined commodities on ‘safe-haven’ demand amidst geopolitical risk. Meanwhile, cost inflation was a key theme during the month with a number of miners reporting higher-than-expected costs driven by labour shortages and high energy prices. Within the energy transition theme, President Biden announced an amendment to the US anti-circumvention rules that would delay Chinese solar import restrictions. This had previously been impacting US solar stocks. China announced supportive economic measures as it eased covid related lockdowns. This included support for the auto industry. All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream. 22 July 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.